November 2024 Edition

Nov 30

The Ledger is your source for the latest updates, stories, and insights on the Live Local Act (LLA) and its profound impact on affordable housing across Florida. Every month, we delve into the transformative projects, legislative updates and community voices that are shaping the future of housing for Florida’s workforce.

Stay informed with in-depth features on innovative developments, learn about implementation strategies of leading municipalities and explore the dynamic conversations within communities about urban planning and housing initiatives.

The Ledger is more than just a newsletter—it’s your gateway to understanding how policy and practice converge to create a more inclusive and affordable housing landscape in Florida.

Mark Your Calendars: Key Deadlines for MMM Certification

The Middle Market Multifamily (MMM) Certification process is underway, and it's crucial to stay on top of the deadlines to ensure your property tax exemption. Here’s a comprehensive timeline to keep you on track:

December 19, 2024 (3 p.m. EST): Deadline for submissions to Florida Housing. Late submissions will not be accepted.
January 1, 2025: Appropriate rents and tenants must be in place for the units under consideration. Compliance is essential at this stage.
January 1 – January 19, 2025 (3 p.m. EST): Owners must confirm or update unit and rent lists through the portal.
February 15, 2025: Florida Housing will issue MMM Certification Notices.
March 1, 2025: Deadline to submit required documents to the local property appraiser.

Important Reminder: Receiving the MMM Certification Notice does not guarantee a property tax exemption. The final decision is made by the local property appraiser. Owners must reapply annually to maintain their status.

Can Florida’s Public Workforce Truly Afford to “Live Local”?

The 2023 Live Local Act aimed to tackle Florida's affordable housing crisis by promoting workforce housing for families earning 80%-120% of the Area Median Income (AMI). Yet, a recent Florida Policy Institute (FPI) report questions whether the Act adequately supports essential public workers like firefighters, educators, and paramedics, many of whom fall below the 80% AMI threshold. For instance, only a fraction of counties offer affordable housing options for families reliant on a single income in these professions. This raises an important question: How can we ensure that Florida’s workforce housing truly meets the needs of all public sector workers, not just those earning closer to 120% AMI?

Building on the Strength of the Live Local Act

The Live Local Act has already achieved significant milestones, such as introducing recurring funding for private development loans, annual tax credits of up to $100 million, and property tax exemptions that incentivize affordable housing development. Additionally, the expansion of the Hometown Heroes program further underscores its commitment to Florida’s workforce.

Still, as we look toward the future, the question becomes: What steps can we take to ensure this legislation evolves to include workers earning below 80% AMI, who are just as essential to Florida’s communities?

Opportunities for Improvement:

FPI proposes actionable recommendations to make Live Local more equitable, including:

Codify funding for families earning below 80% AMI.
Allocate recurring funds to local governments for housing initiatives aimed at lower AMI levels.
Introduce housing vouchers and other financial tools to address affordability gaps.

The beauty of the Live Local Act lies in its adaptability. With legislative cycles ahead and its planned expiration in 2033, there is time to refine and enhance this landmark policy. What enhancements do you think would help Live Local serve all segments of Florida’s essential workforce?

Let’s shape the future of housing, together.

Development Round-up

Developer Plans 22-Story Tower in Wynwood

Clara Homes has proposed "Clara Wynwood," a 22-story mixed-use tower featuring 147 residential units, commercial space, and a parking waiver request. At least 40% of units will remain income-restricted for 30 years. Architect Kobi Karp will present the design to the Wynwood Design Review Committee on November 18.

1,300-Unit Twin Towers Proposed in Wynwood

Ultimate Equity plans "Ultimate Wynwood," two 36-story towers with 1,300 units, including 524 micro-units. Designed under the Live Local Act, 40% of the units will be income-restricted. Architect Kobi Karp will present the project on November 18.

$110M Refinancing for Soleste NoMi Beach

Estate Companies refinanced its 23-story Soleste NoMi Beach tower with a $110M loan. Offering rents from $2,379 to $5,304, the property is facing softer demand despite strong refinancing activity. A $1,500 "look and lease" concession is currently available.

Wave-Pattern Tower Planned Near Midtown Miami

Cymbal DLT has proposed a 35-story, 598-unit residential tower near Midtown Miami with a unique wave-pattern façade. Forty percent of units will be income-restricted studios. The Urban Development Review Board will evaluate the plan on November 20.

Thrive Affordable Housing Advances in St. Pete

Former Senator Jeff Brandes’ Fairfield Apartments project in St. Petersburg is progressing. The $12.4M development will offer 264 affordable units for households earning 50%-120% of AMI. A 99-year affordability term secured through a land trust ensures long-term accessibility.

Thank you for reading! Keep an eye on your inbox for our next issue, where we’ll continue to share updates, insights, and news on Florida’s affordable housing initiatives. Don’t forget to subscribe and share this newsletter with colleagues and friends who want to stay informed!