Senate Bill sb0540c1

    Florida Senate - 2003                            CS for SB 540

    By the Committee on Comprehensive Planning; and Senator
    Constantine




    316-2064-03

  1                      A bill to be entitled

  2         An act relating to affordable housing; amending

  3         s. 420.507, F.S.; allowing the Florida Housing

  4         Finance Corporation to establish subsidiary

  5         corporations to administer and manage programs

  6         under contract with the United States

  7         Department of Housing and Urban Development;

  8         providing powers of such subsidiary

  9         corporations; providing that such subsidiaries

10         are subject to specified statutes; providing an

11         effective date.

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

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15         Section 1.  Subsection (42) is added to section

16  420.507, Florida Statutes, to read:

17         420.507  Powers of the corporation.--The corporation

18  shall have all the powers necessary or convenient to carry out

19  and effectuate the purposes and provisions of this part,

20  including the following powers which are in addition to all

21  other powers granted by other provisions of this part:

22         (42)  To establish a subsidiary corporation for the

23  purpose of administering and managing programs under contract

24  with the United States Department of Housing and Urban

25  Development. Any such subsidiary corporation is a public

26  corporation wholly owned by the corporation; is entitled to

27  transact business on the same basis as the corporation; and is

28  a corporation primarily acting as an agent of the state,

29  within the meaning of s. 768.28, on the same basis as the

30  corporation. Any subsidiary created by the corporation is

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    Florida Senate - 2003                            CS for SB 540
    316-2064-03




 1  subject to chapters 119, 120, and 286 to the same extent as

 2  the corporation.

 3         Section 2.  This act shall take effect July 1, 2003.

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 5          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 6                         Senate Bill 540

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 8  This Committee Substitute authorizes the Florida Housing
    Finance Corporation (FHFC) to establish a subsidiary
 9  corporation to administer and manage programs under contract
    with the US Department of Housing and Urban Development (HUD).
10  Specifically, this provision will allow FHFC to administer the
    Housing Assistance for Needy Families (HANF), a proposed block
11  grant initiative from HUD that replaces the federal Section 8
    program. Section 8 housing choice vouchers allow very
12  low-income families to choose and lease or purchase safe,
    decent, and affordable privately-owned rental housing.
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CODING: Words stricken are deletions; words underlined are additions.