by Nichol Wallace, Realtor

Changes below 

The Florida Real Estate Association is not only in the business of buying and selling real estate. As real estate professionals, our voices are heard in government, as our leaders take our concerns to the legislative body to advocate for change on the consumer’s behalf. A few months ago, the Florida Realtor Association President, Gia Arvin, announced the successes we earned in Congress during the legislative session. These are remarkable wins from which many will benefit:

1. $100 Million Increase for the Hometown Heroes Housing Program (SB 328): This first-time home buyers program assists our heroes (firefighters/EMS, law enforcement, military, healthcare professionals, and teachers) in purchasing their homes. Florida Realtors advocacy won this tremendous program an additional $100 million. Approved by the Governor on 5/16/2024 and made available on 7/1/2024.

2. $408 Million for Affordable Housing Program (SB 7028): This win was highly anticipated and has enabled state and local programs to assist more individuals in acquiring affordable housing. The bill includes $200 million for the My Safe Florida Home Program (MSFH), allowing more Floridians to protect their homes against storms and reduce their insurance premiums. It permits homeowners to receive inspections without having to apply for a grant, allows low-income homeowners to receive up to $10,000 without matching the amount, and mandates the program administrator to streamline the grant process while prioritizing reviews based on income and age, among other factors. Although the governor vetoed some line items, he ultimately approved this bill on 6/12/2024.

3. $230 Million to Strengthen Homes Against Storms (SB 7028 & HB 1029): Many homeowners will benefit from this win as it assists in hardening homes, including condominiums, against storms. The bill allocates $200 million for the My Safe Florida Home Program (MSFH) and expands it to include condominiums, allocating $30 million to help condominiums within 15 miles of the coast harden roofs and openings against storms. SB 7028 was approved by the governor on 4/24/2024 and SB 7073 on 5/7/2024. Both bills were effective on 7/1/2024.

4. $1.2 Billion for Water Quality and Restoration Projects (HB 5001): This funding will help improve water quality and support environmental projects to keep Florida clean and beautiful. The budget includes funding for Everglades restoration ($581 million), the C-51 Reservoir ($100 million), Biscayne Bay ($20 million), the Indian River Lagoon ($75 million), the Caloosahatchee River & St. Lucie Estuaries ($25 million), harmful algal blooms ($30 million), springs restoration ($55 million), beach management funding assistance ($50 million), total maximum daily loads ($25 million), the Wastewater Grant Program ($135 million), Resilient Florida Grant Program ($125 million), and Alternative Water Supply ($55 million). This bill was approved by the Governor on 6/12/2024 and went into effect on 7/1/2024.

5. $500+ Million to Reduce Insurance Premiums: This increase in funding helps Florida homeowners reduce their insurance premiums.

6. $500k to Combat Unlicensed Real Estate Activity (HB 5001): This funding helps implement measures to protect consumers against bad actors and unlicensed activity in Florida. Please don’t be a victim of unlicensed activity; do your research, ask to see the license, and verify.

7. Approval of the Seller Flood Disclosure (HB 1049): This assists buyers in making informed decisions and decreases the number of post-closing disputes.

8. Issues with Unauthorized Squatters (HB 621): This bill aims to quickly restore possession of private property to the lawful owner by allowing the property owner or their agent to request the immediate removal of unlawfully occupying persons from a residential dwelling. Approved by the Governor on 3/27/2024.

9. Evaluating the Impact of Lookback Periods (HB 5001): The 2024-2025 fiscal year budget includes $500,000 for the Department of Financial Services to study the benefits and long-term effects of Lookback periods. When established by local governments, Lookback periods apply to properties located in special flood zones. When owners of these homes seek to remodel, renovate, or repair, the costs cannot equal or exceed 50% of the home’s depreciated market value within the applicable Lookback period without bringing it up to current flood zone standards. The Governor approved this bill on 6/12/2024, and it went into effect on 7/1/2024.

10. Seller Flood Disclosure (HB 1049): This bill requires a seller to disclose in writing certain flood information to a prospective purchaser at or before executing a contract for the sale of residential property. This disclosure will help buyers make more informed decisions about a property and reduce the number of post-closing disputes. This bill was approved by the Governor on 5/29/2024 and went into effect on 10/1/2024.

References:

https://www.floridarealtors.org/advocacy/2024-legislative-final-report.

https://flsenate.gov/Session/Bill/2024/5001