Realtors in Florida are launching a petition to put a proposed constitutional amendment on the 2022 ballot that would provide money for affordable housing programs.
The group of Realtors funneled $5 million to the political committee Floridians for Housing while the National Association of Realtors chipped in another $3 million.
If approved by 60% of voters, the proposed measure would establish state and local Housing Trust Funds.
This would require trust funds receive a certain percentage of revenue from documentary-stamp taxes, which are collected on real estate transactions.
“The legislature has saw fit to sweep all or some of the funds from the housing trust fund. This totals $2.6 billion of the total dollars that have been swept that could have helped people stay in their homes, help them buy homes, help them with rental assistance,” said Mike McGraw, vice president of Florida Realtors.
The committee needs to submit more than 220,000 signatures for the Florida Supreme Court to review the proposed amendment, and just under a million signatures to get it on the 2022 ballot.