House Bill 923 amends various sections of Florida Statutes to enhance affordable housing initiatives, particularly through tax exemptions and credits. The bill introduces new definitions such as "financial beneficiary" and "adaptive reuse project," and revises eligibility requirements for tax exemptions, allowing certain adaptive reuse projects to qualify. Property owners seeking exemptions must submit applications by March 1, including a certification notice and a rental market study. The bill also establishes that property appraisers must include the proportionate share of residential common areas in their valuation for exemption purposes and outlines conditions under which property owners can maintain their exemptions even with ownership changes.

Additionally, the bill introduces the Florida Housing Revitalization Act, which provides a new tax credit for the rehabilitation of certified historic structures used for affordable or workforce housing. Taxpayers can claim a credit equal to 20% of qualified expenses incurred, with specific eligibility requirements and documentation needed. The bill allows for the sale or transfer of tax credits and mandates the Department of Revenue to audit claimed expenses. It also requires taxpayers to report changes in their tax credits and stipulates forfeiture conditions for failing to provide affordable housing for at least five years. Overall, the bill aims to create clearer guidelines and incentives for developers and property owners to promote affordable housing in Florida.

Statutes affected:
H 923 Filed: 212.055, 220.02, 220.13, 420.503, 624.509