According to the National Multifamily Housing Council, the demand for affordable housing is on the rise and many Floridians struggle to pay for housing.
Florida will need to add 669,000 new apartment homes by 2030 to keep pace with the state's current demand for apartments.
Florida has a dedicated funding source to build more affordable homes in the form of the Sadowski Affordable Housing Trust Fund, but year after year these funds are swept to pay for other budgeting concerns.
In addition, only 35 percent of funds from the Sadowski Housing Trust Fund are allocated to apartments, per Florida Statute 420.9075, while 65 percent of funds are allocated to home ownership programs.
According to FAA, partments can provide more housing per square foot at a lower cost than single-family homes. Additionally, apartments can be produced faster and with fewer barriers to entry. Apartments can house more Floridians, create jobs, and provide stable housing.
FAA is urging members to contact their Florida House and Senate members and ask them to take action on affordable housing by fully funding the Sadowski Affordable Housing Trust Fund and to increase funding for affordable apartments.