We have an affordable housing crisis in Broward County that affects all of us.
The Broward County Affordable Housing Trust Fund Referendum will create a trust fund for the Broward County Commission, municipalities, banks, businesses, nonprofits and grant makers to invest in, without fear of funds being used for another purpose once committed.
Able to afford a house valued at approx. $185,000
To afford a 2-bedroom rental at market rate rent
A family household will need to earn over $100k/year
Referendum
NO TAX INCREASE, NO COST TO VOTERS
BROWARD COUNTY AFFORDABLE HOUSING TRUST FUND WILL CREATE AND SUSTAIN AFFORDABLE HOUSING FOR BROWARD COUNTY RENTERS AND HOMEOWNERS
BROWARD COUNTY AFFORDABLE HOUSING TRUST FUND
Shall the Broward County Charter be amended to enact a new Section 11.11 to establish the Broward County Affordable Housing Trust Fund, to provide a definition of “Affordable Housing,” and to provide for the purpose of the Trust Fund, the revenue sources for the Trust Fund, the continuing nature of the Trust Fund, and for administration and oversight of the Trust Fund?
YES
NO
Vote Yes on Tuesday November 6th, 2018
Early Voting October 22 – November 4
6 Things you Should Know About the Broward County Affordable Housing Trust Fund Referendum
The purpose of the Trust Fund is to provide a continuing, non-lapsing fund for the Broward County Commission to use to address the need for affordable housing in Broward County, Florida.
Affordable Housing shall mean housing intended for very low to moderate income households as defined as follows: Income Eligible Person/Family: – means one or more natural persons or a family that has a total annual anticipated income for the household below 140 percent of the median annual income adjusted for family size for households within the Broward County.
The Trust Fund will be used to create and sustain affordable housing throughout Broward County for renters and homeowners and increase workforce housing opportunities.
The Trust Fund shall be funded by the County Commission, and may be comprised of the following sources:
- Broward County General Revenue appropriated to the Trust Fund by the County Commission as part of the annual budget
- Savings from Expired Tax Increment Financing Payments to Community Redevelopment Agencies within the County
- Funds voluntarily contributed by municipalities who may elect to participate in the Trust Fund and programs funded by the Trust Fund
- Grants or donations made to the Trust Fund
- Mandatory or voluntary payments made pursuant to the development policies established by ordinance
- Other sources as established by ordinance
Unspent portions of the Trust Fund, repayments of principal and interest on loans provided from the Trust Fund, and interest earned from the deposit or investment of monies from the Trust Fund:
- Shall remain in the Trust Fund, to be used exclusively for the purposes of the Trust Fund
- Do not revert to the general revenues of the County
- Any appropriations do not lapse
The Trust Fund shall be administered by Broward County in a manner that allows the Trust Fund to leverage other sources of public funds and private investment; a recognized national best practice. The Trust Fund shall be included in the annual audit.
Affects Us All
Industries Impacted by the Affordable Housing Crisis
Escalating housing prices are significantly impacting Broward County’s working families and households, including their ability to access food and health care, an increase in homelessness, and a lack of economic security and wellbeing.
70% deficit in the supply of affordable housing for households earning less than 100% of Area Median Income (AMI). This number increases to an 87% deficit for households earning less than 60% of AMI (under $38,460)
Public investments in housing should be strategically focused to achieve particular goals and to attract the maximum amount of private investment. Public entities are encouraged to adjust land use and zoning regulations to encourage more housing development. Establishing a “single window” clearance (consolidating approvals from multiple agencies into one clear interface) and digitizing permit applications and status tracking are good starting points.
South Florida continues to be the most cost-burdened metro region in the nation
Over half of Broward residents spend more than 30% of their monthly income on housing expenses
More than 44% of Broward County residents represent ALICE (Asset Limited, Income Constrained, Employed) families that earn more than the poverty level but less than the basic cost of living in Broward.
Residents
Do…
You
A Family Member
Neighbor
Co-Worker
Employee
Senior Citizen
Person with a Disability
College Student or Recent Graduate
Spend more than 30% of income earned on housing expenses and have difficulty managing other living expenses and obligations? People of all income levels, in all of Broward’s communities, should have a range of housing options and should have access to quality, affordable housing.
Businesses
Are you losing your best and brightest employees to other cities or states? Are you challenged with recruiting talented team members? Do your employees have difficulty managing living expenses and obligations? The availability of housing directly affects the business community’s ability to attract and retain talent. Private-sector investment and involvement is a critical component of building the market and providing affordable housing in all types of neighborhoods.
Municipalities
Are you losing residents to other cities or states? Are you challenged with recruiting businesses and employers? Public investments in housing should be strategically focused to achieve particular goals and to attract the maximum amount of private investment. Public entities are encouraged to adjust land use and zoning regulations to encourage more housing development.
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