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Florida Revitalization 2024 Form
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People also ask
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What is the property tax exemption for affordable housing in Florida?
The exemption is: 75% of the assessed value of each residential unit used to provide affordable housing if less than 100% of the multifamily project's units provide affordable housing, or. Up to 100% if 100% of the project's residential units are used to provide affordable housing. -
What is the Live Local Act for affordable housing in Florida?
The Live Local Act, effective July 1, 2023, states that local governments are required to allow affordable housing developments in commercial, industrial and mixed-use zoning districts. Affordable housing is currently defined by Florida law as: 1. -
What is the live local tax exemption in Florida?
The Live Local Act provides a property tax exemption of up to 100% of the assessed value of a qualifying project's units. In order to qualify, a project must contain at least 71 housing units, and must serve housing occupants with household incomes which are equal to or less than 120% of AMI. -
What is the affordable housing Act in Florida?
The Act aims to signNowly bolster the availability of affordable housing options for Florida's dedicated workforce, allowing them to reside in the very communities they tirelessly serve. -
What is the new housing law in Florida?
The legislation, known as the Live Local Act, offers developers tax breaks and allows them to bypass local zoning rules if enough workforce housing is built. The act is meant to create more housing for middle-income renters who make 120% of an area's median income or less. -
What are the benefits of the Live Local Act?
The Live Local Act contains an array of funding and incentives including: Funding and tax credits. Up to $811 million for affordable housing programs. Tax incentives. ... Land use tools & role of local government. ... Publicly-owned land. ... State housing strategy. -
What is the Live Local Act in Florida?
This Act, also known as SB 102, provides historic funding for workforce housing. In addition to a multitude of new programs, incentives, and opportunities, this legislation works to refocus Florida's housing strategy in ways that make housing more attainable. -
What is the property tax exemption for the Live Local Act?
In addition, the act created an ad valorem property tax exemption of 75% or 100% for newly constructed or substantially rehabilitated developments that have more than 70 units set aside for households earning 120% of AMI or less.
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