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Carter Foreman | Attorneys At Law
Signing agreement

Understanding the Live Local Act

On Behalf of | Oct 1, 2023 | Real Estate Law |

The quest for affordable housing in Florida is not new. With the ever-growing population and urban development, the need for suitable housing solutions has never been more pressing.

The state’s leadership has recognized this challenge, and in response, they introduced a promising piece of legislation: Senate Bill 102, the Live Local Act.

The Live Local Act

Governor Ron DeSantis recently championed the cause by signing Senate Bill 102. This act is not just another document in the legislative archives; it is a historic commitment, allocating $711 million towards housing, which is almost double the previous year’s commitment.

Objectives and core provisions

At its heart, the bill seeks to address multiple housing-related challenges. From expanding housing availability to offering downpayment assistance and catering to military communities, the objectives are clear. One of the act’s main aims is to ensure the workforce can live close to their places of employment, a benefit that extends to military families living near bases.

Key financial allocations

The government earmarked a sizable portion, $259 million, for the SAIL program. This initiative provides low-interest loans to developers, spurring them to construct workforce housing. The SHIP program is another significant beneficiary, with a $252 million allocation. The program’s goal is to encourage local governments to collaborate with developers in preserving available housing and creating more.

Focus on first-time home buyers

One of the standout features of the Live Local Act is its focus on first-time home buyers, particularly those who serve the community. Whether you are in law enforcement, a first responder or the military, there is assistance for down payments and closing costs. Notably, the bill does not forget those in the foster care system, offering increased housing opportunities for those people.

Tax provisions and incentives

The act is not just about direct financial allocations. It also introduces provisions to increase tax credits, incentivize donations to housing projects and even provide sales tax refunds for specific housing-related building materials.

Senate Bill 102, the Live Local Act, is more than just a bill; it is a promise. A promise that Florida is actively working towards creating a better, more inclusive housing environment for all its residents. If you have been on the lookout for housing opportunities or need assistance, this act heralds a brighter tomorrow, ensuring every Floridian finds a place they can truly call home.