The bill introduces new provisions in Florida law to facilitate the adaptive reuse of land, specifically by creating sections 125.01056 and 166.04152 in the Florida Statutes. It mandates that counties and municipalities permit multifamily and mixed-use residential developments in areas currently zoned for commercial or industrial use, while exempting developers from certain land use regulations. Additionally, local governments are required to streamline building permit processes, reduce parking requirements under specific conditions, and offer tax exemptions and reductions for developers of affordable and transitional housing. The establishment of the Adaptive Reuse Public-Private Partnership Council is also included to oversee these projects and ensure compliance with relevant laws.

Moreover, the bill introduces section 125.01057, allowing county commissioners to create ordinances for transitional housing, which will include eligibility criteria and application processes. The Florida Housing Finance Corporation is tasked with providing technical assistance for these initiatives. The council will monitor approved projects and report annually to the Governor and Legislature. The overall aim of the bill is to promote economic revitalization, address affordable housing needs, and encourage sustainable development by effectively reusing underutilized properties, with the act set to take effect on July 1, 2025.