At the 2018 ULI Florida Summit, panelists discussed innovative solutions to Florida’s affordable housing crisis.
Tavistock, which is known for its Lake Nona development in Orlando, offers a range of housing products within its 17-square-mile development. Along with micro-rentals and high-density lots, Tavistock is “looking for innovative ways to take inflated costs built into land construction and development that are passed on to consumers by implementing trade-offs in size and price,” according to Craig Collin, senior vice president at Tavistock.
Jaimie Ross, president and CEO of the Florida Housing Coalition, says that market-rate developers cannot be expected to go into affordable housing development.
“The best way to accomplish affordable housing on a large scale is to partner with someone in the business,” Ross says. She also points out that when cities are slow to approve plans, developers turn elsewhere in order to keep their capital flowing. Smarter fee schedules, expedited permitting and planning processes, and strong affordable housing partners are essential.
Meanwhile, Brett Hiltbrand, the CEO of Cornerstone Tiny Homes, says the types of consumers purchasing his tiny homes range from young professionals to single women in their 50s – the biggest demographic. He hopes to soon build tiny homes that are allowed in backyard lots, so that homeowners can obtain additional rental income.
To panelists, giving residents more opportunities to derive income from their real estate investments is another solution to the state’s affordable housing crisis.
Source: Urban Land Institute (07/13/18) Martinez, Nicole
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