The short answer is yes, a housing development project under the Live Local Act (LLA) can include owner-occupied apartments and condos as long as at least 40 percent of the units are allocated as affordable rental units.

Requirements for LLA Qualifying Housing Projects

Senate Bill 328 broadened the types of housing projects that qualify under Florida’s Live Local Act to include condos and apartments as well as affordable rental units.

To qualify for the benefits under the LLA, at least 40% of the residential units in your multifamily development must be affordable for households earning up to 120% of the local area median income (AMI) for a period of at least 30 years. Rent rates for affordable units must not exceed 30 percent of the household’s gross income, and the maximum rent for these units is often capped at a percentage of the AMI.

Adding Apartments and Condos to a LLA Project

The remaining 60 percent of the units in an LLA-qualifying project, however, can be rented at competitive market rates or sold as owner-occupied units. Adding apartments, townhomes, or condos to your development project can increase your revenue potential and provide more flexibility in the types of units you can offer.

Adding apartments or condos to a qualifying multifamily development project can allow you to take advantage of the Live Local Act’s benefits, including incentives like the ad valorem tax exemptions and loan programs offered through the Florida Housing Finance Corporation, while diversifying the types of housing options you can offer.

Get in Touch with Our Team at Seacoast Consulting Group

To learn more about the Live Local Act and how it affects the feasibility of development projects, get in touchwith our team at Seacoast Consulting Group.