The bill amends section 196.1978 of the Florida Statutes to expand property tax exemptions for certain multifamily affordable housing projects. It establishes new requirements for these exemptions, including that the projects must contain more than 70 units designated for extremely-low-income, very-low-income, or low-income families. The bill introduces two options for compliance: either a land use restriction agreement requiring affordable housing for a minimum of 30 years or an agreement with the Florida Housing Finance Corporation mandating 99 years of affordable housing use. Additionally, the property must be subject to annual compliance reviews to confirm eligibility, and local governing bodies are authorized to approve these exemptions.

Furthermore, the bill mandates that local governments submit an annual report to the Department of Revenue detailing the number of exemptions approved, the total housing units provided, and compliance status. The new legal language includes provisions for penalties if the affordable housing requirements are not met and specifies that properties will lose their exemption if they cease to serve the designated income categories. The changes will first apply to the 2026 tax roll, and the act is set to take effect on July 1, 2025.