Newsletter: October 2008 Newsletter

Renewable Energy Comes to Florida Residents

The Florida Public Service Commission, charged with ensuring safe and reliable utility services at fair prices, took the final step this September in allowing for customers who produce renewable energy to get credit at market prices for sending their excess power back to the state's electric grid.   Under the new rule, consumers are who are generating more energy than they are consuming, can send that energy back to the grid, from wind, solar or other renewables, and be reimbursed. Regulators in March 2008 approved a rule allowing the concept, but it took six months for the regulatory process to approve a "net meter" rule. So consumers choosing to outfit their properties with renewable or alternative energy capabilities will see their bills reduced by the net amount of energy they produce this is good for consumers and good for the environment. For additional information check out the Florida Public Service Commission site at: http://www.psc.state.fl.us/.

My Safe Florida Home Program produces significant reduction in wind storm insurance.

This program created by the Florida Legislature in July, 2006 called “My Safe Florida Home Program” was to help Florida residence learn more about protecting themselves and their properties against hurricanes. Home owners who requested inspections and carried out the recommended improvements, have had their cost of wind storm insurance cut by 30%-70% across the state.

In addition, the “My Safe Florida Home Program” has partnered with several non-profit organizations across the state to help serve low-income homeowners with inspections and grants to harden their homes against hurricane damage. The inspection service is free and it also estimates the insurance discounts which may be available to homeowners. Additional information on the “My Safe Florida Home Program” is available at: www.mysafefloridahome.com .

State Farm to Refund Florida Customers

Soon nearly 100,000 Florida State Farm policy holders will receive a refund in the average amount of $1,220 per policy. This announcement comes just days after Florida's Office of Insurance Regulation (OIR) denied the companies' request for a rate increase of over 47 percent.

Refunds will be awarded to homeowners who have met the requirements for home hardening. The credits will be awarded to policyholders as a credit toward their renewals and will total $120 million. The company will also pay a penalty of $1 million to the Florida Insurance Regulatory Trust Fund. Home hardening is the best, and possibly only long-term antidote to rising insurance rates.  If you have made improvements to your home, call your agent and ask for an inspection to see if you qualify for a discount.  Your insurer is required to give you the discount you deserve.

Florida government offers a $571 million in loans to build, buy housing.

This past week Gov. Charlie Crist signed an executive order freeing $571 million in state-backed financing that real estate developers and buyers can tap to build and buy new homes. The state will float tax-exempt bonds, backed by Florida’s gold-standard rating on Wall Street, to provide developers a line of relatively low interest credit. Homebuyers can now use the state-backed financing to get low-interest loans through the Florida Housing Finance Corporation. “The people of Florida are having a hard time getting loans. This is a place where they can get loans at a lower rate.” stated Crist.

Crist paired the $571 million capital program with $541 million in anti-foreclosure money coming into Florida from the federal government, thanks to the Housing and Economic Recovery Act passed last July. This amounts to more than $1 billion being made available to aid Florida’s struggling economy, the Crist said. The bulk of the $541 million in federal money will go to local governments in metropolitan areas hit hardest by the long real estate slump, including South Florida and Orlando.

The money, expected sometime next year from the U.S. Department of Housing and Urban Development, will be used to buy foreclosed properties and rehabilitate them, said Department of Community Affairs Secretary Tom Pelham. Money also will be available to low- and moderate-income home buyers for help with down payments and closing costs. Palm Beach County will get $27.7 million and Broward County $17.8 million. More populous Miami-Dade County will get a larger share, $62.2 million. An additional $12 million was earmarked for the city of Miami. Stay tune for additional information as it becomes available.

Amendment 5 Officially Taken Off the November Ballot

The Realtors Association of the Palm Beaches is disappointed at the action of the Florida Supreme Court today in stripping Amendment 5 from the November ballot.  This provision was created by the Budget and Tax Reform Commission last spring, and effectively changed the formula for funding public education in Florida.  Historically we have taxed property owners to support public education.  The Budget and Tax Reform Commission sought to restructure education funding away from property owners and towards the entire population of the state.  This commission is a non-partisan body chartered by the Florida Constitution to meet only every twenty years and to bring careful thought and deliberation to examine the constitution and the responsibilities allocated under the constitution.  The Florida Association of Realtors has long advocated for comprehensive property tax relief, both as a matter of justice in itself and as a linchpin for a sound real estate economy.  Tax inequality, burdening business, commercial, and second home property owners with higher tax burdens than homesteaded property owners, has clearly become harmful to the Florida economy with a severe impact on growth and investment.  FAR also cries out for an effective and excellent public education system, and shares concern for adequate and stable funding for education.  But why should that cost be the responsibility of property owners only, and with heavier burden thrown upon those who are non-homesteaded who do not even use our schools?  
FAR will no doubt continue its historic quest for meaningful and comprehensive property tax reform, but it will now have to be accomplished in the legislative.

Loggerhead Marinelife Center invites you to Turtleween

The Loggerhead Marine Life Center invites all area families with children to trick or treat with the sea turtles on Halloween, Friday Oct. 31 for Turtleween.  The event will begin at 10 a.m. and repeat at 1:30 p.m. children are invited to come in costume and enjoy story time, arts and crafts, and candy. The event is free and donations are accepted. Loggerhead Marine Life Center, a nonprofit organization, is committed to the conservation of marine life through public education, research and rehabilitation with a focus on threatened and endangered sea turtles. For more information visit www.marinelife.org or call 561-627-8280.

Italian Festival Returns to Abacoa in Jupiter

Save the date. On November 7th, 8th, and 9th The Feast of Little Italy returns as a three day celebration with over 100 vendors entertaining over 60,000 visitors to this event. Showcasing authentic Italian food, jewelry, clothing, art, cookware, games, and much more.  For more information visit www.featoflittleitaly.com

Max Planck moves ahead with lab in Jupiter, Florida.

This past month progress was made toward building a high-tech laboratory in Abacoa for Max Planck. Palm Beach Country officials announced that planners are preparing to select both an architectural/engineering firm and a program manager, or developer, to design the 100,000 square foot facilities. This past July, the county agreed to a plan to put up $87 million toward bringing the German-based biotech institute alongside Scripps Florida.  We will keep you posted on any additional information as it is released.