Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. CS for CS for SB 334
                        Barcode 525270
                            CHAMBER ACTION
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       04/20/2005 03:07 PM         .                    
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11  Senator Klein moved the following amendment:
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13         Senate Amendment (with title amendment) 
14         On page 2, line 7,
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16  insert:  
17         Section 1.  Paragraph (m) of subsection (6) of section
18  420.5087, Florida Statutes, is amended to read:
19         420.5087  State Apartment Incentive Loan
20  Program.--There is hereby created the State Apartment
21  Incentive Loan Program for the purpose of providing first,
22  second, or other subordinated mortgage loans or loan
23  guarantees to sponsors, including for-profit, nonprofit, and
24  public entities, to provide housing affordable to
25  very-low-income persons.
26         (6)  On all state apartment incentive loans, except
27  loans made to housing communities for the elderly to provide
28  for lifesafety, building preservation, health, sanitation, or
29  security-related repairs or improvements, the following
30  provisions shall apply:
31         (m)  Sponsors shall annually certify the adjusted gross
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    9:52 AM   04/20/05                             s0334c2c-30-z07

Florida Senate - 2005 SENATOR AMENDMENT Bill No. CS for CS for SB 334 Barcode 525270 1 income of all persons or families qualified under subsection 2 (2) at the time of initial occupancy, who are residing in a 3 project funded by this program. All persons or families 4 qualified under subsection (2) may continue to qualify under 5 subsection (2) in a project funded by this program if the 6 adjusted gross income of those persons or families at the time 7 of annual recertification meets the requirements established 8 in s. 142(d)(3)(B) of the Internal Revenue Code of 1986, as 9 amended. If the annual recertification of persons or families 10 qualifying under subsection (2) results in noncompliance with 11 income occupancy requirements, the next available unit must be 12 rented to a person or family qualifying under subsection (2) 13 in order to ensure continuing compliance of the project. The 14 Corporation may waive the annual recertification if 100 15 percent of the units are set aside as affordable. 16 17 (Redesignate subsequent sections.) 18 19 20 ================ T I T L E A M E N D M E N T =============== 21 And the title is amended as follows: 22 On page 1, line 2, after the semicolon, 23 24 insert: 25 amending s. 420.5087, F.S.; authorizing the 26 Florida Housing Finance Corporation to waive 27 annual recertification under certain 28 conditions; 29 30 31 2 9:52 AM 04/20/05 s0334c2c-30-z07