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A bill to be entitled

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An act relating to affordable housing; amending s.

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193.017, F.S.; revising provisions providing for the

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assessment of property receiving the low-income housing

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tax credit; defining the term "community land trust";

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providing for the assessment of structural improvements on

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land owned by a community land trust and used to provide

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affordable housing; providing for the conveyance of

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structural improvements subject to certain conditions;

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specifying the criteria to be used in arriving at just

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valuation of a structural improvement; providing an

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effective date.

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

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     Section 1.  Section 193.017, Florida Statutes, is amended to

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read:

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(Substantial rewording of section. See

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s. 193.017, F.S., for present text.)

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     193.017 Assessment of structural improvements on land owned

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by a community land trust used to provide affordable housing.

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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 located on specific parcels of land to provide

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affordable housing, which are identified by a legal description

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contained in and subject to a ground lease having a term of at

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least 99 years, to natural persons or families who meet the

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extremely-low, very-low, low, and moderate income limits

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specified in s. 420.0004, or the income limits for workforce

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housing, as defined in s. 420.5095(3). A community land trust

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shall retain a preemptive option to purchase any structural

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improvements on the land at a price determined by a formula

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specified in the ground lease which is designed to ensure that

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the structural improvements remain affordable.

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

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structural improvement that provides affordable housing on land

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owned by a community land trust and subject to a 99-year or

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longer ground lease shall be assessed using the following

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criteria:

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

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seller is limited to the amount determined by the formula in the

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ground lease.

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     (b) 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 may be sold, is recorded in the official public

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records of the county in which the leased land is located, the

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recorded lease and any amendments and supplements, or the

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recorded memorandum, shall be deemed a land use regulation during

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the term of the lease as amended or supplemented.

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     Section 2.  This act shall take effect July 1, 2008.