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BOCC approves $9.58 million for 18 affordable rental units on Cudjoe Key
Summary
The Monroe County Board approved $9,582,900 in county tourist-tax surplus funds to fund acquisition and construction for 18 affordable rental units at 23038 Overseas Highway, Cudjoe Key. The vote included conditions requiring financing commitments and recorded land-use restrictions.
The Monroe County Board of County Commissioners voted Wednesday to approve $9,582,900 in funding to support construction of 18 affordable rental units on Cudjoe Key.
The funding breaks down to $1,670,000 for property acquisition and $8,550,000 for construction. Monroe County staff said the money would be drawn from accumulated surplus tourist development tax and tourist impact tax revenues as allowed by the 2024 state law cited in the staff report and that the Monroe County Housing Authority (MCHA) would build and manage the project.
Why it matters: County staff and the Housing Authority described the project as workforce housing intended to serve employees of private-sector tourism-related businesses in the county. In addition to expanding the local affordable rental stock, the financing structure the county approved includes a revenue-share provision that staff said would deposit a portion of future rental income into a county-controlled pot to help fund additional affordable housing projects.
What the board approved The board approved a resolution (agenda item J-3) authorizing the $9,582,900 allocation subject to conditions: a written loan commitment if additional funding is required; a certified pro forma showing full project cost; permits ready for issuance; and proof of a recorded land-use restriction agreement limiting occupancy to employees of private-sector tourism businesses, as required under the resolution.
Board discussion and a competing proposal During public comment, developer Joe Walsh argued his Cypress Landings proposal would be more cost-efficient and turn units faster and urged the board to delay the Cudjoe decision so his project could be evaluated alongside the housing authority plan. MCHA and county staff told the board they had worked on the Cudjoe concept for several months, and staff warned that rescinding the previously approved land purchase (agenda item F-2, approved earlier in the meeting) could be problematic.
Vote The motion to approve the funding passed on roll-call vote: Commissioner Kates — yes; Commissioner Lincoln — yes; Commissioner Raschein — yes; Commissioner Rice — yes; Mayor Scholl — yes. There was no recorded opposition.
Next steps Staff said the Housing Authority intends to move the project into permitting and that if a lender is required the Housing Authority must provide a written loan commitment. The recorded land-use restriction must be in place before funding use. Staff also noted the approved project could secure a loan if additional funds are needed, subject to the conditions in the resolution.
