Florida Senate - 2013 COMMITTEE AMENDMENT
Bill No. SB 928
Barcode 631694
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/14/2013 .
.
.
.
—————————————————————————————————————————————————————————————————
—————————————————————————————————————————————————————————————————
The Committee on Community Affairs (Simpson) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Between lines 42 and 43
4 insert:
5 Section 1. Subsection (6) of section 159.603, Florida
6 Statutes, is amended to read:
7 159.603 Definitions.—As used in this part, the following
8 words and terms have the following meanings unless the context
9 indicates another or different meaning or intent.
10 (6) “Qualifying housing development” means any work or
11 improvement located or to be located in this the state,
12 including real property, buildings, and any other real and
13 personal property, designed or intended for the primary purpose
14 of providing decent, safe, and sanitary residential housing for
15 four or more families, at least 60 percent of whom are eligible
16 persons, whether new construction, the acquisition of existing
17 residential housing, or the remodeling, improvement,
18 rehabilitation, or reconstruction of existing housing, together
19 with such related nonhousing facilities as the authority
20 determines to be necessary, convenient, or desirable.
21 (a) The term includes a housing development that meets the
22 definition of a “qualified low-income housing project” under s.
23 42(g) of the Internal Revenue Code, regardless of whether such
24 development meets the 60 percent eligible persons requirement
25 under this subsection.
26 (b) The exception provided under paragraph (a) applies to
27 all housing developments meeting the federal definition for
28 “qualified low-income housing project” as well as all
29 developments that previously qualified under the state
30 definition for “qualifying housing development.” Housing finance
31 authorities may enter into regulatory agreement amendments as
32 necessary to accommodate housing developments that qualify under
33 paragraph (a).
34 Section 2. Subsection (8) of section 159.608, Florida
35 Statutes, is amended to read:
36 159.608 Powers of housing finance authorities.—A housing
37 finance authority shall constitute a public body corporate and
38 politic, exercising the public and essential governmental
39 functions set forth in this act, and shall exercise its power to
40 borrow only for the purpose as provided herein:
41 (8) To make loans directly to eligible persons or families
42 who otherwise cannot borrow from conventional lending sources
43 and whose annual income does not exceed 80 percent of the median
44 income based on a family of up to four persons for the county in
45 which they seek to purchase a residence. The housing finance
46 authority may adjust the annual income requirements for families
47 of greater than four persons. Such loans must be secured by
48 either first mortgages or subordinated mortgages and must be
49 used to purchase, construct, rehabilitate, or refinance single
50 family residences that have purchase prices that do not exceed
51 the purchase price limits of; however, the purchase price of any
52 residence financed through such a loan may not exceed 90 percent
53 of the median sales price for single-family homes in the county
54 where the borrower’s residence is to be located, as mandated by
55 federal law for tax-exempt single-family bond programs.
56
57 ================= T I T L E A M E N D M E N T ================
58 And the title is amended as follows:
59 Delete line 3
60 and insert:
61 159.603, F.S.; modifying the definition of “qualifying
62 housing development”; amending s. 159.608, F.S.;
63 revising the power of a housing finance authority to
64 make loans directly to eligible persons; amending s.
65 196.1978, F.S.; deleting an ad valorem tax exemption