Florida Senate - 2022 COMMITTEE AMENDMENT Bill No. SB 196 Ì112298CÎ112298 LEGISLATIVE ACTION Senate . House Comm: RCS . 02/02/2022 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Appropriations Subcommittee on Transportation, Tourism, and Economic Development (Rodriguez) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Before line 20 4 insert: 5 Section 1. Subsection (3) of section 420.5087, Florida 6 Statutes, is amended to read: 7 420.5087 State Apartment Incentive Loan Program.—There is 8 hereby created the State Apartment Incentive Loan Program for 9 the purpose of providing first, second, or other subordinated 10 mortgage loans or loan guarantees to sponsors, including for 11 profit, nonprofit, and public entities, to provide housing 12 affordable to very-low-income persons. 13 (3) During the first 6 months of loan or loan guarantee 14 availability, program funds shall be made available for use by 15 sponsors who provide the housing set-aside required in 16 subsection (2) for the tenant groups designated in this 17 subsection. The funds made available to each of these groups 18 shall be determined using the most recent statewide very-low 19 income rental housing market study available at the time of 20 publication of each notice of fund availability required by 21 paragraph (6)(b). The funds made available within each notice of 22 fund availability to the tenant groups in paragraphs (b)-(e) may 23 not be less than 10 percent of the funds available at that time. 24 Any increase in funding required to reach the required minimum 25 must be taken from the tenant group that would receive the 26 largest percentage of available funds in accordance with the 27 study. The funds made available within each notice of fund 28 availability to the tenant group in paragraph (a) may not be 29 less than 5 percent of the funds available at that time. The 30 tenant groups are: 31 (a) Commercial fishing workers and farmworkers; 32 (b) Families; 33 (c) Persons who are homeless; 34 (d) Persons with special needs; and 35 (e) Elderly persons. Ten percent of the amount made 36 available for the elderly shall provide loans to sponsors of 37 housing for the elderly for the purpose of making building 38 preservation, health, or sanitation repairs or improvements 39 which are required by federal, state, or local regulation or 40 code, or lifesafety or security-related repairs or improvements 41 to such housing.Such a loan may not exceed $750,000 per housing42community for the elderly. In order to receive the loan, the43sponsor of the housing community must make a commitment to match44at least 5 percent of the loan amount to pay the cost of such45repair or improvement. The corporation shall establish the rate46of interest on the loan, which may not exceed 3 percent, and the47term of the loan, which may not exceed 15 years; however, if the48lien of the corporation’s encumbrance is subordinate to the lien49of another mortgagee, then the term may be made coterminous with50the longest term of the superior lien. The term of the loan51shall be based on a credit analysis of the applicant. The52corporation may forgive indebtedness for a share of the loan53attributable to the units in a project reserved for extremely54low-income elderly by nonprofit organizations, as defined in s.55420.0004(5), where the project has provided affordable housing56to the elderly for 15 years or more. The corporation shall57establish, by rule, the procedure and criteria for receiving,58evaluating, and competitively ranking all applications for loans59under this paragraph. A loan application must include evidence60of the first mortgagee’s having reviewed and approved the61sponsor’s intent to apply for a loan. A nonprofit organization62or sponsor may not use the proceeds of the loan to pay for63administrative costs, routine maintenance, or new construction.64 65 ================= T I T L E A M E N D M E N T ================ 66 And the title is amended as follows: 67 Delete line 3 68 and insert: 69 Corporation; amending s. 420.5087, F.S.; deleting 70 certain limitations and restrictions on, and 71 requirements for, loans made by the corporation to 72 sponsors of housing for the elderly under the State 73 Apartment Incentive Loan Program; deleting the 74 authority of the corporation to forgive certain 75 indebtedness; deleting provisions relating to loan 76 applications; amending s. 420.509, F.S.; designating