Miami-Dade County's discretionary documentary stamp tax provides dedicated funding for affordable housing, with surtax revenues exceeding $100 million over the last five fiscal years. Two county agencies-the Department of Public Housing and Community Development and the Miami-Dade Economic Advocacy Trust-use surtax funds to provide homebuyer and homeowner assistance, education and counseling, and rental housing construction and rehabilitation. While state law requires that no more than 10% of each year's new surtax revenues be used for administrative costs, both agencies supplement such expenses with funds from other sources.
The department's commitment to facilitating homeownership is evident in surtax loan provisions, which include low interest rates, low monthly repayment schedules, and deferred payment. In addition, developers rely on surtax funds to complete complex financing arrangements needed for multi-family developments and also benefit from favorable loan provisions. Department officials estimate that $235.7 million of $305.2 million in current loans may never be collected due in part to favorable loan terms and the economic downturn.
The Department of Public Housing and Community Development does not have a comprehensive measurement system to assess surtax outcomes; we suggest it revise its performance management system to include additional surtax-related measures so that the success of the program can be assessed.

Miami-Dade's Discretionary Surtax Supports Affordable Housing for Low-income Residents; Recent Changes Will Improve the Program
Report 17-08 June 2017

Copies of this report in print or alternate accessible format may be obtained by email OPPAGA@oppaga.fl.gov, telephone (850) 488-0021, or mail 111 W. Madison St., Room 312 Tallahassee, FL 32399-1475.