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RESOLUTION 06-344
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF ST. LUCIE COUNTY,
FLORIDA, SUPPORTING ELIMINATION OF THE CAP OF THE HOUSING TRUST FUNDS
BEGINNING IN FISCAL YEAR FY07-08 AND SUPPORTING FULL FUNDING FROM THE
HOUSING TRUST FUNDS OF $939.5 MILLION FOR HOUSING IN THE FISCAL YEAR 2006-
2007 BUDGET; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, SI. Lucie County has an obligation to provide for the housing needs of its current and
anticipated populations and assisting lower income families is dependent upon sufficient housing assistance
from federal and state programs; and
WHEREAS, the William E. Sadowski Affordable Housing Act of 1992 deliberately used the documentary
stamp tax as its revenue source because of its nexus with the development of affordable housing and
because the source of funding needed to be a growth vehicle to keep pace with escalating land and housing
costs; and
WHEREAS, the Governor and Legislature provided full funding from the Housing Trust Funds every year
from Fiscal Year 1992-1993 through Fiscal Year 2002-2003; and
WHEREAS, the State of Florida is experiencing a housing crisis due to massive increases in the cost of
land, construction, and the ultimate cost of housing to its citizens; and
WHEREAS, the William E. Sadowski Affordable Housing Act has worked as planned, providing needed
revenues into the State and Local Housing Trust Funds at this time of crisis; and
WHEREAS, the Legislature enacted a cap on the Housing Trust Funds of $243 million per year, beginning
in Fiscal Year 2007-2008; and
WHEREAS, the Governor and Legislature, at this time of crisis, have not provided full funding from the
Housing Trust Funds for the last three fiscal years, under funding housing appropriations by over $600
million from Fiscal Year 2003-2004 through 2005-2006; and
WHEREAS, $939.5 million is available in the Housing Trust Funds for appropriation for housing during
Fiscal Year 2006-2007, while the Governor has proposed appropriating only $545 million, leaving at least
$390.5 million unspent; and
WHEREAS, it is projected that during Fiscal Year 2007-2008, the documentary stamp tax will generate
over $500 million for the State and Local Housing Trust Funds; and
WHEREAS, Florida's affordable housing needs are estimated at well beyond $500 million during Fiscal
Year 2007-2008; and
WHEREAS, absent repeal of the legislative cap placed on the State and Local Housing Trust Funds during
the 2005 Legislative Session, new documentary stamp tax revenues for housing pursuant to The Sadowski
Act of 1992 will be limited to $243 million per year beginning Fiscal Year 2007-2008; and
WHEREAS, SI. Lucie County would receive $7.1 million with full funding as compared to only $2 million
at the level proposed by the Florida Housing Finance Corporation; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
ST. LUCIE COUNTY, FLORIDA, AS FOLLOWS:
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Section 1. That the foregoing clauses are ratified and confirmed as being true and correct and are made a
specific part of this Resolution.
Section 2. That the County of St. Lucie supports repeal of the cap on the Housing Trust Funds, and urges
the Governor and Legislature to adopt statutory changes during the 2006 Legislative Session to repeal the
cap.
Section 3. That the County of St. Lucie supports full funding of $939.5 million for housing in the Fiscal
Year 2006-2007 Budget, and urges the Governor and Legislature to adopt a budget with that level of
funding.
Section 4. That the appropriate County Officials are authorized to do all things necessary and expedient to
carry out the provisions of this Resolution.
Section 5. That this Resolution shall take effect immediately upon adoption hereof.
PASSED AND ADOPTED this 14" day of November, 2006.
ATTEST:
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BOARD OF COUNTY COMMISSIONERS,
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BY:
APPROVED AS TO CORRECTNESS AND
FOR