Introduction:
Senate Bill 102, known as the "Live Local Act," has brought significant changes to the housing landscape in Florida. This comprehensive legislation, signed into law by Governor Ron DeSantis, aims to address housing affordability and support the development of affordable housing across the state. In this article, we will explore the key provisions of Senate Bill 102 and how they benefit developers, real estate investors, and the community at large.
Section 3: County Approval for Affordable Housing:
The Live Local Act brings amendments to Section 125.01055 of current law, altering the process for approving affordable housing developments in counties. While it removes the ability to bypass local regulations for residential areas, it allows developers who have applied for or received funding from the SAIL program to proceed with affordable housing projects in commercial or industrial zones. These changes ensure that affordable housing developments align with local rules and regulations while promoting their availability in areas with suitable zoning.
Section 4: County Property for Affordable Housing:
Under Section 4, the Live Local Act expands the scope of the inventory list of real properties suitable for affordable housing. County-owned properties are now joined by properties owned by dependent special districts, creating a broader pool of potential locations for affordable housing projects. By publishing this inventory list, counties encourage developers to consider these properties for future affordable housing initiatives, fostering collaboration between public and private sectors.
Section 5: Municipal Approval for Affordable Housing:
Municipalities play a vital role in the Live Local Act's mission to promote affordable housing. Section 5 allows administrative approval for residential or mixed-use projects in commercial or industrial zones, eliminating the need for comprehensive plan amendments or rezoning. By streamlining the approval process, municipalities can expedite the development of affordable housing and support the growth of their communities.
Section 8: Property Tax Discounts/Exemptions:
To incentivize affordable housing initiatives, the Live Local Act introduces property tax exemptions and refunds. Nonprofit-owned land used predominantly for providing affordable housing is eligible for an exemption, promoting the involvement of nonprofit organizations in addressing housing needs. Additionally, portions of property within multifamily projects that meet affordability criteria can receive tax exemptions. These incentives reduce the financial burden on developers and encourage the creation of more affordable housing units.
Section 21: Corporate Tax Donation Credit (Live Local Credit):
The Live Local Act recognizes the importance of private sector involvement in affordable housing. Section 21 allows corporations to receive a 100% credit for eligible contributions made to Florida Housing's SAIL program. By providing this tax credit, the act encourages corporate investment in affordable housing initiatives, leveraging the resources and expertise of the business community to create positive social impact.
Conclusion:
Senate Bill 102, the Live Local Act, brings sweeping changes to Florida's housing landscape, aiming to address housing affordability and foster community development. By streamlining approval processes, providing tax incentives, and encouraging public-private partnerships, the act creates opportunities for developers, real estate investors, and nonprofit organizations to make a meaningful impact on housing accessibility. Ultimately, the Live Local Act not only benefits the real estate industry but also enhances the well-being of communities across the state by promoting the availability of affordable housing for all.
