| 1 | Representative Fitzgerald offered the following: |
| 2 |
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| 3 | Amendment (with title amendment) |
| 4 | Between lines 172 and 173, insert: |
| 5 | Section 3. Section 193.018, Florida Statutes, is created |
| 6 | to read: |
| 7 | 193.018 Land owned by a community land trust used to |
| 8 | provide affordable housing; assessment; structural improvements, |
| 9 | condominium parcels, and cooperative parcels.-- |
| 10 | (1) As used in this section, the term "community land |
| 11 | trust" means a nonprofit entity that is qualified as charitable |
| 12 | under s. 501(c)(3) of the Internal Revenue Code and has as one |
| 13 | of its purposes the acquisition of land to be held in perpetuity |
| 14 | for the primary purpose of providing affordable homeownership. |
| 15 | (2) A community land trust may convey structural |
| 16 | improvements, condominium parcels, or cooperative parcels, that |
| 17 | are located on specific parcels of land that are identified by a |
| 18 | legal description contained in and subject to a ground lease |
| 19 | having a term of at least 99 years, for the purpose of providing |
| 20 | affordable housing to natural persons or families who meet the |
| 21 | extremely-low, very-low, low, or moderate income limits |
| 22 | specified in s. 420.0004, or the income limits for workforce |
| 23 | housing, as defined in s. 420.5095(3). A community land trust |
| 24 | shall retain a preemptive option to purchase any structural |
| 25 | improvements, condominium parcels, or cooperative parcels on the |
| 26 | land at a price determined by a formula specified in the ground |
| 27 | lease which is designed to ensure that the structural |
| 28 | improvements, condominium parcels, or cooperative parcels remain |
| 29 | affordable. |
| 30 | (3) In arriving at just valuation under s. 193.011, a |
| 31 | structural improvement, condominium parcel, or cooperative |
| 32 | parcel providing affordable housing on land owned by a community |
| 33 | land trust, and the land owned by a community land trust that is |
| 34 | subject to a 99-year or longer ground lease, shall be assessed |
| 35 | using the following criteria: |
| 36 | (a) The amount a willing purchase would pay a willing |
| 37 | seller for the land is limited to an amount commensurate with |
| 38 | the terms of the ground lease that restricts the use of the land |
| 39 | to the provision of affordable housing in perpetuity. |
| 40 | (b) The amount a willing purchaser would pay a willing |
| 41 | seller for resale-restricted improvements, condominium parcels, |
| 42 | or cooperative parcels is limited to the amount determined by |
| 43 | the formula in the ground lease. |
| 44 | (c) If the ground lease and all amendments and supplements |
| 45 | thereto, or a memorandum documenting how such lease and |
| 46 | amendments or supplements restrict the price at which the |
| 47 | improvements, condominium parcels, or cooperative parcels may be |
| 48 | sold, is recorded in the official public records of the county |
| 49 | in which the leased land is located, the recorded lease and any |
| 50 | amendments and supplements, or the recorded memorandum, shall be |
| 51 | deemed a land use regulation during the term of the lease as |
| 52 | amended or supplemented. |
| 53 |
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| 54 | ----------------------------------------------------- |
| 55 | T I T L E A M E N D M E N T |
| 56 | Remove line 8 and insert: |
| 57 | pool; creating s. 193.018, F.S.; providing for the assessment of |
| 58 | property receiving the low-income housing tax credit; defining |
| 59 | the term "community land trust"; providing for the assessment of |
| 60 | structural improvements, condominium parcels, and cooperative |
| 61 | parcels on land owned by a community land trust and used to |
| 62 | provide affordable housing; providing for the conveyance of |
| 63 | structural improvements, condominium parcels, and cooperative |
| 64 | parcels subject to certain conditions; specifying the criteria |
| 65 | to be used in arriving at just valuation of a structural |
| 66 | improvement, condominium parcel, or cooperative parcel; amending |
| 67 | s. 196.196, F.S.; providing additional |