Broward County’s 10-Year Affordable Housing Master Plan: Opportunities for Buyers and Sellers

Broward County’s 10-Year Affordable Housing Master Plan aims to tackle the region's growing housing affordability crisis by implementing long-term solutions to create more affordable homes, densify key areas, and make housing accessible to working families. Whether you're a buyer or a seller, this plan presents unique opportunities and challenges in the housing market. Here’s how you can take advantage of it.

Key Highlights of the Plan

1. Densification and Zoning Flexibility: The plan emphasizes increasing housing density in key areas, particularly around public transit hubs and commercial corridors. This means more multi-family and mixed-use developments will be incentivized, providing a broader range of housing options for different income levels.

2. Affordable Housing Innovation Fund: A new fund will be created to support affordable housing development. The fund will offer financial products like property acquisition loans, pre-development loans, and down payment assistance. This will benefit both buyers looking for affordable housing and sellers interested in selling properties that can be redeveloped.

3. Accessory Dwelling Units (ADUs): The plan encourages municipalities to allow Accessory Dwelling Units (ADUs), also known as granny flats or guest houses, in all single-family districts. This opens up opportunities for homeowners to add rental units, generating additional income and helping meet housing demand.

4. Employer-Assisted Housing (EAH): The plan introduces programs to help employers provide housing assistance to employees, such as down payment assistance or help with closing costs. This initiative will be beneficial for buyers who work locally and need extra financial support to purchase a home.

   
   

Implications for Buyers

1. Increased Affordable Housing Options: With the plan focusing on producing over 35,000 affordable housing units, buyers will have more options across the county. This could be an excellent time to explore affordable homeownership opportunities, especially if you're a first-time buyer or looking for workforce housing.

2. Financial Assistance Opportunities: The Affordable Housing Innovation Fund and employer-assisted housing programs are game changers for buyers who need extra financial help. Buyers should stay informed about new loan programs, grants, and down payment assistance becoming available through these initiatives.

3. Proximity to Transit-Oriented Developments (TODs): If you’re considering purchasing a home, targeting areas near public transit and densified zones could increase your home’s value in the long term. The county’s push for TODs means more livable, walkable communities will be developed, offering convenience and long-term growth potential.

   
   

Opportunities for Sellers

1. Sell for Redevelopment: As zoning rules become more flexible and densification is encouraged, properties located near commercial hubs or transit corridors may become highly attractive to developers. If you own a property in one of these areas, now might be an ideal time to sell, as investors may be eager to purchase lots for larger-scale housing projects.

2. Maximize Value with ADUs: If your property is in a single-family zoning area, consider adding an ADU to increase its value. With the county encouraging ADU development, this is an opportunity to make your property more attractive to buyers looking for rental income potential or multigenerational living arrangements.

3. Take Advantage of Expiring TIF Funds: The expansion of Tax Increment Financing (TIF) policies means increased funding for affordable housing projects. If your property is located in an area with expiring TIF funds, it may become a hot spot for development, increasing its marketability and price.

   
   

Action Steps for Buyers and Sellers

• Buyers:

  • Stay informed about upcoming affordable housing developments.

  • Explore financial assistance options like down payment grants or employer-assisted housing.

  • Focus on properties near transit corridors and densification zones for long-term growth potential.

    
    

• Sellers:

  • If you’re in a targeted redevelopment area, consider listing your property for sale to developers.

  • Explore the possibility of adding an ADU to your property to increase its value.

  • Watch for changes in zoning laws that could make your property more attractive to buyers or investors.

    
    

Conclusion

Broward County’s 10-Year Affordable Housing Master Plan is an ambitious effort to reshape the housing market and make homeownership more accessible for all. Buyers can look forward to new opportunities for affordable housing and financial support, while sellers can capitalize on increased development interest and market demand. Stay informed and be proactive to make the most of this evolving housing landscape.