Live Local Changes Could Propel Workforce Housing Boom in South Florida

Real Estate attorney Pedro Gassant was cited in an article by The Real Deal about Florida's Live Local Act and its recently signed amendment bill. The Live Local Act aims to address the state's affordable housing shortage by allocating more than $700 million in funding and creating tax and zoning incentives for developers that set aside a portion of projects for residents making up to 120 percent of the area median income (AMI). In addition, during the most recent session of the Florida Legislature, lawmakers passed Senate Bill (SB) 328, which reduces parking requirements for Live Local projects located in a transit-oriented development or within a half mile of a major transportation hub. Mr. Gassant commented that SB 328 was a welcome amendment for clients, who waited until the bill was signed to submit applications so they could take advantage of the reduced parking requirements and gain clarity on floor area ratio (FAR) limits.

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