Florida Senate - 2009                             CS for SB 2314
       
       
       
       By the Committee on Community Affairs; and Senator Wise
       
       
       
       
       578-04360A-09                                         20092314c1
    1                        A bill to be entitled                      
    2         An act relating to affordable housing; amending s.
    3         420.0003, F.S.; providing additional policy guidelines
    4         under the state housing strategy for the development
    5         of programs for housing production or rehabilitation;
    6         including the needs of persons with special needs in
    7         the strategy’s periodic review and report; amending s.
    8         420.0004, F.S.; defining the terms “disabling
    9         condition” and “person with special needs”; conforming
   10         cross-references; amending s. 420.507, F.S.; requiring
   11         certain rates of interest to be made available to
   12         sponsors of housing projects for persons with special
   13         needs; conforming a cross-reference; amending s.
   14         420.5087, F.S.; limiting a portion of the reservation
   15         of funds within each notice of fund availability to
   16         sponsors of housing projects for the persons with
   17         special needs tenant group; including persons with
   18         special needs as a tenant group for specified purposes
   19         of the State Apartment Incentive Loan Program;
   20         requiring a specified review committee to include
   21         projects that reserve units for persons with special
   22         needs in its evaluation and competitive ranking of
   23         applications for the State Apartment Incentive Loan
   24         Program; conforming a cross-reference; amending ss.
   25         163.31771, 196.1978, 212.08, 215.5586, and 420.503,
   26         F.S.; conforming cross-references; providing an
   27         effective date.
   28  
   29  Be It Enacted by the Legislature of the State of Florida:
   30  
   31         Section 1. Paragraph (e) of subsection (3) and paragraph
   32  (c) of subsection (4) of section 420.0003, Florida Statutes, are
   33  amended to read:
   34         420.0003 State housing strategy.—
   35         (3) POLICIES.—
   36         (e) Housing production or rehabilitation programs.—New
   37  programs for housing production or rehabilitation shall be
   38  developed in accordance with the following general guidelines as
   39  appropriate for the purpose of the specific program:
   40         1. State and local governments shall provide incentives to
   41  encourage the private sector to be the primary delivery vehicle
   42  for the development of affordable housing.
   43         2. State funds should be heavily leveraged to achieve the
   44  maximum local and private commitment of funds while achieving
   45  the program objectives.
   46         3. To the maximum extent possible, state funds should be
   47  expended to provide housing units rather than to support program
   48  administration.
   49         4. State money should be used, when possible, as loans
   50  rather than grants.
   51         5. State funds should be available only to local
   52  governments that provide incentives or financial assistance for
   53  housing.
   54         6. State funds should be made available only for projects
   55  which are consistent with the local government comprehensive
   56  plan.
   57         7. State funding for housing should not be made available
   58  to local governments whose comprehensive plans have been found
   59  not in compliance with chapter 163 and who have not entered into
   60  a stipulated settlement agreement with the Department of
   61  Community Affairs to bring the plan into compliance.
   62         8. Mixed income projects should be encouraged, to avoid a
   63  concentration of low-income residents in one area or project.
   64         9. Distribution of state housing funds should be flexible
   65  and consider the regional and local needs, resources, and
   66  capabilities of housing producers.
   67         10. Distribution of housing funds for multifamily rental
   68  housing should be administered to address the housing needs of
   69  persons most in need of housing.
   70         11.10. Income levels used to determine program eligibility
   71  should be adjusted for family size in determining the
   72  eligibility of specific beneficiaries.
   73         12.11. To the maximum extent possible, state-owned lands
   74  that are appropriate for the development of affordable housing
   75  shall be made available for that purpose.
   76         (4) IMPLEMENTATION.—The Department of Community Affairs and
   77  the Florida Housing Finance Corporation in carrying out the
   78  strategy articulated herein shall have the following duties:
   79         (c) The Shimberg Center for Affordable Housing, in
   80  consultation with the Department of Community Affairs and the
   81  Florida Housing Finance Corporation, shall review and evaluate
   82  existing housing rehabilitation, production, and finance
   83  programs to determine their consistency with relevant policies
   84  in this section and identify the needs of specific populations,
   85  including, but not limited to, elderly persons, and handicapped
   86  persons, and persons with special needs, and shall recommend
   87  statutory modifications where appropriate. The Shimberg Center
   88  for Affordable Housing, in consultation with the Department of
   89  Community Affairs and the corporation, shall also evaluate the
   90  degree of coordination between state housing programs, and
   91  between state, federal, and local housing activities, and shall
   92  recommend improved program linkages. The recommendations
   93  required above and a report of any programmatic modifications
   94  made as a result of these policies shall be included in the
   95  housing report required by s. 420.6075, beginning December 31,
   96  1991, and every 5 years thereafter.
   97         Section 2. Section 420.0004, Florida Statutes, is amended
   98  to read:
   99         420.0004 Definitions.—As used in this part, unless the
  100  context otherwise indicates:
  101         (1) “Adjusted for family size” means adjusted in a manner
  102  which results in an income eligibility level which is lower for
  103  households with fewer than four people, or higher for households
  104  with more than four people, than the base income eligibility
  105  determined as provided in subsection (9) (8), subsection (11)
  106  (10), subsection (12) (11), or subsection (17) (15), based upon
  107  a formula as established by the United States Department of
  108  Housing and Urban Development.
  109         (2) “Adjusted gross income” means all wages, assets,
  110  regular cash or noncash contributions or gifts from persons
  111  outside the household, and such other resources and benefits as
  112  may be determined to be income by the United States Department
  113  of Housing and Urban Development, adjusted for family size, less
  114  deductions allowable under s. 62 of the Internal Revenue Code.
  115         (3) “Affordable” means that monthly rents or monthly
  116  mortgage payments including taxes, insurance, and utilities do
  117  not exceed 30 percent of that amount which represents the
  118  percentage of the median adjusted gross annual income for the
  119  households as indicated in subsection (9) (8), subsection (11)
  120  (10), subsection (12) (11), or subsection (17) (15).
  121         (4) “Corporation” means the Florida Housing Finance
  122  Corporation.
  123         (5) “Community-based organization” or “nonprofit
  124  organization” means a private corporation organized under
  125  chapter 617 to assist in the provision of housing and related
  126  services on a not-for-profit basis and which is acceptable to
  127  federal and state agencies and financial institutions as a
  128  sponsor of low-income housing.
  129         (6) “Department” means the Department of Community Affairs.
  130         (7) “Disabling condition” means a diagnosable substance
  131  abuse disorder, serious mental illness, developmental
  132  disability, or chronic physical illness or disability, or the
  133  co-occurrence of two or more of these conditions, and a
  134  determination that the condition is:
  135         (a) Expected to be of long-continued and indefinite
  136  duration; and
  137         (b) Not expected to impair the ability of the person with
  138  special needs to live independently with appropriate supports.
  139         (8)(7) “Elderly” describes persons 62 years of age or
  140  older.
  141         (9)(8) “Extremely-low-income persons” means one or more
  142  natural persons or a family whose total annual household income
  143  does not exceed 30 percent of the median annual adjusted gross
  144  income for households within the state. The Florida Housing
  145  Finance Corporation may adjust this amount annually by rule to
  146  provide that in lower income counties, extremely low income may
  147  exceed 30 percent of area median income and that in higher
  148  income counties, extremely low income may be less than 30
  149  percent of area median income.
  150         (10)(9) “Local public body” means any county, municipality,
  151  or other political subdivision, or any housing authority as
  152  provided by chapter 421, which is eligible to sponsor or develop
  153  housing for farmworkers and very-low-income and low-income
  154  persons within its jurisdiction.
  155         (11)(10) “Low-income persons” means one or more natural
  156  persons or a family, the total annual adjusted gross household
  157  income of which does not exceed 80 percent of the median annual
  158  adjusted gross income for households within the state, or 80
  159  percent of the median annual adjusted gross income for
  160  households within the metropolitan statistical area (MSA) or, if
  161  not within an MSA, within the county in which the person or
  162  family resides, whichever is greater.
  163         (12)(11) “Moderate-income persons” means one or more
  164  natural persons or a family, the total annual adjusted gross
  165  household income of which is less than 120 percent of the median
  166  annual adjusted gross income for households within the state, or
  167  120 percent of the median annual adjusted gross income for
  168  households within the metropolitan statistical area (MSA) or, if
  169  not within an MSA, within the county in which the person or
  170  family resides, whichever is greater.
  171         (13) “Person with special needs” means an adult person
  172  requiring independent living services in order to maintain
  173  housing or develop independent living skills and who has a
  174  disabling condition; a young adult formerly in foster care who
  175  is eligible for services under s. 409.1451(5); a survivor of
  176  domestic violence as defined in s. 741.28; or a person receiving
  177  benefits under the Social Security Disability Insurance (SSDI)
  178  program or the Supplemental Security Income (SSI) program or
  179  from veterans’ disability benefits.
  180         (14)(12) “Student” means any person not living with his or
  181  her parent or guardian who is eligible to be claimed by his or
  182  her parent or guardian as a dependent under the federal income
  183  tax code and who is enrolled on at least a half-time basis in a
  184  secondary school, career center, community college, college, or
  185  university.
  186         (15)(13) “Substandard” means:
  187         (a) Any unit lacking complete plumbing or sanitary
  188  facilities for the exclusive use of the occupants;
  189         (b) A unit which is in violation of one or more major
  190  sections of an applicable housing code and where such violation
  191  poses a serious threat to the health of the occupant; or
  192         (c) A unit that has been declared unfit for human
  193  habitation but that could be rehabilitated for less than 50
  194  percent of the property value.
  195         (16)(14) “Substantial rehabilitation” means repair or
  196  restoration of a dwelling unit where the value of such repair or
  197  restoration exceeds 40 percent of the value of the dwelling.
  198         (17)(15) “Very-low-income persons” means one or more
  199  natural persons or a family, not including students, the total
  200  annual adjusted gross household income of which does not exceed
  201  50 percent of the median annual adjusted gross income for
  202  households within the state, or 50 percent of the median annual
  203  adjusted gross income for households within the metropolitan
  204  statistical area (MSA) or, if not within an MSA, within the
  205  county in which the person or family resides, whichever is
  206  greater.
  207         Section 3. Paragraph (a) of subsection (22) and subsection
  208  (46) of section 420.507, Florida Statutes, are amended to read:
  209         420.507 Powers of the corporation.—The corporation shall
  210  have all the powers necessary or convenient to carry out and
  211  effectuate the purposes and provisions of this part, including
  212  the following powers which are in addition to all other powers
  213  granted by other provisions of this part:
  214         (22) To develop and administer the State Apartment
  215  Incentive Loan Program. In developing and administering that
  216  program, the corporation may:
  217         (a) Make first, second, and other subordinated mortgage
  218  loans including variable or fixed rate loans subject to
  219  contingent interest for all State Apartment Incentive Loans
  220  provided for in this chapter based upon available cash flow of
  221  the projects. The corporation shall make loans exceeding 25
  222  percent of project cost available only to nonprofit
  223  organizations and public bodies which are able to secure grants,
  224  donations of land, or contributions from other sources and to
  225  projects meeting the criteria of subparagraph 1. Mortgage loans
  226  shall be made available at the following rates of interest:
  227         1. Zero to 3 percent interest for sponsors of projects that
  228  set aside at least 80 percent of their total units for residents
  229  qualifying as farmworkers as defined in this part, or commercial
  230  fishing workers as defined in this part, or the homeless as
  231  defined in s. 420.621(4), or persons with special needs as
  232  defined in s. 420.0004(13) over the life of the loan.
  233         2. Zero to 3 percent interest based on the pro rata share
  234  of units set aside for homeless residents or persons with
  235  special needs if the total of such units is less than 80 percent
  236  of the units in the borrower’s project.
  237         3. One to 9 percent interest for sponsors of projects
  238  targeted at populations other than farmworkers, commercial
  239  fishing workers, and the homeless, and persons with special
  240  needs.
  241         (46) To require, as a condition of financing a multifamily
  242  rental project, that an agreement be recorded in the official
  243  records of the county where the real property is located, which
  244  requires that the project be used for housing defined as
  245  affordable in s. 420.0004(3) by persons defined in s.
  246  420.0004(9)(8), (11)(10), (12)(11), and (17)(15). Such an
  247  agreement is a state land use regulation that limits the highest
  248  and best use of the property within the meaning of s.
  249  193.011(2).
  250         Section 4. Subsection (3) of section 420.5087, Florida
  251  Statutes, is amended to read:
  252         420.5087 State Apartment Incentive Loan Program.—There is
  253  hereby created the State Apartment Incentive Loan Program for
  254  the purpose of providing first, second, or other subordinated
  255  mortgage loans or loan guarantees to sponsors, including for
  256  profit, nonprofit, and public entities, to provide housing
  257  affordable to very-low-income persons.
  258         (3) During the first 6 months of loan or loan guarantee
  259  availability, program funds shall be reserved for use by
  260  sponsors who provide the housing set-aside required in
  261  subsection (2) for the tenant groups designated in this
  262  subsection. The reservation of funds to each of these groups
  263  shall be determined using the most recent statewide very-low
  264  income rental housing market study available at the time of
  265  publication of each notice of fund availability required by
  266  paragraph (6)(b). The reservation of funds within each notice of
  267  fund availability to the tenant groups in paragraphs (a), (b),
  268  and (e) (d) may not be less than 10 percent of the funds
  269  available at that time. Any increase in funding required to
  270  reach the 10-percent minimum must be taken from the tenant group
  271  that has the largest reservation. The reservation of funds
  272  within each notice of fund availability to the tenant group in
  273  paragraph (c) may not be less than 5 percent of the funds
  274  available at that time. The reservation of funds within each
  275  notice of fund availability to the tenant group in paragraph (d)
  276  may not be more than 10 percent of the funds available at that
  277  time. The tenant groups are:
  278         (a) Commercial fishing workers and farmworkers;
  279         (b) Families;
  280         (c) Persons who are homeless;
  281         (d) Persons with special needs; and
  282         (e)(d) Elderly persons. Ten percent of the amount reserved
  283  for the elderly shall be reserved to provide loans to sponsors
  284  of housing for the elderly for the purpose of making building
  285  preservation, health, or sanitation repairs or improvements
  286  which are required by federal, state, or local regulation or
  287  code, or lifesafety or security-related repairs or improvements
  288  to such housing. Such a loan may not exceed $750,000 per housing
  289  community for the elderly. In order to receive the loan, the
  290  sponsor of the housing community must make a commitment to match
  291  at least 5 percent of the loan amount to pay the cost of such
  292  repair or improvement. The corporation shall establish the rate
  293  of interest on the loan, which may not exceed 3 percent, and the
  294  term of the loan, which may not exceed 15 years; however, if the
  295  lien of the corporation’s encumbrance is subordinate to the lien
  296  of another mortgagee, then the term may be made coterminous with
  297  the longest term of the superior lien. The term of the loan
  298  shall be based on a credit analysis of the applicant. The
  299  corporation may forgive indebtedness for a share of the loan
  300  attributable to the units in a project reserved for extremely
  301  low-income elderly by nonprofit organizations, as defined in s.
  302  420.0004(5), where the project has provided affordable housing
  303  to the elderly for 15 years or more. The corporation shall
  304  establish, by rule, the procedure and criteria for receiving,
  305  evaluating, and competitively ranking all applications for loans
  306  under this paragraph. A loan application must include evidence
  307  of the first mortgagee’s having reviewed and approved the
  308  sponsor’s intent to apply for a loan. A nonprofit organization
  309  or sponsor may not use the proceeds of the loan to pay for
  310  administrative costs, routine maintenance, or new construction.
  311         Section 5. Paragraphs (d), (e), (f), and (g) of subsection
  312  (2) of section 163.31771, Florida Statutes, are amended to read:
  313         163.31771 Accessory dwelling units.—
  314         (2) As used in this section, the term:
  315         (d) “Low-income persons” has the same meaning as in s.
  316  420.0004(11)(10).
  317         (e) “Moderate-income persons” has the same meaning as in s.
  318  420.0004(12)(11).
  319         (f) “Very-low-income persons” has the same meaning as in s.
  320  420.0004(17)(15).
  321         (g) “Extremely-low-income persons” has the same meaning as
  322  in s. 420.0004(9)(8).
  323         Section 6. Section 196.1978, Florida Statutes, is amended
  324  to read:
  325         196.1978 Affordable housing property exemption.—Property
  326  used to provide affordable housing serving eligible persons as
  327  defined by s. 159.603(7) and persons meeting income limits
  328  specified in s. 420.0004(9)(8), (11)(10), (12)(11), and
  329  (17)(15), which property is owned entirely by a nonprofit entity
  330  which is qualified as charitable under s. 501(c)(3) of the
  331  Internal Revenue Code and which complies with Rev. Proc. 96-32,
  332  1996-1 C.B. 717, shall be considered property owned by an exempt
  333  entity and used for a charitable purpose, and those portions of
  334  the affordable housing property which provide housing to
  335  individuals with incomes as defined in s. 420.0004(11)(10) and
  336  (17)(15) shall be exempt from ad valorem taxation to the extent
  337  authorized in s. 196.196. All property identified in this
  338  section shall comply with the criteria for determination of
  339  exempt status to be applied by property appraisers on an annual
  340  basis as defined in s. 196.195. The Legislature intends that any
  341  property owned by a limited liability company which is
  342  disregarded as an entity for federal income tax purposes
  343  pursuant to Treasury Regulation 301.7701-3(b)(1)(ii) shall be
  344  treated as owned by its sole member.
  345         Section 7. Paragraph (o) of subsection (5) of section
  346  212.08, Florida Statutes, is amended to read:
  347         212.08 Sales, rental, use, consumption, distribution, and
  348  storage tax; specified exemptions.—The sale at retail, the
  349  rental, the use, the consumption, the distribution, and the
  350  storage to be used or consumed in this state of the following
  351  are hereby specifically exempt from the tax imposed by this
  352  chapter.
  353         (5) EXEMPTIONS; ACCOUNT OF USE.—
  354         (o) Building materials in redevelopment projects.—
  355         1. As used in this paragraph, the term:
  356         a. “Building materials” means tangible personal property
  357  that becomes a component part of a housing project or a mixed
  358  use project.
  359         b. “Housing project” means the conversion of an existing
  360  manufacturing or industrial building to housing units in an
  361  urban high-crime area, enterprise zone, empowerment zone, Front
  362  Porch Community, designated brownfield area, or urban infill
  363  area and in which the developer agrees to set aside at least 20
  364  percent of the housing units in the project for low-income and
  365  moderate-income persons or the construction in a designated
  366  brownfield area of affordable housing for persons described in
  367  s. 420.0004(9)(8), (11)(10), (12)(11), or (17)(15) or in s.
  368  159.603(7).
  369         c. “Mixed-use project” means the conversion of an existing
  370  manufacturing or industrial building to mixed-use units that
  371  include artists’ studios, art and entertainment services, or
  372  other compatible uses. A mixed-use project must be located in an
  373  urban high-crime area, enterprise zone, empowerment zone, Front
  374  Porch Community, designated brownfield area, or urban infill
  375  area, and the developer must agree to set aside at least 20
  376  percent of the square footage of the project for low-income and
  377  moderate-income housing.
  378         d. “Substantially completed” has the same meaning as
  379  provided in s. 192.042(1).
  380         2. Building materials used in the construction of a housing
  381  project or mixed-use project are exempt from the tax imposed by
  382  this chapter upon an affirmative showing to the satisfaction of
  383  the department that the requirements of this paragraph have been
  384  met. This exemption inures to the owner through a refund of
  385  previously paid taxes. To receive this refund, the owner must
  386  file an application under oath with the department which
  387  includes:
  388         a. The name and address of the owner.
  389         b. The address and assessment roll parcel number of the
  390  project for which a refund is sought.
  391         c. A copy of the building permit issued for the project.
  392         d. A certification by the local building code inspector
  393  that the project is substantially completed.
  394         e. A sworn statement, under penalty of perjury, from the
  395  general contractor licensed in this state with whom the owner
  396  contracted to construct the project, which statement lists the
  397  building materials used in the construction of the project and
  398  the actual cost thereof, and the amount of sales tax paid on
  399  these materials. If a general contractor was not used, the owner
  400  shall provide this information in a sworn statement, under
  401  penalty of perjury. Copies of invoices evidencing payment of
  402  sales tax must be attached to the sworn statement.
  403         3. An application for a refund under this paragraph must be
  404  submitted to the department within 6 months after the date the
  405  project is deemed to be substantially completed by the local
  406  building code inspector. Within 30 working days after receipt of
  407  the application, the department shall determine if it meets the
  408  requirements of this paragraph. A refund approved pursuant to
  409  this paragraph shall be made within 30 days after formal
  410  approval of the application by the department.
  411         4. The department shall establish by rule an application
  412  form and criteria for establishing eligibility for exemption
  413  under this paragraph.
  414         5. The exemption shall apply to purchases of materials on
  415  or after July 1, 2000.
  416         Section 8. Paragraphs (a) and (g) of subsection (2) of
  417  section 215.5586, Florida Statutes, are amended to read:
  418         215.5586 My Safe Florida Home Program.—There is established
  419  within the Department of Financial Services the My Safe Florida
  420  Home Program. The department shall provide fiscal
  421  accountability, contract management, and strategic leadership
  422  for the program, consistent with this section. This section does
  423  not create an entitlement for property owners or obligate the
  424  state in any way to fund the inspection or retrofitting of
  425  residential property in this state. Implementation of this
  426  program is subject to annual legislative appropriations. It is
  427  the intent of the Legislature that the My Safe Florida Home
  428  Program provide inspections for at least 400,000 site-built,
  429  single-family, residential properties and provide grants to at
  430  least 35,000 applicants before June 30, 2009. The program shall
  431  develop and implement a comprehensive and coordinated approach
  432  for hurricane damage mitigation that shall include the
  433  following:
  434         (2) MITIGATION GRANTS.—Financial grants shall be used to
  435  encourage single-family, site-built, owner-occupied, residential
  436  property owners to retrofit their properties to make them less
  437  vulnerable to hurricane damage.
  438         (a) To be eligible for a grant for persons who have
  439  obtained a completed inspection after May 1, 2007, a residential
  440  property must:
  441         1. Have been granted a homestead exemption under chapter
  442  196.
  443         2. Be a dwelling with an insured value of $300,000 or less.
  444  Homeowners who are low-income persons, as defined in s.
  445  420.0004(11)(10), are exempt from this requirement.
  446         3. Have undergone an acceptable hurricane mitigation
  447  inspection.
  448         4. Be located in the “wind-borne debris region” as that
  449  term is defined in s. 1609.2, International Building Code
  450  (2006).
  451         5. Be a home for which the building permit application for
  452  initial construction was made before March 1, 2002.
  453  
  454  An application for a grant must contain a signed or
  455  electronically verified statement made under penalty of perjury
  456  that the applicant has submitted only a single application and
  457  must have attached documents demonstrating the applicant meets
  458  the requirements of this paragraph.
  459         (g) Low-income homeowners, as defined in s.
  460  420.0004(11)(10), who otherwise meet the requirements of
  461  paragraphs (a), (c), (e), and (f) are eligible for a grant of up
  462  to $5,000 and are not required to provide a matching amount to
  463  receive the grant. Additionally, for low-income homeowners,
  464  grant funding may be used for repair to existing structures
  465  leading to any of the mitigation improvements provided in
  466  paragraph (e), limited to 20 percent of the grant value. The
  467  program may accept a certification directly from a low-income
  468  homeowner that the homeowner meets the requirements of s.
  469  420.0004(11)(10) if the homeowner provides such certification in
  470  a signed or electronically verified statement made under penalty
  471  of perjury.
  472         Section 9. Subsection (19) of section 420.503, Florida
  473  Statutes, is amended to read:
  474         420.503 Definitions.—As used in this part, the term:
  475         (19) “Housing for the elderly” means, for purposes of s.
  476  420.5087(3)(e)(d), any nonprofit housing community that is
  477  financed by a mortgage loan made or insured by the United States
  478  Department of Housing and Urban Development under s. 202, s. 202
  479  with a s. 8 subsidy, s. 221(d)(3) or (4), or s. 236 of the
  480  National Housing Act, as amended, and that is subject to income
  481  limitations established by the United States Department of
  482  Housing and Urban Development, or any program funded by the
  483  Rural Development Agency of the United States Department of
  484  Agriculture and subject to income limitations established by the
  485  United States Department of Agriculture. A project which
  486  qualifies for an exemption under the Fair Housing Act as housing
  487  for older persons as defined by s. 760.29(4) shall qualify as
  488  housing for the elderly for purposes of s. 420.5087(3)(e)(d) and
  489  for purposes of any loans made pursuant to s. 420.508. In
  490  addition, if the corporation adopts a qualified allocation plan
  491  pursuant to s. 42(m)(1)(B) of the Internal Revenue Code or any
  492  other rules that prioritize projects targeting the elderly for
  493  purposes of allocating tax credits pursuant to s. 420.5099 or
  494  for purposes of the HOME program under s. 420.5089, a project
  495  which qualifies for an exemption under the Fair Housing Act as
  496  housing for older persons as defined by s. 760.29(4) shall
  497  qualify as a project targeted for the elderly, if the project
  498  satisfies the other requirements set forth in this part.
  499         Section 10. This act shall take effect July 1, 2009.