Florida's Indian River County is turning seized, foreclosed, and donated properties into a lifeline for essential workers struggling to afford local housing.
The trust fund is meant to help those workers by supporting developers who build homes and apartments within their reach.
Here's what to know
County commissioners voted unanimously in August to establish the Attainable Housing Trust Fund, VeroNews.com reported.
Proceeds from sales of county-owned properties are one possible source of support for the trust. It can also receive donated money or land along with properties acquired through foreclosure over unpaid taxes or code violations.
Both nonprofit and for-profit developers can apply for assistance through the county's 12-member Affordable Housing Advisory Committee. Administrative expenses are capped at 10% of the fund's money, the site stated.
Developers' required contributions for public amenities, including parkland or school sites, can also go toward the trust.
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"The trust fund will just provide a smoother way to do that," County Commissioner Susan Adams, who chairs the advisory committee, told VeroNews.com. "I think one of the important things is that this sets up the ability for us to require that the developed properties remain affordable for a specified time frame."
More background
Rent in the county averages $2,150 a month, according to VeroNews.com. Many residents struggle to afford it.
The Vero Beach nonprofit Coalition for Attainable Homes would need at least 1,500 affordable apartments to accommodate clients on its waiting list, according to Jeff Francisco, the coalition's board chair and an advisory committee member.
Margot Kornicks, founder of Indian River Home Care, said most of her certified nursing assistants and home health aides have to commute from Palm Bay or Port St. Lucie rather than live locally.
Chip Landers, a real estate agent with Berkshire Hathaway and an advisory committee member, told VeroNews.com a mortgage payment may be lower than rent. But saving a down payment of at least $20,000 for a $300,000 starter home while keeping up with everyday expenses can be difficult.
What's being done?
The county's funding through the State Housing Initiatives Partnership has totaled $27.4 million since 1993, mostly to help first-time homebuyers. Orchid Island volunteers have also built 37 Habitat for Humanity houses since 2001, per VeroNews.com.
Trevor Loomis, CEO of Indian River Habitat for Humanity, wants trust dollars invested in land development and infrastructure. The organization plans to put $3 million into infrastructure alone for a 32-home project near 27th Avenue and 4th Street, with construction starting only once that groundwork is finished.
He told VeroNews.com that the 14-home Gifford Gardens project took four years to complete, with only one year spent on construction. County requirements included more than $100,000 in landscaping and another $30,000 for irrigation.
"Somehow or other, we have to find a way to help people get into a home," Landers said. "Once they're in, they can start building toward financial security. Now with the trust we can start pushing things more."
Where can I learn more?
Indian River County's trust fund targets a problem many working families face: housing costs that stretch their budgets.
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