What is affordable housing?
For a project to be considered affordable housing, the cost of monthly rents or monthly mortgage payments including taxes, insurance, and utilities, does not exceed 30% of the median adjusted gross annual income for very low, low, and moderate income households. It is similar to market rate housing except that it costs less due to financing strategies that pass savings on to the lower income resident.
What are the affordable housing income categories?
Income and housing are normally defined for a family of 4 and vary by county. The Land Development Code defines 3 affordable housing categories:
- Very low: up to 50% of the median income
- Low: 50-80% of the median income
- Moderate: 80-120% of the median income
I want to build an affordable housing project, where do I start?
All proposed affordable housing projects must apply for and receive an Affordable Housing Certification Letter from the Housing Finance and Community Redevelopment Division. For more information, call 954-357-4900.
Are there any fee waivers available?
Projects designated for "very low income" or "low income" affordable housing are eligible for a 100% waiver of County road and park impact, transportation concurrency, administrative and application fees. They also may be eligible for expedited permit review (in the unincorporated area only).
Are there any restrictive covenants?
To complete the process, Broward County requires the property owner and its mortgagee(s) to execute and record a Declaration of Restrictive Covenant for Affordable Housing
. It requires signatures of all property owners and mortgagees. To verify the property owners and mortgagees, the applicant must submit an Opinion of Title with the restrictive covenant. The covenant runs with the property and ensures that the affordability of the residential units will be maintained at a specified income level for a period of at least 20 years for rental housing and at least 10 years for owner-occupied housing.