HB 267

1
A bill to be entitled
2An act relating to affordable housing; creating s.
3193.018, F.S.; providing for the assessment of property
4receiving the low-income housing tax credit; defining the
5term "community land trust"; providing for the assessment
6of structural improvements, condominium parcels, and
7cooperative parcels on land owned by a community land
8trust and used to provide affordable housing; providing
9for the conveyance of structural improvements, condominium
10parcels, and cooperative parcels subject to certain
11conditions; specifying the criteria to be used in arriving
12at just valuation of a structural improvement, condominium
13parcel, or cooperative parcel; providing an effective
14date.
15
16Be It Enacted by the Legislature of the State of Florida:
17
18     Section 1.  Section 193.018, Florida Statutes, is created
19to read:
20     193.018  Land owned by a community land trust used to
21provide affordable housing; assessment; structural improvements,
22condominium parcels, and cooperative parcels.--
23     (1)  As used in this section, the term "community land
24trust" means a nonprofit entity that is qualified as charitable
25under s. 501(c)(3) of the Internal Revenue Code and has as one
26of its purposes the acquisition of land to be held in perpetuity
27for the primary purpose of providing affordable homeownership.
28     (2)  A community land trust may convey structural
29improvements, condominium parcels, or cooperative parcels, that
30are located on specific parcels of land that are identified by a
31legal description contained in and subject to a ground lease
32having a term of at least 99 years, for the purpose of providing
33affordable housing to natural persons or families who meet the
34extremely-low, very-low, low, or moderate income limits
35specified in s. 420.0004, or the income limits for workforce
36housing, as defined in s. 420.5095(3). A community land trust
37shall retain a preemptive option to purchase any structural
38improvements, condominium parcels, or cooperative parcels on the
39land at a price determined by a formula specified in the ground
40lease which is designed to ensure that the structural
41improvements, condominium parcels, or cooperative parcels remain
42affordable.
43     (3)  In arriving at just valuation under s. 193.011, a
44structural improvement, condominium parcel, or cooperative
45parcel providing affordable housing on land owned by a community
46land trust, and the land owned by a community land trust that is
47subject to a 99-year or longer ground lease, shall be assessed
48using the following criteria:
49     (a)  The amount a willing purchase would pay a willing
50seller for the land is limited to an amount commensurate with
51the terms of the ground lease that restricts the use of the land
52to the provision of affordable housing in perpetuity.
53     (b)  The amount a willing purchaser would pay a willing
54seller for resale-restricted improvements, condominium parcels,
55or cooperative parcels is limited to the amount determined by
56the formula in the ground lease.
57     (c)  If the ground lease and all amendments and supplements
58thereto, or a memorandum documenting how such lease and
59amendments or supplements restrict the price at which the
60improvements, condominium parcels, or cooperative parcels may be
61sold, is recorded in the official public records of the county
62in which the leased land is located, the recorded lease and any
63amendments and supplements, or the recorded memorandum, shall be
64deemed a land use regulation during the term of the lease as
65amended or supplemented.
66     Section 2.  This act shall take effect July 1, 2009.


CODING: Words stricken are deletions; words underlined are additions.