Bill > H1425

This bill creates a new section in Florida Statutes specifically addressing resale-restricted affordable housing, defining key terms such as "501(c)(3) housing organization" (a nonprofit focused on providing affordable housing), "affordable housing" (property for homeownership by low-income individuals), and "resale-restricted" (legally enforceable deed restrictions lasting 15 years or more that limit property resale to income-eligible buyers). The bill establishes that resale-restricted affordable housing is considered a land use regulation that places a limitation on a property's highest and best use, and requires property appraisers to take this restriction into account when determining the property's just valuation. Property owners of such housing must submit an application to the property appraiser that specifies the legal limitation and includes an affidavit signed under penalty of perjury confirming their commitment to the resale restrictions. The legislation covers various types of affordable housing, including properties purchased or constructed with government assistance, those bought from qualifying nonprofit organizations, and properties subject to long-term ground leases. The bill is set to take effect on July 1, 2025.

Budget and Finance

https://www.flsenate.gov/Session/Bill/2025/1425