Source: Florida Community Loan / #Affordable #Housing
ORLANDO, FL - Florida Community Loan Fund (FCLF), a statewide source of flexible financing for community and economic development, announced plans to finance multifamily rental housing that is at risk of being converted to market rate rents, thereby forcing out low-income residents.
Low-income renters in Florida are paying more than 40 percent of their total household income for housing, according to a 2013 Rental Market Study by the Shimberg Center for Housing Studies. The study also found that only 31 affordable rental units are available for every 100, low-income households in Florida - a deficit of more than 315,000 units.
As Florida rental properties age, they are at risk of being lost from the rolls of affordable housing forever. Many property owners convert their rentals to higher market rate rents, which can force out long-term residents.
"Florida's economy depends on the hard-working individuals who live in these at-risk rental units and who often cannot afford to move or pay the higher rates that most newer rental properties require," said FCLF CEO Ignacio Esteban. "With home ownership rates declining and rental rates on the upswing, housing is out of reach for a growing number of Floridians across all demographic groups."
Since 2009, FCLF has worked to maintain affordability of multifamily rental properties and has financed $12.1 million to preserve over 425 affordable rental apartments. The organization now plans to expand its Multifamily Preservation program and has a goal to deploy $25 million to fund as many as 900 apartment units.