Last week Hillsborough County commissioners approved a $9 billion budget. Notably missing was a $10 million appropriation meant for affordable housing with Ken Hagan, chair of the board, made a motion to have $8 million of those dollars into road repair and sidewalks. Hagan considered the fact that Hillsborough is seemingly already making significant investments towards more affordable housing when he explained his rationale for the motion.

The motion was passed in a 4-3 party-line vote. Members of the Hillsborough Organization for Progress and Equality (HOPE) expressed opposition to the motion during public comment. Pastor Michael Price, member of HOPE, compared the BOCC to thieves that rob from the poor to give to the rich.

Commissioner Michael Owen says that while he recognizes the need and importance for affordable housing, the county has long neglected roads, public safety, and infrastructure.  Additionally, thanks to the new Live Local Act, more developments will be continued that the board may not have otherwise approved. More affordable housing will be approved this year than ever before, with a lot of it coming from the live local act.

The county has increased their budget by $537 million this year. Revenue growth for the 2024 fiscal year is expected to grow slower, but will remain positive. The millage rate is the same, 5.7309 for county funding and 4.3745 for the unincorporated general fund. The increase of property taxes has also helped the county’s revenue, but cost increases are cutting into expenses. Hillsborough county has a stockpile of $2.3 billion in reserves with a AAA bond rating. Sprawled out infrastructure will command more dollars from future budgets, especially with no dedicated revenue stream to address the issue. 

The Live Local Act (SB 102) appropriated $711 million for housing projects through the Florida Housing and Finance Corporation (FHFC). Notably, this is the largest investment in housing in state history. $259 million is allocated for the SAIL program for low interest loans to developers. $150 million of this Is for specified uses. $252 million is allocated to the SHIP program for local government incentives to create partnerships with the intention of preserving and producing housing. $100 million is allocated to the Hometown Heroes Program, providing down payment and closing cost assistance for hometown heroes wanting to purchase their first home. $100 million is allocated to the FHFC so they may implement a loan program to alleviate inflation related cost increases for FHFC-approved projects. 

Thank you for your interest. If you are in need of Appraisal & Valuation Services in Hillsborough County, contact:

Mike Cliggitt, MAI, MRICS, CCIM

813.405.1705 - Direct Line

findvalue@cliggitt.com

Hillsborough Appraisal and Valuation Services