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FL S1594
Bill
AI Summary
- Expands eligibility for affordable housing ad valorem property tax exemptions by lowering the minimum unit threshold from 70+ units to at least one qualifying unit, allowing adaptive reuse projects (conversions of nonresidential buildings to residential housing) to qualify with at least 20% affordable units, and extending eligibility to government-owned properties and housing finance authorities
- Creates the "Florida Housing Revitalization Act" (s. 220.197), establishing a state tax credit equal to 20% of qualified rehabilitation expenses for certified historic structures used exclusively for affordable or workforce housing, capped at $2.5 million per project, with 5-year carryforward and transferability provisions, effective for taxable years beginning January 1, 2026
- Restricts local taxing authorities from opting out of the affordable housing tax exemption by requiring a needs assessment, eliminating resolution-based opt-outs in favor of ordinances only, shortening opt-out ordinance duration to one year, prohibiting emergency enactment procedures, and creating a private cause of action with up to $100,000 in attorney fees for property owners harmed by improperly adopted opt-out ordinances
- Adds affordable housing construction and rehabilitation as an eligible expenditure category for local government infrastructure surtax proceeds, requiring housing to remain affordable for at least 30 years, and allows qualifying Live Local Program developments to prepay 20% of ad valorem taxes at building permit issuance to abate property taxes for 10 years
- Prohibits the Florida Housing Finance Corporation from requiring projects financed under the State Apartment Incentive Loan Program or the Live Local Program to use low-income housing tax credits or tax-exempt bond financing, and bars counties and municipalities from imposing compliance monitoring requirements more stringent than corporation-adopted standards
Legislative Description
Housing
Last Action
Died in Community Affairs
6/16/2025
Full Bill Text
No bill text available