This bill amends various sections of Florida Statutes to enhance affordable housing initiatives, particularly through tax exemptions and eligibility criteria for affordable housing projects. It introduces new definitions such as "financial beneficiary" and "adaptive reuse project," while revising existing definitions to clarify tax exemption eligibility. The legislation allows certain adaptive reuse projects to qualify for tax exemptions and modifies the criteria for property owners to maintain their eligibility. Additionally, it mandates property appraisers to issue letters for qualifying projects and requires taxing authorities to assess the need for affordable housing, prohibiting emergency enactment procedures for certain purposes.

The bill also establishes the Florida Housing Revitalization Act, which creates a tax credit program for the rehabilitation of certified historic structures for affordable or workforce housing. Taxpayers can receive a credit equal to 20% of qualified expenses, with specific eligibility criteria and a cap of $2.5 million per project. It includes provisions for the sale or transfer of tax credits and establishes audit authority for verifying claims. The bill emphasizes the importance of affordable housing and historic preservation, aiming to streamline tax exemption processes while ensuring compliance with established standards. The changes will first apply to the 2026 tax roll and take effect on July 1, 2025.

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