Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. PCS (518736) for SB 196
       
       
       
       
       
       
                                Ì395542-Î395542                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/01/2022           .                                
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       The Committee on Appropriations (Rodriguez) recommended the
       following:
       
       
    1         Senate Amendment 
    2  
    3  
    4         Delete lines 46 - 77
    5  and insert:
    6         (4) “Bona fide contract” means a certain and unambiguous
    7  offer to purchase the development for an amount equaling or
    8  exceeding the qualified contract purchase price which is made in
    9  good faith by a qualified purchaser with the intent that such
   10  offer result in the execution of an enforceable, valid, and
   11  binding contract to purchase and which includes:
   12         (a) A requirement for the purchaser to make an initial
   13  nonrefundable earnest money deposit of at least $50,000, to be
   14  placed in escrow, unless waived in writing by the owner; and
   15         (b) A requirement for the purchaser to make a second
   16  nonrefundable earnest money deposit equal to 3 percent of the
   17  qualified contract price within 15 business days after the end
   18  of the due diligence period, unless waived in writing by the
   19  owner and subject to any rights reserved by the purchaser in the
   20  event of the owner’s failure to deliver insurable title or in
   21  the event of the owner’s default.
   22  
   23  A bona fide contract may require that the initial earnest money
   24  deposit and the second earnest money deposit be refundable in
   25  the event of the owner’s failure to deliver insurable title at
   26  closing; the owner’s termination of a fully executed contract
   27  due to a reason other than the default of the purchaser, or as
   28  may be provided for in the contract; or the owner’s default.
   29         (16)(15) “Elderly” means persons 62 years of age or older;
   30  however, this definition does not prohibit housing from being
   31  deemed housing for the elderly as defined in subsection (21)
   32  (20) if such housing otherwise meets the requirements of
   33  subsection (21) (20).
   34         (36) “Qualified contract” has the same meaning as in 26
   35  U.S.C. s. 42(h)(6)(F) in effect on the date of the preliminary
   36  determination certificate for the low-income housing tax credits
   37  for the development that is the subject of the qualified
   38  contract request, unless the Internal Revenue Code requires a
   39  different statute or regulation to apply to the development. The
   40  corporation shall deem a bona fide