Florida Senate - 2026                      CS for CS for SB 1604
       
       
        
       By the Appropriations Committee on Transportation, Tourism, and
       Economic Development; the Committee on Military and Veterans
       Affairs, Space, and Domestic Security; and Senator Wright
       
       
       
       606-03022-26                                          20261604c2
    1                        A bill to be entitled                      
    2         An act relating to trust funds; creating s. 420.56,
    3         F.S.; creating the Vacancy Relief and Risk Mitigation
    4         Trust Fund within the Florida Housing Finance
    5         Corporation for a specified purpose; authorizing any
    6         unexpended balance at a specified time to revert and
    7         be reappropriated for a certain purpose; providing for
    8         future review and termination or re-creation of the
    9         trust fund; providing a contingent effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Section 420.56, Florida Statutes, is created to
   14  read:
   15         420.56 Vacancy Relief and Risk Mitigation Trust Fund.—
   16         (1) The Vacancy Relief and Risk Mitigation Trust Fund is
   17  created within the Florida Housing Finance Corporation, to which
   18  the Legislature may appropriate funds for the purpose of
   19  implementing the Homes for Veterans Property Management
   20  Incentive Pilot Program under s. 83.684.
   21         (2) Notwithstanding s. 216.301 and pursuant to s. 216.351,
   22  any balance in the trust fund at the end of the fiscal year must
   23  revert and be appropriated to the corporation for the next
   24  fiscal year for carrying out the purposes of the trust fund.
   25         (3) In accordance with s. 19(f)(2), Art. III of the State
   26  Constitution, the Vacancy Relief and Risk Mitigation Trust Fund
   27  must, unless terminated sooner, be terminated on July 1, 2030.
   28  Before the scheduled termination of the Vacancy Relief and Risk
   29  Mitigation Trust Fund, the trust fund must be reviewed as
   30  provided in s. 215.3206(1) and (2).
   31         Section 2. This act shall take effect July 1, 2026, but
   32  only if SB 1602 or similar legislation is adopted in the same
   33  legislative session or an extension thereof and becomes a law.