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 also 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 a new tax credit under the Florida Housing Revitalization Act for the rehabilitation of certified historic structures, allowing taxpayers to receive a credit of 20% of qualified expenses, with specific eligibility criteria. It outlines the process for property owners to recover relief through legal action and includes provisions for monitoring compliance with affordable housing requirements. Furthermore, it clarifies the use of discretionary sales surtaxes for infrastructure projects related to affordable housing and introduces penalties for non-compliance with established housing standards. Overall, the bill aims to streamline tax exemption processes, incentivize the rehabilitation of historic properties, and ensure that affordable housing standards are maintained.

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