Amendment
Bill No. 7167
Amendment No. 408349
CHAMBER ACTION
Senate House
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1Representative(s) Johnson offered the following:
2
3     Amendment to Amendment (841619) (with title amendment)
4Between lines 956 and 957, insert:
5     Section 13.  Section 193.018, Florida Statutes, is created
6to read:
7     193.018  Affordable housing property tax assessment.--
8     (1)  For the purpose of assessing just valuation of
9affordable housing properties serving persons with income limits
10defined as extremely low, low, moderate, and very low, as
11specified in s. 420.0004(8), (10), (11), and (15), the actual
12rental income from rent-restricted units in such a property
13shall be considered  by the property appraiser for assessment
14purposes, and a rental income approach pursuant to s. 193.011(7)
15may be used for assessment of the rents for the following
16affordable housing properties:
17     (a)  Property that is funded by the United States
18Department of Housing and Urban Development under s. 8 of the
19United States Housing Act of 1937 that is used to provide
20affordable housing serving eligible persons as defined by s.
21159.603(7), elderly persons, extremely low-income persons, and
22very-low-income persons as defined by s. 420.0004(7), (8), and
23(15) and that has undergone financial restructuring as provided
24in s. 501, Title V, Subtitle A of the Multifamily Assisted
25Housing Reform and Affordability Act of 1997;
26     (b)  Multifamily, farmworker, or elderly rental properties
27that are funded by the Florida Housing Finance Corporation under
28ss. 420.5087 and 420.5089 and the State Housing Initiatives
29Partnership Program under ss. 420.9072 and 420.9075, s. 42 of
30the Internal Revenue Code, 26 U.S.C. ? 42; the HOME Investment
31Partnership Program under the Cranston-Gonzalez National
32Affordable Housing Act, 42 U.S.C. s. 12741 et seq.; or the
33Federal Home Loan Banks' Affordable Housing Program established
34pursuant to the Financial Institutions Reform, Recovery and
35Enforcement Act of 1989, Pub. L. No. 101-73; or
36     (c)  Multifamily residential rental properties of 10 or
37more units that are deed restricted as affordable housing and
38certified by the local housing agency as having at least 95
39percent of its units providing affordable housing to extremely
40low-income persons, very-low-income persons, low-income persons,
41and moderate-income persons as defined by s. 420.0004(8), (15),
42(10), and (11).
43     Section 14.  Section 196.1978, Florida Statutes, is amended
44to read:
45     196.1978  Affordable housing property exemption.--
46     (1)  Property used to provide affordable housing serving
47eligible persons as defined by s. 159.603(7) and persons meeting
48income limits specified in s. 420.0004(9),(10), and (14), which
49property is owned entirely by a nonprofit entity which is
50qualified as charitable under s. 501(c)(3) of the Internal
51Revenue Code and which complies with Rev. Proc. 96-32, 1996-1
52C.B. 717, shall be considered property owned by an exempt entity
53and used for a charitable purpose, and those portions of the
54affordable housing property which provide housing to individuals
55with incomes as defined in s. 420.0004(9) and (14) shall be
56exempt from ad valorem taxation to the extent authorized in s.
57196.196.
58     (2)  For the purposes of this section, ownership entirely
59by a nonprofit entity is classified as ownership by:
60     (a)  A corporation not for profit; or
61     (b)  A limited partnership in this state the sole general
62partner of which is a corporation not for profit or a limited
63liability company in this state or corporation the sole member
64or shareholder, respectively, of which is a corporation not for
65profit.
66     (3)  All property owned by a nonprofit entity identified in
67this section shall comply with the criteria for determination of
68exempt status to be applied by property appraisers on an annual
69basis as defined in s. 196.195. In order to qualify for exempt
70status, the nonprofit entity must affirmatively demonstrate to
71the property appraiser on an annual basis that no part of the
72sale, lease, or other disposition of the assets of the property
73will inure to the benefit of its members, officers, or any
74person or firm operating for profit or for a nonexempt purpose
75except for those required by s. 42 of the Internal Revenue Code.
76The Legislature intends that any property owned by a limited
77liability company which is disregarded as an entity for federal
78income tax purposes pursuant to Treasury Regulation 301.7701-
793(b)(1)(ii) shall be treated as owned by its sole member.
80
81======== T I T L E  A M E N D M E N T ========
82     Remove line(s) 1046 and insert:
83System purposes; creating s. 193.018, F.S.; providing criteria
84for assessing just valuation of affordable housing properties
85serving persons of low, moderate, very-low, and extremely-low
86incomes; amending s. 196.1978, F.S.; specifying what constitutes
87a nonprofit entity for purposes of affordable housing property
88tax exemption; providing legislative findings; requiring


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