This bill aims to enhance affordable housing initiatives in Florida by amending several statutes. It increases the duration that certain rental units must remain affordable from 30 years to 50 years to qualify for zoning variances under sections 125.01055 and 166.04151. Additionally, it mandates that incentives provided by municipalities to developers for affordable housing must specifically be used for the construction of such housing. The bill also lowers the maximum median income threshold for eligibility for certain tax incentives from 120% to 100% of the median annual adjusted gross income.

Furthermore, the bill introduces provisions that exempt first-time homebuyers from documentary stamp taxes on deeds and related documents when purchasing a principal residence. A first-time homebuyer is defined as someone who has not owned a principal residence in the past three years and meets the criteria of a moderate-income person. These changes are designed to facilitate homeownership and support the development of affordable housing in the state. The act is set to take effect on July 1, 2026.

Statutes affected:
S 756 Filed: 125.01055