FLORIDA — Orlando is one of the toughest cities to rent an apartment, according to an apartment hunting website, rentcafe.com.

However, some state lawmakers are working to get more affordable housing in the market.

 

What You Need To Know

    • Florida legislation motivates complexes to create afforable housing units by giving them discounts on property tax
    • Ten percent of the building would need to be affordable housing
    • The price of rent must not go above 30 percent of the county’s median household income
  • The bill would simply allow counties and cities to give this option to apartment complexes

New legislation, HB 229, motivates complexes to turn their building into affordable units by giving them discounts on property tax.

If the bill passes, 10 percent of the building would need to be affordable housing for the complex to receive a 75 percent cut on taxes.

If a landlord opts to rent all the units in each building at an affordable rate, the entire property would be eligible for an up to 100 percent tax exemption.

To qualify as affordable, the price of rent must not go above 30 percent of the county’s median household income.

Lawmakers will discuss the bill in the upcoming session.

If given the green light, the legislation would simply allow counties and cities to give this option to apartment complexes.