The Florida Realtors group has thrown their weight behind a 2022 ballot proposal they would like to see become a Florida constitutional amendment.
The political committee, Floridians for Housing, is putting the proposal forward after the Florida Legislature has worked for years to allocate affordable housing funds for other issues. Specifically, the ballot initiative would “dedicate 25 percent” of revenue generated from documentary-stamp taxes to be budgeted exclusively for affordable housing.
Documentary-stamp taxes are collected, in part, via real estate transactions and real estate groups have been frustrated with the legislature for years for rerouting affordable-housing tax dollars.
The summary of the amendment reads:
“Establishes State and Local Government Housing Trust Funds in Florida Constitution. Dedicates 25 percent of net revenues from the existing excise tax on documents to those Trust Funds. Protects moneys deposited in those Trust Funds from being used for non-housing purposes. Funds may be expended only to address affordable housing access and availability, including funding of programs addressing new construction, down payment and closing cost assistance, rehabilitation, and financing for affordable housing development.”
So far, Floridians for Housing has generated $13 million for the ballot proposal, and Florida Realtors has given $10 million of the total. The National Association of Realtors also donated $3 million to the effort.
Florida lawmakers split the $420 million in 2021-2022 fiscal year affordable housing funds between housing and the environment, with housing receiving $200 million.
With millions of dollars in the bank, the ballot proposal still has hundreds of thousands of signatures to collect before it can be sent for review to the Florida Department of State and the Florida Supreme Court. Once the proposal receives the minimum amount of signatures and the ballot language is approved, it will make the general election ballot.
The ballot proposal has nearly 223,000 signatures but will need to reach 891,589. It is one of 32 proposed ballot initiatives for the 2022 election cycle.
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Grant Holcomb is a reporter at the Florida Capital Star and the Star News Network. Follow Grant on Twitter and direct message tips.
