boardname
PLANNING AND ZONING BOARD
Meeting Date: JUNE 28, 2023
title
AFFORDABLE HOUSING RELATED POLICY AND CODE AMENDMENTS
projectinfo
Request: Proposed Policy and Text Amendments
P&Z# N/A
Owner: N/A
Project Location: N/A
Folio Number: N/A
Land Use Designation: N/A
Zoning District: N/A
Commission District: N/A
Agent: N/A
Project Planner: Jean Dolan (954-786-4045 / jean.dolan@copbfl.com)
otherinfo
Background and 2023 Calculation:
In September of 2013, the City Commission directed the City Manager to have staff hire a consultant to develop a standard in lieu of fee methodology for affordable housing buyouts. This was accomplished and the resulting fee of $2,333 was developed based on a "gap analysis" which looks at the difference between what families making 60% of median income can afford and the average market price per unit based on a 3-year average. At that time, the total "gap" was $15,556 per affordable unit (which when multiplied by 15% equates to the $2,333 fee for every unit versus $15,556 for just the 15% affordable units). This in lieu fee was then adopted in Chapter 154 via Ordinance 2014-19.
The same methodology has been applied to the average market price presented in the 2021 Lambert Affordable Housing Study which included a market analysis from the first quarter of 2021. The re-evaluation of the in lieu fee using 2022 median income, 2021 median sales price and current interest rates results in an in lieu fee of $27,708 per unit (total gap between "affordable" and median sales price is $184,720).
Though median income increased 46% between 2013 and 2022, the median price of for-sale housing increased 84% and interest rates increased 44% in the same period. The increased percentage of the affordable monthly payment that must be used for taxes and insurance has also increased significantly further reducing the amount of an affordable mortgage. The resulting gap between affordability and the housing market, therefore, increased over 10 f...
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