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In Person: (HQ) MIAMI Commercial Marketplace
April 6, 2023 @ 9:00 am - 10:30 am
FreeIn Person: (HQ) MIAMI Commercial Marketplace
Thursday, April 6th from 9am to 10:30am
Join us as we will discuss the Legislative Updates from Tallahassee.
Florida Realtors’ Great American Realtor Days (GARD) is March 29-31, 2023. That’s when hundreds of Realtors travel to Tallahassee and educate our elected officials about issues that are important to our industry. On Thursday, April 6th , we’ll provide a legislative recap and specifically SB 102 in greater detail.
Broad changes in SB 1012.
- Funding: The $811 million in total funding includes $252 million to SHIP (State Housing Initiatives Partnership) and $259 to SAIL (State Housing Initiatives Partnership Program). Going forward, it includes $150 million a year to SAIL for 10 years (total of $1.5 Billion).
- Hometown Heroes: It expands the Hometown Heroes Program strongly backed by Florida Realtors in the 2022 session of the Florida Legislature. SB 102 adds to the program by appropriating $100 million more. It also widens eligibility from career-based assistance to income-based down payment assistance. Previously, maximum loans were $25,000; under SB 102, that rises to $35,000.
- Tax Credits: It raises community contribution tax credit programs limits, which encourage Florida businesses to make donations towards community development and housing projects for low-income Floridians.
- Private-sector investment: Encourages private investment in affordable housing through a new corporate tax donation program. Businesses can contribute to SAIL instead of paying portions of corporate and insurance premium taxes, up to $100 million a year. It also provides a small refund on taxes for building materials used by developments financed through the FHFC (Florida Housing Finance Corporation) and provides additional gap financing to workforce housing programs that may face construction hardships.
- Property tax exemptions: The bill creates three new property tax exemptions – it allows counties and municipalities to offer a property tax exemption to property owners who dedicate units for affordable housing at extremely-low-income or both. – It provides a property tax exemption for land owned by a non-profit leased for at least 99 years as affordable housing for extremely low income and/or very low income Floridians. – It authorizes a local-option property-tax exemption to property owners who dedicate units for affordable housing for extremely low income and /or very low income Floridians.
- Missing Middle exemption: Creates a new” Missing Middle” property tax exemption for new or recently rehabilitated developments that set aside at least 70 current market rate units into affordable units.
Members: Free / Non-Members: $15
This class has 1 MIAMI Commercial Diploma Point
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