Why Are There CRAs? Part III

What is the fate of our CRA?  I asked for a meeting to discuss the future of our CRA last month.  My goal was to have an open discussion between not just our commission and staff but provide for input from our community at large. As I shared with our readers, Commissioner Annabelle Lima-Taub shared her frustration that it was premature to have the discussion since the state was once against looking to abolish all CRAs. Since the state was looking at an October deadline for CRAs and our city is currently planning our budgets the discussion was even more timely. 

As I previously wrote the CRA trust funds are placed in a “lock box “and established to address a specific area. They have broad authority to fulfil the mission. The pro is the money is set aside to target neglected areas and can only be used according to the CRA plan. The con is once established, the CRA fund can only be used within the area.

My major concern with not keeping the CRA was how the city would provide economic development services and housing programs without an organization change? How would two new departments be funded?  Without a CRA extension, what legislative actions could the commission take to set up and fund programs?  I also asked what projects have not been completed and what they will cost?

Since cities have the ability to do everything the CRA can, the majority of the commission’s agreement was based on the fact that we can provide programs citywide. While I shared my concern that now the commission would need to stand on the premise we would commit to performing the programs and most importantly funding them.

Whether all CRAs will be forced to end in October or if we sunset in two years our work is cut out for us.  Our CRA in two years will lose the contributions from the County, Hospital District and Children’s Services Council leaving the city CRA TIF at 14.5 million. While that seems like a tremendous amount of dollars, remember simple projects can be millions of dollars. If we must close everything out in October, we must have every project and dollar accounted for. If we do not, the other taxing agencies will have the right to take their contributions back. Currently, that amount is a bit over 10 million dollars per year. 

The one issue was clear, we wanted a path forward for our CRA team. The goal will be to have an office of Economic Development and Affordable Housing. Before Covid we discussed an Affordable Housing Trust and now we must look at the housing assets of the CRA into a trust.

Staff was directed to begin looking at the cost to sunset and to establish a new path forward considering both the October date and the 2027 date. Our 2024 Annual Report was issued recently. The financial plan included the focusing from 25-27 shows a projected value of 85 million in leveraged investments.

In a snapshot, in 2025 we will be adding 30 plus affordable units that will remain affordable. This means that they will not be built and flipped by outside investors, which has been adding to the affordable housing crisis.

The CRA in 2024 alone provided 3 million dollars through our Neighborhood Improvement Programs. These include senior grants, window and door grants, housing assistance, emergency rental and other programs. These programs are very popular. Commissioner Anabelle Taub shared and agreed that these programs are needed. Her goal is to provide them citywide.  We do provide window and door grants citywide currently. Broadening the CRA programs is a great idea but I shared my concern, the devil is in the details.

How much funding will be set aside by the commission? What will staffing levels be to expand services citywide? What parameters will be set for applicants?  As we continue to work on the future budgets for both CRA and City my focus will be on ensuring that we are providing grants to those that are truly in need and leveraging any incentive programs to preserve affordable housing.

Like every other level of government, we are facing the financial uncertainties created by the state and federal government. We laid the groundwork for fiscal stability and have robust reserves while replacing and improving infrastructure. Losing 10 million in TIF will impact all our infrastructure projects.   

 Like every household our costs to provide services and to vital infrastructure improvements will be impacted by an increase in tariffs, supply chain issues and personnel issues created by the high cost of living in South Florida. We are in the budget process now and I encourage every resident to attend our meetings. If you cannot attend in person they are televised live on government channel 78 and recorded. Please visit www.cohb.org to sign up to be notified when our meetings will be held.

For more information on our CRA you can visit www.cohbcra.org.

As always, I am available anytime for your questions, concerns, and ideas to make our city a better place at phone/text 954-632-5700 or you can email me at jcooper@cohb.org. Please visit me on my Facebook page at Mayor Joy Cooper. Like, follow, and share.