Florida’s Live Local Act has changed the market for developers throughout the Sunshine State. The law aims to increase affordable housing and achieves this goal by easing zoning restrictions. There are nuances and, as all things in the legal world, the laws that govern these rules are evolving. It is important for developers to stay current on these changes to better ensure they take advantage of new opportunities.
What is important about the Live Local Act?
The Live Local Act went into effect in 2023 with unanimous support. It allows for developers to use areas originally zoned for commercial, industrial, or mixed use for the development of multifamily residential housing. A common example is changing what was previously a strip-mall into housing. The law provides various incentives to help developers make these changes, including tax incentives and funding credits.
What has changed?
Florida Governor Ron DeSantis signed updates into the original law two years after its initial passage. These updates provided clarity on what qualified as commercial, industrial, and mixed use. Changes also curbed local governments from imposing stricter criteria that could sidetrack developments. An example of how the law has eased local requirements involves parking. Updates require local governments to reduce their parking requirements if the proposal has nearby parking or access to transit.
What will change in the future?
There are already proposals in the pipeline, with some hoping to go into effect yet this year. SB 675 proposes an increase in the period of timing that rental units qualify as affordable from 30 years to 50.
A strategic development plan that includes a legal feasibility audit can take advantage of the benefits available through Florida’s Live Local Act and provide analysis of other potential offerings. It is wise for developers to take advantage of these opportunities. Not only can they lead to a solid return on their investment, but they also offer a means to help better the communities they serve.