‘Student loophole’ in Florida’s Live Local Act exacerbates Gainesville’s financial issues

Wow, that's insane, unless they are doing your homework for you and it includes an open bar

 

Florida Live Local Act Tax Exemption Guidance Officially Updated | Insights & Events | Bilzin Sumberg

The Live Local Act provides a property tax exemption of up to 100% of the assessed value of a qualifying project’s units. In order to qualify, a project must contain at least 71 housing units, and must serve housing occupants with household incomes which are equal to or less than 120% of AMI. Qualifying projects are eligible to receive an exemption equal to: (i) 75% of the assessed value of units serving occupants whose household income is greater than 80% of AMI, but no greater than 120% of AMI, or (ii) 100% of the assessed value of units serving occupants whose household income is at or below 80% of AMI. The Florida Housing Finance Corporation (“Florida Housing”) refers to this program as the “Missing Middle” or “Live Local Act” property tax exemption.

Property owners who wish to apply for a “Missing Middle” property tax exemption, must first apply for a Missing Middle Market Certification with Florida Housing. Property owners who successfully obtain Missing Middle certification from Florida Housing may then apply for a Missing Middle property tax exemption with their local property appraiser (within the prescribed deadlines). Florida Housing’s Middle Market Tax Exemption Certification Portal officially went live on October 2, 2023, and property owners are now able to begin applying for certification for 2024.

 

Why is that insane?

 

$1k a month for a bedroom in a 3 or 4 br apartment?

 

Didn't see that part. Figured it was a solo room. Yeah, that is insane.

 

it wasn't in the article. I looked it up out of curiosity.
1 br, 718SF, $1689 per month

Floor Plans - Theory Gainesville

 

That's a lot of money for Gainesville.

 

do you think that the students are truly low income? Do you think low income people can afford $1700 a month for a 1 br apartment?

this shouldn't apply just like a dependent student's income isn't the only income used to determine financial aid

 

Technically correct lol.

 

The students are likely "low income," but their rich parents are paying the bills.

 

Agreed. Just like fafsa, the student income should be the only income if the student is not a dependent. Simple fix

 

I am old. We used to pay less than 400 a month total for a three bedroom.