Crist continues push for increase in affordable housing to rev economy

JACKSONVILLE, Fla. – Sept. 13, 2007 – Gov. Charlie Crist addressed Jacksonville- area business leaders at the Jacksonville Regional Chamber of Commerce’s Cornerstone Luncheon yesterday, and provided details about his recommended economic stimulus package sent last week to Senate Pres. Ken Pruitt and House Speaker Marco Rubio.

“While economic forecasters have predicted an even tighter budget year than we had expected, we can trim our state budget without raising taxes,” Governor Crist said. “Equally important, we can take steps to re-fire our economy, especially in the building and construction industry – the area most in need of our support.”

Crist’s recommended economic stimulus package focuses on three sectors of Florida’s economy:

Housing industry

Crist has asked the Florida Legislature to appropriate $50 million from trust fund reserves to the Florida Housing Finance Corporation to provide assistance to as many as 3,000 first-time home buyers. Benefits would include $10,000 to assist with making downpayments and paying closing costs. The corporation would also offer home financing at one-quarter point lower than the market rate.

Building and construction industry

Crist is encouraging the Legislature to appropriate school construction funds for school districts, community colleges and state universities within the next three to six months. Typically, $315 million of available bonding capacity would be appropriated after the next regular legislative session. However, appropriating these funds earlier than usual, as well as $168.25 million in the Public Education Capital Outlay (PECO) trust fund, will stimulate Florida’s building and construction industry.

Transportation construction industry

Crist directed the Florida Department of Transportation to fast-track road construction and port improvement projects, which will infuse $350 million into Florida’s economy. Crist also directed the department to work with the Florida Seaport Transportation and Economic Development Council to accelerate 10 projects to improve Florida’s deepwater ports, citing a study by the Florida Department of Transportation indicating that every dollar invested in ports yields $6.90 to the state’s economy.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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