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Legislature stops Sadowski Affordable Housing Trust Fund Sweeps, yet permanently cuts funding

Anyone following the Sadowski Affordable Housing Trust Fund over the years, knows that the fund has been ‘swept’ for other budgetary needs or priorities for over a decade. This legislative session, legislators have decided to finally ‘stop the sweeps’ and lock the trust fund from being used for general revenue or budget stabilization. However, in locking the funds, legislators elected to split the trust funds into three separate funded priorities; sea level rise / flood mitigation, wastewater infrastructure and affordable housing. This year, funding for affordable housing has been set at $200 million, which was an increase of $60 million from the initial proposal. The legislation is intended to fund each priority by a third, yet future legislatures will again have to decide what levels to fund affordable housing.

Lumber prices are putting the squeeze on affordable housing developers     

Recently released data from the National Association of Home Builders (NAHB), shows lumber prices have increased 180% since last spring, causing the price to construct a single-family home to increase by more than $24,000 and $9,000 per apartment since April of 2020. As you can see from the chart below, average framing lumber prices per year have generally ranged between $250 to $450 for the past two decades and now are approaching $1,000. With funding cuts, increasing land costs and ever decreasing margins, constructing affordable housing is becoming exceedingly more difficult.

 

 

 

HUD Announces $693 Million for National Housing Trust Fund

HUD is more than doubling last year’s allocation in the National Housing Trust Fund, announcing communities will receive $693 million in funding for the upcoming fiscal year. Communities use these funds throughout the country to build, rehabilitate, preserve and operate affordable housing.  Funds are administered as a block grant, giving States and local communities decision making and control over how the funds are utilized. As you can see from the two posts above, additional funding is desperately needed to address our affordable housing crisis.

 

 

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community builders hour

Please join us for a half-hour of networking, followed by a one-hour program to learn more about how Habitat for Humanity of Pinellas and West Pasco Counties is addressing the problem of affordable housing in Pinellas and Pasco Counties. Hear from a Habitat homeowner about the impact that a safe and affordable home makes, and learn how you can help make homeownership a possibility for those in need in your community.

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roaring 20's prohibition party

Habitat for Humanity of Pinellas and West Pasco Counties invites you to a roaring good time of 1920s inspired music, hors d’oeuvres, and cocktails while supporting the Habitat mission at our Prohibition Party presented by Crown Automotive. After the program, help keep the party going at our Speakeasy After-Party sponsored by the Seminole Hard Rock Hotel & Casino – Tampa onsite at the Vinoy in Fred’s Cellar. Tickets and sponsorships are on sale now!

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golfing fore habitat

Habitat for Humanity of Pinellas and West Pasco Counties hosted its 11th Annual Golfing Fore Habitat Partner Tournament on Monday, November 1st, 2021 at Copperhead Course at Innisbrook, A Salamander Golf & Spa Resort. More than $125,000 was raised from the event and all proceeds benefit Habitat Pinellas & West Pasco and affordable housing opportunities for individuals and families in our community.

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