CRA Framework, Live Local Act Converge to Reshape Miami's Next Growth Corridor

Real Estate attorney Tomas Castellanos published an article in the Southeast Real Estate Business magazine about the growth opportunities in Miami generated as a result of the activation of the Allapattah Community Redevelopment Agency (CRA) and establishment of development and capital incentives under Florida's Live Local Act. A CRA is a statutory tool that enables a path for tax increment financing (TIF) over a certain period of time; it works by freezing the taxable value of a designated area of real property, then capturing any subsequent property tax revenue above that base and reinvesting it directly into that area. Enacted in 2023, the Live Local Act incentivizes affordable housing, multifamily housing and workforce housing development through streamlining approval processes and granting property tax exemptions, among other measures. The convergence of these two frameworks, Tomas says, creates multiples layers of public incentives that can attract funding and investment in one of Miami's most strategically located corridors, opening doors for commercial real estate professionals and creating a model for other neighborhoods in South Florida.

READ: CRA Framework, Live Local Act Converge to Reshape Miami's Next Growth Corridor