HB 1499 Summary

• Creates Community Land Bank Program (s. 166.0452) allowing municipalities to acquire unimproved properties from tax foreclosures and sell them for affordable housing development at below-market value.

• Municipalities must adopt annual Community Land Bank Plans requiring public hearings, listing eligible properties, and establishing deed restrictions ensuring 25% of for-sale units serve households earning 60% or less of area median income.

• Land banks must sell properties to qualified organizations within 9-26 months and impose 20-year deed restrictions on rental properties requiring 100% affordability at 60% area median income or alternative income tiers.

• Creates Retail-to-Residence Tax Credit (s. 220.1851) allowing up to 9% corporate tax credit for projects redeveloping shopping centers into workforce housing over a 5-year credit period.

• Creates Affordable Housing Construction Loan Program (s. 420.5096) providing revolving construction loans to developers building homes for first-time homebuyers earning no more than 120% of area median income; effective July 1, 2023.