This bill amends section 196.1978 of the Florida Statutes to improve the framework for affordable housing property tax exemptions. It introduces the term "LURA" (land use restriction agreement), which requires properties to be designated for low to moderate-income housing. The definition of "newly constructed" is revised to indicate that improvements must be substantially completed within two years, reduced from five years. Additionally, the criteria for multifamily projects to qualify for tax exemptions are updated, lowering the required number of units from 70 to 50 and establishing new compliance reporting requirements from the Florida Housing Finance Corporation. Property owners can now submit a LURA instead of certain required information when applying for a certification notice, and property appraisers are mandated to issue verification letters under specific conditions.

The bill also allows properties that submitted their first certification notice request before the adoption or renewal of certain ordinances to receive tax exemptions for the year of application and subsequent years, as long as the same or successive owners continue to apply. The Department of Revenue is authorized to adopt emergency rules to implement these amendments, effective for six months after adoption. Furthermore, the deadline for the Shimberg Center for Housing Studies to submit its annual housing report to the Legislature is changed from December 31 to September 30, requiring a synopsis of training activities, a status report on housing objectives, and recommendations for future initiatives. The act is set to take effect on July 1, 2026.

Statutes affected:
S 1350 Filed: 420.6075