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Hernando Today

Impact Fee Cut Would Impact Home Values

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The Tampa Tribune

Published: July 23, 2008

The county commission is scheduled to hold a hearing on Aug 5 on the reduction of current impact fees by 25 percent for a minimum of 18 months, in order to share in the $20 million state affordable housing fund for first-time home buyers. While this measure is being praised by institutions with ties to the housing industry and it appears by Commissioner Russell's comments on July 15 in the Hernando Today that he agrees, there are numerous things they are not talking about.

At a time when homeowners have already seen significant reductions in the value of their homes due to the subprime mortgage fiasco and the current economic situation, why would we want to approve something that could further lower the value of our existing homes? What is there to preclude builders prepaying impact fees and not actually building until years from now?
Impact fees are suppose to help pay for the infrastructure required to support new homes (roads, schools, police, etc.) and the current impact fees do not fully cover these costs today. In January 2008, the Hernando County School Board opted, at this time, to ignore a recent recommendation to raise education impact fees. This was the result of a consultant from Washington-based Henderson Young & Co's recommendation that school impact fee per new single-family home be raised from the current $4,266 to $10,000 to cover new school construction. The firm cited data that shows an increase in enrollment during the next five years. This increase would have brought the total of all seven impact fees to $14,761. ( http://www.impactfees.com/pdfs_all/action=cpt&titl....).

How much have we already heard or read about more money needed for schools in Hernando County? If current impact fees are lowered, then where do you think the money for schools alone will come from, not to mention the other infrastructure costs? Hint: taxes.

There are currently numerous programs available for assistance to first-time home buyers in Hernando County and the majority of new homes built under the lower impact fees would more than likely not qualify for assistance from this $20 million fund once all restrictions were met.

If this measure gets approved then maybe it is time to start looking for commissioners who are more in tune with their constituents instead of special interest groups commencing with the primary election on Aug. 26, and so we don't overlook Commissioners Rose Rocco and Dave Russell, continuing until the general election in 2010.

Homeowners may have a better memory than politicians believe.

Jim Gibson

Brooksville

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