| 1 | Representative M. Davis offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 687 and 688, insert: |
| 5 | Section 14. Paragraph (d) of subsection (3) of section |
| 6 | 420.5087, Florida Statutes, is amended to read: |
| 7 | 420.5087 State Apartment Incentive Loan Program.--There is |
| 8 | hereby created the State Apartment Incentive Loan Program for |
| 9 | the purpose of providing first, second, or other subordinated |
| 10 | mortgage loans or loan guarantees to sponsors, including for- |
| 11 | profit, nonprofit, and public entities, to provide housing |
| 12 | affordable to very-low-income persons. |
| 13 | (3) During the first 6 months of loan or loan guarantee |
| 14 | availability, program funds shall be reserved for use by |
| 15 | sponsors who provide the housing set-aside required in |
| 16 | subsection (2) for the tenant groups designated in this |
| 17 | subsection. The reservation of funds to each of these groups |
| 18 | shall be determined using the most recent statewide very-low- |
| 19 | income rental housing market study available at the time of |
| 20 | publication of each notice of fund availability required by |
| 21 | paragraph (6)(b). The reservation of funds within each notice of |
| 22 | fund availability to the tenant groups in paragraphs (a), (b), |
| 23 | and (d) may not be less than 10 percent of the funds available |
| 24 | at that time. Any increase in funding required to reach the 10- |
| 25 | percent minimum shall be taken from the tenant group that has |
| 26 | the largest reservation. The reservation of funds within each |
| 27 | notice of fund availability to the tenant group in paragraph (c) |
| 28 | may not be less than 5 percent of the funds available at that |
| 29 | time. The tenant groups are: |
| 30 | (d) Elderly persons. Ten percent of the amount reserved |
| 31 | for the elderly shall be reserved to provide loans to sponsors |
| 32 | of housing for the elderly for the purpose of making building |
| 33 | preservation, health, or sanitation repairs or improvements |
| 34 | which are required by federal, state, or local regulation or |
| 35 | code, or lifesafety or security-related repairs or improvements |
| 36 | to such housing. Such a loan may not exceed $750,000 per housing |
| 37 | community for the elderly. In order to receive the loan, the |
| 38 | sponsor of the housing community must make a commitment to match |
| 39 | at least 5 percent of the loan amount to pay the cost of such |
| 40 | repair or improvement. The corporation shall establish the rate |
| 41 | of interest on the loan, which may not exceed 3 percent, and the |
| 42 | term of the loan, which may not exceed 15 years; however, if the |
| 43 | lien of the corporation's encumbrance is subordinate to the lien |
| 44 | of another mortgagee, then the term may be made coterminous with |
| 45 | the longest term of the superior lien. The term of the loan |
| 46 | shall be established on the basis of a credit analysis of the |
| 47 | applicant. The corporation may forgive indebtedness for a share |
| 48 | of the loan attributable to the units in a project reserved for |
| 49 | extremely-low-income elderly for nonprofit organizations, as |
| 50 | defined in s. 420.0004(5), where the project has provided |
| 51 | affordable housing to the elderly for 15 years or more. The |
| 52 | corporation shall establish, by rule, the procedure and criteria |
| 53 | for receiving, evaluating, and competitively ranking all |
| 54 | applications for loans under this paragraph. A loan application |
| 55 | must include evidence of the first mortgagee's having reviewed |
| 56 | and approved the sponsor's intent to apply for a loan. A |
| 57 | nonprofit organization or sponsor may not use the proceeds of |
| 58 | the loan to pay for administrative costs, routine maintenance, |
| 59 | or new construction. |
| 60 |
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| 61 | ======= T I T L E A M E N D M E N T ======= |
| 62 | Between lines 64 and 65, insert: |
| 63 | amending s. 420.5087, F.S.; authorizing the corporation to |
| 64 | forgive indebtedness for a share of certain loans to nonprofit |
| 65 | organizations that serve extremely-low-income elderly tenants; |