Senate Bill sb0036C

    Florida Senate - 2001                                  SB 36-C

    By Senator Clary





    7-675-02

  1                      A bill to be entitled

  2         An act relating to homeownership assistance;

  3         creating the Extended Homeownership Assistance

  4         Program within the Florida Housing Finance

  5         Corporation; providing for loans to eligible

  6         borrowers for down payments or closing costs

  7         related to the purchase of residences;

  8         providing for repayment of loans; authorizing a

  9         fee; requiring deposit and authorizing

10         expenditure of certain revenues; requiring the

11         adoption of rules; providing for future repeal;

12         providing an effective date.

13

14  Be It Enacted by the Legislature of the State of Florida:

15

16         Section 1.  Extended Homeownership Assistance

17  Program.--

18         (1)  As used in this section, the term:

19         (a)  "Corporation" means the Florida Housing Finance

20  Corporation.

21         (b)  "Eligible borrower" means a person or family

22  earning up to 150 percent of the state or county median

23  income, whichever is greater, adjusted for family size.

24         (2)  There is created as a temporary program within the

25  corporation an Extended Homeownership Assistance Program for

26  the purpose of assisting low, moderate, and middle-income

27  persons and families in purchasing a home by reducing the down

28  payment and closing costs paid by these persons and families.

29         (3)  Subject to specific legislative appropriation, the

30  corporation shall make subordinated nonamortizing, no-interest

31  loans to eligible borrowers for down payments or closing costs

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






    Florida Senate - 2001                                  SB 36-C
    7-675-02




  1  related to the purchase of the eligible borrowers' primary

  2  residences. Each loan is limited to $15,000 and is limited to

  3  the lesser of 10 percent of the total purchase price or 10

  4  percent of the appraised value of the residence. The balance

  5  of each loan is due at closing if the residence is sold or

  6  transferred.

  7         (4)  The corporation may impose a fee not to exceed $50

  8  for each loan application and may retain these fees to defray

  9  the costs of implementing this section.

10         (5)  Loan repayments and other revenues that accrue

11  under this section shall be deposited in the Florida

12  Homeownership Assistance Fund created under section 420.5088,

13  Florida Statutes, and shall not revert to the General Revenue

14  Fund. These funds shall be expended as provided in section

15  420.5088, Florida Statutes, are not required to be included in

16  the corporation's budget request, and are not subject to

17  appropriation by the Legislature.

18         (6)  The corporation shall adopt rules under sections

19  120.536(1) and 120.54, Florida Statutes, to administer this

20  section, including rules governing loan-application

21  procedures, loan-selection criteria and procedures, the terms

22  and conditions of loans, loan-processing procedures, and the

23  application fee.

24         (7)  This section expires June 30, 2003.

25         Section 2.  This act shall take effect upon becoming a

26  law.

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28            *****************************************

29                          SENATE SUMMARY

30    Creates the Extended Homeownership Assistance Program
      within the Florida Housing Finance Corporation.
31

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