We continue to monitor the progress and implementation of the Florida Live Local Act (SB 102). A couple of updates that we are tracking include:
1. For properties currently zoned mixed-use residential, commercial, or industrial – the Live Local Act provides for administrative approval of certain affordable multifamily housing projects. As it relates to tax credit applications, we understand that Florida Housing Finance Corporation (“FHFC”) will be promulgating a new zoning certification form for county and municipal officials to sign. The new zoning certification form is expected to take into account development sites that are utilizing the Live Local Act’s administrative approval process for mixed-use residential, commercial, or industrial sites.
2. Middle Market Certification – For developers interested in utilizing the property tax exemptions available under the Live Local Act, we understand that FHFC will be rolling out an online certification application process. Once a certain site has obtained the FHFC certification, the developer will provide the certification to the local tax assessor, who will ultimately decide whether the exemption applies.
We have been working with our Florida developers to assist with structuring transactions that may benefit from the Florida Live Local Act. Please reach out to our Florida commercial real estate team if you have any questions regarding the Florida Live Local Act.