(L-R) Lauren Cankaya, Sara Barli Herald and David S. Resnick of Bilzin Sumberg Baena Price & Axelrod. Courtesy photos Recent Fla. Statutory Updates Impacting Affordable Housing Ad Valorem Tax Exemptions
In an effort to alleviate the affordable housing crisis by incentivizing the development of additional affordable rental housing inventory, the state of Florida offers certain economic advantages to developers and investors that participate in such development. Of these economic advantages, one of the most notable and beneficial are ad valorem tax discounts and exemptions.
December 20, 2022 at 11:14 AM
4 minute read
The availability, or lack thereof, of affordable and workforce housing for low-income individuals and families in South Florida is an ever-growing concern, which concern was further exacerbated by the COVID-19 pandemic and the subsequent influx of out-of-state transplants to the State of Florida. Recent hurricanes on both coasts have caused even more stress in the availability of affordable housing inventory throughout the state. In an effort to alleviate the affordable housing crisis by incentivizing the development of additional affordable rental housing inventory, the state of Florida offers certain economic advantages to developers and investors that participate in such development. Of these economic advantages, one of the most notable and beneficial are ad valorem tax discounts and exemptions.
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