Florida Senate - 2019 SB 1504
By Senator Berman
31-01066-19 20191504__
1 A bill to be entitled
2 An act relating to housing trust funds; amending ss.
3 420.0005 and 420.9079, F.S.; requiring certain
4 agencies to provide a report to the Legislature
5 relating to the use of specified transferred funds;
6 requiring the repayment of certain funds within a
7 specified timeframe; providing an effective date.
8
9 Be It Enacted by the Legislature of the State of Florida:
10
11 Section 1. Section 420.0005, Florida Statutes, is amended
12 to read:
13 420.0005 State Housing Trust Fund; State Housing Fund.—
14 (1) There is established in the State Treasury a separate
15 trust fund to be named the “State Housing Trust Fund.” There
16 shall be deposited in the fund all moneys appropriated by the
17 Legislature, or moneys received from any other source, for the
18 purpose of this chapter, and all proceeds derived from the use
19 of such moneys. The fund shall be administered by the Florida
20 Housing Finance Corporation on behalf of the department, as
21 specified in this chapter. Money deposited to the fund and
22 appropriated by the Legislature must, notwithstanding the
23 provisions of chapter 216 or s. 420.504(3), must be transferred
24 quarterly in advance, to the extent available, or, if not so
25 available, as soon as received into the State Housing Trust
26 Fund, and subject to the provisions of s. 420.5092(6)(a) and (b)
27 by the Chief Financial Officer to the corporation upon
28 certification by the executive director of the Department of
29 Economic Opportunity that the corporation is in compliance with
30 the requirements of s. 420.0006. The certification made by the
31 executive director shall also include the split of funds among
32 programs administered by the corporation and the department as
33 specified in chapter 92-317, Laws of Florida, as amended. Moneys
34 advanced by the Chief Financial Officer must be deposited by the
35 corporation into a separate fund established with a qualified
36 public depository meeting the requirements of chapter 280 to be
37 named the “State Housing Fund” and used for the purposes of this
38 chapter. Administrative and personnel costs incurred in
39 implementing this chapter may be paid from the State Housing
40 Fund, but such costs may not exceed 5 percent of the moneys
41 deposited into such fund. To the State Housing Fund shall be
42 credited all loan repayments, penalties, and other fees and
43 charges accruing to such fund under this chapter. It is the
44 intent of this chapter that all loan repayments, penalties, and
45 other fees and charges collected be credited in full to the
46 program account from which the loan originated. Moneys in the
47 State Housing Fund which are not currently needed for the
48 purposes of this chapter shall be invested in such manner as is
49 provided for by statute. The interest received on any such
50 investment shall be credited to the State Housing Fund.
51 (2) For any funds transferred from the State Housing Trust
52 Fund in accordance with s. 215.32:
53 (a) An agency receiving funds that originated from the
54 State Housing Trust Fund must provide a report to the
55 Legislature identifying with specificity the manner in which the
56 funds were spent. The report must be submitted by the final day
57 of the fiscal year in which the funds were appropriated.
58 (b) Any funds appropriated from the State Housing Trust
59 Fund for uses other than those specified in this chapter must be
60 repaid within 5 years after the date on which the funds were
61 appropriated For the 2018-2019 fiscal year, funds may be used as
62 provided in the General Appropriations Act. This subsection
63 expires July 1, 2019.
64 Section 2. Section 420.9079, Florida Statutes, is amended
65 to read:
66 420.9079 Local Government Housing Trust Fund.—
67 (1) There is created in the State Treasury the Local
68 Government Housing Trust Fund, which shall be administered by
69 the corporation on behalf of the department according to the
70 provisions of ss. 420.907-420.9076 and this section. There shall
71 be deposited into the fund a portion of the documentary stamp
72 tax revenues as provided in s. 201.15, moneys received from any
73 other source for the purposes of ss. 420.907-420.9076 and this
74 section, and all proceeds derived from the investment of such
75 moneys. Moneys in the fund that are not currently needed for the
76 purposes of the programs administered pursuant to ss. 420.907
77 420.9076 and this section shall be deposited to the credit of
78 the fund and may be invested as provided by law. The interest
79 received on any such investment shall be credited to the fund.
80 (2) The corporation shall administer the fund exclusively
81 for the purpose of implementing the programs described in ss.
82 420.907-420.9076 and this section. With the exception of
83 monitoring the activities of counties and eligible
84 municipalities to determine local compliance with program
85 requirements, the corporation shall not receive appropriations
86 from the fund for administrative or personnel costs. For the
87 purpose of implementing the compliance monitoring provisions of
88 s. 420.9075(9), the corporation may request a maximum of one
89 quarter of 1 percent of the annual appropriation per state
90 fiscal year. When such funding is appropriated, the corporation
91 shall deduct the amount appropriated before prior to calculating
92 the local housing distribution pursuant to ss. 420.9072 and
93 420.9073.
94 (3) For any funds transferred from the Local Government
95 Housing Trust Fund in accordance with s. 215.32:
96 (a) An agency receiving funds that originated from the
97 Local Government Housing Trust Fund must provide a report to the
98 Legislature identifying with specificity the manner in which the
99 funds were spent. The report must be submitted by the final day
100 of the fiscal year in which the funds were appropriated.
101 (b) Any funds appropriated from the Local Government
102 Housing Trust Fund for uses other than those specified in this
103 chapter must be repaid within 5 years after the date on which
104 the funds were appropriated For the 2018-2019 fiscal year, funds
105 may be used as provided in the General Appropriations Act. This
106 subsection expires July 1, 2019.
107 Section 3. This act shall take effect July 1, 2019.