Amendment
Bill No. 1375
Amendment No. 948479
CHAMBER ACTION
Senate House
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1Representative M. Davis offered the following:
2
3     Amendment (with title amendment)
4     Between lines 687 and 688, insert:
5     Section 14.  Paragraph (d) of subsection (3) of section
6420.5087, Florida Statutes, is amended to read:
7     420.5087  State Apartment Incentive Loan Program.--There is
8hereby created the State Apartment Incentive Loan Program for
9the purpose of providing first, second, or other subordinated
10mortgage loans or loan guarantees to sponsors, including for-
11profit, nonprofit, and public entities, to provide housing
12affordable to very-low-income persons.
13     (3)  During the first 6 months of loan or loan guarantee
14availability, program funds shall be reserved for use by
15sponsors who provide the housing set-aside required in
16subsection (2) for the tenant groups designated in this
17subsection. The reservation of funds to each of these groups
18shall be determined using the most recent statewide very-low-
19income rental housing market study available at the time of
20publication of each notice of fund availability required by
21paragraph (6)(b). The reservation of funds within each notice of
22fund availability to the tenant groups in paragraphs (a), (b),
23and (d) may not be less than 10 percent of the funds available
24at that time. Any increase in funding required to reach the 10-
25percent minimum shall be taken from the tenant group that has
26the largest reservation. The reservation of funds within each
27notice of fund availability to the tenant group in paragraph (c)
28may not be less than 5 percent of the funds available at that
29time. The tenant groups are:
30     (d)  Elderly persons. Ten percent of the amount reserved
31for the elderly shall be reserved to provide loans to sponsors
32of housing for the elderly for the purpose of making building
33preservation, health, or sanitation repairs or improvements
34which are required by federal, state, or local regulation or
35code, or lifesafety or security-related repairs or improvements
36to such housing. Such a loan may not exceed $750,000 per housing
37community for the elderly. In order to receive the loan, the
38sponsor of the housing community must make a commitment to match
39at least 5 percent of the loan amount to pay the cost of such
40repair or improvement. The corporation shall establish the rate
41of interest on the loan, which may not exceed 3 percent, and the
42term of the loan, which may not exceed 15 years; however, if the
43lien of the corporation's encumbrance is subordinate to the lien
44of another mortgagee, then the term may be made coterminous with
45the longest term of the superior lien. The term of the loan
46shall be established on the basis of a credit analysis of the
47applicant. The corporation may forgive indebtedness for a share
48of the loan attributable to the units in a project reserved for
49extremely-low-income elderly for nonprofit organizations, as
50defined in s. 420.0004(5), where the project has provided
51affordable housing to the elderly for 15 years or more. The
52corporation shall establish, by rule, the procedure and criteria
53for receiving, evaluating, and competitively ranking all
54applications for loans under this paragraph. A loan application
55must include evidence of the first mortgagee's having reviewed
56and approved the sponsor's intent to apply for a loan. A
57nonprofit organization or sponsor may not use the proceeds of
58the loan to pay for administrative costs, routine maintenance,
59or new construction.
60
61======= T I T L E  A M E N D M E N T =======
62     Between lines 64 and 65, insert:
63amending s. 420.5087, F.S.; authorizing the corporation to
64forgive indebtedness for a share of certain loans to nonprofit
65organizations that serve extremely-low-income elderly tenants;


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