The bill aims to enhance affordable housing by amending existing Florida statutes to require counties and municipalities to permit multifamily and mixed-use residential developments in specific areas, such as those zoned for commercial or industrial use, and near transit stops and major transportation hubs. It mandates that at least 40% of the residential units in these developments be affordable for moderate-income individuals, or at least 20% for low-income individuals, for a minimum of 30 years. Additionally, the bill eliminates the need for zoning or land use changes for these developments and stipulates that at least 65% of the total square footage in mixed-use projects must be dedicated to residential purposes.

Furthermore, the bill requires local governments to eliminate parking requirements for proposed developments under certain conditions, such as proximity to transit stops or major transportation hubs. It also allows county and municipal governing bodies to exempt portions of properties used for affordable housing from property taxes, with specific criteria for eligibility. The bill introduces new definitions and clarifications regarding affordable housing and accessory dwelling units, and it is set to take effect on July 1, 2026.