SB 586 Would Significantly & Permanently Harm Affordable Housing
Tallahassee, Fla. – Housing advocates are opposed to Senate Bill 586, a part of a series of bills aimed at addressing the implementation of Amendment 1 filed by Senator Charles S. Dean (R-Inverness). Housing advocates support the implementation of Amendment 1, but find that SB 586, which specifically addresses the distribution of documentary stamp tax revenues, unnecessarily hurts affordable housing. SB 586 could easily be fixed in a manner that does not harm affordable housing, while providing the required 33 percent to the Land Acquisition Trust Fund (LATF).
“At first blush, Senate Bill 586 appears to do no harm to affordable housing; but, in actuality, the bill will do significant and permanent harm to affordable housing if no changes are made,” said Jaimie Ross, facilitator for the Sadowski Coalition and president of the Florida Housing Coalition. “For example, if this legislation passes as is, monies coming into the housing trust funds will drop from $266.87 million to approximately $154.14 million for fiscal year 2015-2016. And, the changes that this bill proposes will be permanent, substantially reducing the doc stamps distributed to the state and local housing trust funds every year, in excess of $100 million per year.”
“The voters of Florida were repeatedly assured by proponents of Amendment 1 that it would not hurt affordable housing,” said Ross. “When 75 percent of Floridians voted for Amendment 1, I don’t think they meant to hurt the Sadowski Act, which provides funding for Florida’s most vulnerable citizens, persons with disabilities, the elderly and veterans.”
“We hope to work with the Senate to craft a bill that implements Amendment 1 without causing harm to Floridians in need of affordable housing,” concluded Ross.