A Housing Development

Facts

What are Sadowski Funds?

  • The Act which created the dedicated revenue source for Florida’s affordable housing programs is called the Sadowski Act and monies dedicated from the Act to the state and local housing trust funds are called Sadowski funds.

How are Florida's Sadowski housing programs funded?

  • Doc stamp tax paid on all real estate transactions was increased in 1992;
  • Those monies were dedicated to the state and local housing trust funds;
  • 70% of directed funds to local governments (all 67 counties) and Florida’s entitlement cities to fund the SHIP program;
  • 30% of funds used by the Florida Housing Finance Corporation for programs, such as SAIL.

How can these programs help Florida's economy right now?

  • SHIP funds can be used for rehabilitation/renovation of existing empty housing stock to ready it for families to move in;
  • SHIP funds can be used to move the existing housing stock by providing down payment and closing cost assistance;
  • SAIL funds can be used to rehabilitate existing apartments in dire need of repair; apartments that house Florida’s most vulnerable populations, such as the frail elderly and persons with disabilities who might otherwise need to live in an institutional setting.

Why is this the best use of Sadowski Funds right now?

  • The faster Florida’s housing market recovers, the faster Florida’s economy recovers.
  • Housing dollars will put Florida’s out-of-work housing industry back to work repairing homes and improving the real estate market.
  • The appropriation of the estimated $291.33 million in the state and local housing trust funds in Fiscal Year 2014-15 into Florida's housing programs will create 
    27,241 jobs and $3.43 BILLION in positive economic impact in Florida.*      

What is our priority for the 2014 session?

  • The Sadowski Coalition urges the Florida Legislature to use Florida’s housing trust fund monies solely for housing.

*$291.33 million based upon documentary stamp projection of $231.64 million (December 2013 revenue estimate for FY 2014-15) plus projected balance in housing trust funds as of June 30, 2014, of $59.69 million.