Fort  Lauderdale, Fla. – Broward Commissioners have approved a ‘first of its kind’ comprehensive Affordable Housing Master Plan to pave the way for development of increased affordable housing over the next ten years.

The landmark plan sets the stage for a robust inventory of affordable housing options and identifies affordable housing as a major budget priority necessary to meet the increasing demands of a growing population.

The Master Plan’s theme, "Leading the Challenge and Sharing the Burden," highlights the urgency of the affordable housing crisis and sounds a "call to action" to municipalities, leading industry sectors, lenders, and institutions to play a key role in addressing what County Commissioners agree is an "affordable housing catastrophe."

“I am pleased to say that this plan was developed in collaboration from all parts of this community, from government, the business community, education and health institutions, non-profit organizations, the faith-based community, and others,” said Broward County Mayor Nan Rich.

“It is only when we bring everyone to the table that we can tackle our biggest challenges, and affordable housing is our biggest challenge by far.

“Now that the commission has voted to accept the plan, we need to start working with our partners to teach them about the menu of innovative solutions that they can use to start developing more affordable housing units. We need broad participation from cities and stakeholders to prove our commitment to fully address our affordable housing needs over the next decade."

In summary, the plan:

• Doubles the funding formula dedicated to the development of more affordable housing units with annual Commission review.

• Provides over $8 million in the coming fiscal year, with the potential to generate enough financing to build 1000 affordable rental units/homes per year over the next 30 years.

• Provides incentives for developers to build new market rate and affordable housing at rail stations, along rail corridors and major transportation corridors. The "call to action" asks all 31 municipalities in Broward County to voluntarily address their fair share of affordable housing using a variety of recommended options that can be customized to meet their community’s unique needs. It encourages cities to establish their own "Affordable Housing Trust Funds" to create affordable housing programs and leverage federal and state resources.

Commissioners agreed to accept the Ten-Year Plan with the flexibility to modify the recommendations to accommodate the evolving needs of the community. A majority agreed to review the financing terms annually.

The Affordable Housing Master Plan changes the percentage of funding that can be used for affordable housing using expired tax incentive financing from the current rate of 50% to 90% which will be reviewed annually.

"This Plan does not require property tax increases and ensures that existing funding sources for affordable housing can remain in place,” said Broward County Housing Finance Director Ralph Stone.

“This plan uses expired Local Tax Increment Financing and doubles the funding source that first began in 2018. Under the 2018 financing program, Broward County was able to produce 2,300 new units in the past six years that will remain affordable over a fifty-year period," said Stone.