The benefits under Florida’s Live Local Act (LLA) extend to many mixed-use and multi-family housing projects across Florida, including those that offer owner-occupied condominiums and apartments, so long as they meet specific requirements.

The state law preempts many local restrictions related to parking, height restrictions and FAR adjustments for qualifying housing development projects, but only if these projects adhere to the affordability requirement. If you’re planning to add apartments or condominiums to your mixed-use project in Broward County, you are allowed to do so if they are balanced with the appropriate number of affordable units.

Here’s what you need to know about including condominiums in your mixed-use development while staying compliant with the Live Local Act.

Ensure That You Meet the Affordability Requirements

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 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 Broward 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.