North Miami-Dade News

WASHINGTON, D.C. – On May 18, 2023, Rep. María Elvira Salazar (R-FL) and Senator Marco Rubio (R-FL) introduced legislation to shield American real estate markets from excessive foreign demand and increase affordable housing opportunities. Lowering housing prices for local buyers will ensure that illicit money cannot permeate the Miami housing market.

The bill also invests heavily in low-income and affordable housing initiatives to address the housing crisis in Miami.

“Miami’s housing prices are out of control, and something needs to be done to address rising prices and expand access to affordable housing,” said Rep. Salazar. “This bill alleviates our housing crisis by ensuring that Miami residents come first in the marketplace.”

The ‘Home Advantage for American Families Act’ authorizes the Treasury Department to issue reports for residential real estate transactions within the top fifteen Metropolitan Statistical Areas (MSAs) to identify the natural identities of foreign buyers. It also increases the Foreign Investment in Real Property Act (FIRPTA) of 1980 withholding tax on residential real estate to 30% for both foreign corporations and foreign individuals.

“As billions of foreign dollars pour into Florida real estate, families in our communities are struggling to find affordable housing. To have a strong nation, we need strong communities. And to have strong communities, we must have strong families. Combating illicit finance in foreign real estate investment and increasing affordable housing investment in South Florida are key to tackling this problem confronting so many Floridians. This bill would do exactly that,” said Senator Rubio.

To expand opportunities for low-income buyers in Florida’s District 27, the bill provides an additional 10% of base-funding set-aside of the Low-Income Housing Tax Credit (LITHC) for single family home construction within Qualified Census Tracts (QCTs) to help states create more affordable housing opportunities that can accommodate a family.

For the full text of the bill, click HERE

Original source can be found here.