Florida housing relief: Bill aimed at cutting closing costs for families clears first hurdle
New bill aims to cut taxes for first-time homebuyers
State lawmakers are considering a few bills to help first-time homebuyers in Florida, including one that would waive taxes for low to moderate-income families. FOX 13's Briona Arradondo reports.
TALLAHASSEE, Fla. - State lawmakers are considering a few bills to help first-time homebuyers in Florida, including one that would waive taxes for low to moderate-income families.
The backstory:
State Representative Fentrice Driskell introduced House Bill 675 along with co-sponsors in the Democratic caucus.
The bill would exempt low to moderate income first-time homebuyers from paying documentary stamp taxes. The state collects those taxes on property sales, which can be thousands of dollars.
"It also strengthens the Live Local Act, and this is work that the legislature did in a bipartisan way a few years ago, and it extends the length of time that housing that is built using those dollars has to remain affordable from 30 years to 50," Driskell said.
Dig deeper:
Rep. Driskell said documentary stamp taxes typically go to local governments to pay for affordable housing projects. But HB 675 would use that money to directly help the same group become homebuyers, so families can live where they work.
"I've heard stories of people having to commute for an hour or more. In fact, I have some family members who do that, and they can't afford to purchase a home nearby their job. I mean, that's an added expense of commuting in that stress and, you know, this is a move in the right direction, just to try to make the cost of living better for Floridians," Driskell said.
Driskell said the bill also hits on affordable housing concerns for renters and incentives for construction.
What's next:
Driskell said she is in talks with state agencies and property appraisers. She said they may add an amendment to keep it moving.
"I've actually been in conversation with a property appraiser about that, which you know our property appraisers are constitutional officers here in the state of Florida. And just asking, ‘Okay, how would this work in your office?’ And I think there would be a form that can be completed at closing that would provide a waiver," Driskell said.
The bill passed its first committee, and it’s now headed to the Ways and Means Committee. Driskell said the bill also has bi-partisan support.
The Source: Information for this story was gathered from a Florida state representative.