Public Policy Update
The qualifying period for a variety of state and federal seats, including governor, began this past Monday and expired today, meaning the candidates who will appear on ballots in the August primary and November election are now set.
To view a final list of the qualifying candidates, head on over to the Florida Department of State's website. There you can see a full list of candidates for both the general election and special election.
From a Florida Realtors standpoint, your public policy and political staff, working in conjunction with members from local associations and boards, will be busy screening these candidates over the next several months. The goal of these screenings is to determine who best represents and supports Florida's real estate industry, the Realtor profession and the property owners and buyers you serve.
Florida Realtors will be announcing endorsements of candidates in the coming months as we work through the screening process, so be on the lookout for more election information in the future.
Governor's Bill-Related Activity
Governor DeSantis was presented with 37 bills this past Friday. He has until Saturday, July 2, 2022, to act on these bills. All bills from the 2022 regular legislative session have now been presented to the governor, including SB 620, a Florida Realtors priority, which allows private, for-profit business owners to recover business damages related to local government ordinances.
$60 Million Awarded to Vulnerable Homeowners
Late last week, the Florida Department of Economic Opportunity (DEO) announced that it has awarded $60 million in total relief to some of Florida’s most vulnerable homeowners through the Homeowner Assistance Fund (HAF). Here are some of the finer details:
Applications
- A total of 2,291 homeowner applications have been approved by DEO, representing more than $60 million in awards to date.
- 7,500 applications have been started by homeowners but have not been submitted.
- 7,043 applications have been submitted to DEO by homeowners.
Registrations
- 35,253 eligible registrations have been submitted.
- 33,519 registrations are Tier 1, and all have been invited to apply for relief.
- 1,734 registrations are Tier 2.
DEO added that they continue to prioritize Florida’s most vulnerable homeowners and are inviting homeowners in Tier 1 to apply for assistance. DEO will invite homeowners in Tier 2 to apply after homeowners in Tier 1 have received assistance, pending the availability of funding.
The HAF is designed to mitigate financial hardships associated with the COVID-19 pandemic by preventing homeowners’ mortgage delinquencies, defaults, foreclosures, and displacements, as well as by providing assistance with home energy services, internet, property and/or flood insurance, property taxes, and homeowner or condominium association fees. Eligible Florida homeowners may receive up to $50,000 in assistance.
More information about the program can be found here.
New Florida Jobs Numbers
Today, DEO announced that Florida’s May 2022 employment data demonstrates the strength of Florida’s economy. Florida employers added jobs for the 25th consecutive month in May. Florida’s unemployment rate has remained below the national rate for 18 consecutive months and has declined or held steady for 22 consecutive months.
The over-the-year labor force growth rate in May was 3.0 percent (+313,000) exceeding the national growth rate of 2.2 percent and Florida’s labor force grew by 0.5 percent (+49,000) over the month, also outpacing the national over-the-month growth rate of 0.2 percent. Florida’s over-the-year private sector job growth rate has exceeded the nation’s for 14 consecutive months indicating strong, sustainable growth for Floridians.
Florida Economic Indicators for May 2022 include:
- Unemployment rate has remained steady at 3.0 percent, and 0.6 percentage point lower than the national rate.
- Florida’s statewide unemployment rate has been lower than the national rate for 18 consecutive months since December 2020.
- Florida’s statewide unemployment rate has declined or held steady for 22 consecutive months.
- Between May 2021 and May 2022, Florida’s labor force grew by 313,000, or 3.0 percent, faster than the national labor force growth rate of 2.2 percent over the year.
- Between May 2021 and May 2022, total private sector employment grew by 459,500 jobs (5.9%), faster than the national private sector job growth rate of 5.1 percent over the year.
- As of May 2022, Florida employers have added jobs for 25 consecutive months since May 2020. Florida’s private sector over-the-year job growth rate has exceeded the nation’s for 14 consecutive months since April 2021.
- Private sector industries gaining the most jobs over the month were:
- Professional and Business Services with 8,600 new jobs.
- Manufacturing with 4,300 new jobs.
- Leisure and Hospitality with 2,300 new jobs.
- Trade, Transportation, and Utilities with 1,800 new jobs
The full announcement can be found here.
NAR Letter to FHA Regarding Housing Industry
On June 8, 2022, NAR provided comments to the FHA on several key issues impacting the industry, including the reduction of the mortgage insurance premium (MIP), updates to appraisal requirements, and revisions to spot loan requirements for condominiums.
At a critical time for the housing market, NAR believes that reducing the MIP provides much needed support and increases the purchasing power of first-time and low to moderate-income home buyers. Modifying appraisal and spot loan requirements also provides these buyers additional flexibility in the housing inventory with an already diminishing supply.
You can read the full letter here.
These, and many other topics can be found on Florida Realtors® website. Also, you can always reach out to us at publicpolicy@floridarealtors.org with any questions you may have.