Nov. 29, 2023
Orlando Business Journal
In an article published on Nov. 24 in the Orlando Business Journal, Nelson Mullins attorneys Hollie Croft, David Leon, and Nick Heckman discuss the opening of the Florida Housing Finance Corp.’s Multifamily Middle Market Certification portal, commonly known as the “Missing Middle” property tax exemption for qualifying multifamily workforce developments.
Croft, Leon, and Heckman explain that “the Missing Middle property tax exemption provides qualifying multifamily workforce developments a discount of up to 75% of the assessed value of units that provide affordable housing to those with annual household income between 80% and 120% of the area median income (AMI), or 100% of the assessed value if the annual household income does not exceed 80%. The exemption requires a development to be newly constructed within the past five years from its first filing of the Florida Housing Certificate or application for exemption with the local appraiser, whichever is earlier.”
“The Missing Middle property tax exemption application process is here, and the Florida Housing Certification portal is open for potential project owners to start the process of taking advantage of this game-changing exemption,” said Croft, Leon, and Heckman. “If you have not already started, now is the time to begin compiling the necessary information for filing the Florida Housing Certificate and the application to be filed with your local property appraiser. Project owners who need assistance with this process should seek competent legal counsel experienced in property tax exemptions.”
To read the full article, click here.
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