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June 14, 2023
Public Policy Update
Hello everyone. The good news just keeps rolling in regarding Florida’s Hometown Heroes Housing Program that we worked with the legislature to create last year. A few weeks ago, I reported that the program had hit its milestone of $100 million in down payment assistance provided to Florida workers. This was the full allocation of funding that was provided to the program in 2022.
If you recall, we successfully worked with lawmakers again this year to provide another $100 million to the program and expand its eligibility requirements so more Florida workers can access it. Well, the governor is now reporting that the program has reached $20 million in applications within the first week of it receiving its second year of funding! That’s an astounding fact given that it took several months for the program to reach this level of assistance last year.
Obviously, the expanded eligibility requirements have a lot to do with this success. The program is now available to all Florida hometown workers in any occupation who earn less than 150% of their county’s area median income (AMI). Additionally, hometown heroes can now apply for a maximum down payment assistance amount of $35,000.
The success of the program in its first year translated to 6,753 Florida families being able to buy their first home, and now that we are in our second round of funding, that number will only get higher. Of course, the more popular the program, the faster the money will run out, so if you know any first-time Florida homebuyers who might meet the income requirements, get them over to the program’s application page as soon as possible.
$300 Million Awarded to Protect Communities from Flooding and Storm Surge
Governor DeSantis announced yesterday that $300 million in state funding from the Florida Department of Environmental Protection (DEP) has been awarded for 71 new resilience and adaptation projects and three previously awarded projects to help prepare coastal and inland communities for the adverse impacts of flooding and storm surge. The funding is part of the state budget that was signed into law last month.
DEP is currently accepting grant applications through the Resilient Florida Grant Program until Sept. 1, 2023, for new proposed projects that could be funded in the next Statewide Flooding and Sea Level Rise Resilience Plan. Some of these proposals aim to protect critical assets such as transportation and evacuation routes; critical infrastructure; critical community and emergency facilities; and natural, cultural, and historical resources.
Go here for a list of projects in the Statewide Flooding and Sea Level Rise Resilience Plan.
Participate in the Upcoming Virtual Legislative Think Tanks
Next year will bring us an early legislative session that will start in January. This means that we will need to begin planning our legislative agenda sooner rather than later to ensure we hit the ground running during interim committee weeks and session.
To help us prepare that legislative agenda, we will be hosting 10 virtual legislative think tanks on Aug. 3rd and 4th as part of the governance meetings associated with the upcoming Florida Realtors August Convention. There are 10 think tanks in all, covering topics like business issues, resort and second homes, insurance, taxation, property management and more. If you are not a member of one of these think tanks then you can attend each one by using the links next to each meeting once they are posted. Each meeting and its associated link can be found on the schedule webpage.
Our legislative think tanks perform a vital role in the forming of our legislative agenda, but they are only as effective as the feedback and participation that our members put into them. If you are available, I highly encourage you to attend as many as you can. They are not only informative, but they are the perfect venue to raise issues that may not be on our radar that we need to further explore.
$187 Million Awarded to Communities Impacted by Hurricane Sally
On Wednesday, Governor DeSantis announced the awarding of $187 million to communities impacted by Hurricane Sally through the Florida Department of Commerce’s Rebuild Florida program. Rebuild Florida provides funding for local governments to strategically rebuild homes and harden infrastructure to prevent or mitigate losses from future disasters through multiple avenues. For a full list of the grant awards, go here.
NAR Applauds FHA for Changes to Encourage Multifamily Rental Development
NAR President Kenny Parcell issued the following statement after an announcement made by the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) of an increase to the threshold dollar amount for "Large Multifamily Loans" from $75 million to $120 million:
"NAR applauds FHA for increasing the "Large Multifamily Loans" threshold for the first time since 2014," said NAR President Kenny Parcell. "The real estate market looks drastically different than it did almost ten years ago, and this increase reflects the changes in the market and the need to speed up and encourage multifamily rental development. NAR has advocated for this specific adjustment to the threshold dollar amount just last year, and we commend the FHA for stepping up to make this long overdue and common-sense change. Our association thanks the agency for this increase, and possible future increases, that will create greater flexibility for lenders and facilitate the creation of more rental housing across this country."
In addition to FHA increasing the threshold dollar amount, the new policy opens the possibility of future annual increases of $5 million. In November 2022, NAR and several rental housing coalition partners sent a letter to FHA requesting that the agency make this specific update. NAR is pleased that the FHA has made this change and will continue to work with the agency to improve its programs further to encourage and assist in developing more multifamily housing.
NAR Joins Legal Fight Challenging NY Rent Control Law
NAR, the National Apartment Association, National Association of Home Builders, and the Mortgage Bankers Association filed a joint amicus brief last month in support of two cases asking the Supreme Court to hear a challenge to New York's Rent Stabilization Law (RSL). Together, in the brief, the associations wrote:
"Governments up and down our federalist system are continually finding ways to encroach upon private-property rights. Rather than protect private property, governments have conscripted property owners into serving the state without compensation. These intrusive and unconstitutional actions include eviction moratoria and draconian rent control regimes that purport to divest property owners of long-recognized property interests. …It is critical that the Court intervene to provide guidance to lower courts assessing challenges to burgeoning restrictions on private property.
"New York's RSL demonstrates the harmful effects of misguided housing policies that restrict private-property rights. Simply put, rent control laws like the RSL exacerbate housing supply and affordability problems by reducing the quantity of available housing. They also reduce housing quality, decrease consumer mobility and entry into the housing market, and provide an inequitable solution to issues of housing affordability."
Please reach out to us with any questions you may have.
Sincerely,
Andy Gonzalez
Vice President of Public Policy
Florida Realtors®
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