NAPLES, Fla. — Florida Governor Ron DeSantis signed Senate Bill (SB) 102 on March 29th, 2023, representing the largest investment for housing efforts in state history. The Live Local Act invests $711 million in multiple programs to expand the availability of housing, downpayment assistance, and focused support for military communities.
“This legislation provides record support for Florida’s workforce and their families to help them live where they work, while also providing historic support for our military communities and the families living near military bases,” said Governor DeSantis. “I applaud Senator Passidomo for leading on this legislation and look forward to the support it will provide to Florida families.”
The investment under this legislation is nearly double the investment made in 2022-2023, which was already the highest investment in 15 years. This legislation invests a record $711 million for housing projects and assistance through the Florida Housing and Finance Corporation (FHFC) to create or build upon housing programs.
This includes $259 million for the SAIL program to provide low-interest loans to developers building workforce housing. $150 million of these funds are recurring for certain specified uses such as redevelopment of underused property and projects near military installations. $252 million is allocated for the SHIP program to provide local governments with incentives to build partnerships with developers who are preserving available housing or producing more housing. An additional $100 million is dedicated to the Florida Hometown Heroes Housing Program to provide down payment and closing cost assistance to first-time home buyers with a focus on law enforcement, first responders, teachers, active-duty military, and military veterans. Finally, $100 million is set aside for FHFC to implement a loan program to alleviate inflation-related cost increases for FHFC-approved housing projects.
The Live Local Act builds upon efforts to help Floridians afford to purchase their first home by codifying the Hometown Heroes program and increasing the borrowing limit per loan to $35,000 or 5% of the purchase price of a home. This bill will also broaden FHFC’s ability to invest in affordable housing for those that are currently in the foster care system or who are aging out of the system and expands eligibility for the Job Growth Grant Fund to authorize public infrastructure projects that support expanding housing opportunities.
This legislation also creates a new tax donation program to allow corporate taxpayers to direct certain tax payments to the FHFC, up to $100 million annually, to help fund the SAIL program and increases the amount of tax credits available through the Community Contribution Tax Credit Program from $14.5 million to $25 million annually. Additionally, the bill provides a sales tax refund of up to $5,000 on building materials for housing units funded through FHFC.
“Providing safe, quality and affordable housing for families in Florida continues to be the mission of Governor DeSantis, the Florida Legislature, and the Florida Housing Finance Corporation,” said Mike DiNapoli, Executive Director of Florida Housing Finance Corporation. “As the state’s housing finance agency, we appreciate Senate President Passidomo’s continued dedication to this issue and are honored to be entrusted with the resources to serve Floridians with their housing needs.”
Senate President Kathleen Passidomo said the Live Local Act would provide attainable housing options needed by the majority of Florida’s workforce, the backbone of Florida’s economy. “It is clear that the broad appeal of the free state of Florida has impacted our population and our housing needs. Countless families and business owners have fled high tax, lockdown states in search of a better life,” she said.
House Speaker Paul Renner called it “groundbreaking legislation that will provide Florida’s families, seniors, and workers with a safe and affordable place to live.”
“This is an important step forward in helping to provide affordable housing for all Floridians,” said Senator Alexis Calatayud. “The biggest housing concern we hear from young people is that there is no place for them to raise their own families in communities they grew up in, where their extended families have lived for generations. That changes today. Under the leadership of Governor DeSantis, President Passidomo, and Speaker Renner, our Live Local Act is going to help bridge the gap in a meaningful way with market-driven, short-and long-term solutions that improve options for both homeownership and affordable rental units in communities across our state.”
Warning: include(): open_basedir restriction in effect. File(/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-11/advertisement-set-11.php) is not within the allowed path(s): (/www/wwwroot/indianrivernews.us/:/tmp/) in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 133
Warning: include(/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-11/advertisement-set-11.php): Failed to open stream: Operation not permitted in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 133
Warning: include(): Failed opening '/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-11/advertisement-set-11.php' for inclusion (include_path='.:') in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 133
Warning: include(): open_basedir restriction in effect. File(/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-08/advertisement-set-8.php) is not within the allowed path(s): (/www/wwwroot/indianrivernews.us/:/tmp/) in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 139
Warning: include(/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-08/advertisement-set-8.php): Failed to open stream: Operation not permitted in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 139
Warning: include(): Failed opening '/www/wwwroot/indianrivernews/wp-content/advertisement-pictures/set-08/advertisement-set-8.php' for inclusion (include_path='.:') in /www/wwwroot/indianrivernews.us/wp-content/themes/indianrivernews/single.php on line 139
If you like this article, please share it.
If you would like to support the work of Indian River News, click here to go to our SubscribeStar page to become a Subscriber today. Your monthly contribution will help Indian River News continue its Journalism and News Reporting in Indian River County.