FLORIDA’S LIVE LOCAL ACT

Florida’s Live Local Act represents a landmark effort to address the state’s housing affordability crisis. This significant piece of legislation is designed to enhance the availability of affordable housing and support the development of equitable and well-rounded communities across Florida. For real estate developers and property owners, understanding the key provisions of the Live Local Act is crucial for aligning projects with the new regulations and capitalizing on the associated opportunities for financial and community benefits.

Key Provisions of the Act

A central feature of the Act is the allocation of $811 million towards affordable housing programs. This substantial funding supports both the development of new affordable housing units and the preservation of existing ones, ensuring a broad and lasting impact on the state’s housing landscape.

To incentivize the construction of affordable housing, the Act includes streamlined measures such as new tax breaks and favorable regulations. These incentives are designed to make it financially attractive for developers to engage in affordable housing projects, thereby addressing the needs of income earners who struggle to find housing options beyond traditional subsidized programs.

The Act’s provisions are expected to significantly increase the supply of affordable housing by incentivizing more developers to build affordable units. This expansion of housing options will offer renters a wider array of choices beyond conventional subsidized housing, contributing to a more diverse and balanced housing market.

Moreover, property owners stand to benefit from considerable financial returns through the tax exemptions provided. By participating in the Live Local Act’s initiatives, developers and owners can achieve outsized returns while contributing to Florida’s ongoing effort to resolve its housing affordability crisis.

How We Can Help

Navigating the Live Local Act’s provisions can be complex. Leverage Live Local offers specialized services to ensure you achieve optimal compliance and benefit from the Act’s incentives. Our services include:

  • Eligibility Assessment

We meticulously evaluate your project to ensure it meets all the requirements for exemption, including thorough income auditing. This ensures that your development aligns with the Act’s criteria and maximizes your potential benefits.

  • Certification Navigation

Our experts will guide you through the entire certification process, simplifying the application and reducing your workload so you can focus on your core business activities. We handle the complexities, making compliance straightforward and efficient.

  • Long-Term Compliance Support

We provide ongoing support to help you maintain compliance for the duration of your exemption. Our goal is to ensure that you continue to meet all requirements and fully capitalize on your tax savings.

  • Ongoing Consultation

Benefit from our expert advice tailored to your specific needs. We offer ongoing consultations to address any questions or concerns, helping you make informed decisions and navigate any changes in regulations.