SWEETWATER, FL (Nov. 9, 2022) – As Miami-Dade’s affordable housing crisis continues, the Sweetwater City Commission has cleared the way for CREI Holdings to develop an additional 316 affordable housing apartments. Li’l Abner III, which will rise next to its sister buildings Li’l Abner I and II, will help ease Miami’s shortage of affordable housing among seniors, one of the most vulnerable populations in the region. 

“CREI Holdings is committed to providing affordable and workforce housing for seniors who are being squeezed out of the Miami-Dade market by skyrocketing rents,” said Raul Rodriguez, Managing Member of CREI Holdings. “We decided to build Li’l Abner III after experiencing firsthand the urgent need for affordable housing. For example, we currently have over 1,000 people on a waitlist for Lil Abner I, which only has 87 units. We are grateful to Sweetwater City Commissioners for their vision and leadership in helping bring new affordable housing projects to the community. Because of their support, hundreds of struggling seniors won’t suffer from housing insecurity anymore.”

Demand for housing coupled with a shortage of developable land has made South Florida one of the most expensive areas to live in the United States. Miami-Dade County is facing an unprecedented need for more access to affordable housing. Along with rising home prices, monthly rental rates in Miami-Dade County have skyrocketed nearly 60 percent, compared to just 19 percent nationally, leaving those who live on the margins with fewer choices, according to the University of Miami’s Office of Civic and Community Engagement.

At the same time, the cost of building affordable housing projects has also skyrocketed, making it almost impossible for developers to launch new housing developments for seniors and families struggling to pay their rent. Affordable housing developers are increasingly depending on partnerships with local, regional and federal governments to be able to afford the construction and operation of their housing projects. Case in point, Li’l Abner II, which will be completed in January 2023, received a $2 million grant from Miami-Dade County early this year to cover the unexpected drastic increase of construction material and labor costs. 

The demand for affordable housing is such that Li’l Abner II, with 244 apartments under construction next to Li'l Abner I, has received over 400 applications, nearly double the number of residents that can be accommodated. Li’l Abner II will provide affordable and workforce housing for residents over 55. Li’l Abner III will also provide apartments for low-income seniors in a healthy, clean and safe environment.