The Broward County commission took a step towards easing the housing affordability crisis as they approved a first-of-its kind master plan that includes financial, legislative and zoning solutions.
Broward is one of the least affordable places to live in the country. It's something commissioners say has put the county’s economic competitiveness, resilience and quality of life are at stake.
The 10-year Housing Broward plan recommends cities allow programs like employer-assisted housing, accessory dwelling units or efficiencies, and affordable housing trust funds for each of the county’s 31 municipalities.
Commissioners passed the plan in a 7-1 vote, with Commissioner Robert McKinzie the only opposed and commissioner Hazelle Rogers absent.
"There's an all out war for talent, and talent is fleeing because they can't afford to live here. So we gotta do something," said Dan Lindblade, CEO of the Greater Fort Lauderdale Chamber of Commerce. "This plan may not be perfect. There's a lot of devil in the details...but we have to start somewhere, and this is a good starting point."
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Renters are the most vulnerable in Broward, where almost 62% of those households are cost-burdened, meaning they spend at least a third of their income on rent and utilities.
The situation isn’t much better for those hoping to buy a home in Broward, where the median sale price of a single-family home has gone up by 67% since 2020. According to the plan, 95% of residents can’t afford that.
“We don't have the time or the luxury to be aspirational when it comes to this issue. So what we've done is put together really actionable strategy recommendations,” Ned Murray, a coauthor of the plan, told commissioners as he presented it last month.
Concerns over funding
When the plan was introduced, some commissioners were concerned about the its funding source, as it included a recommendation to use 100% of Tax Increment Financing revenue — funds that are currently split 50/50 between affordable housing and other economic development programs.
Thursday, commissioners debated for hours about a newly proposed split — 90% for affordable housing and 10% for other programs — from Mayor Nan Rich. That split was eventually approved for a year, at which point commissioners will evaluate if the split is working.
According to the plan's projections, the money would allow the county to fund almost 36,000 new affordable housing units in the next 30 years.
“There are no mandates here,” Rich told fellow commissioners Thursday. “This plan is flexible, it can change … We are trying to bring in the entire community. We're trying to share the burden with everybody.”
Aside from funding, the 50-plus page plan recommends:
— All 31 municipalities form their own affordable housing trust fund, at $10 per resident
— Cities allow programs like accessory dwelling units or efficiencies
— Employers explore housing their employees in employer-assisted housing
— Cities increase in density bonuses for developers
— More development near transit-oriented corridors and near transit stops
TIF Money
The money comes from unspent tax-increment financing from cities with an expiring Community Redevelopment Agency. The tax-increment financing money, or “TIF,” are public funds used to promote business activity and “eliminate blight” in those communities..
Tax Increment Financing "freezes" the value of properties in the redevelopment area and allows taxing authorities to collect property tax based on that frozen value. As that property value increases, any tax revenue collected based on the increased value goes to the CRA.
But CRAs have a limited lifetime, and they are set to expire at different times in different cities like Davie, Fort Lauderdale and Hollywood. As each agency sunsets, the remaining funds are given to the county,
Based on the new split, the county would have $9 million from TIF funds in the 2025 fiscal year. If the split continues, the county’s projected share of funding from TIF is estimated to be over $72 million by fiscal year 2032, according to county documents.
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