The recent historic increases in real estate values and the commensurate increases in property taxes have combined with rising insurance rates to invigorate a discussion of affordable housing. Many terms have been coined to describe the many sides of this topic. The terms attainable housing, workforce housing, and inclusionary housing are often used interchangeably. The common thread is affordability.

Affordable housing occurs when the monthly obligation does not exceed 30% of the household income. Is your home affordable? Homes that working families can acquire and maintain within their existing means are called attainable. Does your family work? Workforce housing came into popular usage because it was thought that affordable housing might carry an undeserved negative connotation. The term has lately been used to identify essential service workers. Teachers, nurses, firefighters, and police are often identified. A local government can use its power to zone specific residential districts as inclusionary. By so doing the government seeks to address certain perceived market failures that limit the ability of essential service workers to afford a home in the communities they serve.

The broad distribution of home ownership is recognized as the very foundation upon which thriving
communities are built. New homes in upscale neighborhoods may not be attainable by working families. Requiring developers to include a percentage of homes priced within the means of essential service workers or pay a fee seeks to keep this foundational structure intact. When a fee is paid in lieu of building the required homes, the money collected can be used to support the more traditional private and public entities that have historically supported market-based solutions. The Florida Housing Finance Corporation, The Lenders' Consortium, Bethel CDC, and Frenchtown CDC can compete for these additional dollars to support their programs and assist working families to own a home.

We are fortunate that the Tallahassee real estate market is stable and, for the most part, affordable.
It is also our good fortune that REALTORS®, builders, and elected officials are out in front of a looming issue which in other parts of the state and nation has become overwhelming.

Written by: Robby Turner, Robby Turner Realty, TBR President