Last night, April 16, 2008, the Davie Florida Town Council passed a new, updated Affordable Housing Ordinance aimed at redevelopment for the low-income Davie Florida residents.

The current plan structure which will come to a final vote in May, will impose up to $14,400 per unit in Impact Fees for Builders who opt out of Affordable Housing Quotas imposed by this new plan.

The new Affordable Housing Ordinance stipulates that new developments of 10 or more units would be required to rent or sell 20% of those units to low-income residents for 15 years. In return, the Builder would receive a non-conforming variance and a density bonus allowing them to build more units per acre than current zoning allows.

When a developer opts out of the plan, the impact fees would be measured at $9 per square foot for each unit up to 1600 square feet. This money would then be paid to the Davie Florida Affordable Housing Trust Fund which could provide down payment assistance to eligible residents or to fund Affordable Housing programs.

Opposition to the plan includes the Builders Association of South Florida that would rather see the percentage set aside for affordable housing dropped to 10%. They cite that $14,400 in impact fees per unit will hamper any other development in Davie Florida and force builders to choose to go to other surrounding cities such as Plantation Florida or Cooper City Florida for their new projects.

For information on developing, renting or purchasing Affordable Housing in Florida,
please contact me - David A. Podgursky, MBA
Licensed Mortgage Broker & Licensed Real Estate Broker
david@themortgagegotoguy.com

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