Florida budget heads to vote with housing funds included
Florida House and Senate leaders reached a final agreement on a nearly $115 billion state budget late Sunday, clearing the way for lawmakers to hold a final vote Friday after an extended special session. The plan includes funding for Florida Realtors legislative priorities – Hometown Heroes, SHIP and SAIL affordable housing programs.
Florida lawmakers are expected to vote Friday on a nearly $115 billion state budget after House and Senate leaders reached a final deal late Sunday, ending a process that continued beyond the regular legislative session.
The spending plan, which covers the fiscal year beginning July 1, is lower than the Senate’s preferred budget but above the $113.6 billion plan sought by the House. House Speaker Daniel Perez, R-Miami, had pushed for deeper cuts, citing concerns about projected deficits in future years if state spending was not reduced.
In finalizing the budget, both chambers remain aligned on:
- $50 million in additional funding for the Hometown Heroes Housing Program
- Full funding for the State Housing Initiatives Partnership, or SHIP, at $165.7 million
- Full funding for the State Apartment Incentive Loan, or SAIL, at $70.8 million
In addition, over $405 million in unused funds will be reappropriated to the My Safe Florida Home and My Safe Florida Condominium programs. Reappropriation directs those unspent dollars back into the programs rather than letting them lapse.
The final budget also allocates significant funding for projects that improve Florida’s water quality. The budget includes money for Everglades restoration ($636.6 million), Rural and Family Lands program ($425 million), protecting Florida’s springs ($50 million), Beach and Inlet Management ($50 million), water projects ($380 million), Statewide Flooding and Sea Level Rise Resilience Plan ($170 million)
Once lawmakers vote on the budget Friday, it will be sent to Gov. Ron DeSantis for final approval.
Florida insurance market update
Florida Insurance Commissioner Mike Yaworsky announced this week that three new property and casualty insurers have entered Florida’s market, bringing the total number of new entrants since the 2022 reforms to 20.
According to the Office of Insurance Regulation, the new companies bring more than $850 million in additional capital to Florida’s property insurance market. State officials also said the number of insurers writing condo association wind-only policies has increased in coastal counties including Miami-Dade, Broward and Palm Beach since the reforms were enacted.
The three new insurers are:
- Builder Reciprocal Insurance Exchange
- Frontline Insurance Reciprocal Exchange
- Wingsail Insurance Company
News Service of Florida contributed to this report.
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