North Bay Village passes Workforce Housing Law to keep current residents in their homes

      October 23, 2023

Contact:

Julie Leonardi

Director of Communications, North Bay Village

786-510-8521 [email protected]

North Bay Village Passes Workforce Housing Law to Keep Current Residents in Their Homes

North Bay Village, FL – The North Bay Village Commission approved a new workforce housing ordinance that will leverage the historic wave of development coming to the city to provide funds and programs aimed at keeping current residents in their homes.

The innovative new ordinance captures funds from developers wishing to have new condos approved in the island municipality, known as the “Heart of the Bay,” allocating those funds to a program dedicated to providing support for existing residents to stay in their current housing.

“The goal is to keep our current residents in their homes over the coming years, even as times change, and current residents face unprecedented challenges in updating old structures, all while basic costs of both maintenance and insurance are sky rocketing,” said North Bay Village Mayor Brent Latham.

“We can’t solve the building safety crisis or the insurance crisis locally, but we can provide relief to our residents by leveraging the interest in new building in our city. We want to assure residents aren’t forced out or priced out, like we’re seeing in other parts of Miami-Dade,” said Latham.

The amendment to the previously passed workforce housing ordinance expands the range of housing choices available to families who choose to live and work in North Bay Village, and directly benefits long-term residents that are the backbone of this community.

The Village’s workforce housing rules require that a minimum percentage of units in new rental developments be set aside as affordable workforce units, with increasing percentages expected from projects that involve additional density requests. With the new ordinance, rather than require pricey units on new condo sites, NBV will establish a Workforce Housing Trust into which developers of for-sale developments will pay a one-time fee per required workforce housing unit.

The Village will use the Trust funds to underwrite programs assisting qualified residents with items ranging from rental assistance to homeowner’s fee assistance, rehabilitations grants for existing units, and down payment assistance for homebuyers.

For several years, the North Bay Village Commission has made workforce housing a top priority, supporting economic sustainability and a high quality of life in North Bay Village. The city’s efforts in this arena, initiated by the city’s immediate past Vice Mayor Marvin Wilmoth, have led the way among small municipalities in Miami-Dade County.

“This is a win-win for our community. We are excited to have more tools at the city’s disposal to promote affordable homeownership and rental opportunities for our workforce,” said Wilmoth. “The funds generated from the program will stay right here in the community and help residents in need. The goal is to maintain a mix of incomes and affordability, as well as ensure the sustainability of North Bay Village’s housing stock.”

The program gives priority to income-qualifying North Bay Village first responders, Miami-Dade County public school employees working at a school in the Village, licensed health professionals and residents employed by the Village. Families making 60-140% of the area’s median income are eligible for workforce housing assistance.

The fee per unit is calculated by averaging the ‘just’ average value for North Bay Village issued annually by the Miami-Dade County Property Appraiser over two years. For example, if the 2022-23 combined Village-wide average sales price is $400,000 and the affordable purchase price for a family of 4 is $250,000, the payment would be $150,000 per required unit.

North Bay Village is leading the way in environmental stewardship, we are uniquely positioned geographically and philosophically to tackle environmental issues facing our region. NBV is on the frontlines of sea level rise and climate resilience is a survival issue for us, not just a talking point. The Village received the Master Plan of the Year Award by the countywide and statewide chapters of the American Planning Association. The NBV100 Plan includes key pillars related to taking proactive measures on climate change and embracing the waterfront.