The Public Policy team of the Florida Association of Realtors has been hard at work in Tallahassee to protect the business of Realtors. This in turn helps all homeowners. These are a few of the highlights of the recent session:
1.) $30.1 million for down payment assistance for those who qualify for the federal first time homebuyers tax credit. Beginning July 1, these first time homebuyers will be able to apply for down payment assistance in advance of closing and then repay the amount borrowed when they get their tax refund. Remember that first time homebuyers may qualify for an $8000.00 tax credit depending on the home they purchase and their qualifications.
This is a wonderful opportunity for many and the state will be paid back. Conceivably, more potential homebuyers could take advantage of the down payment assistance prior to the December 1 expiration date.
2.) A reduction in the eviction filing fee from $265 to $180.
3.) SJR 532, a constitutional amendment that will go before voters in 2010 to limit increases in property tax assessments on all non-homestead properties to 5 percent annually. First-time homebuyers will benefit, too, with an additional homestead exemption up to $100,000
4.) In the area of property insurance, the Legislature capped rate increases at 10 percent per year for Citizens policyholders. The Legislature also repealed the requirement that, effective January 1, 2010, sellers of property located in a wind-borne debris region, and which has an insured value on a structure of $500,000 or more, provide prospective buyers the structure’s windstorm mitigation rating.