More than 100,000 of Florida's poorest and most vulnerable residents could find themselves out of their rental homes the next few years if property owners exercise their right to discontinue providing federally subsidized and other affordable housing once commitment periods end. The Legislature needs to act as quickly as possible when the regular session begins in March to protect this population, which includes more than 25,000 families and nearly 17,000 elderly people throughout the state, including the Tampa Bay area.
A bill sponsored by Sen. Mike Fasano, R-New Port Richey, would provide a much needed safety net. It would appropriate $50 million to preserve and rehabilitate existing affordable housing, including mobile home parks where many elderly people live, and perhaps set aside more. Taxpayers wouldn't be taking on an additional burden. The money is available in the state's Sandowski Affordable Housing Trust Fund, which is funded by documentary stamp taxes for just this type of housing need, and state lawmakers should tap it. The legislation also would use $25 million to leverage $100 million in private money already pledged by banks and other institutions and organizations.
The bill was proposed by the Florida Community Loan Fund, a community development financial institution and nonprofit organization, based upon input from the Florida Catholic Conference and other groups working to provide affordable housing for the poor. These organizations and groups have discovered a disturbing trend: Multifamily affordable housing in Florida is on the decline, with more than 5,000 units already either converted to other uses or put into the standard housing market.
And an additional 43,000 units could be lost by 2015 if property owners decide to get out of affordable housing by raising rents or selling their properties, leaving more than 100,000 people scrambling for homes. The highest concentration of "at-risk" units is in five counties - Hillsborough, Pinellas, Duval, Miami-Dade and Orange.
The proposed Florida Housing Preservation Program, which would provide rehabilitation loans and other financing to developers, property owners and organizations, would preserve at least 3,500 units the next three years, supporters predict. Targeting existing housing makes sense. It is cheaper than building new units, in some estimates by a one-third to one-half the cost.
Already, dozens of property owners have notified Florida housing officials and organizations that they are opting out of affordable housing programs. This legislation could help stave off more of the same and forge a stronger public-private effort to continue providing affordable housing for people who need it most. Lawmakers should approve it.
Source: Tampa Tribune