On May 8, 2023, Governor Ron DeSantis signed into law Florida Senate Bill 264, which prohibits the acquisition of certain types of Florida real estate by persons from so-called “Foreign Countries of Concern” (China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria). The types of restricted property include agricultural land,…
While well-intended and often beneficial to property owners, PACE loans can result in a number of unintended consequences when a property is sold.
Borrowers of federally backed loans owned by Fannie Mae and Freddie Mac will not have to repay missed payments in a lump sum once their forbearance periods end. Mark Calabria, Director of the Federal Housing Finance Agency (FHFA), made this clear in a statement aimed to correct consumer confusion after reports revealed loan servicers…
In response to requests to provide guidance on the impact of mortgage loan forbearance programs on the tax treatment of securitization vehicles, such as real estate mortgage investment conduits (“REMICs”) and investment trusts, the IRS issued Revenue Procedure 2020-26. The IRS establishes that forbearance programs offered as COVID-19 relief will…
Small businesses do not owe Florida excise taxes, also known as documentary stamp taxes, for loans obtained pursuant to the Paycheck Protection Program under the CARES Act. Generally, Florida loans are subject to documentary stamp taxes equal to 35 cents for every $100 (capped at $2,450 for unsecured loans). The…