FL Realtors Association Unveils Affordable Housing Initiative - Aimed Largely At Buyers, Not Renters

[hatrack]

After lawmakers voted to permanently divert half of the state’s affordable housing trust fund to other projects, the Florida Realtors Association is pushing back and spearheading a constitutional amendment that would restore the fund — but with a few changes. The proposed amendment would make it so money from the Sadowski trust fund can only be spent “to address affordable housing access and availability,” effectively reversing a law that Gov. Ron DeSantis just signed that allows lawmakers to redirect half of the fund to combating sea level rise and upgrading wastewater infrastructure.

To get the measure on the 2022 ballot, the association must collect at least 891,589 petition signatures by Dec. 31 and get approval from the state Supreme Court. To pass, it would need 60% of voters’ support. “With the current legislation that was just signed, we no longer have access to 100% of these funds — we being the citizens of Florida. So that is why now is the time for us to do this,” said Mike McGraw, vice president of Florida Realtors. “We have continued to go to Tallahassee and ask for full funding, and with this legislation we are now going to go and ask for full funding through the citizens through a ballot initiative.”

EDIT

But Republicans who defended the plan pointed to a provision baked into the new law that would prohibit future sweeps of the fund and said the $200 million retained for housing is more than what’s been allocated before. In the past 20 years, Florida lawmakers have swept $2.3 billion from the trust fund, more than a third of the amount collected by the tax on real estate transactions that fills it.

EDIT

But housing groups haven’t immediately thrown their support behind the amendment. Jaimie Ross said the Sadowski Coalition and Florida Housing Coalition have not taken a position yet. Mark Hendrickson, executive director of the Florida Association of Local Housing Finance Authorities, said he was concerned about a detail in it that would mandate 65% of the trust be spent on “programs related to the purchase of affordable housing, rather than programs related to the rental of affordable housing.”

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https://www.orlandosentinel.com/news/os-ne-florida-realtors-sadowski-ballot-amendment-20210618-moukl7g3sfdubmkfwbkwifsawe-story.html

[no_hypocrisy]

1. Wouldn't affordable housing demand proof of indigence?

[Phoenix61]

2. One of the reasons to push for home ownership

is it’s a way to create generational wealth. Due to redlining practices this was not available to minorities. A lot of the programs offer large down payment assistance along with help with closing costs etc. Since it costs a lot more to get into a house than an apartment it makes sense to earmark more funds for that.