The Live Local Act provides new recurring funding for affordable and workforce rental housing for ten years. The Legislature intends for the funding to be used as State Apartment Incentive Loan (SAIL) program gap loans for “innovative projects that provide affordable and attainable housing for persons and families working, going to school or living in the state.” These loans will cover 25% to 35% of total development costs. Seventy percent of the increased funding will be used to issue competitive RFAs to finance developments that:

• Both redevelop an existing affordable housing development and provide for the construction of a new development within close proximity to the existing development to be rehabilitated. Address urban infill, including conversions of vacant, dilapidated, or functionally obsolete buildings or the use of underused commercial property.
• Provide for mixed use of the location, incorporating nonresidential uses, such as retail, office, institutional, or other appropriate commercial or nonresidential uses.
• Provide housing near military installations in this state, with preference given to projects that incorporate critical services for servicemembers, their families, and veterans, such as mental health treatment services, employment services, and assistance with transition from active-duty service to civilian life.

The remaining funds shall be used to issue competitive RFAs to finance developments that:

• Propose using or leasing public lands. Projects that propose to use or lease public lands must include a resolution or other agreement with the unit of government owning the land to use the land for affordable housing purposes.
• Address the needs of young adults who age out of the foster care system.
• Meet the needs of elderly persons.
• Provide housing to meet the needs in areas of rural opportunity, designated pursuant to s. 288.0656.

Source: Section 420.50871, F.S.

Links:

Request For Application (RFA) Process

Public Comments for LLA 2023-ASF Live Local Act - Additional SAIL Funding

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