FL S0250

Creates the State Workforce Housing Tax Credit Program to increase workforce housing supply for essential services personnel (police, fire personnel, child care workers, teachers, health care personnel, and service workers) earning up to 120% of area median income

Authorizes insurance premium and retaliatory tax credits for eligible workforce housing developments where at least 60% of units are rent-restricted workforce housing units affordable to households earning at or below 90% of area median income (or 120% in areas of critical state concern)

Establishes a maximum aggregate credit amount of $50 million in preliminary agency awards for each of calendar years 2020, 2021, and 2022, with final agency awards capped at 9% of qualified basis for each residential building

Requires at least 50% of annual credits be awarded to units income-restricted to families below 90% of area median income, and at least 30% of units in credited projects must be rented to essential services personnel families

Repeals the existing state housing tax credit under s. 220.185 and replaces it with the new workforce housing program administered by the Florida Housing Finance Corporation, with a 10-year credit period and carryforward provisions for unused credits up to 11 years