New Laws that Help Florida Homeowners Effective July 1, 2024

The latest legislative session brings a slew of new laws that will affect homeowners here in Central Florida and across the state. These laws are design to help and protect property owners and to make housing more affordable. Here are some of the highlights:

The Hometown Heroes Housing Program has been replenished with $100M to aid first-time homebuyers with down-payment and closing money.

The My Safe Florida Home Program has been funded an additional $200M in grant money for home inspections and retrofits that protect the homes of low-income owners from storm damage.

My Safe Florida Condominium Pilot Program extends the My Safe Florida Home Program to condominiums with $30M allocated to help condos that are within 15 miles of the coast re-enforce roofs and openings against storms.

Protecting Private Property Rights enables property owners to have anyone unlawfully occupying a residence (squatter) removed immediately. Violators will be subject to charges and fines.

Funding for State and Local Affordable Housing Programs was replenished by $408M to include grants for home buyers’ down payments and closing costs, and loans for builders of affordable apartment dwellings.

Property Insurance Cost Reductions requires insurers to give a 1.75% discount on premiums on owners’ homestead property.

Increased Transparency of Condo Documents will require condo association with 25 or more units to post digital copies of official condo documents on their websites.

The Everglades and Water Quality initiative has been allocated $1.2B for various water programs across the state.

Other important new laws that are coming into effect soon include:

Seller Flood Disclosure

Makes it mandatory for sellers to disclose flood information in writing when they list their house for sale.

Annual Adjustment for Homestead Exemption Value and Exemption of Homesteads says that the $25,000 of assessed value that is exempt from certain property taxes be adjusted annually for inflation. The current exemption has been the same since 1980.

Source: https://www.floridarealtors.org/news-media/news-articles/2024/06/new-florida-laws-go-effect-july-1