WHAT IS THE SADOWSKI COALITION AND WHAT ARE SADOWSKI FUNDS?
- The Sadowski Coalition is a nonpartisan collection of over 30 diverse statewide organizations.
- Began in 1991 to obtain a dedicated revenue source for Florida’s affordable housing programs: The Sadowski Act passed in 1992, creating a dedicated revenue source to fund Florida’s affordable housing programs and funding the Catalyst Program for Training and Technical Assistance.
HOW ARE FLORIDA’S 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 monies to the Local Government Housing Trust Fund for the State Housing Initiatives Partnership (SHIP) program which funds housing programs in all 67 counties and larger cities.
- 30% of monies to the State Housing Trust Fund for Florida Housing Finance Corporation programs such as the State Apartment Incentive Loan (SAIL) program.
WHAT DO THESE PROGRAMS DO? WHO DO THEY SERVE?
- SHIP funds can be used for rehabilitation/renovation existing housing stock to allow seniors to age in place or to provide retrofitting for persons with special needs;
- SHIP funds can be used to move the existing housing stock and provide first time homeownership with down payment and closing cost assistance, as well as rehabilitation and retrofit;
- SAIL funds can be used to rehabilitate existing apartments in dire need of repair or to build new units where needed; apartments that house Florida’s most vulnerable populations, such as the frail elderly and persons with disabilities;
- SAIL and SHIP programs span from homelessness to the moderate income essential workforce;
- The beauty of both SHIP and SAIL is that they are flexible and can meet changing needs and priorities within the same program framework.
WHAT IS THE NEED FOR THESE PROGRAMS?
- Over 900,000 very low income Floridians pay more than 50% of their income on housing they are one missed paycheck away from homelessness;
- Florida has the third largest homeless population in the nation.
WHAT IS THE ECONOMIC IMPACT OF FLORIDA’S HOUSING PROGRAMS?
- SHIP and SAIL are highly leveraged, with private sector loans and equity providing $4 to $6 for every one dollar of state funding—thus greatly increasing economic impact.
- The appropriation of the estimated $266.87 million in the state and local housing trust funds in Fiscal Year 2015-16 into Florida’s housing programs will create 24,950 jobs and $3.1 BILLION in positive economic impact in Florida.*
WHAT IS OUR PRIORITY FOR THE 2015 SESSION?
The Sadowski Coalition urges the Florida Legislature to use all of Florida’s housing trust fund monies for Florida’s Housing Programs.
*$266.87 million based upon documentary stamp projection form December 2014 Revenue Estimating Conference.