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Real estate is an ever-evolving industry, constantly adapting to changing regulations and market trends. One recent development that has caught the attention of both real estate professionals and lawmakers is the passing of CB/HB 7073 by the Florida legislature on Mar. 8. This legislation made significant changes to both the Missing Middle Property Tax Exemption and created a new Affordable Housing Missing Middle Exemption.
The Affordable Housing Missing Middle Exemption is designed to incentivize the development of affordable housing for low to moderate-income individuals and families. It applies to newly constructed projects with more than 70 units that are occupied by natural persons or families earning no more than 80% of the area median income. In order to qualify for the exemption, the property must be subject to a 99-year land use restriction agreement with the Florida Housing Financing Corporation.
One key difference between the Affordable Housing Missing Middle Exemption and the Missing Middle Property Tax Exemption is that the county’s tax authority cannot opt out of the former. This ensures that the benefits of the exemption are available to qualifying properties across the state.
FAQ:
Q: What is the Missing Middle Property Tax Exemption?
A: The Missing Middle Property Tax Exemption is a tax incentive aimed at encouraging the development of middle-income housing in Florida. It applies to properties with a certain number of units and occupancy requirements.
Q: How does the Affordable Housing Missing Middle Exemption differ from the Missing Middle Property Tax Exemption?
A: The Affordable Housing Missing Middle Exemption specifically targets affordable housing for low to moderate-income individuals and families. It has stricter income requirements and qualification criteria compared to the Missing Middle Property Tax Exemption.
Q: What are the benefits of the Affordable Housing Missing Middle Exemption?
A: The exemption provides tax incentives for developers to build affordable housing projects, helping to address the affordable housing shortage in Florida and provide housing options for those in need.
Overall, the passing of CB/HB 7073 and the creation of the Affordable Housing Missing Middle Exemption signal a positive step towards making housing more affordable and accessible for all residents of Florida. As the real estate industry continues to evolve, it is crucial for professionals to stay informed and adapt to these changes in order to best serve their clients and the community at large.
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