Paying too much for a place to live? Join the club

Homes and apartments aren’t cheap in South Florida, even for people like teachers, mechanics and medical technicians who have moderate incomes.

Some could use a little help with a mortgage, and others would appreciate more apartments available in their price range.

Broward County plans to help them out. Commissioners said Tuesday they support putting

$200 million or more of taxpayer dollars into a program that makes it easier to find an affordable place to live.

Even in pricey South Florida, Broward County’s housing costs stick out. The county’s average monthly rent of $1,858 and median home price of $340,000 are higher than those in MiamiDade and Palm Beach counties, officials said.

A Harvard study found that a significant portion of Broward residents — more than anywhere else in the country — are “severely cost burdened,” spending more than half their income on housing. Another study, by Florida International University, estimates there’s a demand for more than 100,000 additional affordable housing units in Broward.

“We cannot solve this problem unless we build units,” Commissioner Nan Rich said.

Taxes won’t be raised to come up with the affordable housing money. It would come from payments currently being made to community redevelopment programs in 10 cities. As those programs expire over the next 14 years, commissioners said they support having half of that money go into affordable housing projects instead.

Officials expect the amount gradually would increase from about $1 million to $9 million a year from now until 2027, then rising to more than $20 million a year and more than $30 million a year between 2028 and 2033.

The proposed county programs would be geared for very low to moderate income levels. A family of four could have a household income of up to $113,000 to be eligible.

A major part of the planned county program would provide no-interest loans to developers willing to build affordable multifamily projects, with a preference for projects that can start construction right away. The money can be repaid

“There are so many occupations where rents outpace wages.” — Nan Rich, Broward County commissioner

over 30 years, or there’s a possibility of turning the loan into a grant that doesn’t have to be paid back if certain criteria are met.

“There are so many occupations where rents outpace wages,” Rich said. “There’s a tremendous shift in renting. It’s on the rise. People can’t afford to buy homes.”

The money could also pay for home repairs and mortgage assistance for home buyers.

The idea is to put the money into an affordable housing trust fund, which voters are being asked to approve on Nov. 6. Once dollars are placed in the trust fund, they would be available only for affordable housing programs. If voters reject the trust fund, commissioners would have to look for another way to accomplish their affordable housing goals.

How much is placed in the fund each year would be up to commissioners. An economic downturn could affect the amount put into the housing fund, Commissioner Steve Geller said.

Commissioners have already set aside money to help promote affordable housing. Last year, the county provided a $5 million, no-interest loan to support a 99-unit apartment complex being built by Cornerstone on Northwest Ninth Street in Pompano Beach, said Ralph Stone, the county’s housing finance director. The county has also committed $1.2 million to a planned apartment complex in downtown Oakland Park, to be built next to a new city hall there, Stone said.