VERO BEACH — Indian River County officials may move forward with discussions surrounding a proposed affordable housing development aimed at helping working families struggling with rising housing costs in the area.
The proposal was raised during a recent county meeting by Bethany Fortunato of Indian River Habitat for Humanity, who said the issue continues to surface in conversations across multiple sectors of the community.
“Regardless of where my interaction has been, there's one subject that continues to come up in each and every forum I attend, and that is the need for affordable housing for working families. Whether it's input from an employer, a governmental agency, a non-profit, or a citizen, the subject comes up over and over again,” Fortunato said.
Fortunato, who previously helped spearhead Grace’s Landing in Sebastian, a senior affordable housing community, said the focus now is on workers who are increasingly being priced out of the county.
She said employers have expressed worries about the distances many workers must travel to make ends meet.
“The employer spoke of concern for their employees' safety when they have a 45-minute commute home at the end of a long shift with overtime,” she said.
Fortunato said she researched county-owned properties that could accommodate the project and identified a site at 1840 25th St. in Vero Beach.
“This location for housing is absolutely optimal with its walkability downtown, the county complex, Piper Aircraft, groceries at the UP Center, and its location on the GO Line, as well as its easy access to all the healthcare employers located on 37th Street,” she said.
Fortunato said the proposal has already received support from the city and is now seeking cooperation from the county.
She also contrasted the project with recently constructed rental developments in the area, saying current market-rate housing remains out of reach for many workers.
“With rents starting at $1,700 for a one-bedroom, $1,900 for a two-bedroom, and $2,300 for a three-bedroom, a three-person household would need to earn a minimum of $76,000 annually for a two-bedroom unit to be at the 30% threshold of recommended housing costs,” she said. “These properties are being built for the high-income retirees who are moving here and no longer want to own and care for their home. They are not being built for working families.”
According to Fortunato, the development would be funded through special tax credits and would serve households earning up to 80% of the area median income, though she said the average resident income would likely be closer to 60%.
For a three-person household, that would amount to about $55,000 annually. Fortunato said families could save between $7,200 and $10,800 per year compared with market-rate rents.
“This translates to an annual savings of $7,200 to $10,800 over the average market-rate rents of those 1,200-plus units I just mentioned,” she said.
While the proposal remains in the early stages, County Commission Chair Deryl Loar said county staff would begin discussions with Vero Beach officials about the concept.
“By virtue of this meeting, we'll have the administrator meet with Mr. Falls in some type of dialogue,” Loar said.