How will the Live Local Act Impact property developers?
The Live Local Act is set to be largely beneficial for property developers operating in Florida. Especially those who have experience delivering affordable housing.
Below, we break down three key elements that are likely to positively impact developers.
Exceptions to zoning laws
The Act allows for multi-family and mixed-use developments (if 65% of total square footage is residential) to be built in commercial, industrial or mixed-use zones. There are of course stipulations, such as 40% or more of all units need to be affordable and remain so for at least 30 years.
However, this opens up a lot more options for you as a developer. Especially if you’re operating in cities, like Miami, where land is constrained and you’re restricted by the limited multi-family zoning areas.
The Live Local Act also includes tax exemptions on the affordable housing proportion of a development. And increases the number of “tax credits available through the Community Contribution Tax Credit Program”.
Plus, there will be a new tax donation program created to use towards housing programs.
Open up funding options
Government funding through their State Apartment Incentive Loan (SAIL) program is providing low-interest loans for developers who meet the specified use criteria.
There’s also a secondary incentive via the State Housing Initiatives Partnership (SHIP) program of $252 million to encourage partnerships between developers and local government to create new homes.
How LandInsight can help
The Live Local Act is likely to open up new opportunities for you as a developer. But you need the right tech and data to be able to act on them quickly and get ahead of your competition.
LandInsight equips you with all the tools you need to make the most of the changes coming into place, including:
- Demographics – easily see where affordable housing is most needed based on income and employment data (on a state, county, and Census Tract level). You’re also able to check at a glance if any prospective sites happen to be in an Opportunity Zone.
- Zoning – identify commercial, industrial or mixed-use zones where you can use the Live Local Act to build residential developments (with the stipulated proportion of affordable housing units).
- Building permits – check what’s been approved and where. Simply click on a site, or browse an area, to see building permit details, such as category, Permit ID, status, and a link to the Permit document.
Combine this with our hazards and comparables data to enrich your due diligence process and manage your workflow with our Sites Pipeline tool.