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Bill > H1425


FL H1425

Resale-restricted Affordable Housing


summary

Introduced
02/28/2025
In Committee
03/05/2025
Crossed Over
Passed
Dead

Introduced Session

2025 Regular Session

Bill Summary

An act relating to resale-restricted affordable housing; creating s. 193.0181, F.S.; defining terms; specifying that resale-restricted affordable housing is a land-use regulation and subject to a certain limitation; requiring the property appraiser to consider such limitation to arrive at just valuation; requiring owners of resale-restricted affordable housing to submit a specified application to the property appraiser; specifying the contents of such application; providing an effective date.

AI Summary

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.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Indefinitely postponed and withdrawn from consideration (on 05/03/2025)

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