Housing Trust Group (HTG) has secured financing and begun development on Rainbow Village, a mixed-use project in Miami, Florida. The $185 million development will include 310 affordable housing units and is expected to be completed in Q1 2027. Leasing is set to begin in late 2026.
Rainbow Village will cater specifically to income-qualifying residents who earn at or below 30-80 percent of the area median income (AMI). Monthly rents for one-, two-, and three-bedroom apartments will range from $793 to $2,634.
The project site, located at 2000 NW 3rd Ave., will also feature nearly12,000 square feet of retail space as well as over50,000 square feet of amenity space. There are plans for442 parking spaces on-site.
Funding sources for the project include a combination of resources such as$70 million from Low-Income Housing Tax Credits (LIHTC) equity syndicated by Raymond James Equity Investor; construction financing provided by KeyBank Real Estate Capital ($52 million) and JPMorgan Chase Bank ($57.2 million); permanent financing provided by KeyBank Real Estate Capital ($60.4 million);and various agency loans.
General contractor ANF Group led the construction team for Rainbow Village.
