October 8, 2024
Leadership from the Broward County Commission and advocacy from groups like the Broward Workshop and DDA have set the stage for the construction of thousands of affordable housing units throughout Greater Fort Lauderdale.
Downtown Development is Helping to Grow the Supply of Affordable Housing
One example of how affordable and workforce apartments are being delivered in Downtown Fort Lauderdale is a partnership between Broward County and Related Group. Currently under construction, Gallery at FAT Village (rendering pictured right) is a prime example of a project delivering a majority of its apartments at a level affordable to residents at or below our region’s median income.
Innovative projects like Seven on Seventh (pictured left), a partnership between the Broward Partnership for the Homeless and Green Mills Group, led to the construction of a new building to “facilitate the housing needs of individuals and families transitioning out of homelessness in Broward County, while also providing housing opportunities for other income-eligible households.”
The construction of new apartment buildings to support our local service workers, public safety officers, and teachers is not the only way that Downtown Fort Lauderdale’s growth is supporting the construction of affordable housing.
In 2018, voters approved the creation of the Broward County Affordable Housing Trust Fund.
In recent years, the DDA and Broward Workshop advocated to enhance existing county land use policy to support the construction of more affordable housing along transportation corridors that lead to employment centers like downtown. Under this revised policy passed by the County Commission, market-rate developers have the option of making 15% of their units affordable or paying $10,000 per unit to the County’s Affordable Housing Trust Fund to fund construction of affordable housing.
Earlier this year the Broward County Commission approved a 10-year affordable housing masterplan, which would allow the county to fund the construction of about 36,000 new affordable housing units over the next 30 years.
“These outcomes are a true win-win-win,” said Walter B. Duke, III, Chairperson of the Broward Workshop Housing Affordability Committee.
By The Numbers:
$158 million has been invested in affordable housing projects countywide since 2020, supporting the development of about 3,500 units.
Given the shift in land use policy at the county level, it’s estimated that $30 million a year will be contributed to the Affordable Housing Trust Fund as new residential high-rises are built.
The City of Fort Lauderdale currently has $27 million set aside for gap financing for affordable housing units, largely driven by the construction of thousands of apartments in Downtown Fort Lauderdale.
“Broward County gets a robust downtown with a growing supply of affordable housing units nearby to house local service, education, and public safety workers. The development community wins as projects are more feasible to finance. Residents benefit with access to a more robust pipeline of reasonably priced housing communities closer to where they work,” said Duke.