Broward County Unveils 10-Year Master Plan to Address Affordable Housing Crisis

By Livi Miller

(Source hoodline):

      In a bold move to confront the escalating affordable housing shortage, Broward County leaders have rolled out an unprecedented 10-Year Affordable Housing Master Plan designed to boost the inventory of budget-friendly homes. According to an official announcement on March 12 by the County’s Commission, the initiative is the first in the state to take a comprehensive approach to the issue, with input gathered from a spectrum of community voices, from government bodies to the faith-based sector.

Broward’s plan, which has been tagged “Leading the Challenge and Sharing the Burden,” aims to double the funds allocated for creating affordable housing with an annual review by the Commission, in hopes to tackle what Broward County Mayor Nan Rich calls an “affordable housing catastrophe” with necessary urgency. The mayor, in a statement from a public meeting, outlined the collaborative effort behind the plan, stressing the variety of innovative solutions that now await execution the plan’s acceptance by the commission has set the stage for active efforts by educational institutions, industry leaders, and other stakeholders to dive into the development process.

This groundbreaking master plan will not only double the previous funding formula but also earmark over $8 million for the upcoming fiscal year, a commitment that could lead to the construction of 1,000 affordable rental units annually for the next three decades. In an effort to encourage further development, it also offers incentives for building new residences along major transportation arteries, including rail stations and corridors, according to the county’s press release.

The “call to action” embedded within the master plan solicits the 31 municipalities in Broward County to voluntarily contribute their fair share toward resolving the housing crisis by leveraging suggested options tailored to their unique community needs. Moreover, cities are encouraged to establish “Affordable Housing Trust Funds” to facilitate these housing programs and tap into federal and state resources, according to details from the plan Broward County Housing Finance Director Ralph Stone clarified the financial framework of the plan, emphasizing its reliance on non-property tax revenue streams and the reallocation of funds from expired tax incentive financing, explaining that this new commitment does not mean property taxes will increase but ensures the endurance of established funding avenues.

The Affordable Housing Master Plan is not only innovative in its promise to change the funding landscape in Broward County from 50% to a significant 90% focus on affordable housing but is also a testament to the yearlong collaboration facilitated by Florida International University. The university engaged in over 60 meetings with various community leaders to create a road map designed to evolve with the county’s increasing needs. As announced on the county’s official X account, this strategy reflects a county united in the mission to ensure that its growing population can afford to call it home.