Florida Senate - 2007 COMMITTEE AMENDMENT
Bill No. PCS (252854) for SB 780
Barcode 580806
CHAMBER ACTION
Senate House
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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,
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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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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
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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 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.
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20 And the title is amended as follows:
21 On page 2, line 11, after the semicolon,
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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;
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