Real estate developers in Florida are lauding new legislation that incentivizes the building of affordable housing in the state. This new legislation, the Live Local Act of 2023, changes how Florida handles affordable housing. This law aims to create more homes for people who work in communities but struggle to live there. Let us examine how this legislation can benefit you as a real estate developer.
Key provisions of the Live Local Act
The Act introduces new ways to boost affordable housing development:
- Tax breaks: It offers property tax breaks for qualifying projects. If you build 71 or more homes for families with incomes up to 120% of the Area Median Income, you may qualify for a full tax exemption.
- Local zoning exemption: The law overrides local zoning, density and height rules for specific affordable housing projects, making it easier for developers to construct these homes.
These provisions help create more affordable housing options in Florida.
Benefits for developers
The Live Local Act provides several advantages to developers:
- The tax exemptions can lower your operating costs significantly.
- The simplified zoning and density rules can speed up your project timelines.
These benefits make affordable housing projects more attractive and feasible.
Compliance and application process
To use the Live Local Act, you must follow two steps:
- Apply for a certification notice from the Florida Housing Finance Corporation.
- Once approved, apply to your local property appraiser for the formal exemption.
Remember to renew your exemption each year to maintain the benefits. If you need help with the application process or have questions about real estate law, consider asking a lawyer.
Why it matters
The Live Local Act transforms affordable housing in Florida. It encourages developers to build homes for low to moderate-income families by offering financial incentives and reducing red tape. This law creates new opportunities for you to help your community grow while saving money.
Understanding the Live Local Act can help you navigate affordable housing development in Florida more effectively. Use these provisions to make a positive impact on your community.