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. Additionally, the bill introduces two options for compliance: either a land use restriction agreement requiring affordable housing for a minimum of 30 years or a 99-year agreement with the Florida Housing Finance Corporation. The bill also stipulates that properties must continue to serve eligible income categories to maintain their exemption status.

Local governing bodies are granted the authority to approve these exemptions, provided they ensure compliance with income eligibility and the existence of a recorded land-use restriction agreement. The bill mandates annual compliance reviews by the property appraiser's office and requires local governments to submit an annual report to the Department of Revenue detailing the number of exemptions approved, housing units provided, and any noncompliance issues. The provisions of this act will first apply to the 2026 tax roll, with an effective date of July 1, 2025.