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A bill to be entitled

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An act relating to affordable housing for veterans;

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amending s. 201.15, F.S.; increasing the amount of the

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documentary tax distributed to the State Housing Trust

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Fund; providing that the increased amount is to be used to

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fund loans to veterans for affordable housing through the

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Florida Homeownership Assistance Program; amending s.

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420.5092, F.S.; conforming cross-references; providing an

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appropriation; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Subsection (10) of section 201.15, Florida

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Statutes, is amended to read:

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     201.15  Distribution of taxes collected.--All taxes

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collected under this chapter shall be distributed as follows and

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shall be subject to the service charge imposed in s. 215.20(1),

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except that such service charge shall not be levied against any

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portion of taxes pledged to debt service on bonds to the extent

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that the amount of the service charge is required to pay any

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amounts relating to the bonds:

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     (10)  The lesser of eight and sixty-six hundredths percent

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of the remaining taxes collected under this chapter or $156 $136

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million in each fiscal year shall be paid into the State Treasury

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to the credit of the State Housing Trust Fund and shall be used

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as follows:

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     (a) Twenty million shall be expended to provide affordable

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housing to veterans who qualify for loan assistance available

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through the Florida Homeownership Assistance Program.

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     (b)(a) Twelve and one-half percent of the that amount

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remaining after the required payment in paragraph (a) shall be

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deposited into the State Housing Trust Fund and be expended by

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the Department of Community Affairs and by the Florida Housing

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Finance Corporation for the purposes for which the State Housing

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Trust Fund was created and exists by law.

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     (c)(b) Eighty-seven and one-half percent of the that amount

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remaining after the required payment in paragraph (a) shall be

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distributed to the Local Government Housing Trust Fund and shall

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be used for the purposes for which the Local Government Housing

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Trust Fund was created and exists by law. Funds from this

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category may also be used to provide for state and local services

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to assist the homeless.

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     Section 2.  Subsection (5) and paragraph (a) of subsection

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(6) of section 420.5092, Florida Statutes, are amended to read:

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     420.5092  Florida Affordable Housing Guarantee Program.--

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     (5)  Pursuant to s. 16, Art. VII of the State Constitution,

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the corporation may issue, in accordance with s. 420.509, revenue

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bonds of the corporation to establish the guarantee fund. The

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Such revenue bonds shall be primarily payable from and secured by

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annual debt service reserves, from interest earned on funds on

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deposit in the guarantee fund, from fees, charges, and

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reimbursements established by the corporation for the issuance of

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affordable housing guarantees, and from any other revenue source

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sources received by the corporation and deposited by the

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corporation into the guarantee fund for the issuance of

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affordable housing guarantees. To the extent such primary revenue

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sources are considered insufficient by the corporation, pursuant

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to the certification provided in subsection (6), to fully fund

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the annual debt service reserve, the certified deficiency in the

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such reserve shall be additionally payable from the first

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proceeds of the documentary stamp tax moneys deposited into the

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State Housing Trust Fund pursuant to s. 201.15(9)(a) and (10)(b)

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(10)(a) during the ensuing state fiscal year.

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     (6)(a) If the primary revenue sources to be used for the

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repayment of revenue bonds used to establish the guarantee fund

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are insufficient for such repayment, the annual principal and

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interest due on each series of revenue bonds shall be payable

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from funds in the annual debt service reserve. The corporation

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shall, before June 1 of each year, perform a financial audit to

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determine whether, at the end of the state fiscal year, there

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will be on deposit in the guarantee fund an annual debt service

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reserve from interest earned pursuant to the investment of the

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guarantee fund, fees, charges, and reimbursements received from

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issued affordable housing guarantees and other revenue sources

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available to the corporation. Based upon the findings in the such

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guarantee fund financial audit, the corporation shall certify to

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the Chief Financial Officer the amount of any projected

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deficiency in the annual debt service reserve for any series of

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outstanding bonds as of the end of the state fiscal year and the

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amount necessary to maintain the such annual debt service

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reserve. Upon receipt of the such certification, the Chief

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Financial Officer shall transfer to the annual debt service

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reserve, from the first available taxes distributed to the State

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Housing Trust Fund pursuant to s. 201.15(9)(a) and (10)(b)

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(10)(a) during the ensuing state fiscal year, the amount

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certified as necessary to maintain the annual debt service

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reserve.

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     Section 3. The sum of $20 million in recurring funds is

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appropriated from the State Housing Trust Fund to the Florida

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Housing Finance Corporation for the 2008-2009 fiscal year, and

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for each fiscal year thereafter, to provide affordable housing to

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veterans who qualify for loan assistance available through the

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Florida Homeownership Assistance Program.

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     Section 4.  This act shall take effect July 1, 2008.