City establishes affordable housing committee to tackle crisis

In a recent government meeting, the City of West Palm Beach took significant steps towards enhancing its financial management and addressing affordable housing needs. Chief Financial Officer Bridget Suffrant announced a transition in the city's remarketing agent for municipal bonds, moving from Citigroup Global Markets to JPMorgan. This change, prompted by Citigroup's shift in business strategy, is expected to save the city approximately $35,000 in fees related to public utilities.

The meeting also focused on the establishment of an Affordable Housing Advisory Committee (AHAC), a requirement for the city to receive state funding through the State Housing Initiatives Partnership program. Housing and Community Development Director Jennifer Ferriero outlined the committee's purpose: to review and recommend improvements to policies and regulations that support affordable and workforce housing. The committee will explore various areas, including expediting the permitting process and potential fee modifications to reduce development costs.

The proposed committee will consist of ten members, including representatives from the residential home building industry, affordable housing advocacy, and local planning. Notably, several members have existing business relationships with the city, raising potential conflicts of interest. However, the city ethics official indicated that these conflicts could be waived by a supermajority vote from the city commission.

The AHAC is expected to convene in the coming months to review existing policies and generate recommendations, with a report anticipated by December. The city commission unanimously approved the resolution to establish the committee, reflecting a proactive approach to addressing the pressing issue of affordable housing in the community.