| 1 | A bill to be entitled |
| 2 | An act relating to affordable housing; creating s. |
| 3 | 193.018, F.S.; providing for the assessment of property |
| 4 | receiving the low-income housing tax credit; defining the |
| 5 | term "community land trust"; providing for the assessment |
| 6 | of structural improvements, condominium parcels, and |
| 7 | cooperative parcels on land owned by a community land |
| 8 | trust and used to provide affordable housing; providing |
| 9 | for the conveyance of structural improvements, condominium |
| 10 | parcels, and cooperative parcels subject to certain |
| 11 | conditions; specifying the criteria to be used in arriving |
| 12 | at just valuation of a structural improvement, condominium |
| 13 | parcel, or cooperative parcel; providing an effective |
| 14 | date. |
| 15 |
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| 16 | Be It Enacted by the Legislature of the State of Florida: |
| 17 |
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| 18 | Section 1. Section 193.018, Florida Statutes, is created |
| 19 | to read: |
| 20 | 193.018 Land owned by a community land trust used to |
| 21 | provide affordable housing; assessment; structural improvements, |
| 22 | condominium parcels, and cooperative parcels.-- |
| 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, condominium parcels, or cooperative parcels, that |
| 30 | are located on specific parcels of land that are identified by a |
| 31 | legal description contained in and subject to a ground lease |
| 32 | having a term of at least 99 years, for the purpose of providing |
| 33 | affordable housing to natural persons or families who meet the |
| 34 | extremely-low, very-low, low, or moderate income limits |
| 35 | specified in s. 420.0004, or the income limits for workforce |
| 36 | housing, as defined in s. 420.5095(3). A community land trust |
| 37 | shall retain a preemptive option to purchase any structural |
| 38 | improvements, condominium parcels, or cooperative parcels on the |
| 39 | land at a price determined by a formula specified in the ground |
| 40 | lease which is designed to ensure that the structural |
| 41 | improvements, condominium parcels, or cooperative parcels remain |
| 42 | affordable. |
| 43 | (3) In arriving at just valuation under s. 193.011, a |
| 44 | structural improvement, condominium parcel, or cooperative |
| 45 | parcel providing affordable housing on land owned by a community |
| 46 | land trust, and the land owned by a community land trust that is |
| 47 | subject to a 99-year or longer ground lease, shall be assessed |
| 48 | using the following criteria: |
| 49 | (a) The amount a willing purchase would pay a willing |
| 50 | seller for the land is limited to an amount commensurate with |
| 51 | the terms of the ground lease that restricts the use of the land |
| 52 | to the provision of affordable housing in perpetuity. |
| 53 | (b) The amount a willing purchaser would pay a willing |
| 54 | seller for resale-restricted improvements, condominium parcels, |
| 55 | or cooperative parcels is limited to the amount determined by |
| 56 | the formula in the ground lease. |
| 57 | (c) If the ground lease and all amendments and supplements |
| 58 | thereto, or a memorandum documenting how such lease and |
| 59 | amendments or supplements restrict the price at which the |
| 60 | improvements, condominium parcels, or cooperative parcels may be |
| 61 | sold, is recorded in the official public records of the county |
| 62 | in which the leased land is located, the recorded lease and any |
| 63 | amendments and supplements, or the recorded memorandum, shall be |
| 64 | deemed a land use regulation during the term of the lease as |
| 65 | amended or supplemented. |
| 66 | Section 2. This act shall take effect July 1, 2008. |