| 1 | Representative(s) Lopez-Cantera offered the following: |
| 2 |
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| 3 | Amendment to Amendment (841619) (with title amendment) |
| 4 | Between lines 956 and 957, insert: |
| 5 | Section 13. Section 193.018, Florida Statutes, is created |
| 6 | to read: |
| 7 | 193.018 Affordable housing property tax assessment.-- |
| 8 | (1) For the purpose of assessing just valuation of |
| 9 | affordable housing properties serving persons with income limits |
| 10 | defined as extremely low, low, moderate, and very low, as |
| 11 | specified in s. 420.0004(8), (10), (11), and (15), the actual |
| 12 | rental income from rent-restricted units in such a property |
| 13 | shall be considered by the property appraiser for assessment |
| 14 | purposes, and a rental income approach pursuant to s. 193.011(7) |
| 15 | may be used for assessment of the rents for the following |
| 16 | affordable housing properties: |
| 17 | (a) Property that is funded by the United States |
| 18 | Department of Housing and Urban Development under s. 8 of the |
| 19 | United States Housing Act of 1937 that is used to provide |
| 20 | affordable housing serving eligible persons as defined by s. |
| 21 | 159.603(7), elderly persons, extremely low-income persons, and |
| 22 | very-low-income persons as defined by s. 420.0004(7), (8), and |
| 23 | (15) and that has undergone financial restructuring as provided |
| 24 | in s. 501, Title V, Subtitle A of the Multifamily Assisted |
| 25 | Housing Reform and Affordability Act of 1997; |
| 26 | (b) Multifamily, farmworker, or elderly rental properties |
| 27 | that are funded by the Florida Housing Finance Corporation under |
| 28 | ss. 420.5087 and 420.5089 and the State Housing Initiatives |
| 29 | Partnership Program under ss. 420.9072 and 420.9075, s. 42 of |
| 30 | the Internal Revenue Code, 26 U.S.C. ? 42; the HOME Investment |
| 31 | Partnership Program under the Cranston-Gonzalez National |
| 32 | Affordable Housing Act, 42 U.S.C. s. 12741 et seq.; or the |
| 33 | Federal Home Loan Banks' Affordable Housing Program established |
| 34 | pursuant to the Financial Institutions Reform, Recovery and |
| 35 | Enforcement Act of 1989, Pub. L. No. 101-73; or |
| 36 | (c) Multifamily residential rental properties of 10 or |
| 37 | more units that are deed restricted as affordable housing and |
| 38 | certified by the local housing agency as having at least 95 |
| 39 | percent of its units providing affordable housing to extremely |
| 40 | low-income persons, very-low-income persons, low-income persons, |
| 41 | and 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 |
| 44 | to read: |
| 45 | 196.1978 Affordable housing property exemption.-- |
| 46 | (1) Property used to provide affordable housing serving |
| 47 | eligible persons as defined by s. 159.603(7) and persons meeting |
| 48 | income limits specified in s. 420.0004(9),(10), and (14), which |
| 49 | property is owned entirely by a nonprofit entity which is |
| 50 | qualified as charitable under s. 501(c)(3) of the Internal |
| 51 | Revenue Code and which complies with Rev. Proc. 96-32, 1996-1 |
| 52 | C.B. 717, shall be considered property owned by an exempt entity |
| 53 | and used for a charitable purpose, and those portions of the |
| 54 | affordable housing property which provide housing to individuals |
| 55 | with incomes as defined in s. 420.0004(9) and (14) shall be |
| 56 | exempt from ad valorem taxation to the extent authorized in s. |
| 57 | 196.196. |
| 58 | (2) For the purposes of this section, ownership entirely |
| 59 | by 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 |
| 62 | partner of which is a corporation not for profit or a limited |
| 63 | liability company in this state or corporation the sole member |
| 64 | or shareholder, respectively, of which is a corporation not for |
| 65 | profit. |
| 66 | (3) All property owned by a nonprofit entity identified in |
| 67 | this section shall comply with the criteria for determination of |
| 68 | exempt status to be applied by property appraisers on an annual |
| 69 | basis as defined in s. 196.195. In order to qualify for exempt |
| 70 | status, the nonprofit entity must affirmatively demonstrate to |
| 71 | the property appraiser on an annual basis that no part of the |
| 72 | sale, lease, or other disposition of the assets of the property |
| 73 | will inure to the benefit of its members, officers, or any |
| 74 | person or firm operating for profit or for a nonexempt purpose |
| 75 | except for those required by s. 42 of the Internal Revenue Code. |
| 76 | The Legislature intends that any property owned by a limited |
| 77 | liability company which is disregarded as an entity for federal |
| 78 | income tax purposes pursuant to Treasury Regulation 301.7701- |
| 79 | 3(b)(1)(ii) shall be treated as owned by its sole member. |
| 80 |
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| 81 | ======== T I T L E A M E N D M E N T ======== |
| 82 | Remove line(s) 1046 and insert: |
| 83 | System purposes; creating s. 193.018, F.S.; providing criteria |
| 84 | for assessing just valuation of affordable housing properties |
| 85 | serving persons of low, moderate, very-low, and extremely-low |
| 86 | incomes; amending s. 196.1978, F.S.; specifying what constitutes |
| 87 | a nonprofit entity for purposes of affordable housing property |
| 88 | tax exemption; providing legislative findings; requiring |