Marvin Kirsner, Greenberg Traurig shareholder How the Legislature Can Fix the Middle-Income Affordable Housing Exemption in Fla.'s Live Local Act
If many owners encounter problems threatening their eligibility for the exemption, developers might simply lose interest and retreat from pursuing multifamily middle-income projects, ultimately making the exemption irrelevant. The Legislature can amend the statute to clear up these uncertainties.
October 08, 2024 at 10:42 AM
8 minute read
Real Estate
The state Legislature passed the Live Local Act in 2023 to encourage developers to build affordable housing in Florida. One of the ways it seeks to do this is by offering a property tax exemption for middle-income, multifamily developments—a type of housing designed to be affordable for renters who earn between 80% and 120% of local median income. While potentially beneficial, the middle-income tax exemption has several problems that—if not addressed by the Legislature—could make it of little value to many developers statewide.
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