By Melissa Forte-Litscher, NextHome Cornerstone Realty
New laws affecting homeowners have been passed recently by the Florida legislature that went into effect July 1, 2024. As a homeowner, or potential homeowner, these laws are intended to help Floridians save money on home purchasing and home maintenance.
First, to help first-time homebuyers, the Hometown Heroes Housing Program has received an additional $100 million. It’s an extension of last year’s Live Local Act, which encourages private investments in affordable housing. There is grant money available to help with down payment assistance and to cover some closing costs. The new funds will also help clarify local zoning, height and density regulations to ensure that counties and cities have the necessary guidance to create more affordable housing options in their areas. This law provides significant financial support and regulatory clarity to boost affordable housing, making it easier for first-time homebuyers to enter the market.
Lawmakers have also allocated $408 million to support state and local affordable housing initiatives. This includes $174 million for the State Housing Initiatives Partnership (SHIP), which provides down payment and closing cost assistance, and $234 million for the State Apartment Incentive Loan program (SAIL) to help build affordable rental housing. This substantial funding boost aims to increase affordable housing availability through direct financial assistance and incentives for building rental properties.
To help with maintenance and storm protection, the My Safe Florida Home program has had an additional $200 million added to it to help more Floridians protect their homes from storms and reduce their insurance premiums. The bill also allows for home inspections without needing to apply for a grant and enables low-income homeowners to receive up to $10,000 without having to match the amount. The program administrator is also required to streamline the grant process, prioritizing reviews based on income and age. This law aims to make homes safer from storms while helping homeowners save on insurance costs, especially benefiting low-income households, and providing our seniors priority applications. This program has been expanded to include condominiums, with $30 million allocated to help condos within 15 miles of the coast strengthen their roofs and openings against storms. This expansion helps ensure that condominiums near the coast are better protected from storm damage.
The Property Insurance Cost Reductions Act includes a one-year relief for residential property insurance policyholders, covering the cost of insurance premium tax for a 12-month period to give homestead property owners a deduction on their residential property insurance premiums in the amount of 1.75% of the policyholder’s total premium. It applies to policies with coverage for a 12-month period. This is a measure taken to bridge the gap as earlier policy reforms are working, but haven’t reached the masses of Floridians yet.
Lastly, Protecting Private Property Rights is a law which addresses issues with squatters by allowing property owners or their agents to request the immediate removal of people unlawfully occupying residential properties. It provides property owners with a quicker legal process to remove squatters from their properties, some of whom sometimes contribute to neighborhood nuisance, property damage and deterioration.
Owning a home has many benefits and building financial stability is one of the most important ones. Of course, there are costs associated with it, and our Florida Association of Realtors and our legislature are working hard to protect the rights and financial interests of our citizens.
These policies are examples of positive changes recently enacted. If you would like information on these programs and how to apply for them, contact your favorite Realtor and ask.
Remember, I’m at your service. Call or text me at (850) 496- 7444 or email Melissa@NextHomeCornerstone.com. Visit destin-fwbrealty.com on the web.
