After two years of soaring rents, the Florida legislature passed a sweeping affordable housing bill with $711 million to fund development programs, incentives for development, and bans on rent controls.
The House voted almost unanimously, 103 to 6, to pass the bill, called the “Live Local Act,” on Friday. The vote came after the Senate approved the legislation earlier this month.
The measure aims to end “affordable housing stereotypes” by creating options needed by the workforce. This could open the floodgates for alternative housing.
The Bill:
Removes the authority of local governments to impose any rent control measures
Allows for multifamily or mixed-use residential housing in any area zoned for residential, commercial or industrial as long as 40% of the residential units are designated for affordable housing
Ensures that rent for those designated units does not exceed 30% of the median family income
Encourages developers by offering tax breaks
Among other things, the bill would create tax exemptions for developments that set aside at least 70 units for affordable housing and would speed permits and development orders for affordable-housing projects.
The bill would provide money for a series of programs, including $252 million for the longstanding State Housing Initiatives Partnership, or SHIP, program, $150 million a year to the State Apartment Incentive Loan, or SAIL, program, and an additional $100 million for the Hometown Heroes program, which is designed to help teachers, health-care workers and police officers buy homes.
The state budget for the current year includes $362.7 million for affordable housing.
Gary Fleisher, the Modcoach
