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 must submit detailed applications by March 1, including a certification notice and a rental market study, to maintain eligibility for tax exemptions. The bill also specifies that properties owned by governmental or nonprofit entities can be exempt from ad valorem taxation if they are leased for a minimum of 90 years for affordable housing purposes. Additionally, it outlines conditions under which taxing authorities can opt out of granting exemptions and includes penalties for non-compliance.

Furthermore, the bill establishes the Florida Housing Revitalization Act, which introduces a new tax credit for the rehabilitation of certified historic structures, allowing taxpayers to claim a credit equal to 20% of qualified expenses. To qualify, rehabilitated structures must be used exclusively for affordable or workforce housing for at least five years. The bill also mandates taxpayers to report changes in their tax credits and includes provisions for the sale or transfer of tax credits. The Department of Revenue is granted audit authority to ensure compliance, with penalties for fraudulent claims. Overall, HB 923 aims to streamline the process for affordable housing exemptions and credits while promoting the preservation of historic properties in Florida.

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