Florida Governor Signs Bill Allocating $711 Million for Affordable Housing While Banning Local Rent Control

Published Date: March 31, 2023

Governor Ron DeSantis signs SB 102, known as the “Live Local Act,” allocating $711 million to the Florida Housing Finance Corporation (FHFC) for affordable housing projects. The legislation also introduces exemptions for ad valorem taxation on lands used for such projects and prohibits local governments from enforcing rent control measures.

Key Figures and Significance

The signing event, held on Founders Square Drive in Collier County, featured notable figures like Florida Senate President Kathleen Passidomo, House Speaker Paul Renner, sponsors of the bill, and representatives from FHFC and Florida Realtors.

Addressing Rising Costs

Governor DeSantis attributes the high cost of living in Florida to inflation and underscores the need for the Live Local Act to mitigate these rising costs. The legislation aims to tackle housing affordability challenges without explicitly addressing the rent control ban.

Defining “Affordable” Housing

The bill defines “affordable” housing as accommodation where rents or mortgage payments do not exceed 30% of a household’s median adjusted gross annual income. Housing projects pursued by local governments must ensure that at least 10% of their units meet this affordability criterion to qualify for assistance under the new law.

Implementation and Impact

The Live Local Act includes provisions to address housing shortages, expand eligibility requirements, and invest in programs like Hometown Heroes to assist Floridians in purchasing their first homes. It also incentivizes builders and property owners to increase housing inventory across the state, with over $500 million allocated to proven housing programs like SHIP and SAIL.

Timeline and Funding

The new law, effective July 1, 2023, includes an immediate appropriation of $100 million from the General Revenue Fund to the FHFC for implementing a loan program.

Recent Developments

Governor DeSantis also recently signed a bill expanding scholarships for private school vouchers to all families, eliciting mixed reactions within the state’s education landscape.

 

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Original Article By Brandon Hogan- Click Orlando

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