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The Committee on Community Affairs (Wise) recommended the

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following substitute for amendment (727792):

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     Senate Amendment (with title amendment)

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     Delete everything after the enacting clause

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and insert:

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     Section 1.  Section 193.018, Florida Statutes, is created to

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read:

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     193.018 Land owned by a community land trust used to

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provide affordable housing; assessment; structural improvements,

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condominium parcels; cooperative parcels.--

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     (1) As used in this section, the term "community land

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trust" means a nonprofit entity that is qualified as charitable

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under s. 501(c)(3) of the Internal Revenue Code and has as one of

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its purposes the acquisition of land to be held in perpetuity for

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the primary purpose of providing affordable homeownership.

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     (2) A community land trust may convey structural

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improvements, condominium parcels, or cooperative parcels,

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located on specific parcels of land which are identified by a

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legal description contained in and subject to a ground lease

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having a term of at least 99 years, for the purpose of providing

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affordable housing to natural persons or families who meet the

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extremely-low, very-low, low, or moderate-income limits specified

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in s. 420.0004, or the income limits for workforce housing as

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specified in s. 420.5095(3). A community land trust shall retain

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a preemptive option to purchase any structural improvements,

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condominium parcels, or cooperative parcels on the land at a

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price determined by a formula specified in the ground lease

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designed to ensure that such structural improvements, condominium

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parcels, or cooperative parcels remain affordable.

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     (3) In arriving at just valuation under s. 193.011, a

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structural improvement, condominium parcel, or cooperative parcel

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providing affordable housing on land owned by a community land

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trust, and the land owned by a community land trust that is

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subject to a 99-year or longer ground lease, shall be assessed

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using the following criteria:

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     (a) The amount a willing purchaser would pay a willing

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seller for the land is limited to an amount commensurate with the

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terms of the ground lease, which restricts the use of the land to

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the provision of affordable housing in perpetuity.

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     (b) The amount a willing purchaser would pay a willing

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seller for the resale-restricted improvements, condominium

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parcel, or cooperative parcel is limited to the amount determined

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by the formula in the ground lease.

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     (c) If the ground lease and all amendments and supplements

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thereto, or a memorandum documenting how such lease and

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amendments or supplements restrict the price at which the

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improvements, condominium parcel, or cooperative parcel may be

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sold, is recorded in the official public records of the county in

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which the leased land is located, the recorded lease and any

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amendments or supplements, or the recorded memorandum, shall be

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deemed a land use regulation during the term of the lease as

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amended or supplemented.

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     Section 2.  Section 196.1978, Florida Statutes, is amended

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to read:

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     196.1978  Affordable housing property exemption.--

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     (1) Property used or held for the purpose of providing to

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provide affordable housing serving eligible persons as defined by

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s. 159.603(7) and natural persons or families meeting the

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extremely low, very low, low, or moderate persons meeting income

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limits specified in s. 420.0004 s. 420.0004(8), (10), (11), and

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(15), which property is owned entirely by a nonprofit entity that

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is a corporation not for profit, qualified as charitable under s.

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501 (c) (3) of the Internal Revenue Code, and in compliance with

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Rev. Proc. 96-32, 1996-1 C.B. 717, or a Florida-based limited

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partnership, the sole general partner of which is a corporation

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not for profit which is qualified as charitable under s.

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501(c)(3) of the Internal Revenue Code and which complies with

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Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property

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owned by an exempt entity and used for a charitable purpose, and

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those portions of the affordable housing property which provide

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housing to natural persons or families classified as extremely-

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low income, very-low income, low-income, or moderate-income under

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s. 420.0004 individuals with incomes as defined in s.

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420.0004(10) and (15) shall be exempt from ad valorem taxation to

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the extent authorized in s. 196.196. All property identified in

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this section shall comply with the criteria for determination of

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exempt status to be applied by property appraisers on an annual

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basis as defined in s. 196.195. The Legislature intends that any

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property owned by a limited liability company or limited

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partnership which is disregarded as an entity for federal income

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tax purposes pursuant to Treasury Regulation 301.7701-3(b)(1)(ii)

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shall be treated as owned by its sole member or sole general

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partner.

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     (2)(a) The exemption provided in this section shall extend

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to land that is owned by an exempt entity and that is subject to

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a 99-year ground lease for the purpose of providing affordable

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housing.

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     (b) The exemption provided in this section shall also

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extend to undeveloped property owned by an exempt entity that

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takes affirmative steps to prepare the property to provide

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affordable housing to eligible persons as defined by s.

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159.603(7) and natural persons or families meeting the extremely

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low, very low, low, or moderate income limits specified in s.

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420.0004. For purposes of this paragraph , the term "affirmative

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steps" means demonstrating to the property appraiser that

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activities have been initiated which will ensure future use of

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the property for affordable housing, including, but not limited

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to, proposals for property development, preliminary environmental

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or land use permitting activities, site plans or architectural

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plans, site preparation, construction or renovation activities,

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financial plans, or any other activities demonstrating that the

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property will be used to provide affordable housing. If the

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property appraiser determines that affirmative steps to ensure

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the future use of the property for affordable housing have not

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been taken within 5 years after an exemption is granted under

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this paragraph, the property appraiser may reject or rescind the

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exempt status of the property and reassess it based on other

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uses.

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     Section 3.  This act shall take effect July 1, 2008.

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================ T I T L E  A M E N D M E N T ================

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And the title is amended as follows:

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     Delete everything before the enacting clause

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and insert:

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A bill to be entitled

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An act relating to affordable housing; creating s.

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193.018, F.S.; defining the term "community land trust";

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providing for the assessment of structural improvements,

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condominium parcels, or cooperative parcels on land owned

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by a community land trust and used to provide affordable

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housing; providing for the conveyance of structural

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improvements, condominium parcels, or cooperative parcels

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subject to certain conditions; specifying the criteria to

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be used in arriving at just valuation of a structural

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improvement, condominium parcel, or cooperative parcel;

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specifying the criteria to be used in arriving at just

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valuation of land owned by a community land trust that is

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subject to limited uses; amending s. 196.1978, F.S.;

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providing that property owned by certain nonprofit

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entities or Florida-based limited partnerships and used or

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held for the purpose of providing affordable housing to

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certain income-qualified persons is exempt from ad valorem

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taxation; revising legislative intent; providing that such

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ad valorem tax exemption extends to land owned by an

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exempt entity and subject to a 99-year ground lease for

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the purpose of providing affordable housing; providing

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that such ad valorem tax exemption extends to undeveloped

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property owned by an exempt entity that has taken

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affirmative steps to prepare the property for future use

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as affordable housing; defining the term "affirmative

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steps"; providing for the rejection or rescission of the

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ad valorem tax exemption under certain circumstances;

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providing an effective date.

3/26/2008  5:07:00 PM     CA.CA.05934