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Prepared for IPED Miami, Feb. 21-22, 2008 By Jaimie Ross Affordable Housing Director, 1000 Friends of Florida Affordable housing can be homeownership or rental. The primary way that housing is made affordable is through financial subsidy either in the:
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Miami, Feb. 21-22, 2008
By Jaimie Ross
Affordable Housing Director,
1000 Friends of Florida
can be homeownership or rental.
is through financial subsidy either in the:
Hconstruction of rental housing, or
H in the form of gap financing for the home owner. Typically, the subsidy provided to the home buyer is recaptured upon resale.
When housing prices skyrocketed, incomes remained relatively flat. Even with the housing slump, a great gap remains between housing costs and income.
*HUD FY 2002 Median Family incomes for Florida
*HUD FY 2005 CBSA-Based Median Family Incomes for Florida
*2002 & 2005 Median Existing Home Prices from the Florida Association of Realtors
When the first time homebuyer sells what was an affordable home-- that home is no longer affordable due to market appreciation and even though the subsidy is recaptured, it is insufficient to get another family with similar income into an affordable home.
One Year Change in House Prices
Second Quarter 2004 to Second Quarter 2005
Average Florida Appreciation = 24.46%
Largest U.S. House Price Increase
in MoreThan 25 years
Office of Federal Housing
Enterprise Oversight (OFHEO)
Released September 1, 2005
Home ownership is out of reach for much of the workforce, even those with moderate or middle incomes, such as low paid professionals in high cost areas.
Community Land Trusts
A tool for providing home ownership
to those who would otherwise be renters or forced to leave the high cost community in which they work.
Tax exempt nonprofit organization (CLT) deeds the improvements (the home) to the home buyer together with a 99 year ground lease for the land.
for the home buyer:
HPrice of the home is now affordable
HStaying in the community without being a renter means:
HPublic Investment is retained
HPermanent stock of affordable housing is created
Community Land Trusts is:
Model is a valuable tool-
And perhaps the most significant challenge: ad valorem taxes.
In Florida, we are addressing the ad valorem issue by providing statutory direction to the property appraisers to recognize the resale formula price as a land use restriction for purposes of tax assessment.
The Florida Community Land Trust Institute is a collaboration between two statewide nonprofit organizations - 1000 Friends of Florida and the Florida Housing Coalition - for the purpose of assisting nonprofits and local governments with the development of community land trusts.
For more information contact Jaimie Ross at firstname.lastname@example.org
Or call the Florida Housing Coalition at 850/878/4219.