Manatee County Affordable Housing Bill OK’d

A state House council Wednesday supported a measure to keep property taxes low for some Florida homeowners, earning praise from Manatee County leaders trying to offer more affordable housing in the area.

Rep. Keith Fitzgerald (D-Sarasota), pushed his bill - which may greatly help those in need of affordable Florida mortgage loan financing - through the Government Efficiency and Accountability Council by unanimous vote.

The proposal would ensure that homes built on community land trusts, which are designed to provide permanent low-cost housing, are not subject to the kind of rising property taxes plaguing other state homeowners.

When moving into homes set up by a community land trust, people are buying only the building with their Florida mortgages, not the land. The houses are relatively inexpensive, but to make sure they stay that way, the land trust limits how much owners can ask for them if they move.

Fitzgerald’s bill creates a framework for taxing the land-trust homes at rates reflecting that resale limit, instead of their fair market value.

By keeping the homes’ property tax rates low, Fitzgerald said, his proposal would pave the way for more Floridians to become homeowners.

“Working people, young people, people on fixed incomes are having a very difficult time finding places to live, and it affects the entire economy,” Fitzgerald said.

The Manatee Chamber of Commerce is also backing new affordable housing measures, hoping they can help attract workers wary of home costs in the Southwest Florida housing market.

As of December, the median price for a Manatee County home was more than $240,000, said Robert Bartz, president of the chamber. At the same time, the median household income for the county hovers just under $45,000.

“To us, that’s a very sad state,” he said.

Chamber officials have been keeping in touch with the area’s legislative delegation to make affordable housing a top priority, Bartz said.

“I think whatever they’re doing in Tallahassee right now, it’s admirable,” he said.

Fitzgerald’s bill, which has a companion measure in the Senate, has to be heard in one more council before reaching the House floor.

“It’s a big challenge,” Fitzgerald said. “Anything we can do to help them keep housing stock in the affordable category is very important.”

What’s next?

The bill has to clear the House Policy and Budget Council before it can be heard by the entire House. A similar Senate bill must then advance through the Senate’s committees on Community Affairs, Finance and Tax and General Government Appropriations. The Senate bill is still waiting to be heard for the first time.

Hopefully, this measure achieves success and will allow for greater Florida mortgage affordability for residents of Southwest Florida.

SOURCE: Bradenton Herald