The bill aims to enhance affordable housing initiatives in Florida by amending several statutes. It mandates that counties and municipalities provide incentives specifically for the construction of affordable housing, which may include density bonuses, fee reductions, and other incentives. Additionally, the bill increases the required duration for rental units to remain affordable from 30 to 50 years to qualify for zoning variances. It also revises the maximum median income threshold for tax incentives, lowering it from 120% to 100% of the median annual adjusted gross income for households in the relevant area.

Furthermore, the bill introduces provisions that exempt documentary stamp taxes on property transactions involving first-time homebuyers, defined as individuals without ownership interest in a principal residence for the past three years. This exemption applies to both the transfer of residential property and certain documents executed during the purchase of a principal residence. The bill is set to take effect on July 1, 2026, and aims to facilitate homeownership and increase the availability of affordable housing options in Florida.

Statutes affected:
H 675 Filed: 125.01055