The bill amends Florida Statutes to enhance affordable housing initiatives by revising definitions and eligibility requirements for tax exemptions related to affordable housing properties. It introduces new definitions such as "financial beneficiary" and "multifamily project," and allows certain adaptive reuse projects to qualify for tax exemptions. The bill modifies the duration for determining eligibility for these exemptions and ensures that property owners can maintain their eligibility under specific conditions. It also mandates that property appraisers issue letters for qualifying projects, enabling continued tax exemption benefits. Additionally, the bill outlines the responsibilities of taxing authorities, including conducting assessments on affordable housing needs and presenting findings at designated meetings, while prohibiting the use of emergency enactment procedures for certain purposes.

Furthermore, the bill establishes a new tax credit program under the Florida Housing Revitalization Act, incentivizing the rehabilitation of certified historic structures for affordable and workforce housing. Taxpayers can receive a credit equal to 20% of qualified expenses incurred in such rehabilitations, with specific eligibility criteria and a cap of $2.5 million in tax credits for a single project. The bill also introduces audit authority for the department to verify tax credit claims and outlines the responsibilities of the department in administering these credits. Overall, the legislation aims to streamline processes, enhance support for affordable housing development, and promote the revitalization of historic properties in Florida.

Statutes affected:
S 1594 Filed: 212.055, 220.02, 220.13, 220.185, 420.503, 624.509