Gov. Ron DeSantis

The $114B proposal looks to renew affordable housing programs, lower insurance costs, add tax holidays, encourage growth and boost home mitigation.

TALLAHASSEE, Fla. – Gov. Ron DeSantis unveiled his proposed $114.4 billion budget for 2024 earlier this week with provisions that could increase funding for popular housing programs, lower homeowners’ insurance premiums and encourage small business growth.

DeSantis’s proposals will go before the Florida Legislature, which begins its session on Jan. 9. The Legislature generally considers the governor’s preferences as it creates its own budget for the next fiscal year. After the legislative session adjourns on March 8, the governor has 15 days to sign the budget bill and use line-item vetoes. 

DeSantis proposed nearly $400 million to housing programs, including $100 million to the Hometown Heroes Housing program, a project backed by Florida Realtors. The program, entering its third year, provides down payment and closing cost assistance to first-time, income-qualified buyers. Other housing programs backed by DeSantis include: 

  •  $89.5 million for the State Apartment Incentive Loan (SAIL) program (low-interest loans to affordable housing developers
  • $208.6 million for the State Housing Initiatives Partnership (SHIP) program (funding for local governments for affordable housing)

DeSantis also proposed $431 million in insurance relief, including a one-year exemption on taxes, fees and assessments for residential property insurance policies with coverage amounts up to $750,000, and a permanent insurance premium tax exemption for flood insurance policies, starting on July 1. 

He’s also proposing the following:

  • $107 million in reoccurring funding for the My Safe Florida Home Grant Program for financial assistance for home hardening and wind mitigation measures. 
  • $1.1 million for the Florida Office of Insurance Regulation (OIR) to collect data related to Florida’s property insurance market.
  • $675,000 for independent reinsurance and mitigation research experts to help OIR review filings and recommend new tools to mitigate properties from hurricanes.

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Author: amyc