Affordable housing projects, business grants and neighborhood improvements funded by Community Redevelopment Agencies (CRAs) across Miami-Dade could shrink if Florida voters approve Amendment 3 in November.
The proposed constitutional amendment, currently titled "Save Our Homes from Excessive Property Taxes," would raise Florida's homestead exemption to $150,000 in 2027 and $250,000 in 2028, reduce the assessment-growth cap for non-homestead residential and commercial properties from 10% to 5%, and create a pathway toward eliminating non-school property taxes on homesteads.
It is currently awaiting a rewrite by Attorney General James Uthmeier after Leon County Circuit Judge David Frank declared the ballot title and amendment summary “clearly and conclusively defective” on Monday. Frank, however, refused to strike the amendment altogether, allowing it to still go to voters in November.
The Florida Revenue Estimating Conference projects the measure would reduce recurring revenue by about $12 billion annually once fully implemented. Miami-Dade alone estimates losses of $385.8 million in 2027 and $696.7 million in 2028, affecting services such as police, fire rescue, parks, libraries, transit and social programs. Because CRAs rely on Tax Increment Financing (TIF), which reinvests growth in property tax revenue within redevelopment districts, they could see some of the deepest impacts.
Miami-Dade County's proposed FY 2026-27budget anticipated $135.5 million in TIF payments to county-managed and municipal CRAs. If Amendment 3 passes, those payments are expected to decline. While the impact will vary depending on each CRA's mix of homesteaded, rental and commercial properties, leaders across the county warn reduced tax collections will limit community investment.
Funding model with few alternatives
Created under Florida law to eliminate slum and blight, CRAs rely almost entirely on TIF revenue to operate.
In North Miami, CRA Executive Director Anna-Bo Emmanuel noted that approximately 99% of the agency’s operating budget stems from TIF provided by the city and Miami-Dade County. The agency projects losing roughly $4 million during the first year Amendment 3 would take effect, with losses expanding in subsequent years.
“It would have a significant effect on our funding. There's nothing else we get our money from,” Emmanuel said, noting that the remaining 1% comes from interest earned on agency funds and relatively small miscellaneous amounts.
Those tax increment dollars already finance a wide range of redevelopment efforts. According to the North Miami CRA's 2025 annual report, the agency awarded $2.08 million in commercial grants to 16 businesses, invested $750,000 to help rehabilitate 25 homes, completed 20 residential rehabilitation projects and continued moving forward with major housing developments and corridor improvements throughout the city.
Although the North Miami CRA's budget exceeds $84 million, more than half comes from one-time bond proceeds, Emmanuel said. Its recurring operating budget is about $20 million, making a $4 million annual loss difficult to absorb.
The Southeast Overtown/Park West CRA (SEOPW CRA) is similarly dependent on TIF, which Executive Director James McQueen said accounts for 80% to 85% of revenue. The agency budgeted $56.8 million in TIF revenue for FY 2026.
"We have very few alternate sources of revenue outside of the TIF," McQueen said, noting most remaining revenue comes from rental income on CRA-owned commercial and affordable housing units at Town Park Village North.
Its 2025 annual report highlights $161.9 million in redevelopment projects, including more than 1,000 affordable housing units, commercial corridors, public spaces and infrastructure.
SEOPW officials said the impact on their agency may be less immediate, however, because much of the area's recent tax growth comes from high-rise rental and commercial development around Miami Worldcenter rather than homesteaded properties.
In Opa-locka, officials estimate TIF provides 98% of CRA funding, with 20% to 30% vulnerable to the proposed changes. In Homestead, CRA Director Jared Beck said TIF is likewise the agency's primary revenue source.
Miami Gardens' CRA faces a different set of circumstances. According to a statement shared with The Miami Times, the agency was created solely to finance the Miami Gardens Performing Arts Center, and the city said its use of TIF revenue is limited to that project. The city and Miami-Dade County recently committed $33 million toward construction of the center.
What’s at risk?
CRA leaders say fewer tax dollars would mean fewer neighborhood improvements.
In Overtown, McQueen said affordable housing expansion would likely be among the first casualties.
“Any revenues lost would probably affect our ability to continue to expand the affordable housing stock in Overtown,” he said. “I think what they [residents] would notice is the fact that we wouldn't be able to support a lot of organizations that have become very meaningful to the Overtown community, such as the blue shirts, the people that keep Overtown so clean. It could very well impact those kinds of programs that we have.”
In North Miami, Emmanuel explained that while existing contractual commitments would be honored, future grant offerings would shrink. The agency now offers grants of up to $200,000 for business attraction to CRA corridors and $150,000 for commercial rehabilitation.
"If we experience these budgetary declines, then we wouldn’t be able to give $200,000. We may have to look and start modifying our incentives downwards," Emmanuel said, noting that they could potentially fund only one business where they previously assisted five.
Opa-locka's commercial and residential rehabilitation programs are also at risk. The CRA currently provides grants of up to $100,000 for the commercial rehabilitation program and up to $40,000 for residents to rehab their homes.
Chairwoman Janie Russell said revenue losses could also affect affordable housing planned on $5.5 million worth of downtown land already acquired by the agency, along with street cleaning, park improvements and supplemental police patrols.
"It would make a significant difference because we have people that see what's going on in the community,” Russell said. “They see the improvements, and then to have any cut to that [rehabilitation] program, I think would really be a blow to us in the city of Opa-locka."
In Homestead, multi-year infrastructure commitments designed to support downtown mixed-use development, including utility expansions and streetscape upgrades, would be at risk.
"Depending on what these reductions do, it could put at risk the ability to fund those multi-year investments," Beck said.
Beck said declining revenue could also weaken a CRA’s ability to borrow for large infrastructure projects, as lenders traditionally consider the agency’s expected future tax revenue when deciding whether to grant a loan.
“It’s difficult to bond if you see that your revenues are not only going to decline in one year, but potentially repeatedly decline over the years,” Beck said.
Call to action
Supporters of Amendment 3 frame the measure as crucial relief for homeowners facing rising living costs. CRA officials acknowledge the financial pressure on families, but urge voters to weigh short-term tax savings against the potential loss of local public services and community investments.
“I don’t know if a lot of people understand what’s going to be lost to be able to gain that,” Emmanuel said. “I’m going to gain extra amount of dollars back on my taxes, but will I get the same level of service for my city or my county?”
McQueen echoed that warning.
"Services come with a price,” he said. “While the idea of reducing taxes is important in that people need money to be able to take care of their family, it’s also important that we consider the long-term impact of such legislation.”
Florida voters will vote on Amendment 3 in the November 2026 general election. If approved by at least 60% of voters, the changes would begin taking effect in 2027.
