The Leon County Commission has approved a half-million dollars in recurring funds for affordable rental housing. It’s slated to help developers build housing for low-income and very-low-income families.
The money is called gap financing. Experts say that’s because it’s often the missing piece in an affordable housing deal. It can help developers leverage assets like tax credits, bonds and private lenders.
The proposal comes from the collaboration of county staff and the Capital Area Justice Ministry, an advocacy group that spent years lobbying local governments to generate more affordable rental housing.
Commission Chair Brian Welch says he’s been skeptical of the group’s efforts. But now he’s grateful for their work.
“I would say ‘Thank you’ to you for your consistent advocacy and thank you for your willingness to pivot and get to this point," Welch said. "I am -- I think for the first time -- going to be able to support this idea.”
Commissioner Rick Minor praised the group for not giving up.
“If it didn’t quite work optimally for Leon County, you pivoted and found something else," he said. "I just want to thank all of you for the work that you do. You are a good example of citizens organizing, getting together, identifying a problem and working with your local government to fix it.”
Leon County isn’t the only group pitching in on the project. The Blueprint Intergovernmental Agency is providing $250,000 annually as well. And the city of Tallahassee is considering its own contribution.
