House Bill 923 amends section 196.1978 of the Florida Statutes to enhance affordable housing initiatives by revising definitions and eligibility requirements for property tax exemptions. The bill introduces the term "adaptive reuse project," allowing such projects to qualify for tax exemptions, and changes the duration for determining eligibility. It requires property owners to submit a certification notice from the Florida Housing Finance Corporation to property appraisers, who must review applications to ensure compliance with income and rent requirements. Additionally, the bill establishes a verification process for property appraisers and allows property owners of multifamily projects to revise exemption requests in subsequent years, provided they maintain a minimum percentage of affordable housing units.

Furthermore, the bill introduces a new tax credit for the rehabilitation of certified historic structures used for affordable or workforce housing, allowing taxpayers to claim a credit equal to 20% of qualified expenses. It includes provisions for the sale or transfer of tax credits and grants the Department of Revenue audit authority to verify claimed expenses. Taxpayers must report changes in their tax credits and forfeit credits if they fail to provide affordable housing for at least five years. The bill mandates an annual report on the impact of approved applications and clarifies that certain projects do not need to utilize low-income housing tax credits. The amendments will first apply to the 2026 tax roll, with the act taking effect on July 1, 2025.

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