CS/HB 1009

1	A bill to be entitled
2	An act relating to affordable housing; amending s.
3	420.0003, F.S.; providing additional policy guidelines
4	under the state housing strategy for the development of
5	programs for housing production or rehabilitation;
6	including the needs of persons with special needs in the
7	strategy's periodic review and report; amending s.
8	420.0004, F.S.; defining the terms "disabling condition"
9	and "person with special needs"; conforming cross-
10	references; amending s. 420.507, F.S.; requiring certain
11	rates of interest to be made available to persons with
12	special needs; conforming a cross-reference; amending s.
13	420.5087, F.S.; limiting the reservation of funds within
14	each notice of fund availability to the persons with
15	special needs tenant group; including persons with special
16	needs as a tenant group for specified purposes of the
17	State Apartment Incentive Loan Program; requiring a
18	specified review committee to include projects that
19	reserve units for persons with special needs in its
20	evaluation and competitive ranking of applications for the
21	State Apartment Incentive Loan Program; conforming a
22	cross-reference; amending ss. 163.31771, 196.1978, 212.08,
23	215.5586, and 420.503, F.S.; conforming cross-references;
24	providing an effective date.
25
26	Be It Enacted by the Legislature of the State of Florida:
27
28	Section 1.  Paragraph (e) of subsection (3) and paragraph
29	(c) of subsection (4) of section 420.0003, Florida Statutes, are
30	amended to read:
31	420.0003  State housing strategy.--
32	(3)  POLICIES.--
33	(e)  Housing production or rehabilitation programs.--New
34	programs for housing production or rehabilitation shall be
35	developed in accordance with the following general guidelines as
36	appropriate for the purpose of the specific program:
37	1.  State and local governments shall provide incentives to
38	encourage the private sector to be the primary delivery vehicle
39	for the development of affordable housing.
40	2.  State funds should be heavily leveraged to achieve the
41	maximum local and private commitment of funds while achieving
42	the program objectives.
43	3.  To the maximum extent possible, state funds should be
44	expended to provide housing units rather than to support program
45	administration.
46	4.  State money should be used, when possible, as loans
47	rather than grants.
48	5.  State funds should be available only to local
49	governments that provide incentives or financial assistance for
50	housing.
51	6.  State funds should be made available only for projects
52	which are consistent with the local government comprehensive
53	plan.
54	7.  State funding for housing should not be made available
55	to local governments whose comprehensive plans have been found
56	not in compliance with chapter 163 and who have not entered into
57	a stipulated settlement agreement with the Department of
58	Community Affairs to bring the plan into compliance.
59	8.  Mixed income projects should be encouraged, to avoid a
60	concentration of low-income residents in one area or project.
61	9.  Distribution of state housing funds should be flexible
62	and consider the regional and local needs, resources, and
63	capabilities of housing producers.
64	10.  Distribution of housing funds for multifamily rental
65	housing should be administered to address the housing needs of
66	persons most in need of housing.
67	11.10.  Income levels used to determine program eligibility
68	should be adjusted for family size in determining the
69	eligibility of specific beneficiaries.
70	12.11.  To the maximum extent possible, state-owned lands
71	that are appropriate for the development of affordable housing
72	shall be made available for that purpose.
73	(4)  IMPLEMENTATION.--The Department of Community Affairs
74	and the Florida Housing Finance Corporation in carrying out the
75	strategy articulated herein shall have the following duties:
76	(c)  The Shimberg Center for Affordable Housing, in
77	consultation with the Department of Community Affairs and the
78	Florida Housing Finance Corporation, shall review and evaluate
79	existing housing rehabilitation, production, and finance
80	programs to determine their consistency with relevant policies
81	in this section and identify the needs of specific populations,
82	including, but not limited to, elderly persons, and handicapped
83	persons, and persons with special needs, and shall recommend
84	statutory modifications where appropriate. The Shimberg Center
85	for Affordable Housing, in consultation with the Department of
86	Community Affairs and the corporation, shall also evaluate the
87	degree of coordination between state housing programs, and
88	between state, federal, and local housing activities, and shall
89	recommend improved program linkages. The recommendations
90	required above and a report of any programmatic modifications
91	made as a result of these policies shall be included in the
92	housing report required by s. 420.6075, beginning December 31,
93	1991, and every 5 years thereafter.
94	Section 2.  Section 420.0004, Florida Statutes, is amended
95	to read:
96	420.0004  Definitions.--As used in this part, unless the
97	context otherwise indicates:
98	(1)  "Adjusted for family size" means adjusted in a manner
99	which results in an income eligibility level which is lower for
100	households with fewer than four people, or higher for households
101	with more than four people, than the base income eligibility
102	determined as provided in subsection (9) (8), subsection (11)
103	(10), subsection (12) (11), or subsection (17) (15), based upon
104	a formula as established by the United States Department of
105	Housing and Urban Development.
106	(2)  "Adjusted gross income" means all wages, assets,
107	regular cash or noncash contributions or gifts from persons
108	outside the household, and such other resources and benefits as
109	may be determined to be income by the United States Department
110	of Housing and Urban Development, adjusted for family size, less
111	deductions allowable under s. 62 of the Internal Revenue Code.
112	(3)  "Affordable" means that monthly rents or monthly
113	mortgage payments including taxes, insurance, and utilities do
114	not exceed 30 percent of that amount which represents the
115	percentage of the median adjusted gross annual income for the
116	households as indicated in subsection (9) (8), subsection (11)
117	(10), subsection (12) (11), or subsection (17) (15).
118	(4)  "Corporation" means the Florida Housing Finance
119	Corporation.
120	(5)  "Community-based organization" or "nonprofit
121	organization" means a private corporation organized under
122	chapter 617 to assist in the provision of housing and related
123	services on a not-for-profit basis and which is acceptable to
124	federal and state agencies and financial institutions as a
125	sponsor of low-income housing.
126	(6)  "Department" means the Department of Community
127	Affairs.
128	(7)  "Disabling condition" means a diagnosable substance
129	abuse disorder, serious mental illness, developmental
130	disability, or chronic physical illness or disability, or the
131	co-occurrence of two or more of these conditions, and a
132	determination that the condition is:
133	(a)  Expected to be of long-continued and indefinite
134	duration; and
135	(b)  Not expected to impair the ability of the person with
136	special needs to live independently with appropriate supports.
137	(8)(7)  "Elderly" describes persons 62 years of age or
138	older.
139	(9)(8)  "Extremely-low-income persons" means one or more
140	natural persons or a family whose total annual household income
141	does not exceed 30 percent of the median annual adjusted gross
142	income for households within the state. The Florida Housing
143	Finance Corporation may adjust this amount annually by rule to
144	provide that in lower income counties, extremely low income may
145	exceed 30 percent of area median income and that in higher
146	income counties, extremely low income may be less than 30
147	percent of area median income.
148	(10)(9)  "Local public body" means any county,
149	municipality, or other political subdivision, or any housing
150	authority as provided by chapter 421, which is eligible to
151	sponsor or develop housing for farmworkers and very-low-income
152	and low-income persons within its jurisdiction.
153	(11)(10)  "Low-income persons" means one or more natural
154	persons or a family, the total annual adjusted gross household
155	income of which does not exceed 80 percent of the median annual
156	adjusted gross income for households within the state, or 80
157	percent of the median annual adjusted gross income for
158	households within the metropolitan statistical area (MSA) or, if
159	not within an MSA, within the county in which the person or
160	family resides, whichever is greater.
161	(12)(11)  "Moderate-income persons" means one or more
162	natural persons or a family, the total annual adjusted gross
163	household income of which is less than 120 percent of the median
164	annual adjusted gross income for households within the state, or
165	120 percent of the median annual adjusted gross income for
166	households within the metropolitan statistical area (MSA) or, if
167	not within an MSA, within the county in which the person or
168	family resides, whichever is greater.
169	(13)  "Person with special needs" means an adult person
170	requiring independent living services in order to maintain
171	housing or develop independent living skills and who has a
172	disabling condition; a young adult formerly in foster care who
173	is eligible for services under s. 409.1451(5); a survivor of
174	domestic violence as defined in s. 741.28; or a person receiving
175	benefits under the Social Security Disability Insurance (SSDI)
176	program or the Supplemental Security Income (SSI) program or
177	from veterans' disability benefits.
178	(14)(12)  "Student" means any person not living with his or
179	her parent or guardian who is eligible to be claimed by his or
180	her parent or guardian as a dependent under the federal income
181	tax code and who is enrolled on at least a half-time basis in a
182	secondary school, career center, community college, college, or
183	university.
184	(15)(13)  "Substandard" means:
185	(a)  Any unit lacking complete plumbing or sanitary
186	facilities for the exclusive use of the occupants;
187	(b)  A unit which is in violation of one or more major
188	sections of an applicable housing code and where such violation
189	poses a serious threat to the health of the occupant; or
190	(c)  A unit that has been declared unfit for human
191	habitation but that could be rehabilitated for less than 50
192	percent of the property value.
193	(16)(14)  "Substantial rehabilitation" means repair or
194	restoration of a dwelling unit where the value of such repair or
195	restoration exceeds 40 percent of the value of the dwelling.
196	(17)(15)  "Very-low-income persons" means one or more
197	natural persons or a family, not including students, the total
198	annual adjusted gross household income of which does not exceed
199	50 percent of the median annual adjusted gross income for
200	households within the state, or 50 percent of the median annual
201	adjusted gross income for households within the metropolitan
202	statistical area (MSA) or, if not within an MSA, within the
203	county in which the person or family resides, whichever is
204	greater.
205	Section 3.  Paragraph (a) of subsection (22) and subsection
206	(46) of section 420.507, Florida Statutes, are amended to read:
207	420.507  Powers of the corporation.--The corporation shall
208	have all the powers necessary or convenient to carry out and
209	effectuate the purposes and provisions of this part, including
210	the following powers which are in addition to all other powers
211	granted by other provisions of this part:
212	(22)  To develop and administer the State Apartment
213	Incentive Loan Program. In developing and administering that
214	program, the corporation may:
215	(a)  Make first, second, and other subordinated mortgage
216	loans including variable or fixed rate loans subject to
217	contingent interest for all State Apartment Incentive Loans
218	provided for in this chapter based upon available cash flow of
219	the projects. The corporation shall make loans exceeding 25
220	percent of project cost available only to nonprofit
221	organizations and public bodies which are able to secure grants,
222	donations of land, or contributions from other sources and to
223	projects meeting the criteria of subparagraph 1. Mortgage loans
224	shall be made available at the following rates of interest:
225	1.  Zero to 3 percent interest for sponsors of projects
226	that set aside at least 80 percent of their total units for
227	residents qualifying as farmworkers as defined in this part, or
228	commercial fishing workers as defined in this part, or the
229	homeless as defined in s. 420.621(4), or persons with special
230	needs as defined in s. 420.0004(13) over the life of the loan.
231	2.  Zero to 3 percent interest based on the pro rata share
232	of units set aside for homeless residents or persons with
233	special needs if the total of such units is less than 80 percent
234	of the units in the borrower's project.
235	3.  One to 9 percent interest for sponsors of projects
236	targeted at populations other than farmworkers, commercial
237	fishing workers, and the homeless, and persons with special
238	needs.
239	(46)  To require, as a condition of financing a multifamily
240	rental project, that an agreement be recorded in the official
241	records of the county where the real property is located, which
242	requires that the project be used for housing defined as
243	affordable in s. 420.0004(3) by persons defined in s.
244	420.0004(9)(8), (11)(10), (12)(11), and (17)(15). Such an
245	agreement is a state land use regulation that limits the highest
246	and best use of the property within the meaning of s.
247	193.011(2).
248	Section 4.  Subsection (3) and paragraph (c) of subsection
249	(6) of section 420.5087, Florida Statutes, are amended to read:
250	420.5087  State Apartment Incentive Loan Program.--There is
251	hereby created the State Apartment Incentive Loan Program for
252	the purpose of providing first, second, or other subordinated
253	mortgage loans or loan guarantees to sponsors, including for-
254	profit, nonprofit, and public entities, to provide housing
255	affordable to very-low-income persons.
256	(3)  During the first 6 months of loan or loan guarantee
257	availability, program funds shall be reserved for use by
258	sponsors who provide the housing set-aside required in
259	subsection (2) for the tenant groups designated in this
260	subsection. The reservation of funds to each of these groups
261	shall be determined using the most recent statewide very-low-
262	income rental housing market study available at the time of
263	publication of each notice of fund availability required by
264	paragraph (6)(b). The reservation of funds within each notice of
265	fund availability to the tenant groups in paragraphs (a), (b),
266	and (e) (d) may not be less than 10 percent of the funds
267	available at that time. Any increase in funding required to
268	reach the 10-percent minimum must be taken from the tenant group
269	that has the largest reservation. The reservation of funds
270	within each notice of fund availability to the tenant group in
271	paragraph (c) may not be less than 5 percent of the funds
272	available at that time. The reservation of funds within each
273	notice of fund availability to the tenant group in paragraph (d)
274	may not be more than 10 percent of the funds available at that
275	time. The tenant groups are:
276	(a)  Commercial fishing workers and farmworkers;
277	(b)  Families;
278	(c)  Persons who are homeless;
279	(d)  Persons with special needs; and
280	(e)(d)  Elderly persons. Ten percent of the amount reserved
281	for the elderly shall be reserved to provide loans to sponsors
282	of housing for the elderly for the purpose of making building
283	preservation, health, or sanitation repairs or improvements
284	which are required by federal, state, or local regulation or
285	code, or lifesafety or security-related repairs or improvements
286	to such housing. Such a loan may not exceed $750,000 per housing
287	community for the elderly. In order to receive the loan, the
288	sponsor of the housing community must make a commitment to match
289	at least 5 percent of the loan amount to pay the cost of such
290	repair or improvement. The corporation shall establish the rate
291	of interest on the loan, which may not exceed 3 percent, and the
292	term of the loan, which may not exceed 15 years; however, if the
293	lien of the corporation's encumbrance is subordinate to the lien
294	of another mortgagee, then the term may be made coterminous with
295	the longest term of the superior lien. The term of the loan
296	shall be based on a credit analysis of the applicant. The
297	corporation may forgive indebtedness for a share of the loan
298	attributable to the units in a project reserved for extremely-
299	low-income elderly by nonprofit organizations, as defined in s.
300	420.0004(5), where the project has provided affordable housing
301	to the elderly for 15 years or more. The corporation shall
302	establish, by rule, the procedure and criteria for receiving,
303	evaluating, and competitively ranking all applications for loans
304	under this paragraph. A loan application must include evidence
305	of the first mortgagee's having reviewed and approved the
306	sponsor's intent to apply for a loan. A nonprofit organization
307	or sponsor may not use the proceeds of the loan to pay for
308	administrative costs, routine maintenance, or new construction.
309	(6)  On all state apartment incentive loans, except loans
310	made to housing communities for the elderly to provide for
311	lifesafety, building preservation, health, sanitation, or
312	security-related repairs or improvements, the following
313	provisions shall apply:
314	(c)  The corporation shall provide by rule for the
315	establishment of a review committee composed of the department
316	and corporation staff and shall establish by rule a scoring
317	system for evaluation and competitive ranking of applications
318	submitted in this program, including, but not limited to, the
319	following criteria:
320	1.  Tenant income and demographic targeting objectives of
321	the corporation.
322	2.  Targeting objectives of the corporation which will
323	ensure an equitable distribution of loans between rural and
324	urban areas.
325	3.  Sponsor's agreement to reserve the units for persons or
326	families who have incomes below 50 percent of the state or local
327	median income, whichever is higher, for a time period to exceed
328	the minimum required by federal law or the provisions of this
329	part.
330	4.  Sponsor's agreement to reserve more than:
331	a.  Twenty percent of the units in the project for persons
332	or families who have incomes that do not exceed 50 percent of
333	the state or local median income, whichever is higher; or
334	b.  Forty percent of the units in the project for persons
335	or families who have incomes that do not exceed 60 percent of
336	the state or local median income, whichever is higher, without
337	requiring a greater amount of the loans as provided in this
338	section.
339	5.  Provision for tenant counseling.
340	6.  Sponsor's agreement to accept rental assistance
341	certificates or vouchers as payment for rent.
342	7.  Projects requiring the least amount of a state
343	apartment incentive loan compared to overall project cost except
344	that the share of the loan attributable to units serving
345	extremely-low-income persons shall be excluded from this
346	requirement.
347	8.  Local government contributions and local government
348	comprehensive planning and activities that promote affordable
349	housing.
350	9.  Project feasibility.
351	10.  Economic viability of the project.
352	11.  Commitment of first mortgage financing.
353	12.  Sponsor's prior experience.
354	13.  Sponsor's ability to proceed with construction.
355	14.  Projects that directly implement or assist welfare-to-
356	work transitioning.
357	15.  Projects that reserve units for extremely-low-income
358	persons.
359	16.  Projects that reserve units for persons with special
360	needs.
361	Section 5.  Paragraphs (d), (e), (f), and (g) of subsection
362	(2) of section 163.31771, Florida Statutes, are amended to read:
363	163.31771  Accessory dwelling units.--
364	(2)  As used in this section, the term:
365	(d)  "Low-income persons" has the same meaning as in s.
366	420.0004(11)(10).
367	(e)  "Moderate-income persons" has the same meaning as in
368	s. 420.0004(12)(11).
369	(f)  "Very-low-income persons" has the same meaning as in
370	s. 420.0004(17)(15).
371	(g)  "Extremely-low-income persons" has the same meaning as
372	in s. 420.0004(9)(8).
373	Section 6.  Section 196.1978, Florida Statutes, is amended
374	to read:
375	196.1978  Affordable housing property exemption.--Property
376	used to provide affordable housing serving eligible persons as
377	defined by s. 159.603(7) and persons meeting income limits
378	specified in s. 420.0004(9)(8), (11)(10), (12)(11), and
379	(17)(15), which property is owned entirely by a nonprofit entity
380	which is qualified as charitable under s. 501(c)(3) of the
381	Internal Revenue Code and which complies with Rev. Proc. 96-32,
382	1996-1 C.B. 717, shall be considered property owned by an exempt
383	entity and used for a charitable purpose, and those portions of
384	the affordable housing property which provide housing to
385	individuals with incomes as defined in s. 420.0004(11)(10) and
386	(17)(15) shall be exempt from ad valorem taxation to the extent
387	authorized in s. 196.196. All property identified in this
388	section shall comply with the criteria for determination of
389	exempt status to be applied by property appraisers on an annual
390	basis as defined in s. 196.195. The Legislature intends that any
391	property owned by a limited liability company which is
392	disregarded as an entity for federal income tax purposes
393	pursuant to Treasury Regulation 301.7701-3(b)(1)(ii) shall be
394	treated as owned by its sole member.
395	Section 7.  Paragraph (o) of subsection (5) of section
396	212.08, Florida Statutes, is amended to read:
397	212.08  Sales, rental, use, consumption, distribution, and
398	storage tax; specified exemptions.--The sale at retail, the
399	rental, the use, the consumption, the distribution, and the
400	storage to be used or consumed in this state of the following
401	are hereby specifically exempt from the tax imposed by this
402	chapter.
403	(5)  EXEMPTIONS; ACCOUNT OF USE.--
404	(o)  Building materials in redevelopment projects.--
405	1.  As used in this paragraph, the term:
406	a.  "Building materials" means tangible personal property
407	that becomes a component part of a housing project or a mixed-
408	use project.
409	b.  "Housing project" means the conversion of an existing
410	manufacturing or industrial building to housing units in an
411	urban high-crime area, enterprise zone, empowerment zone, Front
412	Porch Community, designated brownfield area, or urban infill
413	area and in which the developer agrees to set aside at least 20
414	percent of the housing units in the project for low-income and
415	moderate-income persons or the construction in a designated
416	brownfield area of affordable housing for persons described in
417	s. 420.0004(9)(8), (11)(10), (12)(11), or (17)(15) or in s.
418	159.603(7).
419	c.  "Mixed-use project" means the conversion of an existing
420	manufacturing or industrial building to mixed-use units that
421	include artists' studios, art and entertainment services, or
422	other compatible uses. A mixed-use project must be located in an
423	urban high-crime area, enterprise zone, empowerment zone, Front
424	Porch Community, designated brownfield area, or urban infill
425	area, and the developer must agree to set aside at least 20
426	percent of the square footage of the project for low-income and
427	moderate-income housing.
428	d.  "Substantially completed" has the same meaning as
429	provided in s. 192.042(1).
430	2.  Building materials used in the construction of a
431	housing project or mixed-use project are exempt from the tax
432	imposed by this chapter upon an affirmative showing to the
433	satisfaction of the department that the requirements of this
434	paragraph have been met. This exemption inures to the owner
435	through a refund of previously paid taxes. To receive this
436	refund, the owner must file an application under oath with the
437	department which includes:
438	a.  The name and address of the owner.
439	b.  The address and assessment roll parcel number of the
440	project for which a refund is sought.
441	c.  A copy of the building permit issued for the project.
442	d.  A certification by the local building code inspector
443	that the project is substantially completed.
444	e.  A sworn statement, under penalty of perjury, from the
445	general contractor licensed in this state with whom the owner
446	contracted to construct the project, which statement lists the
447	building materials used in the construction of the project and
448	the actual cost thereof, and the amount of sales tax paid on
449	these materials. If a general contractor was not used, the owner
450	shall provide this information in a sworn statement, under
451	penalty of perjury. Copies of invoices evidencing payment of
452	sales tax must be attached to the sworn statement.
453	3.  An application for a refund under this paragraph must
454	be submitted to the department within 6 months after the date
455	the project is deemed to be substantially completed by the local
456	building code inspector. Within 30 working days after receipt of
457	the application, the department shall determine if it meets the
458	requirements of this paragraph. A refund approved pursuant to
459	this paragraph shall be made within 30 days after formal
460	approval of the application by the department.
461	4.  The department shall establish by rule an application
462	form and criteria for establishing eligibility for exemption
463	under this paragraph.
464	5.  The exemption shall apply to purchases of materials on
465	or after July 1, 2000.
466	Section 8.  Paragraphs (a) and (g) of subsection (2) of
467	section 215.5586, Florida Statutes, are amended to read:
468	215.5586  My Safe Florida Home Program.--There is
469	established within the Department of Financial Services the My
470	Safe Florida Home Program. The department shall provide fiscal
471	accountability, contract management, and strategic leadership
472	for the program, consistent with this section. This section does
473	not create an entitlement for property owners or obligate the
474	state in any way to fund the inspection or retrofitting of
475	residential property in this state. Implementation of this
476	program is subject to annual legislative appropriations. It is
477	the intent of the Legislature that the My Safe Florida Home
478	Program provide inspections for at least 400,000 site-built,
479	single-family, residential properties and provide grants to at
480	least 35,000 applicants before June 30, 2009. The program shall
481	develop and implement a comprehensive and coordinated approach
482	for hurricane damage mitigation that shall include the
483	following:
484	(2)  MITIGATION GRANTS.--Financial grants shall be used to
485	encourage single-family, site-built, owner-occupied, residential
486	property owners to retrofit their properties to make them less
487	vulnerable to hurricane damage.
488	(a)  To be eligible for a grant for persons who have
489	obtained a completed inspection after May 1, 2007, a residential
490	property must:
491	1.  Have been granted a homestead exemption under chapter
492	196.
493	2.  Be a dwelling with an insured value of $300,000 or
494	less. Homeowners who are low-income persons, as defined in s.
495	420.0004(11)(10), are exempt from this requirement.
496	3.  Have undergone an acceptable hurricane mitigation
497	inspection.
498	4.  Be located in the "wind-borne debris region" as that
499	term is defined in s. 1609.2, International Building Code
500	(2006).
501	5.  Be a home for which the building permit application for
502	initial construction was made before March 1, 2002.
503
504	An application for a grant must contain a signed or
505	electronically verified statement made under penalty of perjury
506	that the applicant has submitted only a single application and
507	must have attached documents demonstrating the applicant meets
508	the requirements of this paragraph.
509	(g)  Low-income homeowners, as defined in s.
510	420.0004(11)(10), who otherwise meet the requirements of
511	paragraphs (a), (c), (e), and (f) are eligible for a grant of up
512	to $5,000 and are not required to provide a matching amount to
513	receive the grant. Additionally, for low-income homeowners,
514	grant funding may be used for repair to existing structures
515	leading to any of the mitigation improvements provided in
516	paragraph (e), limited to 20 percent of the grant value. The
517	program may accept a certification directly from a low-income
518	homeowner that the homeowner meets the requirements of s.
519	420.0004(11)(10) if the homeowner provides such certification in
520	a signed or electronically verified statement made under penalty
521	of perjury.
522	Section 9.  Subsection (19) of section 420.503, Florida
523	Statutes, is amended to read:
524	420.503  Definitions.--As used in this part, the term:
525	(19)  "Housing for the elderly" means, for purposes of s.
526	420.5087(3)(e)(d), any nonprofit housing community that is
527	financed by a mortgage loan made or insured by the United States
528	Department of Housing and Urban Development under s. 202, s. 202
529	with a s. 8 subsidy, s. 221(d)(3) or (4), or s. 236 of the
530	National Housing Act, as amended, and that is subject to income
531	limitations established by the United States Department of
532	Housing and Urban Development, or any program funded by the
533	Rural Development Agency of the United States Department of
534	Agriculture and subject to income limitations established by the
535	United States Department of Agriculture. A project which
536	qualifies for an exemption under the Fair Housing Act as housing
537	for older persons as defined by s. 760.29(4) shall qualify as
538	housing for the elderly for purposes of s. 420.5087(3)(e)(d) and
539	for purposes of any loans made pursuant to s. 420.508. In
540	addition, if the corporation adopts a qualified allocation plan
541	pursuant to s. 42(m)(1)(B) of the Internal Revenue Code or any
542	other rules that prioritize projects targeting the elderly for
543	purposes of allocating tax credits pursuant to s. 420.5099 or
544	for purposes of the HOME program under s. 420.5089, a project
545	which qualifies for an exemption under the Fair Housing Act as
546	housing for older persons as defined by s. 760.29(4) shall
547	qualify as a project targeted for the elderly, if the project
548	satisfies the other requirements set forth in this part.
549	Section 10.  This act shall take effect July 1, 2009.

CODING: Words stricken are deletions; words underlined are additions.