201.02 Tax on deeds and other instruments relating to real property or interests in real property.—
(1) On deeds, instruments, or writings whereby any lands, tenements, or other real property, or any interest therein, shall be granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or any other person by his direction, on each $100 of the consideration therefor the tax shall be 70 60 cents. When the full amount of the consideration for the execution, assignment, transfer, or conveyance is not shown in the face of such deed, instrument, document, or writing, the tax shall be at the rate of 70 60 cents for each $100 or fractional part thereof of the consideration therefor. For purposes of this section, consideration includes, but is not limited to, the money paid or agreed to be paid; the discharge of an obligation; and the amount of any mortgage, purchase money mortgage lien, or other encumbrance, whether or not the underlying indebtedness is assumed. If the consideration paid or given in exchange for real property or any interest therein includes property other than money, it is presumed that the consideration is equal to the fair market value of the real property or interest therein.
201.15 Distribution of taxes collected.—All taxes collected under the provisions of this chapter shall be subject to the service charge imposed in s. 215.20(1) and shall be distributed as follows:
(1) Seventy-one and twenty-nine Seventy-six and twenty-one hundredths percent of the remaining total taxes collected under the provisions of this chapter shall be used for the following purposes:
(a) Subject to the maximum amount limitations set forth in this paragraph, an amount as shall be necessary to pay the debt service on, or fund debt service reserve funds, rebate obligations, or other amounts with respect to bonds issued pursuant to s. 375.051 and payable from moneys transferred to the Land Acquisition Trust Fund pursuant to this paragraph shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund to be used for such purposes. The amount transferred to the Land Acquisition Trust Fund shall not exceed $90 million in fiscal year 1992-1993, $120 million in fiscal year 1993-1994, $150 million in fiscal year 1994-1995, $180 million in fiscal year 1995-1996, $210 million in fiscal year 1996-1997, $240 million in fiscal year 1997-1998, $270 million in fiscal year 1998-1999, and $300 million in fiscal year 1999-2000 and thereafter. No individual series of bonds may be issued pursuant to this paragraph unless the first year's debt service for such bonds is specifically appropriated in the General Appropriations Act. No moneys transferred to the Land Acquisition Trust Fund pursuant to this paragraph, or earnings thereon, shall be used or made available to pay debt service on the Department of Natural Resources Save Our Coast revenue bonds.
(b) The remainder of the moneys distributed pursuant to this subsection, after the required payment under paragraph (a), shall be paid into the State Treasury to the credit of the General Revenue Fund of the state to be used and expended for the purposes for which the General Revenue Fund was created and exists by law.
(2) Seven and fifty-six Eight and forty-nine hundredths percent of the remaining total taxes collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund. Sums deposited in such fund pursuant to this subsection may be used for any purpose for which funds deposited in the Land Acquisition Trust Fund may lawfully be used and may be used to pay the cost of the collection and enforcement of the tax levied by this chapter.
(3) One and ninety-four Two and eighteen hundredths percent of the remaining total taxes collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund. Moneys deposited in the trust fund pursuant to this section shall be used for the following purposes:
(a) Sixty percent of the moneys shall be used to acquire coastal lands or to pay debt service on bonds issued to acquire coastal lands; and
(b) Forty percent of the moneys shall be used to develop and manage lands acquired with moneys from the Land Acquisition Trust Fund.
(4) Five and eighty-four Six and fifty-six hundredths percent of the remaining total taxes collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the Water Management Lands Trust Fund. Sums deposited in that fund may be used for any purpose authorized in s. 373.59 and may be used to pay the cost of the collection and enforcement of the tax levied by this chapter.
(5) Five and eighty-four Six and fifty-six hundredths percent of the remaining total taxes collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the Conservation and Recreation Lands Trust Fund to carry out the purposes set forth in s. 253.023.
(6) Seven and fifty-three hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the State Housing Trust Fund and shall be used as follows:
(a) Half of that amount shall be used for the purposes for which the State Housing Trust Fund was created and exists by law.
(b) Half of that amount shall be paid into the State Treasury to the credit of the Local Government Housing Trust Fund and shall be used for the purposes for which the Local Government Housing Trust Fund was created and exists by law.
201.15 Distribution of taxes collected.—All taxes collected under this chapter shall be subject to the service charge imposed in s. 215.20(1) and shall be distributed as follows:
(1) Sixty-two and sixty-three Seventy-one and twenty-nine hundredths percent of the remaining taxes collected under this chapter shall be used for the following purposes:
(a) Subject to the maximum amount limitations set forth in this paragraph, an amount as shall be necessary to pay the debt service on, or fund debt service reserve funds, rebate obligations, or other amounts with respect to bonds issued pursuant to s. 375.051 and payable from moneys transferred to the Land Acquisition Trust Fund pursuant to this paragraph shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund to be used for such purposes. The amount transferred to the Land Acquisition Trust Fund shall not exceed $90 million in fiscal year 1992-1993, $120 million in fiscal year 1993-1994, $150 million in fiscal year 1994-1995, $180 million in fiscal year 1995-1996, $210 million in fiscal year 1996-1997, $240 million in fiscal year 1997-1998, $270 million in fiscal year 1998-1999, and $300 million in fiscal year 1999-2000 and thereafter. No individual series of bonds may be issued pursuant to this paragraph unless the first year's debt service for such bonds is specifically appropriated in the General Appropriations Act. No moneys transferred to the Land Acquisition Trust Fund pursuant to this paragraph, or earnings thereon, shall be used or made available to pay debt service on the Department of Natural Resources Save Our Coast revenue bonds.
(b) The remainder of the moneys distributed pursuant to this subsection, after the required payment under paragraph (a), shall be paid into the State Treasury to the credit of the General Revenue Fund of the state to be used and expended for the purposes for which the General Revenue Fund was created and exists by law.
(2) Seven and fifty-six hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund. Sums deposited in such fund pursuant to this subsection may be used for any purpose for which funds deposited in the Land Acquisition Trust Fund may lawfully be used and may be used to pay the cost of the collection and enforcement of the tax levied by this chapter.
(3) One and ninety-four hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the Land Acquisition Trust Fund. Moneys deposited in the trust fund pursuant to this section shall be used for the following purposes:
(a) Sixty percent of the moneys shall be used to acquire coastal lands or to pay debt service on bonds issued to acquire coastal lands; and
(b) Forty percent of the moneys shall be used to develop and manage lands acquired with moneys from the Land Acquisition Trust Fund.
(4) Five and eighty-four hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the Water Management Lands Trust Fund. Sums deposited in that fund may be used for any purpose authorized in s. 373.59 and may be used to pay the cost of the collection and enforcement of the tax levied by this chapter.
(5) Five and eighty-four hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the Conservation and Recreation Lands Trust Fund to carry out the purposes set forth in s. 253.023.
(6) Seven and fifty-three hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the State Housing Trust Fund and shall be used as follows:
(a) Half of that amount shall be used for the purposes for which the State Housing Trust Fund was created and exists by law.
(b) Half of that amount shall be paid into the State Treasury to the credit of the Local Government Housing Trust Fund and shall be used for the purposes for which the Local Government Housing Trust Fund was created and exists by law.
(7) Eight and sixty-six hundredths percent of the remaining taxes collected under this chapter shall be paid into the State Treasury to the credit of the State Housing Trust Fund and shall be used as follows:
(a) Twelve and one-half percent of that amount shall be deposited into the State Housing Trust Fund and be expended by the Department of Community Affairs and by the Florida Housing Finance Agency for the purposes for which the State Housing Trust Fund was created and exists by law.
(b) Eighty-seven and one-half percent of that amount shall be distributed to the Local Government Housing Trust Fund and shall be used for the purposes for which the Local Government Housing Trust Fund was created and exists by law.
201.05 Tax on stock certificates.—
(1) On each original issue, whether organization or reorganization, of certificates of stock or shares however designated issued in the state or of certificates of profits or of interest in property or accumulations, by any corporation or by any joint stock company or other association as set forth in subsection (2), on each $100 of face value or fraction thereof the tax shall be 35 32 cents; provided that when a certificate is issued without face value, the tax shall be 35 32 cents on each $100 of actual value or fraction thereof. The stamps representing the tax imposed by this section shall be attached to the stock books and not to the certificates issued. The provisions of this section do not apply to any stock or share issued in this state of an open-end or closed-end management company or a unit investment trust registered under the Investment Company Act of 1940, as amended.
201.07 Tax on bonds, debentures, and certificates of indebtedness.—On all bonds, debentures, or certificates of indebtedness issued in the state by any person, and all instruments and documents, however termed, issued by any corporation with interest coupons or in registered form, on each $100 of the face value or fraction thereof, the tax shall be 35 32 cents; provided, however, that only that part of the value of the bonds, debentures, or certificates of indebtedness issued by any such person, the property of which is located within the state shall bear to the whole value of the property described in said instrument or obligation shall be taxed hereunder.
201.08 Tax on promissory or nonnegotiable notes, written obligations to pay money, or assignments of wages or other compensation; exception.—
(1) On promissory notes, nonnegotiable notes, written obligations to pay money, or assignments of salaries, wages, or other compensation made, executed, delivered, sold, transferred, or assigned in the state, and for each renewal of the same, the tax shall be 35 32 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. On mortgages, trust deeds, security agreements, or other evidences of indebtedness filed or recorded in this state, and for each renewal of the same, the tax shall be 35 32 cents on each $100 or fraction thereof of the indebtedness or obligation evidenced thereby. Mortgages, including, but not limited to, mortgages executed without the state and recorded in the state, which incorporate the certificate of indebtedness, not otherwise shown in separate instruments, are subject to the same tax at the same rate. When there is both a mortgage, trust deed, or security agreement and a note, certificate of indebtedness, or obligation, the tax shall be paid on the mortgage, trust deed, or security agreement at the time of recordation. A notation shall be made on the note, certificate of indebtedness, or obligation that the tax has been paid and the proper stamps affixed to the mortgage, trust deed, or security agreement. If the mortgage, trust deed, security agreement, or other evidence of indebtedness subject to the tax levied by this section secures future advances, as provided in s. 697.04, the tax shall be paid at the time of recordation on the initial debt or obligation secured, excluding future advances; at the time and so often as any future advance is made, the tax shall be paid on all sums then advanced regardless of where such advance is made. Notwithstanding the aforestated general rule, any increase in the amount of original indebtedness caused by interest accruing under an adjustable rate note or mortgage having an initial interest rate adjustment
interval of not less than 6 months shall be taxable as a future advance only to the extent such increase is a computable sum certain when the document is executed. Failure to pay the tax shall not affect the lien for any such future advance given by s. 697.04, but any person who fails or refuses to pay such tax due by him is guilty of a misdemeanor of the first degree. The mortgage, trust deed, or other instrument shall not be enforceable in any court of this state as to any such advance unless and until the tax due thereon upon each advance that may have been made thereunder has been paid.
(2) On promissory notes, nonnegotiable notes, written obligations to pay money, or other compensation, made, executed, delivered, sold, transferred, or assigned in the state, in connection with sales made under retail charge account services, incident to sales which are not conditional in character and which are not secured by mortgage or other pledge of purchaser, the tax shall be 35 32 cents on each $100 or fraction thereof of the gross amount of the indebtedness evidenced by such instruments, payable quarterly on such forms and under such rules and regulations as may be promulgated by the Department of Revenue. No documentary stamps shall be required to be attached to instruments under the provisions of this subsection.
240.5111 Multidisciplinary Center for Affordable Housing.—
(1) The Board of Regents shall establish the Multidisciplinary Center for Affordable Housing within the School of Building Construction of the College of Architecture of the University of Florida with the collaboration of other related disciplines such as agriculture, business administration, engineering, law, and medicine. The center shall work in conjunction with other colleges in the State University System. The Multidisciplinary Center for Affordable Housing shall:
(a) Conduct research relating to the problems and solutions associated with the availability of affordable housing in the state for families who are below the median income level and widely disseminate the results of such research to appropriate public and private audiences in the state. Such research shall emphasize methods to improve the planning, design, and production of affordable housing, including, but not limited to, the financial, maintenance, management, and regulatory aspects of residential development.
(b) Provide public services to local, regional, and state agencies, units of government, and authorities by helping them create regulatory climates that are amenable to the introduction of affordable housing within their jurisdictions.
(c) Conduct special research relating to firesafety.
(d) Provide a focus for the teaching of new technology and skills relating to affordable housing in the state.
(e) Develop a base of informational and financial support from the private sector for the activities of the center.
(f) Develop prototypes for both multifamily and single-family units.
(g) Establish a research agenda and general workplan in cooperation with the Department of Community Affairs which is the state agency responsible for research and planning for affordable housing and for training and technical assistance for providers of affordable housing.
(h)(g) Submit a report to the Governor, the President of the Senate, and the Speaker of the House of Representatives by January 1, 1990, and by January 1 of each year thereafter. The annual report shall include information relating to the activities of the center, including collaborative efforts with public and private sector entities, affordable housing models, and any other findings and recommendations related to the production of safe, decent, and affordable housing.
(2) The Director of the Multidisciplinary Center for Affordable Housing shall be appointed by the Dean of the College of Architecture of the University of Florida.
420.0001 Short title.—This part may be cited as the “State Housing Strategy Incentive Partnership (SHIP) Act of 1988.”
420.0002 Legislative findings.—It is hereby found and declared by The Legislature finds that:
(1) With cutbacks in federal assistance for housing programs, the projected population growth of the state, and the impact of the 1986 Tax Reform Act, Florida is experiencing a critical affordable housing shortage.
(2) This shortage necessitates an expansion of the state's role in the provision of housing by creating incentives for partnerships with federal, state, and local governments and the public and private sectors to stimulate the production of affordable housing.
(2)(3) The failure of the state to establish a housing policy and commit sufficient resources to address the severe housing problems has resulted in many Florida residents of this state continuing to live living in substandard or unaffordable housing or without shelter.
(3)(4) Only seven states report a greater per capita need for low-income rental housing units than this state Florida.
(4)(5) First-time homebuyers are growing in numbers, but, due to present trends, are finding it increasingly difficult to purchase a home because of the lack of up-front capital to pay higher down payments, insurance premiums, and other closing costs.
(5)(6) Approximately 12 percent of the Florida's elderly population of this state live in poverty and in deplorable housing conditions.
(6)(7) There exists a need for the construction, rehabilitation, and maintenance of multifamily elderly housing to meet existing and future housing needs.
(7)(8) Escalating land and predevelopment costs and project financing contribute to the overall cost of housing and tend to restrict the development of housing affordable to very low-income persons, low-income persons, and moderate-income persons.
(8)(9) Existing state housing programs do not provide an adequate remedy to meet current or future housing needs.
(9)(10) As a matter of public policy, special programs are needed to stimulate public and private enterprises to build and rehabilitate housing in order to provide decent, safe, and sanitary conditions for very low-income persons, low-income persons, and moderate-income persons.
(10) The state should provide incentives for the formation of public-private partnerships as the means of achieving the greatest reduction in housing costs. The state should support partnership initiatives through regulatory relief, a streamlined application process for state-level programs, training, technical assistance, and flexible funding to enable local governments to meet local needs and to match federal funds.
420.0005 State Housing Trust Fund.—There is hereby established in the State Treasury a separate trust fund to be named the “State Housing Trust Fund.” There shall be deposited in the fund all moneys appropriated by the Legislature, or moneys received from any other source, for the purpose of this chapter, and all proceeds derived from the use of such moneys. Portions of the said fund shall be administered by the Department of Community Affairs and the Florida Housing Finance Agency, as specified in this chapter. Administrative and personnel costs incurred in implementing the provisions of this chapter part may be paid from the fund but such costs may not exceed 5 percent of the moneys deposited into the fund. To this fund shall be credited all loan repayments, penalties, and other fees and charges accruing to the fund under this chapter. It is the intent of this chapter that all loan repayments, penalties, and other fees and charges collected be credited in full to the program account from which the loan originated. Moneys in the trust fund which are not currently needed for the purposes of this chapter shall be deposited with the Treasurer to the credit of the trust fund and may be invested in such manner as is provided for by statute. The interest received on any such investment shall be credited to the fund.
420.306 Definitions.—For the purpose of this part, the term:
(1) “Agency” means the Florida Housing Finance Agency.
(2)(1) “Application” means a written request for a predevelopment loan or grant to sponsor housing for the target population.
(3)(2) “Aquaculture” means the cultivation and attendant handling, planting, harvesting, packing, processing, storing, or delivering of food products cultivated in fresh or salt water.
(4)(3) “Community-based organization” or “not-for-profit organization” means any group incorporated under chapter 617 to provide housing and other services on a not-for-profit basis, and which is acceptable to federal and state agencies and financial institutions as a sponsor of affordable low-income housing.
(5)(4) “Department” means the Department of Community Affairs.
(6)(5) “Eligible housing project” means a housing project proposed by an eligible sponsor which will ensure that a minimum of 20 percent of the completed housing units are rented or sold to very low-income persons or that a minimum of 50 percent of the completed housing units are rented or sold to low-income households or farmworker households.
(7)(6) “Farmworker” means any laborer who is employed on a seasonal, temporary, or permanent basis in the planting, cultivating, harvesting, or processing of agricultural or aquacultural products and who derives at least 50 percent of his income in the immediately preceding 12 months from such employment. “Farmworker” also includes a person who has retired as a laborer due to age, disability, or illness. In order to be considered retired as a farmworker due to age under this part, a person must be 50 years of age or older and must have been employed for a minimum of 5 years as a farmworker prior to retirement. In order to be considered retired as a farmworker due to disability or illness, it must be:
(a) Medically Established medically that a person is unable to be employed as a farmworker due to that such disability or illness; and
(b) Established that he had previously met the definition of a farmworker.
(8)(7) “Fund” means the Housing Predevelopment Trust Fund.
(9)(8) “Local government” means any county, municipality, or other political subdivision.
(10)(9) “Low-income persons” means one or more natural persons or a family, not including students, whose total annual household income does not exceed 80 percent of the median annual adjusted gross income for households within the state, or 80 percent of the median annual adjusted gross income for households within the metropolitan statistical area (MSA) or, if not within an MSA, within the county in which the person or family resides, whichever is greater.
(11)(10) “Real property” means land, buildings, fixtures, and all other improvements to the land.
(12)(11) “Secretary” means the secretary of the Department of Community Affairs.
(13)(12) “Sponsor” means a unit of local government, a housing authority as established pursuant to chapter 421, or a not-for-profit organization, or a limited partnership if its general partner is a not-for-profit organization which makes application and is awarded predevelopment expenses from the fund.
(14)(13) “Student” means any person not living with that person's his or her parent or guardian who is eligible to be claimed by that person's his or her parent or guardian as a dependent under the Federal Income Tax Code and who is enrolled on at least a half-time basis in a secondary school, vocational-technical center, community college, college or university. The term does not include a person participating in an educational or training program approved by the agency.
(15)(14) “Target population” means farmworkers, very low-income persons and families, and low-income persons and families.
(16)(15) “Very low-income persons” means one or more natural persons or a family, not including students, whose total annual household income does not exceed 50 percent of the median annual adjusted gross income for households within the state, or 50 percent of the median annual adjusted gross income for households within the metropolitan statistical area (MSA) or, if not within an MSA, within the county in which the person or family resides, whichever is greater. “Very low-income persons” also means, in projects for which the sponsor intends to use the federal low-income housing tax credit, persons or households having incomes that meet the eligibility requirements of s. 42 of the Internal Revenue Code of 1986, as amended.
420.307 Housing Predevelopment Trust Fund.—
(1) There is established in the State Treasury a separate trust fund to be named the “Housing Predevelopment Trust Fund” which shall be administered by the agency Department of Community Affairs according to the provisions of this part. There shall be deposited into the fund all moneys appropriated by the Legislature, or moneys received from any other source, for the purpose of this part and all proceeds derived from the use of such moneys. Administrative and personnel costs incurred in implementing the provisions of this part may be paid from the fund. If a loan commitment for program funds is entered into during the state fiscal year for which the program funds were appropriated, the funds shall continue to be made available for use during the entire predevelopment period, even if it extends beyond the fiscal year in which the loan commitment was entered. The budget amendment process created in s. 216.181 shall be used to make funds available throughout the predevelopment period.
420.308 Loans and grants authorized; activities eligible for support.—
(1) The agency department is authorized to underwrite and make loans and grants from the fund to eligible sponsors when it determines that:
(a) A need for housing for the target population exists in the area described in the application; and
(b) Federal, state, or local public funds or private funds are available or likely to be available to aid in the site acquisition, site development, construction, rehabilitation, maintenance, or support of the housing proposed in the application.
(2) The agency department shall not award a grant or loan to a sponsor that is unable to demonstrate the ability to proceed as verified by a qualified development team whose staff and board members have not participated in the training and technical assistance program pursuant to s. 420.606. If such training is unnecessary due to the sponsor's prior experience in the development of housing, documentation shall be made available to the department verifying such experience.
(3) The agency department shall establish rules for the equitable distribution of the funds in a manner that meets the need and demand for housing for the target population. However, during the first 6 months of fund availability, at least 40 percent of the total funds made available under this program shall must be reserved for sponsors of farmworker housing.
(4) The activities of sponsors which are eligible for housing predevelopment loans shall include, but not be limited to:
(a) Site acquisition.
(b) Site development.
(c) Fees for requisite services from architects, engineers, surveyors, attorneys, and other professionals.
(d) Marketing expenses relating to advertisement.
(5) The activities of sponsors which are eligible for housing predevelopment grants shall include, but not be limited to:
(a) Administrative expenses.
(b) Market and feasibility studies.
(c) Consulting fees.
(d) Initial operating expenses.
(e) Development activities.
(6) Any funds paid out of the Housing Predevelopment Trust Fund for activities under this part which are reimbursed to the sponsor from another source shall be repaid to the fund.
(7) Sponsors receiving loans for professional fees may receive forgiveness of such loans if it is determined that the proposed project would not be feasible for housing for the target population.
(8) Terms and conditions of housing predevelopment loan agreements shall be established by rule and shall include:
(a) Provision for interest, which shall be set at 3 percent per year.
(b) Provision of for a schedule for the repayment of principal and interest for with a term not to exceed 3 years or initiation of permanent financing, whichever event occurs first. However, the agency may secretary is authorized to extend the term of a loan for an additional period not to exceed 1 year if when extraordinary circumstances exist and if when such extension would not jeopardize the agency's department's security interest.
(c) Provision of for reasonable security for the housing predevelopment loan to ensure the repayment of the principal and any interest accrued within the term specified. Reasonable security shall be a promissory note secured by:
1. a first or second mortgage from the sponsor on the property to be purchased, improved, or purchased and improved with from the proceeds of the housing predevelopment loan or other collateral acceptable to the agency.; or
2. The department is authorized to ensure that the value of the land will adequately secure the loan by contracting for appraisal services with one or more appraisers in the state who possess M.A.I., S.R.A., S.R.P.A., or S.R.E.A. designation.
(d) Provisions to ensure that the land acquired will be used utilized for the development of housing and related services for the target population.
(e) Provisions to ensure, to the extent possible, that any accrued savings in cost due to the availability of these funds will be passed on to the target population in the form of lower land prices. The agency department shall ensure that such savings in land prices shall be passed on in the form of lower prices or rents for dwellings constructed on such land.
(f) Provisions to ensure that any land acquired through assistance under this part for housing for the target population shall not be disposed of or alienated in a manner that violates Title VII of the 1968 Civil Rights Act, which specifically prohibits discrimination based on race, sex, color, religion, or national origin or that violates other applicable federal or state laws.
(9) No predevelopment loan made under this section shall exceed the lesser of:
(a) The development and acquisition costs for the project, as determined by rule of the agency department; or
(b) Five hundred thousand dollars.
(10) Any real property or any portion thereof purchased or developed under this part may be disposed of by the eligible sponsor upon the terms and conditions established by rule of the agency department and consistent with this part, at a price not to exceed the actual prorated land costs, development costs, accrued taxes, and interest.
420.309 Application procedure.—
(1) Applications shall be submitted to the agency department in a form which it establishes by rule. To be considered, an application must meet the requirements of this part and:
(a) Indicate that the sponsor meets all requirements of the proposed financial institutions providing construction and permanent financing.
(b) Be accompanied by a resolution of the governing board of the sponsor authorizing the application.
(c) Contain such other information or material required by the rules of the department.
(2) Applications which propose linkage of predevelopment funds with other financing offered through the agency shall the State Apartment Incentive Loan Program administered by the Florida Housing Finance Agency will receive preference in funding.
(3) The agency shall publish a notice of fund availability in a publication of general circulation throughout the state. Such notice shall be published at least 60 days before the application deadline.
(4) By rule, the agency shall establish a review committee composed of representatives of the department and of the agency and a scoring system for evaluating and ranking applications. The agency board shall make the final ranking and shall decide which applicants become program participants based on the scores received in the ranking, further review of applications, and the recommendations of the review committee. The agency board shall approve or reject applications for loans and grants and shall determine the tentative loan or grant amount available to each program participant. The actual loan or grant amount shall be determined pursuant to rule specifying credit underwriting procedures.
(5) The criteria to be used to score applications shall include, but are not limited to, the following:
(a) Income target objectives of the agency.
(b) Sponsor's agreement to reserve more than the minimum number of units for low-income households and very low-income households.
(c) Projects requiring the least amount of predevelopment funds compared to total predevelopment costs.
(d) Sponsor's prior experience.
(e) Commitments of other financing.
(f) Sponsor's ability to proceed.
(g) Project's consistency with the local government comprehensive plan.
420.31 Rules; annual reports.—
(1) The agency may department is authorized to adopt rules necessary to implement this part and to further specify the purposes for which loan and grant funds may be expended, the required content of applications, the procedure for evaluating and competitively ranking all applications, and reporting requirements for sponsors awarded funds under this part.
(2) The agency shall submit, within the annual report required by s. 420.511, a summary of The secretary shall submit to the Governor, the President of the Senate, and the Speaker of the House of Representatives by June 30, beginning in 1989, an annual report summarizing loans and grants made, loan and grant recipients, loan commitments received by sponsors, persons or families housed, projects initiated and completed, and the balance on all loans outstanding at the end of each fiscal year.
420.32 Default by sponsor; power of the secretary.—
(1) If a In the event of default on a loan occurs, the agency may secretary, on behalf of the state, is empowered to foreclose on any mortgage or security interest or commence any legal action necessary to protect the interest of the agency or the fund state and recover the amount of the unpaid principal, accrued interest, and fees on behalf of the fund.
(2) The agency may also secretary is empowered to acquire real and personal property or any interest in the property if therein when such acquisition is necessary or appropriate to protect any loan; to sell, transfer, and convey any such property to a buyer without regard to the provisions of chapters 253 and 270; and, if in the event that such sale, transfer, or conveyance cannot be effected within a reasonable time with reasonable promptness or at a reasonable price, to lease such property for occupancy by eligible persons members of the target population. All sums recovered from the sale, transfer, conveyance, or lease of such property shall be deposited into the Housing Predevelopment Trust Fund.
(3) If the secretary and sponsor jointly determine that, because of a change in the characteristics of the parcel acquired or because of a change in federal, state, or local programs, it is not possible for the land to be developed for housing for the target population, the land shall be sold in accordance with the conveyance procedures for state lands as provided in chapters 253 and 270, with all net proceeds to be deposited in the fund.
420.36 Low-income Emergency Home Repair Program.—There is established within the Department of Community Affairs the Low-income Emergency Home Repair Program to assist low-income persons, especially the elderly and physically disabled, in making emergency repairs which directly affect their health and safety.
(1) As used in this section, the term:
(a) “Grantee” means a local public or private nonprofit agency currently receiving funds from the department to conduct a weatherization assistance program in one or more counties or a public or nonprofit agency chosen as outlined in subparagraph (4)(c)4.
(b) “Subgrantee” means a local public or private nonprofit agency experienced in weatherization, emergency repairs, or rehabilitation of housing.
(2) A person is eligible to receive assistance if that person has an income in relation to that person's family size which is at or below 125 percent of the poverty level as specified annually in the federal Office of Management and Budget Poverty Guidelines. Eligible persons over 60 years of age and eligible persons who are physically disabled shall be given priority in the program.
(3)(a) Allowable repairs, including materials and labor, which may be charged under the program include:
1. Correcting deficiencies in support beams, load-bearing walls, and floor joists.
2. Repair or replacement of unsafe or nonfunctional space heating or water heating systems.
3. Egress or physically disabled accessibility repairs, improvements, or assistive devices, including wheelchair ramps, steps, porches, handrails, or other health and safety measures.
4. Plumbing, pump, well, and line repairs to ensure safe drinking water and sanitary sewage.
5. Electrical repairs.
6. Repairs to deteriorating walls, floors, and roofs.
7. Other interior and exterior repairs as necessary for the health and safety of the resident.
(b) Administrative expenses may not exceed 10 percent of the total grant funds.
(c) Each grantee shall be required to provide an in-kind or cash match of at least 20 percent of the funds granted. Grantees and subgrantees shall be encouraged to use community resources to provide such match, including family, church, and neighborhood volunteers and materials provided by local groups and businesses. Grantees shall coordinate with local governments through their community development block grant entitlement programs and other housing programs, local housing partnerships, and agencies under contract to a lead agency for the provisions of services under the Community Care for the Elderly Act, ss. 410.021-410.029.
(4)(a) Funds appropriated to the department for the program shall be deposited in the Economic Opportunity Trust Fund. Administrative and personnel costs incurred by the department in implementing the provisions of this section may be paid from the fund.
(b) The grantee may subgrant these funds to a subgrantee if the grantee is unable to serve all of the county or the target population. Grantee and subgrantee eligibility shall be determined by the department.
(c) Funds shall be distributed to grantees and subgrantees as follows:
1. For each county, a base amount of at least $3,000 shall be set aside from the total funds available, and such amount shall be deducted from the total amount appropriated by the Legislature.
2. The balance of the funds appropriated by the Legislature shall be divided by the total poverty population of the state, and this quotient shall be multiplied by each county's share of the poverty population. That amount plus the base of at least $3,000 shall constitute each county's share. A grantee which serves more than one county shall receive the base amount plus the poverty population share for each county to be served. Contracts with grantees may be renewed annually.
3. The funds allocated to each county shall be offered first to an existing weatherization assistance program grantee in good standing, as determined by the department, that can provide services to the target population of low-income persons, low-income elderly persons, and low-income physically disabled persons throughout the county.
4. If a weatherization assistance program grantee is not available to serve the entire county area, the funds shall be distributed through the following process:
a. An announcement of funding availability shall be provided to the county. The county may elect to administer the program.
b. If the county elects not to administer the program, the department shall establish rules to address the selection of one or more public or private not-for-profit agencies that are experienced in weatherization, rehabilitation, or emergency repair to administer the program.
5. If no eligible agency agrees to serve a county, the funds for that county shall be distributed to grantees having the best performance record as determined by department rule. At the end of the contract year, any uncontracted or unexpended funds shall be returned to the Economic Opportunity Trust Fund and reallocated under the next year's contracting cycle.
(5) The department may perform all actions appropriate and necessary to carry out the purposes of this section, including, but not limited to:
(a) Entering into contracts and agreements with the Federal Government, agencies of the state, local governments, or any person, association, corporation, or entity.
(b) Seeking and accepting funding from any public or private source.
(c) Adopting and enforcing rules consistent with this section.
420.37 Additional powers of the agency.—The agency shall have all powers necessary or convenient to carry out and effectuate the purposes of this part, including the power to provide for the collection and payment of fees and charges, regardless of method of payment, including, but not limited to, reimbursement of costs of financing by the agency, credit underwriting fees, servicing charges, and insurance premiums determined by the agency to be reasonable and as approved by the agency. The fees and charges may be paid directly by the borrower to the insurer, lender, or servicing agent or may be deducted from the payments collected by such insurer, lender, or servicing agent.
420.503 Definitions.—As used in this part, the term following words and terms have the following meanings unless the context indicates another or different meaning or intent:
(1) “Affordable housing debt” means debt issued by or loans made to the agency, counties, municipalities, or other public agencies of this state or not-for-profit corporations or for-profit corporations for the purpose of providing affordable housing to residents of the state.
(2)(1) “Agency” means the Florida Housing Finance Agency created pursuant to this part.
(3)(20) “Authorized investments” means and includes any of the following securities:
(a) Direct obligations of, or obligations guaranteed by, the United States of America.
(b) Bonds, debentures, notes, or other evidences of indebtedness issued by any of the following: Bank for Cooperatives; federal intermediate credit banks; federal home loan banks; Export-Import Bank of the United States; federal land banks; Federal National Mortgage Association; Government National Mortgage Association; Federal Financing Bank; Small Business Administration; or any other agency or instrumentality of the United States of America, created by an Act of Congress, substantially similar to the foregoing in its legal relationship to the United States of America.
(c) Public housing bonds issued by public housing agencies and fully secured as to the payment of both principal and interest by a pledge of annual contributions under an annual contributions contract or contracts with the United States of America, and temporary notes, preliminary loan notes, or project notes issued by public housing agencies, in each case fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America.
(d) Interest-bearing time or demand deposits, certificates of deposit, or other similar banking arrangements with any bank, trust company, national banking association, or other depository institution, including any trustee or other fiduciary with respect to the bonds of the agency, provided:
1. The deposits, certificates, and other arrangements are insured to the satisfaction of the agency by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation;
2. The depository institution has combined capital and surplus of at least $10 million and the deposits, certificates, and other arrangements are fully secured by obligations described in paragraphs (a) through (c), inclusive, or a combination thereof; or
3. The depository institution has combined capital and surplus of at least $25 million.
(e) Contracts for the purchase and sale of obligations described in paragraphs (a) and (b), provided that if the parties with which the contracts are made are not members of the Federal Reserve System or if the parties, including members of the Federal Reserve System, are not required to set aside and otherwise identify, to the satisfaction of the agency, obligations described in paragraph (a) or paragraph (b) to such contracts as security or reserve therefor in an amount at least equal to the face value of each contract, the obligations shall be delivered to and held by a trustee or other fiduciary with respect to the bonds of the agency during the term of the contracts.
(4)(3) “Bond” “Bonds” means any bond bonds, debenture debentures, note notes, or other evidence evidences of financial indebtedness issued on behalf of the agency under and pursuant to this act.
(5) “Commercial fishing worker” means a laborer who is employed on a seasonal, temporary, or permanent basis in fishing in saltwater or freshwater and who derives at least 50 percent of his income in the immediately preceding 12 months from such employment. The term includes a person who has retired as a laborer due to age, disability, or illness. In order to be considered retired due to age, a person must be 50 years of age or older and must have been employed for a minimum of 5 years as a commercial fishing worker. In order to be considered retired due to disability or illness, a person must:
(a) Establish medically that he is unable to be employed as a commercial fishing worker due to that disability or illness; and
(b) Establish that he was previously employed as a commercial fishing worker.
(6) “Community-based organization” means a private corporation organized under chapter 617 to assist in the provision of housing-related services on a not-for-profit basis within a designated area, which may include a municipality, a county, or more than one municipality or county.
(7) “Community housing development organization” means a nonprofit organization that has among its purposes the provision of affordable housing for low-income families and moderate-income families, maintains accountability to low-income community residents, has demonstrated the capacity to carry out affordable housing activities, and has a history of serving the local community.
(8)(23) “Department” means the Department of Community Affairs.
(9)(4) “Development costs” means the sum total of all costs incurred in the development of a project which are approved by the agency as reasonable and necessary. Such costs may include, but are not limited to:
(a) The cost of acquiring real property and any buildings thereon, including payments for options, deposits, or contracts to purchase properties.
(b) The cost of site preparation, demolition, and development.
(c) Any expenses relating to the issuance of the bonds of the agency.
(d) Fees in connection with the planning, execution, and financing of the project, such as those of architects, engineers, attorneys, accountants, and the agency.
(e) The cost of studies, surveys, plans, permits, insurance, interest, financing, tax and assessment costs, and other operating and carrying costs during construction, rehabilitation, or reconstruction of the project.
(f) The cost of the construction, rehabilitation, and equipping of the project.
(g) The cost of land improvements, such as landscaping and offsite improvements, whether such costs are paid in cash, property, or services.
(h) Expenses in connection with initial occupancy of the project.
(i) A reasonable profit-and-risk fee in addition to job overhead to the general contractor and, if applicable, the sponsor.
(j) Allowances established by the agency for working capital, contingency reserves, and reserves for any anticipated operating deficits during the first 2 years after completion of the project.
(k) The cost of such other items, including relocation costs, indemnity and surety bonds, premiums on insurance, and fees and expenses of trustees, depositories, and paying agents for the agency's bonds, as the agency shall determine to be reasonable and necessary for the development of the project.
(10)(18) “Division” means the Division of Bond Finance of the State Board of Administration created by and referred to in the State Bond Act.
(11)(22) “Elderly” means describes persons 62 years of age or older.
(12) “Eligible housing provider” means a for-profit developer or not-for-profit developer or a community housing development organization having demonstrated the capacity to construct or rehabilitate affordable housing.
(13)(5) “Eligible persons” means one or more natural persons or a family, irrespective of race, creed, national origin, or sex, determined by the agency pursuant to a rule to be of low, moderate, or middle income. Such determination shall not preclude any person or family earning up to 150 percent of the state or county median family income from participating in programs. Persons 62 years of age or older shall be defined as eligible persons regardless of income. In determining the income standards of eligible persons for its various programs, the agency may take into account the following factors:
(a) Requirements mandated by federal law.
(b) Variations in circumstances in the different areas of the state.
(c) Whether the determination is for rental housing or homeownership purposes.
(d) The need for family size adjustments to accomplish the purposes set forth in this act.
(14)(6) “Energy audit” means an evaluation of energy-saving measures in which the estimates of costs and savings are based on an onsite inspection of the residence of an eligible customer by an auditor qualified pursuant to s. 366.82.
(15)(7) “Energy conservation loan” means a loan made pursuant to s. 366.82(3).
(16) “Farmworker” means a laborer who is employed on a seasonal, temporary, or permanent basis in the planting, cultivating, harvesting, or processing of agricultural or aquacultural products and who derived at least 50 percent of his income in the immediately preceding 12 months from such employment. “Farmworker” also includes a person who has retired as a laborer due to age, disability, or illness. In order to be considered retired as a farmworker due to age under this part, a person must be 50 years of age or older and must have been employed for a minimum of 5 years as a farmworker before retirement. In order to be considered retired as a farmworker due to disability or illness, a person must:
(a) Establish medically that he is unable to be employed as a farmworker due to that disability or illness.
(b) Establish that he was previously employed as a farmworker.
(17) “Housing for the elderly” means, for purposes of s. 420.5087(3)(c)2., any nonprofit housing community that is financed by a mortgage loan made or insured by the United States Department of Housing and Urban Development under s. 202, s. 202 with a s. 8 subsidy, s. 221(d)(3) or (4), or s. 236 of the National Housing Act, as amended, and that is subject to income limitations established by the United States Department of Housing and Urban Development, or any program funded by the Farmers Home Administration and subject to income limitations established by the United States Department of Agriculture.
(18)(8) “Lending institution” means any bank or trust company, mortgage banker, savings bank, credit union, national banking association, savings and loan association, building and loan association, insurance company, the Florida Housing Development Corporation, or other financial institution or governmental agency authorized to transact business in this state and which customarily provides service or otherwise aids in the financing of mortgages on real property located in the state.
(19) “Loan,” for purposes of the State Apartment Incentive Loan Program and HOME Partnership Program, means any direct loan or loan guaranty issued or backed by such funds.
(20)(11) “Local government” means a unit of local general purpose government as defined in s. 218.31(2).
(21) “Local partnership” means a formally constituted group, including representatives of local government, lenders, developers, nonprofit organizations, realtors, social service providers, and other entities in the community which are involved with the development of affordable housing.
(22)(9) “Mortgage” means:
(a) A mortgage, mortgage deed, deed of trust, or other instrument:
1. Creating a first lien, subject only to such title exceptions as may be acceptable to the agency, on a fee interest in real property located within the state or on a leasehold on such a fee interest which has a remaining term at the time of computation that exceeds the maturity date of the mortgage loan by a number of years determined by the agency to be sufficient to protect its interests; and
2. Secured, insured, or guaranteed in such manner as the agency determines will protect its interests and those of the bondholders, provided the bonds issued to fund or finance such instrument are rated by a nationally recognized rating service in any one of the three highest classifications, which rating services and classifications are determined pursuant to rules adopted by the State Board of Administration under s. 215.84(3), unless the bonds are privately placed through a negotiated sale as authorized in s. 420.509(7)(a); or
(b) A pledge of stock in a cooperative association and a security interest in the related lease.
(23)(10) “Mortgage loan” means a financial obligation secured by a mortgage.
(24) “Nonparticipating local jurisdiction” means a locality which is not a participating local jurisdiction.
(25) “Participating local jurisdiction” means a locality which has accrued at least $750,000 in HOME funds through the federal formula allocation process or which has supplemented its formula allocation by processes approved by the Federal Government to equal $750,000.
(26)(19) “Pledged revenues” means revenues to be derived from the financing of residential housing, mortgages, or loan payments and any other revenues or assets that may be legally available to pay the principal of, redemption premium, if any, and interest on the bonds derived from sources other than ad valorem taxation, including revenues from other sources or any combination thereof; however, in no event shall the full faith and credit of the state be pledged to secure such revenue bonds.
(27)(12) “Project” means any work or improvement located or to be located in the state, including real property, buildings, and any other real and personal property, designed and intended for the primary purpose of providing decent, safe, and sanitary residential housing for four or more families, whether new construction, the acquisition of existing residential housing, or the remodeling, improvement, rehabilitation, or reconstruction of existing housing, together with such related nonhousing facilities as the agency determines to be necessary, convenient, or desirable.
(28)(14) “Real property” means all lands, including improvements and fixtures thereon and property of any nature appurtenant thereto or used in connection therewith, and every estate, interest, and right, legal or equitable, therein, including terms of years and liens by way of judgment, mortgage, or otherwise and the indebtedness secured by such liens.
(29)(15) “Residential housing” means one or more new or existing residential dwelling units located or to be located in the state, including any buildings, land, improvements, equipment, facilities, or other real or personal properties which are necessary in connection therewith, including, but not limited to, related facilities for streets, sewers, and utilities.
(30)(13) “Sponsor” means any individual, association, corporation, joint venture, partnership, trust, local government, or other legal entity or any combination thereof which:
(a) Has been approved by the agency as qualified to own, construct, acquire, rehabilitate, reconstruct, operate, lease, manage, or maintain a project; and
(b) Except for a local government, has agreed to subject itself to the regulatory powers of the agency.
(31)(2) “State” means the State of Florida.
(32)(17) “State Board of Administration” means the State Board of Administration created by and referred to in s. 9, Art. XII of the State Constitution.
(33)(16) “State Bond Act” means ss. 215.57-215.83, as the same may be amended from time to time.
(34) “State Housing Trust Fund” means the trust fund established pursuant to s. 420.0005.
(35)(21) “Substantial rehabilitation” means repair or restoration of a dwelling unit where the value of such repair or restoration exceeds 40 percent of the value of the dwelling.
420.507 Powers of the agency.—The agency shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this part, including the following powers which are in addition to all other powers granted by other provisions of this part:
(2) To undertake and carry out studies and analyses of housing needs within the state and ways of meeting those needs upon request of the Governor pursuant to part I of this chapter.
(22) To develop and administer the State Apartment Incentive Loan Program jointly with the department. In developing and administering that said program, the agency may shall have the authority to:
(a) Make first, second, and other subordinated mortgage loans including variable or fixed rate loans subject to contingent interest. The agency shall make first mortgage loans available only to nonprofit organizations and public bodies which are able to secure grants, donations of land, or contributions from other sources. Mortgage loans shall be made available at the following rates of interest:
1. Zero to 3 percent interest for sponsors of projects that maintain an 80 percent occupancy of residents qualifying as farmworkers as defined in s. 420.306(6) over the life of the loan.
2. Three to 9 percent interest for sponsors of projects targeted at populations other than farmworkers.
(b) Geographically and demographically target the utilization of loans.
(c) Underwrite credit, and reject projects which do not meet the established standards of the agency.
(d) Negotiate with governing bodies within the state after a loan has been awarded to obtain local government contributions.
(e) Inspect any records of a sponsor at any time during the life of the loan or the agreed period for maintaining the provisions of s. 420.5087.
(f) In consultation with the department, Establish, by rule, the procedure for evaluating, scoring, and competitively ranking all applications based on the criteria set forth in s. 420.5087(6)(c); determining actual loan amounts;, making and servicing loans;, and exercising the powers authorized in this subsection herein.
(g) Establish a loan loss insurance reserve to be used to protect the outstanding program investment in case of a default, deed in lieu of foreclosure, or foreclosure of a program loan.
(23) To develop and administer the Florida Homeownership Assistance Program. In developing and administering the program, the agency may shall have the authority to:
(a)1. Make subordinated loans to eligible borrowers for down payments or closing costs related to the purchase of the borrower's primary residence through the agency's single-family mortgage revenue bond programs.
2. Make permanent loans to eligible borrowers related to the purchase of the borrower's primary residence.
3. Make subordinated loans to nonprofit sponsors or developers of housing for construction financing of housing to be offered for sale to eligible borrowers as a primary residence at an affordable price.
(b) Establish a loan loss insurance reserve to supplement existing sources of mortgage insurance with appropriated funds.
(c) Geographically and demographically target the utilization of loans.
(d) Defer repayment of loans for the term of the first mortgage.
(e) Establish flexible terms for loans with an interest rate not to exceed 3 percent per annum and which are nonamortizing for the term of the first mortgage.
(f) Require repayment of loans upon sale, transfer, refinancing, or rental of secured property.
(g) Accelerate a loan for monetary default, for failure to provide the benefits of the loans to eligible borrowers, or for violation of any other restriction placed upon the loan.
(h)(g) Adopt Promulgate rules for the program and exercise the powers authorized in this subsection herein.
(25) To develop and administer the Florida Affordable Housing Guarantee Program. In developing and administering the program, the agency may:
(a) Develop criteria for determining the priority for expending the moneys in the State Housing Trust Fund.
(b) Select affordable housing debt to be guaranteed or additionally secured by amounts on deposit in the Affordable Housing Trust Fund.
(c) Adopt rules for the program and exercise the powers authorized in this subsection.
420.5087 State Apartment Incentive Loan Program.—There is hereby created the State Apartment Incentive Loan Program for the purpose of providing first, second, or other subordinated mortgage loans or loan guarantees to sponsors, including for-profit, nonprofit, and public entities, to provide housing affordable to very low-income persons.
(1) It is the legislative intent that Program funds shall be distributed as follows over successive a 3-year periods in a manner that meets the need and demand for very low-income housing throughout the state. That need and demand must be determined by using the most recent statewide low-income rental housing market studies available at the beginning of each 3-year period. However, at least 10-percent of the program funds distributed during a 3-year period must be allocated to each of the following categories of counties, as determined by using period utilizing the population statistics as published in the most recent edition of the Florida Statistical Abstract:
(a) Fifty percent of the program funds shall be distributed to Counties that have where the largest city has a population of more than 500,000 150,000 people;
(b) Thirty-five percent of the program funds shall be distributed to Counties that have where the largest city has a population between 100,000 25,000 and 500,000 150,000 people; and
(c) Fifteen percent of the program funds shall be distributed to Counties that have where the largest city has a population of 100,000 or less than 25,000 people.
Any increase in funding required to reach the 10-percent minimum shall be taken from the county category that has the largest allocation.
(2) The agency shall have the power to underwrite and make state apartment incentive loans or loan guarantees to sponsors, provided:
(a) The sponsor uses tax-exempt financing for the first mortgage and at least 20 percent of the units in the project are set aside for persons or families who have incomes which meet the income eligibility requirements of s. 8 of the United States Housing Act of 1937, as amended;
(b) The sponsor uses taxable financing for the first mortgage and at least 20 percent of the units in the project are set aside for persons or families who have incomes below 50 percent of the state or local median income, whichever is higher, which shall be adjusted by the agency for family size; or
(c) The sponsor uses the federal low-income housing tax credit and the project meets the tenant income eligibility requirements of section 42 of the Internal Revenue Code of 1986, as amended.
This subsection does not prohibit a tenant from qualifying under the income eligibility criteria of paragraph (a), paragraph (b), or paragraph (c) due to the tenant's participation in a job training program approved by the agency. Compliance with the provisions of this subsection must be contractually provided for the term of the loan or 12 years, whichever is longer; however, the provisions of this subsection does shall not apply to loans made to housing communities for the elderly to provide for life-safety, building preservation, health, sanitation, or security-related repairs or improvements. Such loans shall be subject to tenant income criteria established by agency rule.
(3) During the first 6 months of loan or loan guarantee availability, program funds shall be reserved for use by sponsors who provide the housing set-aside required in subsection (2) for tenants in the three tenant groups designated in this subsection. The reservation of funds to each of these groups shall be determined using the most recent statewide very low-income rental housing market study available at the time of publication of each notice of fund availability required by paragraph (6)(b). The reservation of funds within each notice of fund availability to the three tenant groups designated in this subsection may not be less than 10 percent of the funds available at that time. Any increase in funding required to reach the 10-percent minimum shall be taken from the tenant group that has the largest reservation. The three tenant groups are:
(a) Commercial fishing workers and Ten percent of the program funds shall be reserved for use by sponsors who provide the housing set-aside required in subsection (2) for farmworkers;
(b) Forty-five percent of the program funds shall be reserved for use by sponsors who provide the housing set-aside required in subsection (2) for Families; and
(c)1. Forty-five percent of the program funds shall be reserved for use by sponsors who provide the housing set-aside required in subsection (2) for Elderly persons.
2. Ten percent of the amount reserved pursuant to subparagraph 1. shall be reserved to provide loans to sponsors of housing for the elderly, as defined in s. 420.503 s. 420.904, for the purpose of making life-safety, building preservation, health, sanitation, or security-related repairs or improvements to such housing which are required by federal, state, or local regulation. A loan for a life-safety, building preservation, health, sanitation, or security-related repair or improvement may not exceed $100,000 per housing community for the elderly. In order to receive the loan, the sponsor of the housing community for the elderly must make a commitment to match at least 25 percent of the loan amount to pay the cost of such repair or improvement. The agency shall establish the rate of interest on the loan, which may not exceed 3 percent, and the term of the loan, which may not exceed 10 years. The term of the loan shall be established on the basis of a credit analysis of the applicant. The agency shall establish, by rule, the procedure and criteria for receiving, evaluating, and competitively ranking all applications for loans under this subparagraph. A loan application must include evidence of the first mortgagee's having reviewed and approved the sponsor's intent to apply for a loan. A nonprofit organization or sponsor may not use the proceeds of a loan received pursuant to this subparagraph to pay for administrative costs, routine maintenance, or new construction.
(4) Loans shall be in an amount not to exceed the lesser of 25 percent of the total project cost or the minimum amount required to make the project economically feasible; however, sponsors eligible for first mortgage loans or sponsors of projects eligible for zero to 3 percent interest loans shall be eligible for loans in excess of 25 percent of project cost.
(5) The amount of the mortgage provided under this program combined with any other mortgage in a superior position shall be less than the value of the project without the housing set-aside required by subsection (2).
(6) On all state apartment incentive loans, except loans made to housing communities for the elderly to provide for life-safety, building preservation, health, sanitation, or security-related repairs or improvements, the following provisions shall apply:
(a) The agency shall establish two interest rates in accordance with s. 420.507(22)(a)1. and 2.
(b) The agency department shall publish a notice of fund availability in a publication of general circulation throughout the state. Such notice shall be published at least 60 days prior to the application deadline date and shall provide notice of the temporary reservations of funds established in subsection (3).
(c) In consultation with the department agency, the agency department shall provide by rule for the exercise of the powers authorized herein and for the establishment of a review committee composed of representatives of the department and agency staff and shall establish by rule a scoring system for evaluation and competitive ranking of applications submitted in this program, including, but not limited to, the following criteria:
1. Tenant income and demographic targeting objectives of the agency.
2. Targeting objectives of the agency which will ensure an equitable distribution of loans between rural and urban areas.
3. Sponsor's agreement to reserve the units for persons or families who have incomes below 50 percent of the state or local median income, whichever is higher, for a time period to exceed the minimum required by federal law or the provisions of this part.
4. Sponsor's agreement to reserve more than:
a. Twenty 20 percent of the units in the project for persons or families who have incomes that do not exceed below 50 percent of the state or local median income, whichever is higher; or
(b) Forty percent of the units in the project for persons or families who have incomes that do not exceed 60 percent of the state or local median income, whichever is higher, without requiring a greater amount of the loans as provided in this section.
5. Provision for tenant counseling.
6. Sponsor's agreement to accept rental assistance certificates or vouchers as payment for rent; however, when certificates or vouchers are accepted as payment for rent on units set aside set-aside pursuant to subsection (2), the benefit must be divided between the agency and the sponsor, as provided by agency rule.
7. Projects requiring the least amount of a state apartment incentive loan compared to overall project cost.
8. Local government contributions and local government comprehensive planning and activities that promote affordable housing.
9. Project feasibility.
10. Economic viability of the project.
11. Commitment of first mortgage financing.
12. Sponsor's prior experience.
13. Sponsor's ability to proceed with construction.
(d) The department and agency may shall have the authority to reject any and all applications.
(e) The agency may department shall have the authority to approve and reject applications for the purpose of achieving geographic targeting.
(f) The review committee established by agency department rule pursuant to this subsection shall make recommendations to the Housing Finance Agency Board regarding program participation under the State Apartment Incentive Loan Program. The agency board shall make the final ranking and the decisions regarding which applicants shall become program participants based on the scores received in the competitive ranking, further review of applications, and the recommendations of the review committee. The agency board shall approve or reject applications for loans and shall determine the tentative loan amount available to each applicant selected for participation in the program. The actual loan amount shall be determined pursuant to rule adopted pursuant to s. 420.507(22)(f).
(g) The loan term shall be for a period of not more than 15 years; however, if both a program loan and federal low-income housing tax credits are to be used to assist a project, the agency may set the loan term for a period commensurate with the investment requirements associated with the tax credit syndication. The agency may renegotiate and extend the loan in order to extend the availability of housing for the targeted population. The term of a loan may not extend beyond the period for which the sponsor agrees to provide the housing set-aside required by subsection (2).
(h) The loan shall be subject to sale, transfer, or refinancing. However, all requirements and conditions of the loan shall remain following sale, transfer, or refinancing.
(i) The discrimination provisions of s. 420.516 shall apply to all loans.
(j) The agency may require units dedicated for the elderly.
(k) Rent controls shall not be allowed on any project except as required in conjunction with the issuance of tax-exempt bonds or federal low-income housing tax credits.
(l) The proceeds of all loans shall be used for new construction or substantial rehabilitation which creates affordable, safe, and sanitary housing units.
(m) Sponsors shall annually certify the adjusted gross income of all persons or families qualified under the provisions of subsection (2) at the time of initial occupancy, who are residing in a project funded by this program. All persons or families qualified under the provisions of subsection (2) may continue to qualify under the provisions of subsection (2) in a project funded by this program if the adjusted gross income of those said persons or families at the time of annual recertification meets the requirements established in s. 142(d)(3)(B) of the Internal Revenue Code of 1986, as amended. If Should the annual recertification of persons or families qualifying under the provisions of subsection (2) results result in noncompliance with income occupancy requirements, the next available unit must be rented to a person or family qualifying under the provisions of subsection (2) in order to ensure continuing compliance of the project.
(n) Upon submission and approval of a marketing plan which demonstrates a good faith effort of a sponsor to rent a unit or units to persons or families reserved under the provisions of subsection (3) and qualified under the provisions of subsection (2), the sponsor may rent such unit or units to any person or family qualified under the provisions of subsection (2) notwithstanding the reservation.
(o) Sponsors may shall have the authority to participate in federal mortgage insurance programs and must shall abide by the requirements of those such programs. If When a conflict occurs between the requirements of federal mortgage insurance programs and the requirements of this section, the requirements of federal mortgage insurance programs shall take precedence.
(7) There is established in the State Treasury a separate trust fund to be named the “State Apartment Incentive Loan Trust Fund,” which shall be administered by the agency according to the provisions of this program. There shall be deposited into the fund moneys from the State Housing Trust Fund as created by s. 420.0005, or moneys received from any other source, for the purpose of this program and all proceeds derived from the use of such moneys. In addition, all loan repayments, proceeds from the sale of any property, and any other proceeds that would otherwise accrue pursuant to the activities conducted under the provisions of the State Apartment Incentive Loan Program shall be deposited in the fund and shall not revert to the General Revenue Fund. If a loan commitment for program funds is entered into during the state fiscal year for which the program funds were appropriated, the funds shall continue to be made available for use during the entire construction period, even if it extends beyond the fiscal year in which the loan commitment was entered. The budget amendment process created in s. 216.181 shall be used to make funds available throughout the construction period.
(8) If a In the event of default on a loan occurs, the agency may is empowered to foreclose on any mortgage or security interest or commence any legal action to protect the interest of the agency or the fund and recover the amount of the unpaid principal, accrued interest, and fees on behalf of the fund. The agency may is further empowered to acquire real and personal property or any interest therein when that such acquisition is necessary or appropriate to protect any loan; to sell, transfer, and convey any such property to a buyer without regard to the provisions of chapters 253 and 270; and, if in the event that such sale, transfer, or conveyance cannot be effected within a reasonable time, to lease such property for occupancy by eligible persons. All sums recovered from the sale, transfer, conveyance, or lease of such property shall be deposited into the State Apartment Incentive Loan Trust Fund. The budget amendment process created in s. 216.181 shall be used to make funds available for the loan loss insurance reserve authorized in s. 420.507.
420.5088 Florida Homeownership Assistance Program.—There is created the Florida Homeownership Assistance Program for the purpose of assisting low-income persons in purchasing a home by reducing the cost of the home with below-market construction financing, by reducing the amount of down payment and closing costs paid by the borrower to a maximum of 5 percent of the purchase price, or by reducing the monthly payment to an affordable amount for the purchaser. Loans shall be made available at an interest rate that does not exceed 3 percent. The balance of any loan is due at closing if the property is sold or transferred. The agency shall have the authority to provide by rule for preference to assisting low-income persons purchasing a home by reducing the amount of down payment and closing costs.
(1) For loans made available pursuant to s. 420.507(23)(a)1. or 2.:
(a) The agency may shall have the power to underwrite and make those mortgage loans through the program to persons or families who are eligible to participate in the agency's single-family mortgage revenue bond programs and who have incomes that do not exceed an income of less than 80 percent of the state or local median income, whichever is greater, adjusted for family size. If the agency determines that there is insufficient demand for such loans by persons or families who are eligible to participate in the agency's single-family mortgage revenue bond programs, the agency may make such mortgage loans to other persons or families who have incomes that do not exceed 80 percent of the state or local median income, whichever amount is greater. No more than one-fifth of the funds available in the Florida Homeownership Assistance Trust Fund shall be made available to provide loan loss insurance reserve funds to facilitate homeownership for any person or family whose income is below 120 percent of the state or local median income, whichever is higher.
(2) On all Florida homeownership assistance loans the following provisions shall apply:
(a) Loans shall be made available at an interest rate not to exceed 3 percent.
(b) Loans shall be made available for the term of the first mortgage.
(c) Loans are limited to the lesser of 25 percent of the purchase price of the home or the amount necessary to enable the purchaser to meet credit underwriting criteria.
(d) The balance of the loans shall be due at closing in the event of the sale or transfer of the property.
(2) For loans made pursuant to s. 420.507(23)(a)3.:
(a) Availability is be limited to nonprofit sponsors or developers who are selected for program participation pursuant to this subsection.
(b) Preference must be given to community development corporations as defined in s. 290.033 and to community-based organizations as defined in s. 420.503.
(c) Priority must be given to projects that have received state assistance in funding project predevelopment costs.
(d) The benefits of making such loans shall be contractually provided to the persons or families purchasing homes financed under this subsection.
(e) At least 30 percent of the units in a project financed pursuant to this subsection must be sold to persons or families who have incomes that do not exceed 80 percent of the state or local median income, whichever amount is greater, adjusted for family size; and at least another 30 percent of the units in a project financed pursuant to this subsection must be sold to persons or families who have incomes that do not exceed 50 percent of the state or local median income, whichever amount is greater, adjusted for family size.
(f) The maximum loan amount may not exceed 33 percent of the total project cost.
(g) A person who purchases a home in a project financed under this subsection is eligible for a loan authorized by s. 420.507(23)(a)1. or 2. in an aggregate amount not exceeding the construction loan made pursuant to this subsection. The home purchaser must meet all the requirements for loan recipients established pursuant to the applicable loan program.
(h) The agency shall provide, by rule, for the establishment of a review committee composed of department and agency staff and shall establish, by rule, a scoring system for evaluating and ranking applications submitted for construction loans under this subsection, including, but not limited to, the following criteria:
1. The affordability of the housing proposed to be built.
2. The direct benefits of the assistance to the persons who will reside in the proposed housing.
3. The demonstrated capacity of the applicant to carry out the proposal, including the experience of the development team.
4. The economic feasibility of the proposal.
5. The extent to which the applicant demonstrates potential cost savings by combining the benefits of different governmental programs and private initiatives, including the local government contributions and local government comprehensive planning and activities that promote affordable housing.
6. The use of the least amount of program loan funds compared to overall project cost.
7. The provision of homeownership counseling.
8. The applicant's agreement to exceed the requirements of paragraph (e).
9. The commitment of first mortgage financing for the balance of the construction loan and for the permanent loans to the purchasers of the housing.
10. The applicant's ability to proceed with construction.
11. The targeting objectives of the agency which will ensure an equitable distribution of loans between rural and urban areas.
12. The extent to which the proposal will further the purposes of this program.
(i) The agency may reject any and all applications.
(j) The review committee established by agency rule pursuant to this subsection shall make recommendations to the agency board regarding program participation under this subsection. The agency board shall make the final ranking for participation based on the scores received in the ranking, further review of the applications, and the recommendations of the review committee. The agency board shall approve or reject applicants for loans and shall determine the tentative loan amount available to each program participant. The final loan amount shall be determined pursuant to rule adopted under to s. 420.507(23)(h).
(3) The agency shall publish a notice of fund availability in a publication of general circulation throughout the state at least 60 days prior to the anticipated availability of funds.
(4) During the first 9 months of each fiscal year:
(a) Sixty percent of the program funds shall be reserved for use by borrowers pursuant to s. 420.507(23)(a)1.;
(b) Twenty percent of the program funds shall be reserved for use by borrowers pursuant to s. 420.507(23)(a)2.; and
(c) Twenty percent of the program funds shall be reserved for use by borrowers pursuant to s. 420.507(23)(a)3.
If the application of these percentages would cause the reservation of program funds under paragraph (a) to be less than $1 million, the reservation for paragraph (a) shall be increased to $1 million or all available funds, whichever amount is less, with the increase to be accomplished by reducing the reservation for paragraph (b) and, if necessary, paragraph (c).
(5)(4) There is established in the State Treasury a separate trust fund to be named the “Florida Homeownership Assistance Trust Fund” to be administered by the agency according to the provisions of this program. There shall be deposited in the fund moneys from the State Housing Trust Fund created by s. 420.0005, or moneys received from any other source, for the purpose of this program and all proceeds derived from the use of such moneys. In addition, all unencumbered funds, loan repayments, proceeds from the sale of any property, existing funds remaining in the Affordable Housing Demonstration Loan Program and the Affordable Housing Trust Fund, and any other proceeds that would otherwise accrue pursuant to the activities of the programs funded by the Affordable Housing Trust Fund shall be transferred to this fund. In addition, all loan repayments, proceeds from the sale of any property, and any other proceeds that would otherwise accrue pursuant to the activities conducted under the provisions of the Florida Homeownership Assistance Program shall be deposited in the fund and shall not revert to the General Revenue Fund.
(6) No more than one-fifth of the funds available in the Florida Homeownership Assistance Trust Fund may be made available to provide loan loss insurance reserve funds to facilitate homeownership for persons or families whose incomes do not exceed 120 percent of the state median income or local median income, whichever amount is higher.
420.5089 HOME Partnership Program; trust fund.—
(1) There is established in the State Treasury the HOME Partnership Trust Fund, which shall be administered by the agency according to the provisions of the HOME Partnership Program which is hereby created. There shall be deposited into the fund moneys from the State Housing Trust Fund or moneys received from any other source for the purpose of this program, and all proceeds derived from the use of such moneys. In addition, all loan repayments, proceeds from the sale of any property, and any other proceeds that would otherwise accrue pursuant to the activities conducted under the provisions of the HOME Partnership Program shall be deposited into the fund and shall not revert to the General Revenue Fund. If a loan commitment for program funds is entered into during the state fiscal year for which the program funds were appropriated, the funds shall continue to be made available for use during the entire construction period of any project financed by the program, even if it extends beyond the fiscal year in which the loan commitment was entered. The budget amendment process created in s. 216.181 shall be used to make funds available throughout the construction period.
(2) The agency shall make loans available to eligible housing providers on the basis of the competitive selection process established in subsections (5) and (6) and as described by agency rule. However, in the first year of this program, the secretary of the department, with the advice and consent of the agency board, may select demonstration pilot programs. Pilot programs shall be monitored by the agency for compliance with program requirements and evaluated to determine what modifications might need to be made to the administration of the HOME Partnership Program in following years. Selection of pilot programs shall be based upon the following criteria:
(a) Existence of a working local partnership.
(b) Geographic distribution of the demonstration areas throughout the state to include both urban and rural counties of varying sizes and populations.
(c) Need and demand for affordable housing stock.
(d) Conformance to strategies enumerated in the state's Comprehensive Housing Affordability Strategy.
(3) Loans made under this program shall be used for eligible activities enumerated in 24 C.F.R. Part 92, including acquisition, moderate and substantial rehabilitation, new construction, site improvement, demolition and relocation expenses, and rental assistance. Loans shall be made available directly to eligible housing providers for eligible activities relating to rental or homeownership projects the intended beneficiaries of which meet income guidelines and rent and sales price limits specified by agency rule.
(4) All loans must be matched with local funds as specified in 24 C.F.R. Part 92 and agency rule and must be limited to the amount needed to make the project economically feasible.
(5) Applications for loans made under this program shall be scored and ranked by a review committee established by agency rule which shall analyze factors, including, but not limited to, the following:
(a) Tenant and homeowner income and demographic targeting objectives of the agency.
(b) Agency portfolio diversification.
(c) Developer's agreement to make more than a minimum number of units in the project available for the targeted group.
(d) Developer's agreement to make units for the targeted group available for more than the minimum period required by rule.
(e) Incorporation of the proposed housing within a coordinated community or neighborhood development strategy.
(f) Leveraging of HOME funds.
(g) The project's feasibility and long-term economic viability.
(h) Demonstrated capacity of the proposed project's development team.
(i) Conformance with the comprehensive housing affordability strategy for the state and area in which the proposed project will be located.
(j) Evidence that the proposed project will be part of a comprehensive neighborhood strategy designed to offer full-service support to residents.
(k) Other factors determined from the evaluation of the first demonstration projects.
(6) The review committee established by agency rule pursuant to this subsection shall make recommendations to the Florida Housing Finance Agency board regarding program participation. The agency board shall make the final ranking and decide which applicants become program participants based on the scores received in the ranking, further review of the applications, and the recommendations of the review committee. The agency board shall approve or reject applications for loans and shall determine the tentative loan amount available to each applicant selected for participation in the program. The actual loan amount shall be determined pursuant to rule.
(7) The loan term shall be for a period of not more than 15 years for rental projects and 5 years for homeownership construction or rehabilitation loans. However, if both a program loan and federal low-income housing tax credits are to be used to assist a project, the agency may set the loan term for a period commensurate with the investment requirements associated with the tax-credit syndication. The agency may renegotiate and extend the loan in order to extend the availability of housing for the targeted population. The term of a loan may not extend beyond the period for which the sponsor agrees to set aside units for the target population.
(8) If a default on a loan occurs, the agency may foreclose on any mortgage or security interest or commence any legal action to protect the interest of the agency or the fund and recover the amount of the unpaid principal, accrued interest, and fees on behalf of the fund. The agency may acquire real and personal property or any interest in the property if that acquisition is necessary to protect any loan; sell, transfer, and convey any such property to a buyer without regard to the provisions of chapters 253 and 270; and, if that sale, transfer, or conveyance cannot be effected within a reasonable time, lease such property for occupancy by eligible persons.
(9) All sums recovered from the sale, transfer, conveyance, or lease of such property shall be deposited into the HOME Partnership Trust Fund.
(10) The agency shall monitor all projects funded under this section to ensure compliance with federal and state requirements. The agency may inspect such projects or records pertaining to those projects at any reasonable time.
420.5091 HOPE Program.—
(1) The agency may adopt rules to implement the HOPE Program, created by the 1990 National Affordable Housing Act, to make loans and grants, foreclose on any mortgage or security interest, or commence any legal action to protect the interest of the agency and recover the amount of the unpaid principal, accrued interest, and fees. The agency may acquire real and personal property or any interest in the property if that acquisition is necessary to protect any loan; sell, transfer, and convey any such property to a buyer without regard to the provisions of chapters 253 and 270; and, if that sale, transfer, or conveyance cannot be effected within a reasonable time, lease such property for occupancy by eligible persons. All sums recovered from the sale, transfer, conveyance, or lease of such property shall be deposited into the HOME Partnership Trust Fund.
(2) The agency shall monitor all projects funded under this section to ensure compliance with federal and state requirements. The agency may inspect such projects or records pertaining to those projects at any reasonable time.
420.5092 Florida Affordable Housing Guarantee Program.—
(1) There is created the Florida Affordable Housing Guarantee Program for the purposes of:
(a) Stimulating creative private-sector lending activities to increase the supply and lower the cost of financing or refinancing eligible housing;
(b) Creating security mechanisms to allow lenders to sell affordable housing loans in the secondary market; and
(c) Encouraging affordable housing lending activities that would not have taken place or that serve persons who would not have been served but for the creation of this program.
(2) As used in this part, the term:
(a) “Affordable housing guarantee” means an obligation of the guarantee fund to partially guarantee the payment of principal and interest on a loan made to finance or refinance the purchase, construction, or rehabilitation of eligible housing.
(b) “Agency” means the Florida Housing Finance Agency.
(c) “Annual debt service reserve” means the reserve maintained in the guarantee fund in an amount equal to the maximum reserve amount for each series of revenue bonds issued to establish the guarantee fund.
(d) “Eligible housing” means any real and personal property designed and intended for the primary purpose of providing decent, safe, and sanitary residential units for homeownership or rental for eligible persons as determined by the agency pursuant to rule.
(e) “Guarantee fund” means the Affordable Housing Guarantee Fund created and established with proceeds of revenue bonds issued by the agency pursuant to this section to implement the Florida Affordable Housing Guarantee Program.
(f) “Maximum reserve amount” means, for each series of outstanding revenue bonds issued to establish the guarantee fund, the largest aggregate amount of annual principal installments and interest payments becoming due in any state fiscal year in which the revenue bonds are outstanding.
(3) Amounts on deposit in the State Housing Trust Fund may also be used to support the Florida Affordable Housing Guarantee Program. Such use, if any, is in addition to those purposes for which the State Housing Trust Fund was created, and such moneys shall be obligated and committed in accordance with the agency certification provided for in subsection (6).
(4) The agency may, by rule, establish rates and fees for the issuance of an affordable housing guarantee, including contractual provisions to secure reimbursement, in the event of default, to the guarantee fund of payments made pursuant to an affordable housing guarantee issued for eligible housing.
(5) Pursuant to s. 16, Art. VII of the State Constitution, the agency may issue, in accordance with s. 420.509, revenue bonds of the agency to establish the guarantee fund. Such revenue bonds shall be primarily payable from and secured by annual debt service reserves, from interest earned on funds on deposit in the guarantee fund, from fees, charges, and reimbursements established by the agency for the issuance of affordable housing guarantees, and from any other revenue sources received by the agency and deposited by the agency into the guarantee fund for the issuance of affordable housing guarantees. To the extent such primary revenue sources are considered insufficient by the agency, pursuant to the certification provided in subsection (6), to fully fund the annual debt service reserve, the certified deficiency in such reserve shall be additionally payable from the first proceeds of the documentary stamp tax moneys deposited into the State Housing Trust Fund pursuant to s. 201.15(6)(a) during the ensuing state fiscal year.
(6) If the primary revenue sources to be used for repayment of revenue bonds used to establish the guarantee fund are insufficient for such repayment, the annual principal and interest due on each series of revenue bonds shall be payable from funds in the annual debt service reserve. The agency shall, before June 1 of each year, perform a financial audit to determine whether at the end of the state fiscal year there will be on deposit in the guarantee fund an annual debt service reserve from interest earned pursuant to the investment of the guarantee fund, fees, charges, and reimbursements received from issued affordable housing guarantees and other revenue sources available to the agency. Based upon the findings in such guarantee fund financial audit, the agency shall certify to the Comptroller the amount of any projected deficiency in the annual debt service reserve for any series of outstanding bonds as of the end of the state fiscal year and the amount necessary to maintain such annual debt service reserve. Upon receipt of such certification, the Comptroller shall transfer to the guarantee fund, from the first available taxes distributed to the State Housing Trust Fund pursuant to s. 201.15(6)(a) during the ensuing state fiscal year, the amount certified as necessary to maintain the annual debt service reserve.
(7) Funds on deposit in the guarantee fund shall be used to secure the performance by the agency of its obligation under an affordable housing guarantee issued by the agency as determined by rule. Such use of the funds on deposit in the guarantee fund is subordinate and junior to the use of moneys on deposit in the annual debt service reserve account established for any series of outstanding bonds.
(8) Before adopting the rule establishing the fees, charges, and other obligations and conditions for the issuance of an affordable housing guarantee and defining housing eligible to obtain a guarantee, the agency must perform an affordable housing guarantee feasibility study. Such study must determine the eligible housing for which a principal-and-interest guarantee is required for the investment of private capital, the anticipated risk of default for classifications of eligible housing, and the level of fees, charges, and reimbursement conditions necessary to establish a financially sound affordable housing guarantee program that minimizes the exposure of funds deposited into the guarantee fund. Revenue bonds may not be issued to create and establish a guarantee fund until the completion of such financial feasibility study and the adoption of the implementing rule.
(9) This section does not preclude the use of the remaining funds in the State Housing Trust Fund.
(10) Revenue bonds may not be issued to establish and create a guarantee fund until validated pursuant to the provisions of chapter 75.
(11) The maximum total amount of revenue bonds that may be issued by the agency pursuant to subsection (5) is $75 million.
420.601 Short title.—Sections 420.601-420.609 This part shall be known and may be cited as the “Florida Affordable Housing Planning and Community Assistance Act of 1986.”
420.6015 Legislative findings.—In addition to the findings and declarations in ss. 420.0002, 420.401, 420.502, 421.02, 422.02, 423.01, and 424.02, which are hereby reaffirmed, it is found by the Legislature finds that:
(1) Decent, safe, and sanitary housing for persons of very low income, low income, and moderate income are a critical need in the state.
(2) New and rehabilitated housing must be provided at a cost affordable to such persons in order to alleviate this critical need.
(3) The private-sector housing construction industry primarily produces housing units for middle-income households and upper-income households and often has limited experience in housing development which provides quality housing for low-income persons in economically declining or distressed areas.
(4) Among other things, the high cost of project financing tends to restrict the development of housing affordable to very low-income persons, low-income persons, and moderate-income persons.
(5) For these reasons, private capital and existing state housing programs do not provide an adequate remedy to this situation.
(6) Special programs are needed to stimulate private enterprise to build and rehabilitate housing in order to help eradicate slum conditions and provide housing for very low-income persons, low-income persons, and moderate-income persons as a matter of public purpose.
(7) Public-private partnerships are an essential means of bringing together resources to provide affordable housing.
(8) Through the Affordable Housing Catalyst Program and other program and staff resources, the department shall facilitate the mobilization of public and private resources to provide affordable housing through its responsibilities in the areas of housing, comprehensive planning, and community assistance.
420.606 Training and technical assistance program.—
(1) LEGISLATIVE FINDINGS.—In addition to the legislative findings set forth in s. 420.6015, the Legislature finds and declares that:
(a) Housing in economically declining or distressed areas is frequently substandard and is often unaffordable to very low-income persons and low-income persons;
(b) Community-based organizations often have limited experience in development of quality housing for very low-income persons and low-income persons in economically declining or distressed areas; and
(c) The staffs and board members of community-based organizations need additional training in housing development as well as technical support to assist them in gaining the experience they need to better serve their communities.
(d) The staffs of state agencies and local governments, whether directly involved in the production of affordable housing or acting in a supportive role, can better serve the goals of state and local governments if their expertise in housing development is expanded.
(2) PURPOSE.—The purpose of this section is to provide community-based organizations and staff of state and local governments with the necessary training and technical assistance to meet the needs of very low-income persons, low-income persons, and moderate-income persons for standard, affordable housing.
(3) TRAINING AND TECHNICAL ASSISTANCE PROGRAM.—The Department of Community Affairs shall be responsible for securing the necessary expertise to provide training and technical assistance to staff of local governments, to staff of state agencies, as appropriate, and to community-based organizations, and to persons forming such organizations, which are formed for the purpose of developing new housing and rehabilitating existing housing which is affordable for very low-income persons, low-income persons, and moderate-income persons.
(a) The training component of the program shall be designed to build the housing development capacity of community-based organizations and local governments as a permanent resource for the benefit of communities in this state.
1. The scope of training shall include real estate development skills related to affordable housing, including the construction process and property management and disposition, the development of public-private partnerships to reduce housing costs, model housing projects, and management and board responsibilities of community-based organizations.
2. Training activities may include, but are not limited to, materials for self-instruction, workshops, seminars, internships, coursework, and special programs developed in conjunction with state universities and community colleges.
(b) The technical assistance component of the program shall be designed to assist applicants for state-administered programs in developing applications and in expediting project implementation. Technical assistance activities for the staffs of community-based organizations and local governments who are directly involved in the production of affordable housing may include, but are not limited to, workshops for program applicants, on-site visits, guidance in achieving project completion, and a newsletter to community-based organizations and local governments.
(4) TECHNICAL SUPPORT FOR THE HOME, HOPE, AND STATE HOUSING INITIATIVES PARTNERSHIP PROGRAMS.—The department shall establish a program known as the Affordable Housing Catalyst Program to be responsible for securing the necessary expertise for providing specialized technical support to local governments to implement the HOME Partnership Program, the HOPE Program, and the State Housing Initiatives Partnership Program. The technical support shall, at a minimum, provide training relating to the following key elements of the partnership programs:
(a) The formation of local and regional housing partnerships as a means of bringing together resources to provide affordable housing.
(b) The implementation of regulatory reforms to reduce the risk and cost of developing affordable housing.
(c) The implementation of affordable housing programs included in local government comprehensive plans.
(d) The compliance with requirements of federally funded housing programs.
(5)(4) POWERS.—The Department of Community Affairs may do all things necessary or appropriate to carry out the purposes of this section, including exercising the power to:
(a) Enter into contracts and agreements with the Federal Government or with other agencies of the state, with local governments, or with any other person, association, corporation, or entity;
(b) Seek and accept funding from any public or private source; and
(c) Adopt and enforce rules consistent with this section.
420.6075 Research and planning for affordable housing; annual housing report.—
(5) The department shall:
(a) Conduct research on program options to address the need for affordable housing.
(b) Conduct research on training models to be replicated or adapted to meet the needs of community-based organizations and state and local government staff involved in housing development.
(c) Coordinate with the Multidisciplinary Center for Affordable Housing to develop an annual research agenda and general work plan for the center in order to avoid duplication and to ensure that priority issues are addressed.
420.609 Affordable Housing Study Commission.—Because the Legislature firmly supports affordable housing in Florida for all economic classes:
(8) The commission shall recommend studies to be included in the annual research agenda of the Multidisciplinary Center for Affordable Housing. These recommendations shall be submitted to the department and the center in order to assist them in establishing an appropriate research agenda for the center.
420.907 Short title.—Sections 420.907-420.9079 may be cited as the “State Housing Initiatives Partnership Act.”
420.9071 Definitions.—As used in ss. 420.907-420.9079, the term:
(1) “Adjusted for family size” means adjusted in a manner which results in an income eligibility level that is lower for households having fewer than four people, or higher for households having more than four people, than the base income eligibility determined as provided in subsection (17), subsection (18), or subsection (22), based upon a formula established by the United States Department of Housing and Urban Development.
(2) “Adjusted gross income” means wages, income from assets, regular cash or noncash contributions, and any other resources and benefits determined to be income by the United States Department of Housing and Urban Development, adjusted for family size, minus the deductions allowable under s. 61 of the Internal Revenue Code of 1986, as amended.
(3) “Affordable” means that monthly rents or monthly mortgage payments including taxes and insurance do not exceed 30 percent of that amount which represents the percentage of the median adjusted gross annual income for the households as indicated in subsection (17), subsection (18), or subsection (22). However, it is not the intent to limit an individual's ability to devote more than 30 percent of his income for housing.
(4) “Agency” means the Florida Housing Finance Agency created under part V of this chapter.
(5) “Award” means a loan, grant, or subsidy funded wholly or partially by the local housing distribution.
(6) “Department” means the Department of Community Affairs.
(7) “Eligible housing” means any real and personal property located within the county or the eligible municipality which is designed and intended for the primary purpose of providing decent, safe, and sanitary residential units that are designed to meet the standards of chapter 553 for homeownership or rental for eligible persons as designated by each county or eligible municipality participating in the local housing assistance program.
(8) “Eligible municipality” means a municipality that is eligible for federal community development block grants as an entitlement community identified in 24 C.F.R. s. 570, Subpart D, Entitlement Grants.
(9) “Eligible person” means one or more natural persons or a family determined by the county or eligible municipality to be of very low income, low income, or moderate income according to the adjusted gross income of the resident with adjustment made for family size.
(10) “Eligible sponsor” means a person or a private or public for-profit or not-for-profit entity that applies for a loan under the local housing assistance program for the purpose of providing eligible housing for eligible persons.
(11) “Grant” means a distribution of a portion of a local housing distribution to an eligible sponsor or eligible person to partially assist in the construction or rehabilitation of eligible housing or to provide the cost of tenant or ownership qualifications.
(12) “Loan” means a pledge of the local housing distribution moneys to an eligible sponsor or eligible person to partially finance the construction or rehabilitation of eligible housing.
(13) “Local housing assistance plan” means a concise description of the local housing assistance program adopted by local government ordinance with an explanation of the way in which the program meets the requirements of ss. 420.907-420.9079.
(14) “Local housing assistance program” means the housing construction, rehabilitation, repair, and finance program implemented by a participating county or eligible municipality with the local housing distribution or other funds deposited into the local housing assistance trust fund.
(15) “Local housing distributions” means the proceeds of the taxes collected under chapter 201 deposited into the Local Government Housing Trust Fund and distributed to counties and eligible municipalities participating in the State Housing Initiatives Partnership Program pursuant to s. 420.9073.
(16) “Local housing partnership” means the implementation of the local housing assistance program in a manner that involves the applicable local government, lending institutions, housing developers, community-based housing and service organizations, and providers of professional services relating to affordable housing. The term includes initiatives to provide support services for housing program beneficiaries such as training to prepare persons for the responsibility of homeownership, counseling of tenants, and the establishing of support services such as day care, health care, and transportation.
(17) “Low-income person” means one or more natural persons or a family, not including students, that has a total annual adjusted gross household income that does not exceed 80 percent of the median annual adjusted gross income for households within the state or 80 percent of the median annual adjusted gross income for households within the metropolitan statistical area or, if not within a metropolitan statistical area, within the county, whichever amount is greater. With respect to rental units, the low-income person's annual income at the time of initial occupancy may not exceed 80 percent of the state's median income adjusted for family size. While occupying the rental unit, a low-income person's annual income may increase to an amount not to exceed 140 percent of 80 percent of the state's median income adjusted for family size.
(18) “Moderate-income person” means one or more natural persons or a family, not including students, that has a total annual adjusted gross household income that is less than 120 percent of the median annual adjusted gross income for households within the state or 120 percent of the median annual adjusted gross income for households within the metropolitan statistical area or, if not within a metropolitan statistical area, within the county, whichever is greater. With respect to rental units, the moderate-income person's annual income at the time of initial occupancy may not exceed 120 percent of the state's median income adjusted for family size. While occupying the rental unit, a moderate-income person's annual income may increase to an amount not to exceed 140 percent of 120 percent of the state's median income adjusted for family size.
(19) “Personal property” means major appliances, including a freestanding refrigerator or stove, to be identified on the encumbering documents.
(20) “Population” means the latest official state estimate of population certified pursuant to s. 186.901 prior to the beginning of the fiscal year.
(21) “Student” means a person not living with the person's parent or guardian who is eligible to be claimed by the person's parent or guardian as a dependent under the Federal Income Tax Code and who is enrolled at least half time in a secondary school, vocational-technical center, community college, or university. The term does not include a person participating in a job training program approved by the county or the eligible municipality.
(22) “Very low-income person” means one or more natural persons or a family, not including students, that has a total annual adjusted gross household income that does not exceed 50 percent of the median annual adjusted gross income for households within the state or 50 percent of the median annual adjusted gross income for households within the metropolitan statistical area or, if not within a metropolitan statistical area, within the county, whichever is greater. With respect to rental units, the very low-income person's annual income at the time of initial occupancy may not exceed 50 percent of the state's median income adjusted for family size. While occupying the rental unit, a very low-income person's annual income may increase to an amount not to exceed 140 percent of 50 percent of the state's median income adjusted for family size.
420.9072 State Housing Initiatives Partnership Program.—The State Housing Initiatives Partnership Program is created for the purpose of providing funds to local governments as an incentive for the creation of partnerships to produce and preserve affordable housing.
(1) In addition to the legislative findings set forth in s. 420.6015, the Legislature finds that affordable housing is most effectively provided by combining available public and private resources to conserve and improve existing housing and provide new housing for very low-income persons, low-income persons, and moderate-income persons. The Legislature intends to encourage partnerships in order to secure the benefits of cooperation by the public and private sectors and to reduce the cost of housing for the target group by effectively combining all available resources and cost-saving measures. The Legislature further intends that the State Housing Initiatives Partnership Program provide the maximum flexibility to local governments to determine the use of funds for housing programs while ensuring accountability for the efficient use of public resources and guaranteeing that benefits are provided to those in need. Extending the partnership concept to encompass cooperative efforts between local governments is specifically encouraged.
(2)(a) To be eligible to receive funds under the program, a county or eligible municipality must:
1. Submit to the agency and the department its local housing assistance plan describing the local housing assistance program established pursuant to s. 420.9075; and
2. Within 12 months after establishing, by ordinance, the local housing assistance program, submit to the agency and the department its affordable housing incentive plan pursuant to s. 420.9076.
(b) A county or an eligible municipality seeking approval to receive its share of the local housing distribution must adopt an ordinance containing the following provisions:
1. Creation of an affordable housing assistance trust fund.
2. Establishment of a local housing assistance program to be implemented by a local housing partnership.
3. Designation of the responsibility for the implementation and administration of the local housing assistance program. Such ordinance may also provide for the contracting of all or part of the administrative or other functions of the program to a third person or entity.
4. Creation of the affordable housing advisory committee as provided in s. 420.9076.
The ordinance must not take effect until at least 30 days after the date of formal adoption.
(3) The governing board of the county or of an eligible municipality must submit to the agency and the department by certified mail two copies of its local housing assistance plan. The plan must include a copy of the ordinance and such other information as the agency requires by rule; however, information to be included in the plan is intended to demonstrate consistency with the requirements of this program without posing an undue burden on the local government. Plans shall be reviewed by a committee composed of agency and department staff as established by agency rule, in consultation with the department. Within 30 days after receiving a plan, the review committee shall review the plan and either approve it or identify inconsistencies with the requirements of the program. The agency and the department shall assist a local government in revising its plan if it initially proves to be inconsistent with program requirements. A plan that is revised by the local government to achieve consistency with the program shall be reviewed within 30 days after submission. A local government may twice revise and resubmit its plan during any state fiscal year. The deadlines for submitting original and revised plans shall be established by agency rule. The Legislature intends that approval of plans be expedited to ensure that the production of needed housing and the related creation of jobs occur as quickly as possible. After being approved for funding, a local government may revise its local housing assistance program without seeking further approval if the program as revised complies with the requirements for such programs.
(4) Moneys in the Local Government Housing Trust Fund shall be distributed by the agency to each approved county and eligible municipality within the county as provided in s. 420.9073. Distributions shall be allocated to the participating county and to each eligible municipality within the county according to an interlocal agreement between the county governing authority and the governing body of the eligible municipality or, if there is no interlocal agreement, according to population. The portion for each eligible municipality is computed by multiplying the total moneys earmarked for a county by a fraction, the numerator of which is the population of the eligible municipality and the denominator of which is the total population of the county. The remaining revenues shall be distributed to the governing body of the county.
(5) Local governments are encouraged to make the most efficient use of their resources by cooperating to provide affordable housing assistance. Local governments may enter into an interlocal agreement for the purpose of establishing a joint local housing assistance program subject to the requirements of ss. 420.907-420.9079. The local housing distributions for such local governments shall be directly disbursed on a monthly basis to each local government to be administered in conformity with the interlocal agreement providing for a joint local housing assistance program.
(6) The moneys that otherwise would be distributed pursuant to s. 420.9073 to a local government that does not meet the program's requirements for receipts of such distributions shall remain in the Local Housing Trust Fund to be used by the agency to administer the local government housing program pursuant to s. 420.9078.
(7) A county or an eligible municipality must expend its portion of the local housing distribution only to:
(a) Implement a local housing assistance program.
(b) Supplement funds available to the agency to provide enhanced funding of state housing programs within the county or the eligible municipality.
(c) Provide the local matching share of federal affordable housing grants or programs.
(d) Fund emergency repairs by existing service providers under weatherization assistance programs pursuant to ss. 409.509-409.5093.
A county or an eligible municipality may not expend its portion of the local housing distribution to provide rent subsidies.
(8) Funds distributed under this program may not be pledged to pay the debt service on any bonds.
(9) The agency may adopt rules necessary to implement ss. 420.907-420.9079.
420.9073 Local Housing Distributions.—
(1) Distributions calculated in this section shall be disbursed on a monthly basis by the agency beginning the first day of the month after program approval pursuant to s. 420.9072. Each county's share of the funds to be distributed from the portion of the funds in the Local Government Housing Trust Fund received pursuant to s. 201.15(6) shall be calculated by the agency for each fiscal year as follows:
(a) Each county other than a county that has implemented the provisions of chapter 83-220, Laws of Florida, as amended by chapters 84-270, 86-152, and 89-252, Laws of Florida, shall receive the guaranteed amount for each fiscal year.
(b) Each county other than a county that has implemented the provisions of chapter 83-220, Laws of Florida, as amended by chapters 84-270, 86-152, and 89-252, Laws of Florida, may receive an additional share calculated as follows:
1. Multiply each county's percentage of the total state population excluding the population of any county that has implemented the provisions of chapter 83-220, Laws of Florida, as amended by chapters 84-270, 86-152, and 89-252, Laws of Florida, by the total funds to be distributed.
2. If the result in subparagraph 1. is less than the guaranteed amount as determined in subsection (3), that county's additional share shall be zero.
3. For each county in which the result in subparagraph 1. is greater than the guaranteed amount as determined in subsection (3), the amount calculated in subparagraph 1. shall be reduced by the guaranteed amount. The result for each such county shall be expressed as a percentage of the amounts so determined for all counties. Each such county shall receive an additional share equal to such percentage multiplied by the total funds received by the Local Government Housing Trust Fund pursuant to s. 201.15(6) reduced by the guaranteed amount paid to all counties.
(2) Effective July 1, 1995, distributions calculated in this section shall be disbursed on a monthly basis by the agency beginning the first day of the month after program approval pursuant to s. 420.9072. Each county's share of the funds to be distributed from the portion of the funds in the Local Government Housing Trust Fund received pursuant to s. 201.15(7) shall be calculated by the agency for each fiscal year as follows:
(a) Each county shall receive the guaranteed amount for each fiscal year.
(b) Each county may receive an additional share calculated as follows:
1. Multiply each county's percentage of the total state population, by the total funds to be distributed.
2. If the result in subparagraph 1. is less than the guaranteed amount as determined in subsection (3), that county's additional share shall be zero.
3. For each county in which the result in subparagraph 1. is greater than the guaranteed amount, the amount calculated in subparagraph 1. shall be reduced by the guaranteed amount. The result for each such county shall be expressed as a percentage of the amounts so determined for all counties. Each such county shall receive an additional share equal to this percentage multiplied by the total funds received by the Local Government Housing Trust Fund pursuant to s. 201.15(7) as reduced by the guaranteed amount paid to all counties.
(3) Calculation of guaranteed amounts:
(a) The guaranteed amount under subsection (1) shall be calculated for each fiscal year by multiplying $250,000 by a fraction, the numerator of which is the amount of funds distributed to the Local Government Housing Trust Fund pursuant to s. 201.15(6) and the denominator of which is the total amount of funds distributed to the Local Government Housing Trust Fund pursuant to s. 201.15. For fiscal year 1992-1993, the guaranteed amount in s. 420.9073 shall be $250,000.
(b) The guaranteed amount under subsection (2) shall be calculated for each fiscal year, beginning in fiscal year 1995-1996, by multiplying $250,000 by a fraction, the numerator of which is the amount of funds distributed to the Local Government Housing Trust Fund pursuant to s. 201.15(7) and the denominator of which is the total amount of funds distributed to the Local Government Housing Trust Fund pursuant to s. 201.15.
(4) Funds distributed pursuant to this section may not be pledged to pay debt service on any bonds.
420.9075 Local housing assistance programs.—
(1) Each county or eligible municipality participating in the State Housing Initiatives Partnership Program shall establish a local housing assistance program created to make affordable residential units available to persons of very low income, low income, or moderate income and to persons who have special housing needs, including, but not limited to, homeless people and migrant farmworkers. The programs are intended to increase the availability of affordable residential units by combining local resources and cost-saving measures into a local housing partnership and using private and public funds to reduce the cost of housing.
(2) Each local housing assistance program is governed by the following criteria and administrative procedures:
(a) The county or eligible municipality or its administrative representative shall advertise the availability of a housing assistance program in a newspaper of general circulation and periodicals serving ethnic and diverse neighborhoods, at least 30 days before the beginning of the application period.
(b) The county or the eligible municipality shall adopt a maximum award schedule or system of amounts that is commensurate with the intent of its local housing assistance program and ss. 420.907-420.9079.
(c) In accordance with the provisions of ss. 760.20-760.37, it is unlawful to discriminate on the basis of race, creed, religion, color, age, sex, marital status, familial status, national origin, or handicap in the loan application process for eligible housing.
(d) As a condition of receipt of an award, the eligible sponsor or eligible person must contractually commit to comply with the affordable housing criteria provided under ss. 420.907-420.9079 applicable to the affordable housing objective of the award. The program criteria adopted by the county or eligible municipality must prescribe the contractual obligations required to ensure compliance with award conditions.
(3) The following criteria apply to awards made to eligible sponsors or eligible persons for the purpose of providing eligible housing:
(a) At least 65 percent of the funds made available in each county and eligible municipality from the local housing distribution must be reserved for homeownership for eligible persons.
(b) At least 75 percent of the funds made available in each county and eligible municipality from the local housing distribution must be reserved for construction, rehabilitation, or emergency repair of affordable housing.
(c) The sales price of new or existing eligible housing may not exceed 90 percent of the median area purchase price in the area where the eligible housing is located, as established by the United States Department of Treasury in accordance with s. 3(b)(2) of the United States Housing Act of 1937.
(d) All units constructed, rehabilitated, or otherwise assisted with the funds provided from the local housing assistance program must be occupied by very low-income persons, low-income persons, and moderate-income persons. At least 30 percent must be occupied by very low-income persons and at least an additional 30 percent by low-income persons.
(e) Loans shall be provided for periods not exceeding 30 years, except for deferred payment loans or loans that extend beyond 30 years which continue to serve eligible persons.
(f) Eligible rental housing constructed, rehabilitated, or otherwise assisted from the housing assistance program moneys must be reserved for eligible persons for 15 years or the term of the assistance, whichever period is longer. Eligible sponsors that offer rental housing for sale before 15 years or that have remaining mortgages funded under this program must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible recipients.
(g) Eligible owner-occupied housing constructed, rehabilitated, or otherwise assisted from proceeds provided from the housing assistance program shall be subject to the recapture provisions of the mortgage revenue bond program contained in s. 143(m) of the Internal Revenue Code of 1986.
(h) The total amount of monthly mortgage payments or the amount of monthly rent charged by the eligible sponsor or his designee must be made affordable.
(i) The cost per unit and the maximum cost per unit for eligible housing benefiting from awards made pursuant to this section must be established by resolution.
(j) Each county, eligible municipality, or entity formed through interlocal agreement to implement a local housing assistance program must develop a qualification system for applications for awards consistent with the intent of its local housing assistance program and ss. 420.907-420.9079.
(k) The staff or entity that has administrative authority for a local housing assistance program assisting rental developments shall annually monitor and determine tenant eligibility and the amount of subsidy.
If both an award under the local housing assistance program and federal low-income housing tax credits are used to assist a project and there is a conflict between the criteria prescribed in this subsection and the requirements of s. 42 of the Internal Revenue Code of 1986, as amended, the county or eligible municipality may resolve the conflict by giving precedence to the requirements of s. 42 of the Internal Revenue Code of 1986, as amended, in lieu of following the criteria prescribed in this subsection with the exception of paragraphs (a) and (d) of this subsection.
(4) Each county or eligible municipality receiving local housing distribution moneys shall establish and maintain a local housing assistance trust fund. All moneys of a county or an eligible municipality received from its share of the local housing distribution and other funds received or budgeted to provide the local housing assistance program shall be deposited into the trust fund. Expenditures other than for the administration and implementation of the local housing assistance program may not be made from the trust fund.
(5) The moneys deposited in the local housing assistance trust fund shall be used to administer and implement the local housing assistance program. The cost of administering the program may not exceed 5 percent of the local housing distribution moneys deposited into the trust fund. A county or an eligible municipality may not exceed the 5-percent limitation on administrative costs, unless its governing body finds, by resolution, that 5 percent of the local housing distribution is insufficient to adequately pay the necessary costs of administering the local housing assistance program. The cost of administering the program may not exceed 10 percent of the local housing distribution deposited into the trust fund.
(6) Pursuant to s. 420.606, the department shall provide technical assistance to local governments regarding the creation of partnerships, the design of housing assistance programs, the implementation of incentive plans, and the provision of support services. The department shall monitor the activities of local governments to determine compliance with program requirements and shall collect data on the operation and achievements of housing partnerships.
(7) Each county or eligible municipality shall submit to the department and to the agency by November 15 of each year a report of its affordable housing programs and accomplishments. The report must include, but is not limited to:
(a) The number of people served by income, age, family size, and race and data regarding any special needs populations such as farmworkers, rural residents, and the elderly.
(b) The number of units and the average cost of producing units under each program.
(c) The average sales price of a single-family unit and the amount of rent charged for a rental unit based on unit size.
(d) The number of mortgages made and the rate of default.
(e) A description of the implementation of the affordable housing incentive plan and the resulting reduction in housing costs.
(f) A concise description of the support services that are available to the residents of affordable housing provided by local programs.
(g) Such other data or affordable housing accomplishments considered significant by the reporting county or eligible municipality.
(7) The report shall be made available by the local government for public inspection. Members of the public may submit written comments on the report to the department.
(8) The agency shall review the report of each county or eligible municipality and any written comments from the public and transmit any comments concerning the effectiveness of local programs to the department. The department shall include a summary of local housing activities and public comment in the annual housing report required by s. 420.6075.
(9) If, as a result of the review of such report or at any other time, the agency or the department determines that a county or eligible municipality may have established a pattern of violation of the criteria for a local housing assistance program established under ss. 420.907-420.9079 or that an eligible sponsor or eligible person has violated the applicable award conditions, the agency or department shall report such pattern of violation of criteria or violation of award conditions to the Executive Office of the Governor and the Auditor General.
420.9076 Adoption of affordable housing incentive plans; committees.—
(1) Each county or eligible municipality participating in the State Housing Initiatives Partnership Program must adopt an affordable housing incentive plan within 12 months after the date of adoption of the ordinance by the county or eligible municipality establishing a local housing assistance program.
(2) The governing board of a county or an eligible municipality shall appoint the members of the affordable housing advisory committee by resolution. Pursuant to the terms of any interlocal agreement, a county and an eligible municipality may create and jointly appoint an advisory committee to prepare a joint plan. The ordinance adopted pursuant to s. 420.9075 which creates the advisory committee or the resolution appointing the advisory committee members must provide for nine committee members and their terms. The committee must include:
(a) One citizen who is actively engaged in the residential home building industry.
(b) One citizen who is actively engaged in the banking or mortgage banking industry.
(c) One citizen who is a representative of those areas of labor engaged in home building.
(d) One citizen who is designated as an advocate for low-income persons.
(e) One citizen who is a provider of affordable housing.
(f) One citizen who is a real estate professional.
(3) All meetings of the advisory committee are public meetings, and all committee records are public records. Staff, administrative, and facility support to the advisory committee shall be provided by the appointing county or eligible municipality.
(4) The resolution creating and appointing the advisory committee must define affordable housing as applicable to the county and eligible municipality in a way that is consistent with the adopted local comprehensive plan. The advisory committee shall review the established policies and procedures, ordinances, land development regulations, and adopted local comprehensive plan of the appointing local government and shall recommend specific initiatives to encourage or facilitate affordable housing while protecting the ability of the property to appreciate in value. Such recommendations may include the modification or repeal of existing policies, procedures, ordinances, regulations, or plan provisions; the creation of exceptions applicable to affordable housing; or the adoption of new policies, procedures, regulations, ordinances, or plan provisions. At a minimum, each advisory committee shall make recommendations on affordable housing incentives in the following areas:
(a) The affordable housing definition in the appointing resolution.
(b) The expedited processing of permits for affordable housing projects.
(c) The modification of impact-fee requirements, including reduction or waiver of fees and alternative methods of fee payment.
(d) The allowance of increased density levels.
(e) The reservation of infrastructure capacity for housing for very low-income persons and low-income persons.
(f) The transfer of development rights as a financing mechanism for housing for very low-income persons and low-income persons.
(g) The reduction of parking and setback requirements.
(h) The allowance of zero-lot-line configurations.
(i) The modification of sidewalk and street requirements.
(j) The establishment of a process by which a local government considers, before adoption, policies, procedures, ordinances, regulations, or plan provisions that have a significant impact on the cost of housing.
The advisory committee recommendations must also include other affordable housing incentives identified by the advisory committee. To the maximum extent feasible, the approved affordable housing incentive recommendations submitted to the governing board of the appointing county or eligible municipality must quantify the affordable housing cost reduction anticipated from implementing the specific recommendation.
(5) The approval by the advisory committee of its affordable housing incentive recommendations must be made by affirmative vote of a majority of the membership of the advisory committee taken at a public hearing. Notice of the time, date, and place of the public hearing of the advisory committee to adopt final affordable housing incentive recommendations must be published in a newspaper of general paid circulation in the county. Such notice must contain a short and concise summary of the affordable housing initiative recommendations to be considered by the advisory committee. The notice must state the public place where a copy of the tentative advisory committee recommendations can be obtained by interested persons.
(6) Within 90 days after the date of receipt of the affordable housing incentive recommendations from the advisory committee, the governing body of the appointing local government shall adopt an affordable housing incentive plan. Such plan must consist of the adoption of specific initiatives to encourage or facilitate affordable housing and a schedule for implementation and must include, at a minimum, a schedule for implementation of expedited permit processing for affordable housing projects and a process for review of local policies, ordinances, regulations, and plan provisions that significantly impact the cost of housing.
(7) The governing board of the county or the eligible municipality shall notify the agency by certified mail of its adoption of an affordable housing incentive plan. The notice must include a copy of the approved plan.
(a) If the agency fails to receive timely the approved affordable housing incentive plan, a notice of termination of its share of the local housing distribution shall be sent by certified mail by the agency to the affected county or eligible municipality. The notice of termination must specify a date of termination of the funding if the affected county or eligible municipality has not adopted an affordable housing incentive plan. If the county or the eligible municipality has not adopted an affordable housing incentive plan by the termination date specified in the notice of termination, the local distribution share terminates; and any uncommitted local distribution funds held by the affected county or eligible municipality in its local housing assistance trust fund shall be transferred to the State Housing Trust Fund to the credit of the agency to administer the local government housing program pursuant to s. 420.9078.
(b) If a county fails to adopt timely an affordable housing incentive plan but an eligible municipality within the county does timely adopt a plan, the agency, after receipt of a notice of termination, shall thereafter distribute directly to the participating eligible municipality its share calculated in the manner provided in s. 420.9071.
(c) Any county or eligible municipality whose local distribution share has been terminated may subsequently elect to receive directly its local distribution share by adopting an affordable housing incentive plan in the manner and according to the procedure provided in s. 420.9076 and by adopting an ordinance in the manner required in s. 420.9072.
420.9078 State administration of remaining local housing distribution funds.—
(1) With that portion of the documentary stamp tax moneys remaining in the Local Government Housing Trust Fund pursuant to s. 420.9072(6), the agency shall administer a local government housing program for counties, eligible municipalities, and eligible sponsors in conformity with the criteria prescribed in s. 420.9075.
(2) The agency shall, in cooperation with the department, provide by rule for a scoring system for evaluating applications submitted under the program. The scoring system must include the following factors:
(a) The existence of a local housing partnership.
(b) For a county or eligible municipality, the extent to which the local government applicant has adopted, in land development regulations, incentives to encourage or facilitate affordable housing.
(c) The extent to which the requested project will provide eligible housing.
(d) The amount of project funds other than the requested moneys.
(e) The provision of or assistance in securing support services for housing program beneficiaries, which may include:
1. Counseling to prepare persons for homeownership, which may address personal budgeting, home inspection and maintenance, the fundamentals of home mortgages and insurance, and other pertinent topics.
2. Counseling to assist tenants in improving their economic well-being, which may address educational opportunities, job placement, management of personal finances, and related concerns.
3. Providing social services, including day care, health care, and transportation.
(f) Sponsor's agreement to reserve the units for persons or families who have incomes below 50 percent of the state or local median income, whichever is higher, for a time period that exceeds the minimum required by federal law or the provisions of ss. 420.907-420.9079.
(g) Sponsor's agreement to reserve more than:
1. Twenty percent of the units in the project for persons or families who have incomes that do not exceed 50 percent of the state median income or local median income, whichever is higher; or
2. Forty percent of the units in the project for persons or families who have incomes that do not exceed 60 percent of the state median income or local median income, whichever is higher, without requiring a greater amount of the loans as provided in this section.
(3) The rule must provide for the establishment of a review committee composed of agency and department staff members. Department staff members shall be appointed by the secretary of the department.
(4) The rule must provide measures to be applied if there is a documented failure to perform in accordance with the award contract.
(5) At least 60 days before the application deadline, the agency must publish a notice of fund availability in a publication of general circulation throughout the state.
420.9079 Local Government Housing Trust Fund.—There is created in the State Treasury the Local Government Housing Trust Fund, which shall be administered by the agency according to the provisions of ss. 420.907-420.9078 and this section. There shall be deposited into the fund a portion of the documentary stamp tax revenues as provided in s. 201.15, moneys received from any other source for the purposes of ss. 420.907-420.9078 and this section, and all proceeds derived from the use of such moneys. Moneys in the trust fund that are not currently needed for the purposes of the programs administered pursuant to ss. 420.907-420.9078 and this section shall be deposited with the Treasurer to the credit of the trust fund and may be invested as provided by law. The interest received on any such investment shall be credited to the trust fund.
Section 1. Discretionary surtax on documents; adoption; application of revenue.—
(3) The county shall deposit revenues from the discretionary surtax in the Housing Assistance Loan Trust Fund of the county, except that a portion of such revenues may be deposited into the Home Investment Trust Fund of the county as defined by and created pursuant to the requirements of federal law. The county and shall use the revenues only to help finance the construction, rehabilitation, or purchase of housing for low-income families low and moderate-income moderate income families, and to pay necessary costs of collection and enforcement of the surtax, and to fund any local matching contributions required pursuant to federal law. For purposes of this section, authorized uses of the revenues shall include, but are not be limited to, providing funds for first and second mortgages and acquiring property for the purpose of forming housing cooperatives. Special consideration shall be given toward using utilizing the revenues in the neighborhood economic development programs of community development corporations. No more than 50 percent of the revenues collected each year pursuant to this section may be used to help finance new construction as provided herein. The proceeds of the surtax shall not be used for rent subsidies or grants.
(2) This section shall take effect February 1, 1993.
(1) The sum of $11.5 million is appropriated to the Florida Housing Finance Agency to implement the State Apartment Incentive Loan Program established pursuant to sections 420.507 and 420.5087, Florida Statutes.
(2) The sum of $2 million is appropriated to the Florida Housing Finance Agency to implement the Florida Homeownership Assistance Program established pursuant to sections 420.507 and 420.5088, Florida Statutes.
(3) The sum of $750,000 is appropriated to the Florida Housing Finance Agency to implement the Housing Predevelopment Trust Fund Program established pursuant to section 420.307, Florida Statutes.
(4) The sum of $750,000 is appropriated to the Department to Community Affairs to implement the Elderly Homeowner Rehabilitation Program established pursuant to section 420.34, Florida Statutes.
(5) The sum of $2 million is appropriated to the Florida Housing Finance Agency to match funds available to the state from the federal HOME Partnership Program; however, any portion of that amount not needed to match federal moneys is appropriated to the State Apartment Incentive Loan Program.
(6) The sum of $1.2 million is appropriated to the Florida Housing Finance Agency to fund the debt service reserve account pursuant to section 420.5092(5) and (6), Florida Statutes, for bonds issued under the Florida Affordable Housing Guarantee Program; however, $100,000 may be used to provide for the affordable housing guarantee feasibility study required pursuant to section 420.5092(8), Florida Statutes. Any portion of this appropriation not needed to provide for the feasibility study or to cover debt service is appropriated to the State Apartment Incentive Loan Program.
(7) The sum of $250,000 is appropriated to the Department of Community Affairs to contract with the Division of Community Colleges to continue the affordable housing training program pursuant to section 420.606, Florida Statutes.
(8) The sum of $250,000 is appropriated to the Department of Community Affairs to provide training and technical assistance relating to the State Housing Initiatives Partnership Program and to federal programs as required pursuant to section 420.606(3) and (4), Florida Statutes. These funds shall be used to contract with nonprofit organizations and other entities and persons who have demonstrated experience in the successful implementation of affordable housing programs or in providing technical assistance relating to the development of affordable housing. The training and technical assistance shall include, but is not limited to, training related to the development and management of nonprofit organizations and project-specific technical assistance. To the extent feasible, training and technical assistance providers shall be geographically dispersed throughout the state in order to provide for direct assistance to local governments and nonprofit organizations.
(9) The sum of $50,000 is appropriated to the Department of Community Affairs for the Affordable Housing Study Commission to further its activities pursuant to section 420.609, Florida Statutes.
Approved by the Governor July 7, 1992.
Filed in Office Secretary of State July 7, 1992.