On January 10, 2025, the Florida State Legislature introduced Senate Bill 184, aimed at addressing the pressing issue of affordable housing in the state. The bill proposes the establishment of a mezzanine finance model program through the Florida Housing Finance Corporation, which is designed to incentivize local housing authorities to increase the supply of affordable housing for owner occupancy. This initiative will be developed in consultation with the Shimberg Center for Housing Studies at the University of Florida, ensuring that the program is grounded in research and best practices.

A key provision of the bill includes amendments to existing statutes regarding density bonus incentives for local governments. Under the revised section 420.615, local governments will have the authority to offer density bonuses to landowners who voluntarily donate property for affordable housing purposes. This provision specifically highlights the importance of creating housing options for military families, ensuring that donated properties are suitable for affordable housing and subject to deed restrictions to maintain their intended use.

The introduction of SB 184 comes amid ongoing discussions about the housing crisis in Florida, where rising costs have made homeownership increasingly unattainable for many residents. Proponents of the bill argue that it could significantly enhance the availability of affordable housing, while critics express concerns about the potential for local governments to overreach in property donations and the effectiveness of the proposed financing model.

As the bill progresses through the legislative process, its implications could be far-reaching, potentially reshaping the landscape of affordable housing in Florida. Experts suggest that if successfully implemented, the program could serve as a model for other states grappling with similar housing challenges. The bill is set to take effect on July 1, 2025, pending approval from the legislature.