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ARTICLE · 02 MAY 2023

Market Rate Developers Take Note: Florida's "Live Local Act" Incentives

On March 29, 2023, Governor Ron DeSantis signed Florida Senate Bill 102, called the "Live Local Act" (Live Local or the Act) which becomes effective on July 1, 2023.

United StatesReal Estate and Construction

On March 29, 2023, Governor Ron DeSantis signed Florida Senate Bill 102, called the "Live Local Act" (Live Local or the Act) which becomes effective on July 1, 2023. The Act includes incentives that may appeal to market rate developers such as flexibility to use commercially zoned property to develop multifamily housing if a minority percentage of the units are used for affordable and/or workforce housing.

LIHTC/Affordable vs. Live Local/Workforce

While the Act includes incentives for developers who typically build affordable housing, which is generally affordable to households making 60% or less of area median income, Live Local also aims to increase the supply of workforce housing (for households making 120% or less of area median income).

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