Indian River County creates trust fund to house essential workers

Indian River County commissioners in Florida voted to establish the Attainable Housing Trust Fund to help essential workers afford local housing.

The county will fund the trust by selling seized, foreclosed, and donated properties, as well as accepting land and money donations. The fund supports both nonprofit and for-profit developers who build apartments and homes within the reach of local workers. A 12-member Affordable Housing Advisory Committee reviews applications for assistance.

County Commissioner Susan Adams, who chairs the committee, said the fund allows the county to require that developed properties remain affordable for a specific period. Administrative costs for the fund are limited to 10 percent of its total money. The initiative addresses a shortage of affordable housing in the region, where average monthly rent reaches $2,150.

Local business owners, such as Margot Kornicks of Indian River Home Care, noted that many nursing assistants and home health aides must commute from other cities because they cannot afford to live locally. While the county has provided $27.4 million through the State Housing Initiatives Partnership since 1993, the new trust fund aims to streamline the process for creating new housing stock.