| 1 | A bill to be entitled |
| 2 | An act relating to affordable housing; amending s. |
| 3 | 193.017, F.S.; revising provisions providing for the |
| 4 | assessment of property receiving the low-income housing |
| 5 | tax credit; defining the term "community land trust"; |
| 6 | providing for the assessment of structural improvements on |
| 7 | land owned by a community land trust and used to provide |
| 8 | affordable housing; providing for the conveyance of |
| 9 | structural improvements subject to certain conditions; |
| 10 | specifying the criteria to be used in arriving at just |
| 11 | valuation of a structural improvement; providing an |
| 12 | effective date. |
| 13 |
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| 14 | Be It Enacted by the Legislature of the State of Florida: |
| 15 |
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| 16 | Section 1. Section 193.017, Florida Statutes, is amended |
| 17 | to read: |
| 18 | (Substantial rewording of section. |
| 19 | See s. 193.017, F.S., for present text.) |
| 20 | 193.017 Assessment of structural improvements on land |
| 21 | owned by a community land trust used to provide affordable |
| 22 | housing.-- |
| 23 | (1) As used in this section, the term "community land |
| 24 | trust" means a nonprofit entity that is qualified as charitable |
| 25 | under s. 501(c)(3) of the Internal Revenue Code and has as one |
| 26 | of its purposes the acquisition of land to be held in perpetuity |
| 27 | for the primary purpose of providing affordable homeownership. |
| 28 | (2) A community land trust may convey structural |
| 29 | improvements located on specific parcels of land to provide |
| 30 | affordable housing, which are identified by a legal description |
| 31 | contained in and subject to a ground lease having a term of at |
| 32 | least 99 years, to natural persons or families who meet the |
| 33 | extremely-low, very-low, low, or moderate income limits |
| 34 | specified in s. 420.0004, or the income limits for workforce |
| 35 | housing, as defined in s. 420.5095(3). A community land trust |
| 36 | shall retain a preemptive option to purchase any structural |
| 37 | improvements on the land at a price determined by a formula |
| 38 | specified in the ground lease which is designed to ensure that |
| 39 | the structural improvements remain affordable. |
| 40 | (3) In arriving at just valuation under s. 193.011, a |
| 41 | structural improvement that provides affordable housing on land |
| 42 | owned by a community land trust and subject to a 99-year or |
| 43 | longer ground lease shall be assessed using the following |
| 44 | criteria: |
| 45 | (a) The amount a willing purchaser would pay a willing |
| 46 | seller is limited to the amount determined by the formula in the |
| 47 | ground lease. |
| 48 | (b) If the ground lease and all amendments and supplements |
| 49 | thereto, or a memorandum documenting how such lease and |
| 50 | amendments or supplements restrict the price at which the |
| 51 | improvements may be sold, is recorded in the official public |
| 52 | records of the county in which the leased land is located, the |
| 53 | recorded lease and any amendments and supplements, or the |
| 54 | recorded memorandum, shall be deemed a land use regulation |
| 55 | during the term of the lease as amended or supplemented. |
| 56 | Section 2. This act shall take effect July 1, 2008. |