Florida first-time homebuyers: New bill would require employers to assist with down payments, closing costs

State lawmaker pushing first-time homebuyer bill

A Florida lawmaker is working to make the dream of buying a first home more attainable. FOX 13's Briona Arradondo reports.

TALLAHASSEE, Fla. - State Representative Jervonte Edmonds is looking at a way to make it easier for Floridians to live where they work. 

The backstory:

Edmonds is sponsoring House Bill 311, which aims to work with private companies to help their own employees through a first-time homebuyer’s program. It would require those companies to pay up to $5,000 toward a down payment and closing costs.

"The employers get to write that amount off based on their corporate income tax, but the homeowners win and that's what matters the most," State Rep. Edmonds, D- District 88 of Palm Beach, said. "Typically, when we have tax credit, they benefit the company. But this tax credit benefits the homeowner directly, and this has never been done. This is special and unique."

Dig deeper:

Rep. Edmonds is a Democratic representative and the co-sponsor in the Senate is a Republican, so he has support from both sides of the aisle.

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If you work at a company that would not qualify for the program in this bill, Edmonds said there’s room for growth. He said the bill is another tool in the box to help with housing affordability in Florida.

"We select the companies that pay a corporate income tax and an insurance premium tax to the state. So, these are companies that already owe the state money," Edmonds said. "We're utilizing them to write that tax portion off to directly help their employees. We talk about Live Local (Act) all the time. This bill can guarantee that promise that we can help our employees live local."

What's next:

HB 311 cleared its first committee, and it’s now in the commerce committee before it would go to the House floor.