Here are the important issues up for vote this session.
Issue: Use all Sadowski Affordable Housing funds for Florida housing programs.
The Sadowski Affordable Housing Trust Fund helps grow the apartment industry by providing money to build and repair affordable units for Florida's most vulnerable populations. You can read more about it here and below.
Background: The Sadowski Act, passed in 1992, created a dedicated revenue source to fund Florida’s affordable housing programs. Affordable housing helps Florida’s most vulnerable populations, including veterans, the elderly, those experiencing homelessness, and persons with special needs. The housing trust fund is funded by document stamp taxes paid on all real estate transactions.
There are simply not enough apartment homes in Florida. Sadowski funds help to balance the high demand for new affordable units across the state by aiding in the construction and refurbishment of affordable properties. More than 911,000 Floridians spend at least 50% of their income on housing and the National Apartment Association estimates Florida will need an additional 669,000 apartment homes by 2030 to meet Florida’s housing demand.
How This Impacts the Apartment Industry: All Sadowski funds are reinvested into the community: 30 percent to initiatives such as the State Apartment Incentive Loan (SAIL) program, and 70 percent to single-family housing initiatives (SHIP) such as Habitat for Humanity. SAIL funds can be used to rehabilitate existing apartments in dire need of repair or to build new units where needed — often apartments that house Florida’s most vulnerable populations, such as the frail elderly and persons with disabilities. Additionally, housing funds can help limit a local government’s need for inclusionary zoning policies, which set aside a portion of new units for low- or moderate-income residents.
Economic Impact: Sadowski funds are highly leveraged, with private sector loans and equity providing $4 to $6 for every dollar of state funding — thus greatly increasing economic impact. In addition, the appropriation of the estimated $314.08 million* in the state and local housing trust funds in fiscal year 2018-19 into Florida's housing programs would create 30,000 jobs and $5 BILLION in positive economic impact in Florida.
If YOU have interest in legislation that affects the multifamily industry and would like to join the squad, email firstname.lastname@example.org! #FAALegCon18