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Florida Governor Signs Legislation Increasing Affordable Housing Spending into Law

Monday, April 10, 2023 - 4:45PM

Florida Gov. Ron DeSantis signed legislation to increase spending on affordable housing, reduce the ability of local governments to impose certain restrictions on affordable housing development and allow property tax exemption for certain affordable housing. S.B. 102 provides up to $150 million to the Florida Housing Finance Corporation for specified uses such as infill and projects near military installations; allows corporate taxpayers to direct certain tax payments to the State Apartment Incentive Loan (SAIL) program; increases the amount of tax credits available through the state’s Community Contribution Tax Credit Program for affordable housing from $14.5 million to $25 million; preempts requirements by local governments concerning zoning, density and height to allow streamlined development of affordable housing on commercial and mixed-use zoned areas under certain circumstances; allows local governments to bypass state and local laws to approve affordable housing in commercial and industrial parcels, but not residential parcels; removes the ability to install local rent control; allows property tax exemptions for land owned by a nonprofit and leased for at least 99 years for the purpose of affordable housing, affordable housing properties with at least 70 units and for extremely low-income or very-low-income properties if authorized by a local county or municipality; and more.

Affordable housing stakeholders will gather to discuss state and federal regulation and more at the Novogradac 2023 Affordable Housing Conference, April 27-28 in San Francisco.

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