Florida Budget Cuts Cause Havoc For Senior Housing Projects

Last week the Florida state legislature made budget cuts that will curtail a variety of senior and affordable housing projects across the state and lawmakers there deal with a $2.4 billion budget deficit. Legislators moved to remove $190 million from the state’s affordable housing trust fund and they warned that more cuts maybe coming later this spring when its regular session begins. While Governor Charlie Crist has publicly stated that he is considering vetoing the trust fund cut, he will be under pressure to find more ways to increase the tax rolls for the state of Florida. Between the number of foreclosures and vacant homes available in the state of Florida and the state’s intangible tax which makes refinance mortgages more costly than any state in the country, the current cuts and the proposed future cuts make Florida’s future housing picture a mess.

For more articles and commentary on the cuts, click here.