The bill establishes a new section in Florida law, specifically section 193.0181, which pertains to resale-restricted affordable housing for homeownership. It defines key terms related to affordable housing, including "501(c)(3) housing organization," "affordable housing," and "resale-restricted." The bill specifies that resale-restricted affordable housing is considered a land-use regulation, which imposes limitations on the property's highest and best use during the resale-restricted period. The property appraiser is required to take these limitations into account when determining the property's just valuation.

Additionally, the bill mandates that owners of resale-restricted affordable housing submit an application to the property appraiser, detailing the legal limitations on the property. This application must include an affidavit affirming the owner's commitment to adhere to the resale restrictions. The effective date for this legislation is set for July 1, 2025.