Hello everyone.
Election Day is Tuesday, and whether you vote early or head to the polls on Election Day, we encourage all members to participate and make their voices heard. Your vote is an opportunity to help shape the future of your community, property ownership and the real estate industry.
Need to find your polling location? Visit Florida's Voter Precinct Lookup to find your assigned voting location and check your voter information. If you plan to vote early, go HERE for available locations and hours in your area. If you're voting on Election Day, be sure to confirm your assigned polling place and bring an accepted form of identification.
Not sure which candidates support REALTORS® and the real estate industry? Florida Realtors® PAC endorsements can help. Our endorsements highlight candidates who have demonstrated support for issues important to our profession, property rights, homeownership and the communities we serve. Visit our Florida Realtors® PAC endorsements page to see our endorsed candidates and use the list as a resource when researching the races on your ballot.
And importantly, don't forget Amendment 3! Florida Realtors® supports this proposed constitutional amendment to expand homestead property tax exemptions and provide meaningful tax relief to homeowners. We believe affordability matters, and helping Floridians keep more of their hard-earned money is an important part of protecting the American Dream of homeownership. Learn more at VoteYesOn3.com.
As REALTORS®, we're not just real estate professionals, we're advocates for our communities. Let's show up, stay engaged and make our voices heard this election. Make a plan, know your ballot and vote!
Governor DeSantis Holds Roundtable in Pinellas County on Amendment 3
On Monday, Gov. Ron DeSantis hosted a roundtable at St. Petersburg College in St. Petersburg to discuss property tax relief and build support for Amendment 3. Joining him was Florida Realtors® Immediate Past President Tim Weisheyer, U.S. Sen. Ashley Moody, Agriculture Commissioner Wilton Simpson, State Rep. Berny Jacques and Pasco County Sheriff Chris Nocco.
During the roundtable, the governor highlighted the growth in property tax revenues across Florida's 67 counties, which have increased from approximately $33 billion in 2019 to $62 billion today. He argued that revenue growth has outpaced inflation and population growth, and that local governments can look for efficiencies in their budgets while providing property tax relief.
Past President Weisheyer pointed out that the average age of first-time homeowners continues to increase, keeping young people from being able buy a home. "We can't not do anything," he said, arguing that people don't just want "the dream of homeownership." Instead, they want "the actualization of homeownership."
You can watch the full roundtable HERE.
Major Insurance Rate Decreases Expected for Florida Homeowners This Month
Florida insurance officials are reporting additional homeowners insurance rate decreases taking effect in October. More than 824,300 Florida homeowners will receive reductions on new policies or renewals, with decreases reaching as much as 12.1%. Since January 2024, 48 insurance companies have filed for rate decreases, while 53 have requested no rate change. Florida Insurance Commissioner Mike Yaworsky said the Office of Insurance Regulation continues to review filings and push for larger reductions when supported by the data.
Additional rate decreases are expected in November, December and January, with approximately 450,000 more Floridians set to benefit. Officials attribute the improving market in part to the state's tort reforms and say they will continue working with insurers to bring costs down for Florida families.
To read the full announcements and see which carriers are reducing rates, go HERE.
$100 Million Awarded to Protect Florida's Water Quality and Supply
On Wednesday, Gov. Ron DeSantis announced that $100 million was being awarded across 45 projects to restore and protect Florida's water resources. Funded through the Springs Restoration and Alternative Water Supply grant programs, these projects will protect and restore Florida's iconic springs while expanding alternative water sources and promoting water conservation.
The Springs Restoration Grant Program supports communities by funding projects that support both improvements in water quality and spring flow. $50 million in funding will be awarded to 23 projects aimed at restoring Florida's world-renowned springs through wastewater upgrades and other enhancements that will collectively reduce Total Nitrogen by more than 55,000 pounds per year. Awards include:
$3 million to Citrus County's septic to sewer conversion and upgrade project to include nitrogen reducing enhancements benefitting Chassahowitzka-Homosassa Springs and Kings Bay and Crystal River Springs.
$3 million to Suwannee River Water Management District, for the Suwannee Sandhill Tract - Drew Property Land Acquisition, benefiting the Middle and Lower Suwannee River Basin.
$3 million for the City of DeLand's regional pumpstation and sewer extension project to provide increased capacity and extend sewer services to support future connections of residential properties to centralized sewer, benefiting the Volusia Blue Springshed.
$4 million for Volusia County's septic upgrade incentive project, assisting homeowners to remediate existing conventional septic systems to include nitrogen reducing enhancements, benefiting DeLeon Spring.
Read the full announcement HERE.
President Issues Executive Order on Decreasing Housing Costs
The Trump administration released a new executive order aimed at decreasing housing costs for the American people. The order makes important changes to expand supply and shore up owner affordability over the long term.
The executive order directs:
Fannie Mae, Freddie Mac, and their regulator (the FHFA) to develop a program that would ensure the timely cancellation of mortgage insurance. Currently, homeowners must request the release of mortgage insurance when the mortgage is 78% or less of the property value. This change would put more money in homeowners' pockets.
The creation of a task force made up of HUD, FHFA, USDA, Commerce and the VA to explore methods to increase the quality and lower the cost of home construction, with an emphasis on modern manufacturing processes.
The FHFA to expand its current program to waive title insurance requirements and fees on certain refinances.
The VA and USDA to reduce their rates on direct loans for home purchases, which could help stimulate home purchases.
NAR will monitor and comment as these changes are implemented and more information becomes available.
USDA Finalizes Rule Expanding Financing Eligibility for Homes with ADUs in Rural Communities
The U.S. Department of Agriculture (USDA) has finalized a rule expanding eligibility for its Single Family Housing Guaranteed Loan Program to include rural homes with income-producing accessory dwelling units (ADUs) and clarifying eligibility for properties with features that accommodate home-based businesses. The change removes a financing barrier that previously made it harder for some rural buyers to purchase or improve homes with ADUs, even when they did not intend to rent them. The National Association of REALTORS® supported the proposal, noting that ADUs can expand housing options, support multigenerational living and make better use of existing properties.
The rule broadens the range of properties eligible for USDA financing, potentially giving rural buyers access to more housing options while helping address limited inventory. However, rental income from an ADU will not count toward borrower qualification under the new rule, and existing underwriting standards remain unchanged. Separately, the recently enacted 21st Century ROAD to Housing Act allows USDA financing for homes with leased ADUs and permits that rental income to count toward loan qualification.
Read the full story HERE.
NAR Submits Letter to U.S. Commerce Dept. Regarding Proposed Decennial Census Changes
NAR recently submitted a letter to the U.S. Commerce Department regarding the proposed rule seeking changes to the decennial census, which is conducted every 10 years. The proposed rule changes include the removal of race, ethnicity, and sexual orientation questions from the decennial questionnaire. Additionally, the Census Bureau is also proposing changes to the population enumeration to only include U.S. citizens and legal permanent residents.
NAR also explained that census data is critical to understanding the housing industry. NAR uses census data to understand housing trends, household formation, homeownership rates, migration, and local housing needs. The real estate industry is reliant upon this data. NAR will continue to monitor updates regarding the decennial census, and the impact of any final rules.
HUD Releases Plan to Modernize Manufactured Housing Standards
The U.S. Department of Housing and Urban Development (HUD) released an action plan to modernize federal manufactured housing standards following passage of the 21st Century ROAD to Housing Act. The law removes the longstanding requirement that manufactured homes be built on a permanent chassis, allowing for more flexible designs and construction methods.
HUD plans to update energy-efficiency standards and construction, foundation and installation requirements for homes built without a chassis. The agency will also explore standards for larger factory-built buildings and develop resources addressing zoning, appraisals, lending and insurance. The changes are not yet in effect, as HUD must first update its regulations. NAR supported the legislation and plans to engage with HUD as implementation moves forward.
Read the full story HERE.
In Other News
The News Service Has 5 Questions for Florida Realtors President Chuck Bonfiglio Jr.
Report: Property taxes outpacing home values in Florida metros
Florida Sues Climate Modeler First Street Over Home Risk Scores
FEMA launches online flood insurance purchase tool
Federal Disaster Declared for Isaias as Insured Losses Grow
Legendary ocean liner bigger than Titanic to be deliberately sunk off Florida coast
This Week in Florida History (October 26 - November 1)
Oct. 31, 1861: Union forces captured Fort Clinch on Amelia Island during the Civil War, strengthening federal control along Florida's Atlantic coast. The fort, located near Fernandina Beach, guarded the entrance to the St. Marys River and was strategically important for protecting coastal shipping routes.
Please reach out to us at publicpolicy@floridarealtors.org with any questions you may have.
Sincerely,
Trey Goldman
Senior Vice President of Public Policy
Florida Realtors®