A new bill is being proposed in Florida to reduce taxes on affordable housing

A new bill (SB 220 and HB 229)is being proposed that would reduce taxes on affordable housing units in Florida. According to a press release from the office of State Representative Lindsay Cross, the bill could reduce Ad Valorem taxes on affordable housing units for certain projects. Cross is a Democrat from St Petersburg. She says, “This bill will open up the possibility for buildings in areas like Downtown St. Pete to become more affordable through a public-private partnership. I am hopeful it will complement other housing solutions brought forward this session.” The bill would create incentives for operators of buildings with 50 or more units to change their prices to a lower amount.