Florida Senate - 2015                          SENATOR AMENDMENT
       Bill No. CS for SB 1214
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       Senator Clemens moved the following:
    1         Senate Amendment (with title amendment)
    3         Delete lines 4098 - 4157
    4  and insert:
    5         (e) “Qualified developer” means a person or entity that
    6  undertakes a development activity and has prior experience in
    7  the development of affordable or workforce housing projects
    8  comparable to the project for which it seeks financing, has the
    9  ability to proceed with construction, and has adequate financial
   10  resources to provide the necessary guarantees for the
   11  underwriting of the project for which it applies.
   12         (f) “Workforce housing” means single-family home ownership
   13  units or multifamily rental housing affordable to persons or
   14  households whose income does not exceed 140 percent of the area
   15  median income for Monroe County established by the United States
   16  Department of Housing and Urban Development.
   17         (3) The corporation shall provide low-interest loans to a
   18  qualified developer for construction or rehabilitation of
   19  workforce housing in the Florida Keys Area of Critical State
   20  Concern.
   21         (a) Loans may not exceed the lesser of 50 percent of
   22  development costs as defined in s. 420.503 or the minimum amount
   23  required to make the project economically feasible.
   24         (b)Loans shall bear interest rates of 1 to 3 percent.
   25         (c) Loans shall be forgiven, including interest, for the
   26  construction or rehabilitation of rental units if long-term
   27  affordability is provided and guaranteed for units set aside for
   28  workforce housing for essential services personnel.
   29         (d) For the construction or rehabilitation of single-family
   30  home ownership units, only the accrued interest shall be
   31  forgiven upon sale of the unit to an eligible person.
   32         (4) The corporation shall select projects for funding by
   33  competitive solicitation as defined in s. 287.012.
   34         (5) All eligible applications must demonstrate the
   35  following:
   36         (a) For rental units, rents for workforce housing serving
   37  those with incomes at or below 140 percent of area median income
   38  at the appropriate income level using the restricted rents for
   39  the federal low-income housing tax credit program. Such
   40  residences may not be used for transient occupancy, tourist
   41  housing, or vacation rentals.
   42         (b) For single-family home ownership units serving those
   43  with incomes at or below 140 percent of the area median income,
   44  the maximum sales price must be as defined in the Monroe County
   45  Land Development Code for an owner-occupied affordable housing
   46  unit.
   47         (c) The applicant proves that it has site control of the
   48  proposed project site or sites and provides evidence that
   49  infrastructure sufficient to support the project is in place at
   50  the time of application.
   51         (d) Long-term affordability will be imposed by a deed
   52  restriction or by a use restriction agreement which will be a
   53  restrictive covenant to run with the land.
   54         (6) Priority consideration for funding will be provided for
   55  projects that:
   56         (a) Set aside the highest percent of units for workforce
   57  housing.
   58         (b) Require the least amount of program funding compared to
   59  the overall housing cost of the project.
   60         (c) Show evidence of feasibility.
   61         (d) Demonstrate the economic viability of the project.
   62         (e) Include a commitment of first mortgage financing.
   63         (f)Are proposed by a developer with prior experience.
   64         (g)Reflect the developer’s ability to proceed with
   65  construction.
   66         (h) Have support from the local government, as defined in
   67  s. 420.503, or from the district school board, as defined in s.
   68  1003.01, through funding grants, fee waivers, donations of land,
   69  contributions, or other tangible assistance. Such grants,
   70  donations of land, or contributions must be evidenced by a
   71  letter of commitment, agreement, contract, deed, memorandum of
   72  understanding, or other written instrument at the time of
   73  application.
   74         (i) Are consistent with the workforce housing objectives
   75  and strategies in the local comprehensive plan and land
   76  development regulations.
   77         (j) Incorporate one or more of the following design
   78  features: green building principles, energy efficient and water
   79  saving features, storm-resistant construction, or other elements
   80  that reduce the long-term costs relating to maintenance,
   81  utilities, and insurance.
   82         (k)Include a provision for persons with special needs, as
   83  defined in s. 420.0004.
   84         (l)Provide the job-creation rate of the developer and
   85  general contractor, as provided in s. 420.507(47).
   86         (7)The corporation shall administer a separate loan
   87  program that provides loans for down payment and closing cost
   88  assistance to homebuyers who are essential service personnel and
   89  whose income, adjusted for family size, does not exceed 140
   90  percent of area median income for the Florida Keys Area of
   91  Critical State Concern. Such loans shall:
   92         (a)Be in an amount not to exceed 10 percent of the
   93  purchase price. The maximum purchase price may not exceed the
   94  amount established by the U.S. Department of the Treasury for
   95  Monroe County.
   96         (b)Have a term not to exceed 5 years;
   97         (c)Have a zero percent interest rate, and be non
   98  amortizing.
   99         (d)Provide that 20 percent of the loan amount will be
  100  forgiven at the end of each year in which loan payments are made
  101  according to the terms of the loan;
  102         (e)Provide that any remaining balance of the loan will be
  103  due upon sale or transfer or if the property is no longer the
  104  borrower’s homestead property.
  105         (f)Only be available for a residence that will be the
  106  homestead property of the borrower.
  107         (g)Maintain long-term affordability by imposing a
  108  restrictive covenant maintaining the sales price limits in this
  109  subsection.
  110         (8) The corporation may adopt rules to implement this
  111  section. The corporation may not be required to obtain building
  112  permits at the time a construction loan application is
  113  submitted, but may be required to obtain such permits as a
  114  condition of obtaining a loan.
  115         (9)The corporation may use a maximum of 2 percent of any
  117  ================= T I T L E  A M E N D M E N T ================
  118  And the title is amended as follows:
  119         Delete lines 346 - 357
  120  and insert:
  121         legislative intent; defining terms; requiring the
  122         Florida Housing Finance Corporation to provide low
  123         interest loans for construction or rehabilitation of
  124         workforce housing in the Florida Keys Area of Critical
  125         State Concern, subject to certain requirements;
  126         requiring the corporation to select projects for
  127         funding by competitive solicitation, including
  128         consideration of certain factors; specifying factors
  129         all eligible applications must demonstrate; specifying
  130         factors for priority consideration for funding for
  131         projects; requiring that the corporation administer a
  132         separate loan program that provides loans for
  133         specified purposes and specified persons; specifying
  134         requirements for such loans; authorizing the
  135         corporation to adopt rules for certain purposes;
  136         providing that a corporation may not be required to
  137         obtain permits at the time of a construction loan
  138         application, but may be required to obtain such
  139         permits as a condition of obtaining a loan;
  140         authorizing the corporation to