Florida Senate - 2009                                    SB 1042
       
       
       
       By Senator Bennett
       
       
       
       
       21-01489-09                                           20091042__
    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
    4         property receiving the low-income housing tax credit;
    5         defining the term “community land trust”; providing
    6         for the assessment of structural improvements,
    7         condominium parcels, and cooperative parcels on land
    8         owned by a community land trust and used to provide
    9         affordable housing; providing for the conveyance of
   10         structural improvements, condominium parcels, and
   11         cooperative parcels subject to certain conditions;
   12         specifying the criteria to be used in arriving at just
   13         valuation of a structural improvement, condominium
   14         parcel, or cooperative parcel; providing an effective
   15         date.
   16         
   17  Be It Enacted by the Legislature of the State of Florida:
   18         
   19         Section 1. Section 193.018, Florida Statutes, is created to
   20  read:
   21         193.018 Land owned by a community land trust used to
   22  provide affordable housing; assessment; structural improvements,
   23  condominium parcels, and cooperative parcels.—
   24         (1) As used in this section, the term “community land
   25  trust” means a nonprofit entity that is qualified as charitable
   26  under s. 501(c)(3) of the Internal Revenue Code and has as one
   27  of its purposes the acquisition of land to be held in perpetuity
   28  for the primary purpose of providing affordable homeownership.
   29         (2) A community land trust may convey structural
   30  improvements, condominium parcels, or cooperative parcels, that
   31  are located on specific parcels of land that are identified by a
   32  legal description contained in and subject to a ground lease
   33  having a term of at least 99 years, for the purpose of providing
   34  affordable housing to natural persons or families who meet the
   35  extremely-low, very-low, low, or moderate income limits
   36  specified in s. 420.0004, or the income limits for workforce
   37  housing, as defined in s. 420.5095(3). A community land trust
   38  shall retain a preemptive option to purchase any structural
   39  improvements, condominium parcels, or cooperative parcels on the
   40  land at a price determined by a formula specified in the ground
   41  lease which is designed to ensure that the structural
   42  improvements, condominium parcels, or cooperative parcels remain
   43  affordable.
   44         (3) In arriving at just valuation under s. 193.011, a
   45  structural improvement, condominium parcel, or cooperative
   46  parcel providing affordable housing on land owned by a community
   47  land trust, and the land owned by a community land trust that is
   48  subject to a 99-year or longer ground lease, shall be assessed
   49  using the following criteria:
   50         (a) The amount a willing purchase would pay a willing
   51  seller for the land is limited to an amount commensurate with
   52  the terms of the ground lease that restricts the use of the land
   53  to the provision of affordable housing in perpetuity.
   54         (b) The amount a willing purchaser would pay a willing
   55  seller for resale-restricted improvements, condominium parcels,
   56  or cooperative parcels is limited to the amount determined by
   57  the formula in the ground lease.
   58         (c) If the ground lease and all amendments and supplements
   59  thereto, or a memorandum documenting how such lease and
   60  amendments or supplements restrict the price at which the
   61  improvements, condominium parcels, or cooperative parcels may be
   62  sold, is recorded in the official public records of the county
   63  in which the leased land is located, the recorded lease and any
   64  amendments and supplements, or the recorded memorandum, shall be
   65  deemed a land use regulation during the term of the lease as
   66  amended or supplemented.
   67         Section 2. This act shall take effect July 1, 2009.