| 1 | A bill to be entitled |
| 2 | An act relating to affordable housing; amending s. |
| 3 | 420.5087, F.S.; specifying a percentage of moneys in the |
| 4 | State Apartment Incentive Loan Fund to be awarded as |
| 5 | subordinate loan financing for the new construction of |
| 6 | affordable rental housing developments; providing |
| 7 | eligibility requirements; providing duties of the Florida |
| 8 | Housing Development Corporation; providing an effective |
| 9 | date. |
| 10 |
|
| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
|
| 13 | Section 1. Subsection (9) is added to section 420.5087, |
| 14 | Florida Statutes, to read: |
| 15 | 420.5087 State Apartment Incentive Loan Program.-There is |
| 16 | hereby created the State Apartment Incentive Loan Program for |
| 17 | the purpose of providing first, second, or other subordinated |
| 18 | mortgage loans or loan guarantees to sponsors, including for- |
| 19 | profit, nonprofit, and public entities, to provide housing |
| 20 | affordable to very-low-income persons. |
| 21 | (9) At least 50 percent of the moneys in the State |
| 22 | Apartment Incentive Loan Fund in each calendar year shall be |
| 23 | awarded as subordinate loan financing for the new construction |
| 24 | of affordable rental housing developments, for which the primary |
| 25 | source of financing is an allocation of tax-exempt private |
| 26 | activity bonds issued by the corporation or by a local or |
| 27 | regional housing finance authority pursuant to part VI of |
| 28 | chapter 159. Development projects located outside of a 2.5 mile |
| 29 | radius of a Florida Affordable Housing Guarantee Fund |
| 30 | development are eligible to receive subordinate loan financing |
| 31 | through the corporation. Such subordinate loan financing shall |
| 32 | be awarded as provided in subsection (6). Before the receipt of |
| 33 | competitive applications for the award of such subordinate loan |
| 34 | financing, the corporation shall generate and distribute an |
| 35 | estimate of the total amount of State Apartment Incentive Loan |
| 36 | Fund moneys available in the calendar year such subordinate loan |
| 37 | financing will be awarded. The moneys available to be awarded |
| 38 | under this subsection shall include program income, including |
| 39 | principal and interest. A rank-ordered list of applications |
| 40 | selected for receipt of subordinate loan financing shall be |
| 41 | presented to the corporation's board of directors. |
| 42 | Section 2. This act shall take effect July 1, 2011. |