WEST PALM BEACH, Fla. — A Florida lawmaker's proposal to help first-time homebuyers cover down payments and closing costs has taken a significant step toward becoming law.
State Rep. Jervonte Edmonds' HB 311 would offer corporate tax credits to companies that provide up to $5,000 to employees for deposits or closing costs for their first homes. The bill is now part of the Florida House budget.
WATCH BELOW: Florida bill offers tax breaks to companies that help employees buy their first home
Edmonds, a Democrat from West Palm Beach, said the proposal has gained Republican support as lawmakers look for ways to make Florida more affordable for millennials and Gen Z workers.
"I want people to have a home in Florida, the average home is over $400,000, and imagine if you're a teacher or a nurse, it's almost impossible to afford the American dream, so we want to make the American dream possible for everyone," Edmonds said.
Edmonds said the bill's inclusion in the House budget is a strong sign of its future.
"Once it's on the final tax package, it's pretty much baked in, and so it's finalized, so guarantee July 1, this thing will get approved," Edmonds said.
The challenge of saving enough money to leap from renting to owning is something many young Floridians know well. Noel Weaver said the financial hurdle is never far from his thoughts.
"Absolutely, it's constantly in the back of my mind," Weaver said.
Weaver described the difficulty of saving even a fraction of what a home purchase requires.
"I just bought my first car. I saved up about $20,000. That was quite a feat in itself," Weaver said.
The bill still has a few more hurdles to clear before it reaches the finish line. WPTV will continue following its progress.
Lawmakers still need to finalize the state's new budget by the time the current legislative session ends on March 13.
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Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
