Broward County Commission Regular Meeting
Director's Name: Alexandra P. Davis
Department: County Commission
Information
Requested Action
title
MOTION TO ADOPT Resolution expressing the current intent of the Broward County Board of County Commissioners to prioritize the allocation of expired community redevelopment agency tax increment financing revenue for affordable housing and economic development purposes. (Commissioner Davis)
body
Why Action is Necessary
Formal approval by the Board is necessary for the adoption of a Resolution.
What Action Accomplishes
Enables the adoption of the Resolution.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
Previous Action Taken
Summary Explanation/Background
Broward County faces a significant and ongoing need for affordable housing, as documented in the 2022 Broward County Affordable Housing Needs Assessment. Since Fiscal Year 2018, the County's Gap Financing program has allocated County funds to support the creation and preservation of affordable housing, leveraging substantial additional public and private investment. A significant portion of this funding has come from the reallocation of expired community redevelopment agency ("CRA") tax increment financing ("TIF") revenue following the sunset of certain CRAs.
The proposed Resolution affirms the Board's current policy and states the Board's current intent that, subject to each year's priorities and annual budgetary approval, 90% of the County's share of expired CRA TIF revenue would be allocated for affordable housing and deposited into the Broward County Affordable Housing Trust Fund, with priority for households earning at or below 60% of Area Median Income. The remaining portion would be available for economic development or other community investment strategies. The proposed Resolution is expressly nonbinding and preserves the Board's discretion over future budgetary decisions.
Source of Additional Information
Yashoda Lochan,...
Click here for full text