Rendering for Rain Village courtesy of Housing Trust Group

MIAMI – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, according to a press release.

The project is located at 2000 NW Third Avenue near Overtown.

Construction is expected to be completed in early 2027, with leasing to begin in late 2026.

Rainbow Village will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70 and 80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634, significantly below the median rents in Miami, which range from $1,875 to $9,070 for comparable units.
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” said Matthew Rieger, president and CEO of Housing Trust Group. “This new development will not only provide a place to call home but will also serve as a cornerstone of stability and opportunity for generations to come.”

Located at 2000 NW Third Ave., Rainbow Village will feature 30 studio apartments, 163 one-bedroom units, 85 two-bedroom units, 28 three-bedroom units, and four four-bedroom units. Spanning more than 698,000 total square feet, Rainbow Village will include almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.

Residents will enjoy a wide range of amenities including a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, theatre room, community center with kitchen, a juice bar, bike storage room, state-of-the-art fitness center, study and play areas, onsite generators, and a fire pit area.