HomeMy WebLinkAboutHandouts_Regular_10/13/2022
County Question 1 2022October 13, Housing Bond
Palm Beach AssessmentNeeds Housing Affordable County
Plain Language are for 20 years)specific time frame (these bonds a fixed rate of return over a A bond is a loan that pays investors the supply of housing.approve a bond issue to increase
The County is asking voters to
Homes and Apartments for below $128,000which is household income (Area Median Income) 140% AMI affordable to those making Homes and apartments will be federal, state and local programs,loans,
fee waivers, and other other sources such as private workers. They will be paired with homes and apartments that are loans to builders who will produce be used to offer low interest
rate The proceeds from the bonds will Essential Workers
Why Housing Matters
Why Bond Funding Will Help Solve the essential workers.units that are affordable for exchange for making housing interest rate financing in the market and offering low increase supply
by harnessing Palm Beach County will help by bondA $200M housingunits over the past decade. a net shortage of 20,000 housing pace with growth which resulted in housing inventory has
not kept University documented how our experts at Florida International A Housing Needs Assessment by Housing Units.housing crisis is a lack of supply of One of the reasons for the
severe Housing Affordability Crisis
Essential Workers Are Priced Out County or for larger units)(much more in North/South $1,700 -Average rent cost $910 a month Can afford a rent of$18 per hour–Retail Sales FOR RENT afford
to rent either!)(our average teacher can’t Average home price is $550,000$155,00 Can afford a home costing $51,400-Palm Beach County Teacher FOR SALE
How Bonds Work cheaper rents.continue to subsidize source of funds to Repayment will offer a repaid by the developers. grants and must be Bond proceeds are not for a minimum of 20 years.with
these gap funds at a lower rate agree to keep rental units financed funding, builders and developers will return the for the less expensive equity required to build units. In replacing
more expensive debt and low interest “gap” financing The bond proceeds will be used for
Your Rights Are Protected constructed.the units are being where municipality County or be approved by the still All projects must right places. more density in the permitting, allowing
by speeding up construction costs The plan lowers residential units. approval process for not impact the This bond issue does
Where Will These Units Go?to add much needed residential units.The Glades will also have an opportunity units.uses can be converted to residential shopping centers and other commercial
“adaptive reuse” where vacant There will also be opportunities for can handle additional density.thoroughfares near employment that Ideal locations will be on major
How Much Will it Cost per year$14 amount to just homeowner this will For the average of assessed valueper $100,000 $4.36
Bonds Part of Larger Plan 4. Racial Equity & Fairness3. Neighborhood Revitalization2. Planning & Regulatory Reform1. Funding & FinancingFour Focus Areas:being of its residents.-welleconomic
resilience and the health and Housing is critical to Palm Beach County’s Affordable Housing Units in the Next 10 Years.Goal: Creation of 20,000 Workforce and Plan for PBC–Housing for
All
“HOUSING FOR ALL” PLAN toward goals.oversight and monitor program progress Housing Leadership Council will provide •backed by a Recorded Deed Restriction.All loans made with bond proceeds
will be •notice of sale.program will be required to provide County Homeowners with financing under the •amounts.obligations to charge fair and affordable rent annually certify that
they meet their legal Landlords participating are required to •TAXPAYER AND PARTICIPANT PROTECTIONS
Thank You Questions & Discussion