The Florida Senate

196.1978  Low-income housing property exemption.--Property used to provide housing pursuant to any state housing program authorized under chapter 420 to low-income or very-low-income persons as defined by s. 420.0004, which property is owned entirely by a nonprofit corporation which is qualified as charitable under s. 501(c)(3) of the Internal Revenue Code and which complies with Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property owned by an exempt entity and used for a charitable purpose, and such property shall be exempt from ad valorem taxation to the extent authorized in s. 196.196. All property identified in this section shall comply with the criteria for determination of exempt status to be applied by property appraisers on an annual basis as defined in s. 196.195.

History.--s. 15, ch. 99-378.