Real estate developers have a huge opportunity to enhance their own bottom line while creating a lasting impact throughout Florida with the recent passage of the Live Local Act. This act provides unprecedented incentives for developers to build affordable housing.
With the ability to bypass local zoning restrictions, including height and density, access to low-interest loans and tax credits, and prevention of county-imposed rent control, developers have ample reasons to take advantage of these incentives while being integral members of Florida’s affordable housing solution. In fact, developers are already gearing up to submit their proposals on July 1st to take advantage of the first wave of funds.
Did you know over the last three years, Florida’s housing market has become one of the least affordable, with Miami being the nation’s least affordable City for two consecutive years? That’s why this legislation comes at an opportune time. My DE Insight on the topic outlines how projects can qualify for over 700 million dollars in funding that’s been appropriated for the current and upcoming fiscal year, and 1.5 billion dollars over the next 10 years.
One side perk of the Act is it allocates a hundred million dollars for the Hometown Heroes Housing Program, providing certain first-time home buyers with a no-interest loan to purchase a home. With interest rates being at their highest levels in two decades, this is a huge win for law enforcement officers, teachers, registered nurses, firefighters, social workers, military members, or veterans who qualify. Speaking of qualifying, the race is on for developers to identify projects where they can take advantage of these incredible incentives. Those with experienced legal counsel will be best positioned to push projects through the pipeline.
MORE ANALYSIS: How Live Local Act Expedites Affordable Housing