Source: Tampa Bay Business Journals, Florida Senate

The Florida Senate unanimously approved amendments to the Live Local Act, aiming to foster more affordable and workforce housing in the state. SB 328, passed with a vote of 40 to 0, modifies the Act to offer incentives for developers and apartment building owners. The amendments address concerns over overdevelopment from municipalities and uncertainties among developers by reducing parking requirements for mixed-income projects near transit hubs, clarifying height entitlements, and prohibiting short-term rentals from participating in the Act. The bill also allocates $100 million for 0% interest mortgages for first-time home buyers and offers property tax abatements for newer buildings that reserve units as affordable or workforce housing. The bill awaits Governor Ron DeSantis's signature after discussion in house committees.

Sources: TBBJ | The Florida Senate