Opportunity Knocks Twice For Developers Under New Florida Law

Florida's Live Local Act, which allocates over $700 million for incentives to develop affordable housing, took effect July 1. It mandates local governments to authorize the development of multifamily rentals on sites that are zoned as mixed-use residential, commercial or industrial if at least 40% of the residential units will be affordable to people making up to 120% of the local area median income for at least 30 years. The law also allows proposed developments to build to heights of at least three stories and offers certain developments a 75-100% ad valorem tax exemption. PTM Partners, one of the largest opportunity zone funds and developers in