The process to buy and retain property needs to be accessible to broad segments of the population to sustain economic growth.
A large housing fund is being set aside to address demand and affordability issues in the Orlando metro area.
Millions of dollars are dedicated to affordable housing
Approximately $100 million is being set aside by various businesses and charitable organizations to help create more affordable housing throughout central Florida. Estimates show that about 25,000 homes can be built, renovated, restored using these funds and many families that would otherwise be priced out can relocate to the area. The fund will be distributed throughout a few central Florida counties, including Orange, Seminole, Lake, and Osceola.
The money will be considered a housing impact fund. This fund can subsidize loans, reduce interest rates, and provide gap funding. Proponents say this is necessary after the Florida legislature in Tallahassee has redirected affordable housing money to be used for other purposes several times in recent years. Projected funding goals should be reached by the end of the project’s first year.
The CEO of the Central Florida Foundation claims that the Orlando area is on the fast track to become as large as Boston. He commented that these kinds of investments are necessary to manage growth before the area has infrastructure problems and related issues. His foundation has already purchased and renovated 83 affordable housing units in the last year.
The partnership that is leading the affordable housing movement was created by over 30 regional leaders. They work in finance, real estate, banking, land development, academia, and philanthropy. Even though they all work in the private sector rather than public or government jobs, the group claims that the private sector needs to be involved for this process to work based on their research in other cities. One entrepreneur from the Central Florida Housing Action Team claims that private capital is always necessary to solve a housing crisis. He added that the process to secure public funds often takes way too long or never works out.
Numerous banks in the area have joined this housing action team, and their contributions should be announced before construction formally begins.
The need for more housing
A shortage of affordable housing creates concerns about the possibility of foreclosures and stunted economic growth as job seekers are turned off by the cost of living. Various entities in the city of Orlando have also expressed an interest to attract and retain talent from local colleges and universities. Better housing options should cause more of the most talented workers to stay in the Orlando area rather than relocate.
Approximately 1500 people move into central Florida weekly as of the time of the news report, making it a fast growing region.
Real estate demands and the necessity of legal services
When there is an increased demand for housing, the services of real estate attorneys become even more significant. While buyers and sellers are often eager to end a deal and move on, it is still important to have a real estate attorney review all of the documentation involved before the closing day.
Talk to a local attorney in the Orlando area
If you need help from a lawyer, Legal Counsel P.A. is available to review all of your real estate transactions and provide guidance.