Reposted from University of Miami Office of Civic and Community Engagement
Last November Amendment 1 passed
with resounding support, with 75% approval by voters. The amendment created a
dedicated source of funding for environmental conservation by setting aside 33%
of doc stamp taxes on real estate transactions. As one conservation organization
put it, this “great
bipartisan victory reflects the understanding of Florida voters that
protecting our natural resources protects our economy.”
But a new bill in the state legislature to implement Amendment 1 may end up undermining conservation goals. The bill would significantly reduce the amount of funding going to the Housing Trust Fund, which also receives funding from doc stamp collections. Under
the 1992 Sadowski Act 16% of doc stamp collections are set aside for housing
programs such as homeownership assistance and affordable rental housing
construction and rehabilitation, sorely needed in a state with quickly rising
housing costs and large affordability gaps. But SB 586 would take the percentage of doc
stamp collections for Amendment 1 before
the percentage for housing programs, effectively reducing the amount going to
the Housing Trust Fund.