Florida Senate - 2026                                    SB 1348
       
       
        
       By Senator Calatayud
       
       
       
       
       
       38-01411-26                                           20261348__
    1                        A bill to be entitled                      
    2         An act relating to terminology associated with the
    3         Florida Housing Finance Corporation; amending s.
    4         420.503, F.S.; revising and providing definitions
    5         pertaining to the corporation; amending s. 420.628,
    6         F.S.; conforming a cross-reference; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsections (13) through (36) and subsections
   12  (37) through (45) of section 420.503, Florida Statutes, are
   13  renumbered as subsections (14) through (37) and subsections (39)
   14  through (47), respectively, subsection (8) and present
   15  subsections (16), (17), and (41) are amended, and new
   16  subsections (13) and (38) are added to that section, to read:
   17         420.503 Definitions.—As used in this part, the term:
   18         (8) “Community housing development organization” means a
   19  nonprofit organization that has among its purposes the provision
   20  of affordable housing for low-income families and moderate
   21  income families, maintains accountability to low-income
   22  community residents, has demonstrated the capacity to carry out
   23  affordable housing activities, and has a history of serving the
   24  local community.
   25         (13) “Demonstrated capacity” means the requisite skill,
   26  experience, and credit worthiness of a provider of affordable
   27  housing projects to successfully construct or rehabilitate
   28  affordable housing. Requisite skill, experience, and credit
   29  worthiness includes, but is not limited to, the completion of at
   30  least three affordable housing projects in the United States,
   31  one of which must have been completed in this state, within the
   32  preceding 5 years. Each affordable housing project used to
   33  demonstrate capacity must involve a qualifying principal acting
   34  in the capacity of a qualifying principal in each affordable
   35  housing project.
   36         (17)(16) “Elderly” means persons 62 years of age or older;
   37  however, this definition does not prohibit housing from being
   38  deemed housing for the elderly as defined in subsection (22)
   39  (21) if such housing otherwise meets the requirements of
   40  subsection (22) (21).
   41         (18)(17) “Eligible housing provider” means a for-profit
   42  developer or not-for-profit developer or a community housing
   43  development organization with at least one qualifying principal
   44  having the demonstrated the capacity to construct or
   45  rehabilitate affordable housing.
   46         (38) “Qualifying principal” means one or more persons
   47  owning at least 25 percent of a legally formed corporation,
   48  association, joint venture, or partnership.
   49         (43)(41) “Sponsor” means any individual, association,
   50  corporation, joint venture, partnership, trust, local
   51  government, or other legal entity or any combination thereof
   52  which:
   53         (a) Has the demonstrated capacity to construct or
   54  rehabilitate affordable housing.
   55         (b)(a) Has been approved by the corporation as qualified to
   56  own, construct, acquire, rehabilitate, reconstruct, operate,
   57  lease, manage, or maintain a project.; and
   58         (c)(b) Except for a local government, has agreed to subject
   59  itself to the regulatory powers of the corporation.
   60         Section 2. Subsection (2) of section 420.628, Florida
   61  Statutes, is amended to read:
   62         420.628 Affordable housing for children and young adults
   63  leaving foster care; legislative findings and intent.—
   64         (2) Young adults who leave the child welfare system meet
   65  the definition of eligible persons under ss. 420.503(19) and
   66  420.9071(11) ss. 420.503(18) and 420.9071(11) for affordable
   67  housing, and are encouraged to participate in federal, state,
   68  and local affordable housing programs. Students deemed to be
   69  eligible occupants under 26 U.S.C. s. 42(i)(3)(D) shall be
   70  considered eligible persons for purposes of all projects funded
   71  under this chapter.
   72         Section 3. This act shall take effect upon becoming a law.