Florida Senate - 2007                      COMMITTEE AMENDMENT
    Bill No. PCS (252854) for SB 780
                        Barcode 580806
                            CHAMBER ACTION
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       04/13/2007 11:39 AM         .                    
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11  The Committee on Community Affairs (Geller) recommended the
12  following amendment:
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14         Senate Amendment (with title amendment) 
15         On page 9, between lines 29 and 30,
16  
17  insert:  
18         Section 8.  Subsection (3) of section 420.5087, Florida
19  Statutes, is amended to read:
20         420.5087  State Apartment Incentive Loan
21  Program.--There is hereby created the State Apartment
22  Incentive Loan Program for the purpose of providing first,
23  second, or other subordinated mortgage loans or loan
24  guarantees to sponsors, including for-profit, nonprofit, and
25  public entities, to provide housing affordable to
26  very-low-income persons.
27         (3)  During the first 6 months of loan or loan
28  guarantee availability, program funds shall be reserved for
29  use by sponsors who provide the housing set-aside required in
30  subsection (2) for the tenant groups designated in this
31  subsection. The reservation of funds to each of these groups
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    1:18 PM   04/11/07                             s0780c-ca31-tca

Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. PCS (252854) for SB 780 Barcode 580806 1 shall be determined using the most recent statewide 2 very-low-income rental housing market study available at the 3 time of publication of each notice of fund availability 4 required by paragraph (6)(b). The reservation of funds within 5 each notice of fund availability to the tenant groups in 6 paragraphs (a), (b), and (d) may not be less than 10 percent 7 of the funds available at that time. Any increase in funding 8 required to reach the 10-percent minimum shall be taken from 9 the tenant group that has the largest reservation. The 10 reservation of funds within each notice of fund availability 11 to the tenant group in paragraph (c) may not be less than 5 12 percent of the funds available at that time. The tenant groups 13 are: 14 (a) Commercial fishing workers and farmworkers; 15 (b) Families; 16 (c) Persons who are homeless; and 17 (d) Elderly persons. Ten percent of the amount 18 reserved for the elderly shall be reserved to provide loans to 19 sponsors of housing for the elderly for the purpose of making 20 building preservation, health, or sanitation repairs or 21 improvements which are required by federal, state, or local 22 regulation or code, or lifesafety or security-related repairs 23 or improvements to such housing. Such a loan may not exceed 24 $750,000 per housing community for the elderly. In order to 25 receive the loan, the sponsor of the housing community must 26 make a commitment to match at least 5 percent of the loan 27 amount to pay the cost of such repair or improvement. The 28 corporation shall establish the rate of interest on the loan, 29 which may not exceed 3 percent, and the term of the loan, 30 which may not exceed 15 years; however, if the lien of the 31 corporation's encumbrance is subordinate to the lien of 2 1:18 PM 04/11/07 s0780c-ca31-tca
Florida Senate - 2007 COMMITTEE AMENDMENT Bill No. PCS (252854) for SB 780 Barcode 580806 1 another mortgagee, then the term may be made coterminous with 2 the longest term of the superior lien. The term of the loan 3 shall be established on the basis of a credit analysis of the 4 applicant. The corporation may forgive indebtedness for a 5 share of the loan attributable to the units in a project 6 reserved for extremely-low-income elderly by nonprofit 7 organizations, as defined in s. 420.0004(5), where the project 8 has provided affordable housing to the elderly for 15 years or 9 more. The corporation shall establish, by rule, the procedure 10 and criteria for receiving, evaluating, and competitively 11 ranking all applications for loans under this paragraph. A 12 loan application must include evidence of the first 13 mortgagee's having reviewed and approved the sponsor's intent 14 to apply for a loan. A nonprofit organization or sponsor may 15 not use the proceeds of the loan to pay for administrative 16 costs, routine maintenance, or new construction. 17 18 19 ================ T I T L E A M E N D M E N T =============== 20 And the title is amended as follows: 21 On page 2, line 11, after the semicolon, 22 23 insert: 24 amending s. 420.5087, F.S.; authorizing the 25 Florida Housing Finance Corporation to provide 26 partially forgivable loans to nonprofit 27 organizations that serve extremely-low-income 28 elderly tenants; providing criteria; 29 30 31 3 1:18 PM 04/11/07 s0780c-ca31-tca