Affordable Housing Surge Is Ready to Shine in Florida
Less Bureaucracy — More Opportunity
Florida, one of the nation's top domestic and global relocation destinations, is about to experience a significant change in its housing market. The signing of SB 102, also known as the Live Local Act (LLA), and the implementation of a groundbreaking $771 million appropriations package will allow for the construction of multi-family housing in areas previously designated for mixed-use, commercial, and industrial purposes. With the LLA set to expire in 2033, Florida has a decade-long window to take advantage of this potential "modern-day gold rush"!
Immediate Impacts of the Live Local Act (LLA)
- A LOT of real estate just became available for the development of affordable housing units.
- Municipalities must authorize affordable multi-family: or mixed-used residential development as allowable in commercial, industrial, or mixed-use zoning districts.
- If a proposed development is in a commercial, industrial, or mixed-use zone, the project must contain at least 40% residential units that must remain "affordable" for a period of 30 years. For mixed-use projects, the project must contain at least 65% residential units.
- Proposed developments within a ½ mile of an accessible major transit stop must consider reduced parking requirements.
- Developers must adhere to all other land development regulations for multi-family developments, including but not limited to setbacks, open space, and parking. In no case shall a comp plan or zoning change be required.
What's Inside
Municipalities may be hesitant to convert their industrial land for residential use. This is reasonable and expected, considering industrial property has historically contributed to increased economic development. While distribution facilities for e-commerce giants are still needed, the heavy manufacturing of the past is unlikely to return. This makes redeveloping industrial zones not only more achievable but also more appealing and far more practical.
Download our whitepaper today and discover how jurisdictions and developers can take full advantage of the new $771M appropriations package while simultaneously supporting the construction of multi-family housing units to address Florida's urgent need to develop more affordable housing.
WGI is equipped to assist our clients in applying the LLA, from application to approval. With deep ties in both the public and private sectors, our professionals are poised to solve problems with winning solutions.