The Live Local Act (LLA) has opened up new opportunities for developers to build mixed-use and multi-family housing projects across Florida, including in densely populated areas throughout Palm Beach County. The aim of the new law is to enable more people to live where they work by encouraging developers to add not only just more housing but to also add affordable housing to the urban mix.

While the law relaxes many restrictions related to parking, height restrictions and FAR adjustments, there are still regulations developers must abide by to comply with the LLA. One is related to the affordability requirement. So, if you’re planning to add apartments or condominiums to your mixed-use project, you still can but you must balance them with affordable units. Here’s what you need to know about including condominiums in your development while staying compliant with the Live Local Act.

Affordability Requirements for LLA Qualifying Housing Projects

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

Senate Bill 328 broadened the types of housing projects that qualify under Florida’s Live Local Act.

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 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 

For the latest on state and municipality requirements relevant to your development project, get in touch with our team at Seacoast Consulting Group. We keep close watch over changing regulations and how they will impact building projects in Palm Beach County and throughout Florida. To learn more or ask your questions about commercial construction in South Florida, give our office a call today at 786-433-8740.