Affordable Housing

Affordable Housing (2008-2011)

The Problem:

There is a lack of rental housing for lower income households in Broward.

  • From 2003-2005 Broward County lost 11% (22,182) of its rental inventory to condominium conversions. Some cities have lost more than 20% of their rental inventory
  • Section 8 vouchers are not solving the problem. Between 90-95% of the people in BrowardCounty who are eligible to receive section 8 vouchers do not get them due to a lack of funding. The last time the Broward Housing Authority opened up their waiting list was 2002 and they had over 3,000 applications.
  • BrowardCounty is 6th in the nation for percentage of households spending more than half of their income on housing.

Affordable housing needs (2005):

  • Affordable housing is defined as housing on which a household does not spend more than 30% of their income
  • Severely cost burdened households pay more than 50% of their income for rent. The chart below lists households that rent who are severely cost burdened.
  • In BrowardCounty the Area Median Income (AMI) adjusted for household size is $51,570. However the median income for renters in BrowardCounty is only $31,898.
  • The median price for a 2 bedroom apartment in BrowardCounty is $1,122. This means that a household would need to earn approximately $45,000 a year in order to afford an apartment in Broward County.
  • As a result about 57% of renting households pay more than the 30% standard on housing.
  • In November 2005 The Broward County Commission voted unanimously to adopt a 10 year plan – part of that plan included the net increase of 52,000 new affordable rental units.
Results
  • BOLD Justice got a commitment from the Broward County Commission to provide $2 million a year for 2 years for gap financing to encourage the development of affordable rental housing
  • As a result 2,322 new affordable rental units have received full funding around the county. These units are located in: Ft. Lauderdale, Pompano Beach, Dania Beach, Miramar, Davie, Sunrise, Deerfield Beach, and Cooper City

1. From Broward Housing Partnership Housing Needs Assessment, March 1, 2006; Prepared by The MetropolitanCenterFloridaInternationalUniversity

2. From Conversations with the director of the Broward Housing Authority (2008)

3. From “Broward-by-the-numbers; Number 54 January 2008. Available on the BrowardCounty Web site at www.broward.org/planningservices/bbtn54.pdf

4. . Broward County 10 year plan to end homelessness available on BrowardCounty web site at http://www.broward.org/humanservices/tenyrplan.pdf – see section on permanent affordable housing; pages 64-70. Net increase of 52,000 rental units, page 65

5. Complied from the University of Florida Shimberg Center for Affordable Housing – available online at: : http://flhousingdata.shimberg.ufl.edu/a/profiles