On Wednesday, Governor Ron DeSantis reportedly gave his signature to a measure that became law in order to solve the growing affordable housing issue in the state.
The “Live Local Act” will prohibit local rent controls and pre-empt local government rules on zoning, density, and building heights in certain circumstances.
However, it will provide incentives for private investment in affordable housing and encourage mixed-use development in commercial areas that are struggling.
In addition, it will provide incentives for private investment in affordable housing.
The bill would, among other things, create tax exemptions for developments that set aside at least 70 units for affordable housing, and it would speed up permits and development orders for affordable-housing projects.
Additionally, the bill would create tax exemptions for developments that set aside at least 70 units for affordable housing.
The bill would provide funding for a variety of programs, including $252 million for the State Housing Initiatives Partnership, or SHIP, program, which has been around for a long time; $150 million a year would be provided to the State Apartment Incentive Loan, or SAIL, program; and an additional $100 million would be provided for the Hometown Heroes program, which is designed to assist teachers, health-care workers, and police officers in purchasing homes.
A total of $362.7 million is reportedly allocated in this year’s state budget for the provision of affordable housing in the state of Florida.
The state has seen a major spike in home prices in recent years as more and more out of staters have flocked to the sunshine state due to its competent and liberty focused governance.