HB 1491 - Broward County Affordable Housing Improvement Act

• Authorizes Broward County to levy a discretionary surtax on documents at a rate not to exceed 45 cents per $100 of consideration, exempting single-family residences, to fund affordable housing programs.

• Requires county commission super-majority vote for initial surtax levy, with expiration on January 1, 2031 unless reauthorized by majority vote in a November 2030 referendum and reauthorized every 12 years thereafter.

• Mandates all surtax proceeds be deposited in the Affordable Housing Trust Fund with at least 50 percent used for very low-income and low-income families, at least 10 percent for qualified individuals with disabilities, and at least 35 percent each for homeownership assistance and rental housing construction.

• Limits use of proceeds to no more than 50 percent for new construction, prohibits rent subsidies or grants, and caps administrative costs at 10 percent of annual revenues.

• Requires the Office of Program Policy Analysis and Government Accountability to review the surtax program by January 1, 2025, and every 5 years thereafter, providing reports to the Governor and Legislature; takes effect October 1, 2021.