Florida Senate - 2013                                     SB 928
       
       
       
       By Senator Simpson
       
       
       
       
       18-00904A-13                                           2013928__
    1                        A bill to be entitled                      
    2         An act relating to community development; amending s.
    3         196.1978, F.S.; deleting an ad valorem tax exemption
    4         for property owned by certain Florida-based limited
    5         partnerships and used for affordable housing for
    6         certain income-qualified persons; amending s. 212.08,
    7         F.S.; revising criteria for community contribution tax
    8         credit for donations; amending ss. 220.183 and
    9         624.5105, F.S.; extending the expiration date
   10         applicable to the granting of community contribution
   11         tax credits against the sales and use tax, corporate
   12         income tax, and insurance premium tax for
   13         contributions to eligible sponsors of community
   14         projects approved by the Department of Economic
   15         Opportunity; amending s. 420.507, F.S.; revising the
   16         powers of the Florida Housing Finance Corporation;
   17         specifying how the corporation will allocate certain
   18         funds; amending s. 420.5087, F.S.; revising provisions
   19         relating to state apartment incentive loans to provide
   20         for a competitive evaluation and selection process
   21         with respect to loan applications; amending s.
   22         420.511, F.S.; providing that the corporation’s
   23         strategic business plan must be consistent with a
   24         long-range program plan relating to affordable
   25         housing; deleting a requirement that the corporation
   26         compile certain data; revising provisions relating to
   27         the corporation’s development of its long-range plan;
   28         revising the required contents and information to be
   29         included in the corporation’s annual report; requiring
   30         the corporation to submit separate audited financial
   31         statements that include specified information and
   32         incorporate certain reports; requiring the Auditor
   33         General to conduct an operational audit of the
   34         corporation and provide a written report to the
   35         Legislature; amending ss. 420.0003, 420.0006, 420.504,
   36         and 420.506, F.S.; conforming provisions to changes
   37         made by this act; repealing s. 420.5091, F.S.,
   38         relating to the HOPE program; providing for
   39         retroactive application; providing an effective date.
   40  
   41  Be It Enacted by the Legislature of the State of Florida:
   42  
   43         Section 1. Section 196.1978, Florida Statutes, is amended
   44  to read:
   45         196.1978 Affordable housing property exemption.—Property
   46  used to provide affordable housing to serving eligible persons
   47  as defined under by s. 159.603(7) and natural persons or
   48  families meeting the extremely-low-income, very-low-income, low
   49  income, or moderate-income limits specified in s. 420.0004,
   50  which property is owned entirely by a nonprofit entity that is a
   51  corporation not for profit, qualified as charitable under s.
   52  501(c)(3) of the Internal Revenue Code and in compliance with
   53  Rev. Proc. 96-32, 1996-1 C.B. 717, is or a Florida-based limited
   54  partnership, the sole general partner of which is a corporation
   55  not for profit which is qualified as charitable under s.
   56  501(c)(3) of the Internal Revenue Code and which complies with
   57  Rev. Proc. 96-32, 1996-1 C.B. 717, shall be considered property
   58  owned by an exempt entity and used for a charitable purpose, and
   59  those portions of the affordable housing property that which
   60  provide housing to natural persons or families classified as
   61  extremely low income, very low income, low income, or moderate
   62  income under s. 420.0004 are shall be exempt from ad valorem
   63  taxation to the extent authorized under in s. 196.196. All
   64  property identified in this section must shall comply with the
   65  criteria provided under s. 196.195 for determining determination
   66  of exempt status and to be applied by property appraisers on an
   67  annual basis as defined in s. 196.195. The Legislature intends
   68  that any property owned by a limited liability company or
   69  limited partnership which is disregarded as an entity for
   70  federal income tax purposes pursuant to Treasury Regulation
   71  301.7701-3(b)(1)(ii) shall be treated as owned by its sole
   72  member or sole general partner.
   73         Section 2. Paragraph (p) of subsection (5) of section
   74  212.08, Florida Statutes, is amended to read:
   75         212.08 Sales, rental, use, consumption, distribution, and
   76  storage tax; specified exemptions.—The sale at retail, the
   77  rental, the use, the consumption, the distribution, and the
   78  storage to be used or consumed in this state of the following
   79  are hereby specifically exempt from the tax imposed by this
   80  chapter.
   81         (5) EXEMPTIONS; ACCOUNT OF USE.—
   82         (p) Community contribution tax credit for donations.—
   83         1. Authorization.—Persons who are registered with the
   84  department under s. 212.18 to collect or remit sales or use tax
   85  and who make donations to eligible sponsors are eligible for tax
   86  credits against their state sales and use tax liabilities as
   87  provided in this paragraph:
   88         a. The credit shall be computed as 50 percent of the
   89  person’s approved annual community contribution.
   90         b. The credit shall be granted as a refund against state
   91  sales and use taxes reported on returns and remitted in the 12
   92  months preceding the date of application to the department for
   93  the credit as required in sub-subparagraph 3.c. If the annual
   94  credit is not fully used through such refund because of
   95  insufficient tax payments during the applicable 12-month period,
   96  the unused amount may be included in an application for a refund
   97  made pursuant to sub-subparagraph 3.c. in subsequent years
   98  against the total tax payments made for such year. Carryover
   99  credits may be applied for a 3-year period without regard to any
  100  time limitation that would otherwise apply under s. 215.26.
  101         c. A person may not receive more than $200,000 in annual
  102  tax credits for all approved community contributions made in any
  103  one year.
  104         d. All proposals for the granting of the tax credit require
  105  the prior approval of the Department of Economic Opportunity.
  106         e. The total amount of tax credits which may be granted for
  107  all programs approved under this paragraph, s. 220.183, and s.
  108  624.5105 is $10.5 million annually for projects that provide
  109  homeownership opportunities for low-income or very-low-income
  110  households as those terms are defined in s. 420.9071(19) and
  111  (28) and $3.5 million annually for all other projects.
  112         f. A person who is eligible to receive the credit provided
  113  for in this paragraph, s. 220.183, or s. 624.5105 may receive
  114  the credit only under the one section pursuant to of the
  115  person’s choice.
  116         2. Eligibility requirements.—
  117         a. A community contribution by a person must be in the
  118  following form:
  119         (I) Cash or other liquid assets;
  120         (II) Real property;
  121         (III) Goods or inventory; or
  122         (IV) Other physical resources as identified by the
  123  Department of Economic Opportunity.
  124         b. All community contributions must be reserved exclusively
  125  for use in a project. As used in this sub-subparagraph, the term
  126  “project” means any activity undertaken by an eligible sponsor
  127  which is designed to construct, improve, or substantially
  128  rehabilitate housing that is affordable to low-income or very
  129  low-income households as those terms are defined in s.
  130  420.9071(19) and (28); designed to provide commercial,
  131  industrial, or public resources and facilities; or designed to
  132  improve entrepreneurial and job-development opportunities for
  133  low-income persons. A project may be the investment necessary to
  134  increase access to high-speed broadband capability in rural
  135  communities with enterprise zones, including projects that
  136  result in improvements to communications assets that are owned
  137  by a business. A project may include the provision of museum
  138  educational programs and materials that are directly related to
  139  a any project approved between January 1, 1996, and December 31,
  140  1999, and located in an enterprise zone designated pursuant to
  141  s. 290.0065. This paragraph does not preclude projects that
  142  propose to construct or rehabilitate housing for low-income or
  143  very-low-income households on scattered sites. With respect to
  144  housing, contributions may be used to pay the following eligible
  145  low-income and very-low-income housing-related activities:
  146         (I) Project development impact and management fees for low
  147  income or very-low-income housing projects;
  148         (II) Down payment and closing costs for low-income persons
  149  and very-low-income eligible persons, as those terms are defined
  150  in s. 420.9071(19) and (28);
  151         (III) Administrative costs, including housing counseling
  152  and marketing fees, not to exceed 10 percent of the community
  153  contribution, directly related to low-income or very-low-income
  154  projects; and
  155         (IV) Removal of liens recorded against residential property
  156  by municipal, county, or special district local governments if
  157  when satisfaction of the lien is a necessary precedent to the
  158  transfer of the property to a low-income person or very-low-
  159  income an eligible person, as those terms are defined in s.
  160  420.9071(19) and (28), for the purpose of promoting home
  161  ownership. Contributions for lien removal must be received from
  162  a nonrelated third party.
  163         c. The project must be undertaken by an “eligible sponsor,”
  164  which includes:
  165         (I) A community action program;
  166         (II) A nonprofit community-based development organization
  167  whose mission is the provision of housing for low-income or
  168  very-low-income households or increasing entrepreneurial and
  169  job-development opportunities for low-income persons;
  170         (III) A neighborhood housing services corporation;
  171         (IV) A local housing authority created under chapter 421;
  172         (V) A community redevelopment agency created under s.
  173  163.356;
  174         (VI) A historic preservation district agency or
  175  organization;
  176         (VII) A regional workforce board;
  177         (VIII) A direct-support organization as provided in s.
  178  1009.983;
  179         (IX) An enterprise zone development agency created under s.
  180  290.0056;
  181         (X) A community-based organization incorporated under
  182  chapter 617 which is recognized as educational, charitable, or
  183  scientific pursuant to s. 501(c)(3) of the Internal Revenue Code
  184  and whose bylaws and articles of incorporation include
  185  affordable housing, economic development, or community
  186  development as the primary mission of the corporation;
  187         (XI) Units of local government;
  188         (XII) Units of state government; or
  189         (XIII) Any other agency that the Department of Economic
  190  Opportunity designates by rule.
  191  
  192  In no event may A contributing person may not have a financial
  193  interest in the eligible sponsor.
  194         d. The project must be located in an area designated an
  195  enterprise zone or a Front Porch Florida Community, unless the
  196  project increases access to high-speed broadband capability for
  197  rural communities that have with enterprise zones but is
  198  physically located outside the designated rural zone boundaries.
  199  Any project designed to construct or rehabilitate housing for
  200  low-income or very-low-income households as those terms are
  201  defined in s. 420.9071(19) and (28) is exempt from the area
  202  requirement of this sub-subparagraph.
  203         e.(I) If, during the first 10 business days of the state
  204  fiscal year, eligible tax credit applications for projects that
  205  provide homeownership opportunities for low-income households or
  206  very-low-income households as those terms are defined in s.
  207  420.9071(19) and (28) are received for less than the annual tax
  208  credits available for those projects, the Department of Economic
  209  Opportunity shall grant tax credits for those applications and
  210  shall grant remaining tax credits on a first-come, first-served
  211  basis for any subsequent eligible applications received before
  212  the end of the state fiscal year. If, during the first 10
  213  business days of the state fiscal year, eligible tax credit
  214  applications for projects that provide homeownership
  215  opportunities for low-income or very-low-income households as
  216  defined in s. 420.9071(19) and (28) are received for more than
  217  the annual tax credits available for those projects, the
  218  Department of Economic Opportunity shall grant the tax credits
  219  for those applications as follows:
  220         (A) If tax credit applications submitted for approved
  221  projects of an eligible sponsor do not exceed $200,000 in total,
  222  the credits shall be granted in full if the tax credit
  223  applications are approved.
  224         (B) If tax credit applications submitted for approved
  225  projects of an eligible sponsor exceed $200,000 in total, the
  226  amount of tax credits granted pursuant to sub-sub-sub
  227  subparagraph (A) shall be subtracted from the amount of
  228  available tax credits, and the remaining credits shall be
  229  granted to each approved tax credit application on a pro rata
  230  basis.
  231         (II) If, during the first 10 business days of the state
  232  fiscal year, eligible tax credit applications for projects other
  233  than those that provide homeownership opportunities for low
  234  income households or very-low-income households as those terms
  235  are defined in s. 420.9071(19) and (28) are received for less
  236  than the annual tax credits available for those projects, the
  237  Department of Economic Opportunity shall grant tax credits for
  238  those applications and shall grant remaining tax credits on a
  239  first-come, first-served basis for any subsequent eligible
  240  applications received before the end of the state fiscal year.
  241  If, during the first 10 business days of the state fiscal year,
  242  eligible tax credit applications for projects other than those
  243  that provide homeownership opportunities for low-income or very
  244  low-income households as defined in s. 420.9071(19) and (28) are
  245  received for more than the annual tax credits available for
  246  those projects, the Department of Economic Opportunity shall
  247  grant the tax credits for those applications on a pro rata
  248  basis.
  249         3. Application requirements.—
  250         a. Any eligible sponsor seeking to participate in this
  251  program must submit a proposal to the Department of Economic
  252  Opportunity which sets forth the name of the sponsor, a
  253  description of the project, and the area in which the project is
  254  located, together with such supporting information as is
  255  prescribed by rule. The proposal must also contain a resolution
  256  from the local governmental unit in which the project is located
  257  certifying that the project is consistent with local plans and
  258  regulations.
  259         b. Any person seeking to participate in this program must
  260  submit an application for tax credit to the Department of
  261  Economic Opportunity which sets forth the name of the sponsor, a
  262  description of the project, and the type, value, and purpose of
  263  the contribution. The sponsor shall verify, in writing, the
  264  terms of the application and indicate its receipt of the
  265  contribution, which verification must be in writing and
  266  accompany the application for tax credit. The person must submit
  267  a separate tax credit application to the department of Economic
  268  Opportunity for each individual contribution that it makes to
  269  each individual project.
  270         c. Any person who has received notification from the
  271  Department of Economic Opportunity that a tax credit has been
  272  approved must apply to the department to receive the refund.
  273  Application must be made on the form prescribed for claiming
  274  refunds of sales and use taxes and be accompanied by a copy of
  275  the notification. A person may submit only one application for
  276  refund to the department within a any 12-month period.
  277         4. Administration.—
  278         a. The Department of Economic Opportunity may adopt rules
  279  pursuant to ss. 120.536(1) and 120.54 necessary to administer
  280  this paragraph, including rules for the approval or disapproval
  281  of proposals by a person.
  282         b. The decision of the Department of Economic Opportunity
  283  must be in writing, and, if approved, the notification shall
  284  state the maximum credit allowable to the person. Upon approval,
  285  the department of Economic Opportunity shall transmit a copy of
  286  the decision to the Department of Revenue.
  287         c. The Department of Economic Opportunity shall
  288  periodically monitor all projects in a manner consistent with
  289  available resources to ensure that resources are used in
  290  accordance with this paragraph; however, each project must be
  291  reviewed at least once every 2 years.
  292         d. The Department of Economic Opportunity shall, in
  293  consultation with the statewide and regional housing and
  294  financial intermediaries, market the availability of the
  295  community contribution tax credit program to community-based
  296  organizations.
  297         5. Expiration.—This paragraph expires June 30, 2025 2015;
  298  however, any accrued credit carryover that is unused on that
  299  date may be used until the expiration of the 3-year carryover
  300  period for such credit.
  301         Section 3. Subsection (5) of section 220.183, Florida
  302  Statutes, is amended to read:
  303         220.183 Community contribution tax credit.—
  304         (5) EXPIRATION.—The provisions of this section, except
  305  paragraph (1)(e), shall expire and are be void on June 30, 2025
  306  2015.
  307         Section 4. Subsection (6) of section 624.5105, Florida
  308  Statutes, is amended to read:
  309         624.5105 Community contribution tax credit; authorization;
  310  limitations; eligibility and application requirements;
  311  administration; definitions; expiration.—
  312         (6) EXPIRATION.—The provisions of this section, except
  313  paragraph (1)(e), shall expire and are be void on June 30, 2025
  314  2015.
  315         Section 5. Paragraph (h) of subsection (22) and subsection
  316  (48) of section 420.507, Florida Statutes, are amended to read:
  317         420.507 Powers of the corporation.—The corporation shall
  318  have all the powers necessary or convenient to carry out and
  319  effectuate the purposes and provisions of this part, including
  320  the following powers, which are in addition to all other powers
  321  granted by other provisions of this part:
  322         (22) To develop and administer the State Apartment
  323  Incentive Loan Program. In developing and administering that
  324  program, the corporation may:
  325         (h) Establish, by rule, the procedure for evaluating,
  326  scoring, and competitively evaluating and selecting ranking all
  327  applications for funding based on the criteria set forth in s.
  328  420.5087(6)(c),; determining actual loan amounts,; making and
  329  servicing loans,; and exercising the powers authorized in this
  330  subsection.
  331         (48) To award use up to 10 percent of its annual allocation
  332  of low-income housing tax credits, nontaxable revenue bonds, and
  333  State Apartment Incentive Loan Program funds appropriated by the
  334  Legislature and available to allocate by request for proposals
  335  or other competitive solicitation. The corporation shall reserve
  336  up to 5 percent of each allocation funding for high-priority
  337  affordable housing projects, such as housing to support economic
  338  development and job-creation initiatives, housing for veterans
  339  and their families, and other special needs populations in
  340  communities throughout the state as determined by the
  341  corporation on an annual basis. The corporation shall reserve an
  342  additional 5 percent of each allocation for affordable housing
  343  projects that target persons who have a disabling condition as
  344  defined in s. 420.0004 and their families. These allocations
  345  must prioritize projects or initiatives piloting or
  346  demonstrating cost effective, best practices that meet the
  347  housing needs and preferences of such persons. Any tax credits
  348  or funds not allocated because of a lack of eligible projects
  349  targeting persons who have a disabling condition shall be
  350  distributed by the corporation for high-priority housing
  351  projects.
  352         Section 6. Paragraphs (c) and (f) of subsection (6) of
  353  section 420.5087, Florida Statutes, are amended to read:
  354         420.5087 State Apartment Incentive Loan Program.—There is
  355  hereby created the State Apartment Incentive Loan Program for
  356  the purpose of providing first, second, or other subordinated
  357  mortgage loans or loan guarantees to sponsors, including for
  358  profit, nonprofit, and public entities, to provide housing
  359  affordable to very-low-income persons.
  360         (6) On all state apartment incentive loans, except loans
  361  made to housing communities for the elderly to provide for
  362  lifesafety, building preservation, health, sanitation, or
  363  security-related repairs or improvements, the following
  364  provisions shall apply:
  365         (c) The corporation shall provide by rule for the
  366  establishment of a review committee composed of the department
  367  and corporation staff and shall establish by rule a scoring
  368  system for the competitive evaluation and selection competitive
  369  ranking of applications submitted in this program, including,
  370  but not limited to, the following criteria:
  371         1. Tenant income and demographic targeting objectives of
  372  the corporation.
  373         2. Targeting objectives of the corporation which will
  374  ensure an equitable distribution of loans between rural and
  375  urban areas.
  376         3. Sponsor’s agreement to reserve the units for persons or
  377  families who have incomes below 50 percent of the state or local
  378  median income, whichever is higher, for a time period that
  379  exceeds to exceed the minimum required by federal law or the
  380  provisions of this part.
  381         4. Sponsor’s agreement to reserve more than:
  382         a. Twenty percent of the units in the project for persons
  383  or families who have incomes that do not exceed 50 percent of
  384  the state or local median income, whichever is higher; or
  385         b. Forty percent of the units in the project for persons or
  386  families who have incomes that do not exceed 60 percent of the
  387  state or local median income, whichever is higher, without
  388  requiring a greater amount of the loans as provided in this
  389  section.
  390         5. Provision for tenant counseling.
  391         6. Sponsor’s agreement to accept rental assistance
  392  certificates or vouchers as payment for rent.
  393         7. Projects requiring the least amount of a state apartment
  394  incentive loan compared to overall project cost, except that the
  395  share of the loan attributable to units serving extremely-low
  396  income persons must shall be excluded from this requirement.
  397         8. Local government contributions and local government
  398  comprehensive planning and activities that promote affordable
  399  housing.
  400         9. Project feasibility.
  401         10. Economic viability of the project.
  402         11. Commitment of first mortgage financing.
  403         12. Sponsor’s prior experience.
  404         13. Sponsor’s ability to proceed with construction.
  405         14. Projects that directly implement or assist welfare-to
  406  work transitioning.
  407         15. Projects that reserve units for extremely-low-income
  408  persons.
  409         16. Projects that include green building principles, storm
  410  resistant construction, or other elements that reduce long-term
  411  costs relating to maintenance, utilities, or insurance.
  412         17. Job-creation rate of the developer and general
  413  contractor, as provided in s. 420.507(47).
  414         (f) The review committee established by corporation rule
  415  pursuant to this subsection shall make recommendations to the
  416  board of directors of the corporation regarding program
  417  participation under the State Apartment Incentive Loan Program.
  418  The corporation board shall make the final ranking and the
  419  decisions regarding which applicants shall become program
  420  participants based on the scores received in the competitive
  421  process ranking, further review of applications, and the
  422  recommendations of the review committee. The corporation board
  423  shall approve or reject applications for loans and shall
  424  determine the tentative loan amount available to each applicant
  425  selected for participation in the program. The actual loan
  426  amount shall be determined pursuant to rule adopted pursuant to
  427  s. 420.507(22)(h).
  428         Section 7. Section 420.511, Florida Statutes, is amended to
  429  read:
  430         420.511 Strategic business plan; long-range program
  431  strategic plan; annual report; audited financial statements.—
  432         (1) The corporation shall develop a strategic business plan
  433  for the provision of affordable housing for the state. The plan
  434  must be consistent shall not be inconsistent with the long-range
  435  program strategic plan prepared pursuant to subsection (2) and
  436  shall contain performance measures and specific performance
  437  targets for the following:
  438         (a) The ability of low-income and moderate-income
  439  Floridians to access housing that is decent and affordable.
  440         (b) The continued availability and affordability of housing
  441  financed by the corporation to target populations.
  442         (c) The availability of affordable financing programs,
  443  including equity and debt products, and programs that reduce
  444  gaps in conventional financing in order, to increase individual
  445  access to housing and stimulate private production of affordable
  446  housing.
  447         (d) The establishment and maintenance of efficiencies in
  448  the delivery of affordable housing.
  449         (e) Such other measures as directed by the corporation’s
  450  board of directors.
  451  
  452  The corporation shall also compile data on the stimulus of
  453  economic activity created by the affordable housing finance
  454  programs administered by the corporation.
  455         (2) The corporation, in coordination equal partnership with
  456  the department, shall develop annually develop a long-range
  457  program strategic plan for the provision of affordable housing
  458  in this state as Florida as part of the department’s agency
  459  strategic plan required pursuant to chapter 186. In part, the
  460  plan must shall include provisions that maximize the abilities
  461  of the corporation and the department to implement the state
  462  housing strategy established under s. 420.0003, to respond to
  463  federal housing initiatives, and to develop programs in a manner
  464  that is more responsive to the needs of public and private
  465  partners. The plan shall be developed on a schedule consistent
  466  with that established by s. 186.021. For purposes of this
  467  section act, the executive director or his or her designee shall
  468  serve as the corporation’s representative to achieve a
  469  coordinated and integrated planning relationship with the
  470  department.
  471         (3)(a) The corporation shall submit to the Governor and the
  472  presiding officers of each house of the Legislature, within 6 2
  473  months after the end of its fiscal year, a complete and detailed
  474  report setting forth the corporation’s state and federal program
  475  accomplishments using the most recent available data. The report
  476  must include, but is not limited to:
  477         (a) The following tenant characteristics in the existing
  478  rental units financed through corporation-administered programs:
  479         1. The number of households served, delineated by income,
  480  race, ethnicity, and age of the head of household.
  481         2. The number of households served in large, medium, and
  482  small counties as defined by s. 420.5087 and the extent to which
  483  geographic distribution has been achieved in accordance with s.
  484  420.5087.
  485         3. The number of farmworker and commercial-fishing worker
  486  households served.
  487         4. The number of homeless households served.
  488         5. The number of special needs households served.
  489         6. By county, the average rent charged based on unit size.
  490         (b) The number of rental units to which resources have been
  491  allocated in the last fiscal year, including income and
  492  demographic restrictions.
  493         (c) The estimated average cost of producing units under
  494  each rental or homeownership unit financed under each program in
  495  the last fiscal year.
  496         (d) By county, the average sales price of homeownership
  497  units financed in the last fiscal year.
  498         (e) The number of households served by homeownership
  499  programs in the last fiscal year, including the income, race,
  500  ethnicity, and age of the homeowner of each household.
  501         (f) The percentage of homeownership loans that are in
  502  foreclosure.
  503         (g) The percentage of properties in the corporation’s
  504  rental portfolio which have an occupancy rate below 90 percent.
  505         (h) The amount of economic stimulus created by the
  506  affordable housing finance programs administered by the
  507  corporation for the most recent year available.
  508         (i) For the State Apartment Incentive Loan Program (SAIL),
  509  a comprehensive list of all closed loans outstanding at the end
  510  of the most recent fiscal year, including, but not limited to,
  511  development name, city, county, developer, set-aside type, set
  512  aside percentage, affordability term, total number of units,
  513  number of set-aside units, lien position, original loan amount,
  514  loan maturity date, loan balance at close of year, status of
  515  loan, rate of interest, and interest paid.
  516         (j) For the Florida Affordable Housing Guarantee Program, a
  517  list of all guaranteed loans through the close of the most
  518  recent fiscal year, including, but not limited to, development
  519  name, city, county, developer, total number of units, issuer of
  520  the bonds, loan maturity date, participation in the United
  521  States Department of Housing and Urban Development Risk-Sharing
  522  Program, original guarantee amount, guarantee amount at the
  523  close of the fiscal year, status of guaranteed loans, and total
  524  outstanding Florida Housing Finance Corporation Affordable
  525  Housing Guarantee Program revenue bonds at the close of the most
  526  recent fiscal year.
  527         (k) Any other information the corporation deems
  528  appropriate.
  529         1. Its operations and accomplishments;
  530         2. Its receipts and expenditures during its fiscal year in
  531  accordance with the categories or classifications established by
  532  the corporation for its operating and capital outlay purposes;
  533         3. Its assets and liabilities at the end of its fiscal year
  534  and the status of reserve, special, or other funds;
  535         4. A schedule of its bonds outstanding at the end of its
  536  fiscal year, together with a statement of the principal amounts
  537  of bonds issued and redeemed during the fiscal year; and
  538         5. Information relating to the corporation’s activities in
  539  implementing the provisions of ss. 420.5087, 420.5088, and
  540  420.5095.
  541         (b) The report shall include, but not be limited to:
  542         1. The number of people served, delineated by income, age,
  543  family size, and racial characteristics.
  544         2. The number of units produced under each program.
  545         3. The average cost of producing units under each program.
  546         4. The average sales price of single-family units financed
  547  under s. 420.5088.
  548         5. The average amount of rent charged based on unit size on
  549  units financed under s. 420.5087.
  550         6. The number of persons in rural communities served under
  551  each program.
  552         7. The number of farmworkers served under each program.
  553         8. The number of homeless persons served under each
  554  program.
  555         9. The number of elderly persons served under each program.
  556         10. The extent to which geographic distribution has been
  557  achieved in accordance with the provisions of s. 420.5087.
  558         11. The success of the Community Workforce Housing
  559  Innovation Pilot Program in meeting the housing needs of
  560  eligible areas.
  561         12. Any other information the corporation deems
  562  appropriate.
  563         (4) Within 6 months after the end of its fiscal year, the
  564  corporation shall submit audited financial statements prepared
  565  in accordance with generally accepted accounting principles
  566  which include all assets, liabilities, revenues, and expenses of
  567  the corporation, and a list of all bonds outstanding at the end
  568  of its fiscal year. with the annual report required by this
  569  section, a copy of an annual financial audit of its accounts and
  570  records and an annual compliance The audit must be of its
  571  programs conducted by an independent certified public
  572  accountant, performed in accordance with generally accepted
  573  auditing standards and government auditing standards, and
  574  incorporate all reports, including compliance reports, as
  575  required by such auditing standards.
  576         (5) The Auditor General shall conduct an operational audit
  577  of the accounts and records of the corporation and provide a
  578  written report on the audit to the President of the Senate and
  579  the Speaker of the House of Representatives by December 1, 2016.
  580  Both the corporation’s business plan and annual report must
  581  shall recognize the different fiscal periods under which the
  582  corporation, the state, the Federal Government, and local
  583  governments operate.
  584         Section 8. Paragraph (b) of subsection (4) of section
  585  420.0003, Florida Statutes, is amended to read:
  586         420.0003 State housing strategy.—
  587         (4) IMPLEMENTATION.—The Department of Economic Opportunity
  588  and the Florida Housing Finance Corporation in carrying out the
  589  strategy articulated herein shall have the following duties:
  590         (b) The long-range program agency strategic plan of the
  591  Department of Economic Opportunity must shall include specific
  592  goals, objectives, and strategies that implement the housing
  593  policies in this section and shall include the strategic plan
  594  for housing production prepared by the corporation pursuant to
  595  s. 420.511.
  596         Section 9. Section 420.0006, Florida Statutes, is amended
  597  to read:
  598         420.0006 Authority to contract with corporation; contract
  599  requirements; nonperformance.—The executive director of the
  600  department shall contract, notwithstanding part I of chapter
  601  287, with the Florida Housing Finance Corporation on a multiyear
  602  basis to stimulate, provide, and foster affordable housing in
  603  the state. The contract must incorporate the performance
  604  measures required by s. 420.511 and must be consistent with the
  605  provisions of the corporation’s strategic business plan prepared
  606  in accordance with s. 420.511. The contract must provide that
  607  if, in the event the corporation fails to comply with any of the
  608  a performance measure measures required by s. 420.511, the
  609  executive director shall notify the Governor and shall refer the
  610  nonperformance to the department’s inspector general for review
  611  and determination as to whether such failure is due to forces
  612  beyond the corporation’s control or whether such failure is due
  613  to inadequate management of the corporation’s resources.
  614  Advances shall continue to be made pursuant to s. 420.0005
  615  during the pendency of the review by the department’s inspector
  616  general. If such failure is due to outside forces, it may shall
  617  not be deemed a violation of the contract. If such failure is
  618  due to inadequate management, the department’s inspector general
  619  shall provide recommendations regarding solutions. The Governor
  620  may is authorized to resolve any differences of opinion with
  621  respect to performance under the contract and may request that
  622  advances continue in the event of a failure under the contract
  623  due to inadequate management. The Chief Financial Officer shall
  624  approve the request absent a finding by the Chief Financial
  625  Officer that continuing such advances would adversely impact the
  626  state; however, in any event the Chief Financial Officer shall
  627  provide advances sufficient to meet the debt service
  628  requirements of the corporation and sufficient to fund contracts
  629  committing funds from the State Housing Trust Fund if so long as
  630  such contracts are in accordance with the laws of this state.
  631         Section 10. Subsection (1) of section 420.504, Florida
  632  Statutes, is amended to read:
  633         420.504 Public corporation; creation, membership, terms,
  634  expenses.—
  635         (1) There is created within the Department of Economic
  636  Opportunity A public corporation and a public body corporate and
  637  politic, to be known as the "Florida Housing Finance
  638  Corporation," is created within the Department of Economic
  639  Services.“Florida Housing Finance Corporation.” It is declared
  640  to be the intent of and constitutional construction by the
  641  Legislature that the Florida Housing Finance Corporation
  642  constitutes an entrepreneurial public corporation organized to
  643  provide and promote the public welfare by administering the
  644  governmental function of financing or refinancing housing and
  645  related facilities in this state Florida and that the
  646  corporation is not a department of the executive branch of state
  647  government within the scope and meaning of s. 6, Art. IV of the
  648  State Constitution, but is functionally related to the
  649  Department of Economic Opportunity in which it is placed. The
  650  executive function of state government to be performed by the
  651  executive director of the Department of Economic Opportunity in
  652  the conduct of the business of the Florida Housing Finance
  653  Corporation must be performed pursuant to a contract to monitor
  654  and set performance standards for the implementation of the
  655  business plan for the provision of housing approved for the
  656  corporation as provided in s. 420.0006. This contract must shall
  657  include the performance standards for the provision of
  658  affordable housing in this state Florida established in the
  659  strategic business plan described in s. 420.511.
  660         Section 11. Subsection (1) of section 420.506, Florida
  661  Statutes, is amended to read:
  662         420.506 Executive director; agents and employees; inspector
  663  general.—
  664         (1) The appointment and removal of an executive director
  665  shall be by the executive director of the Department of Economic
  666  Opportunity, with the advice and consent of the corporation’s
  667  board of directors. The executive director shall employ legal
  668  and technical experts and such other agents and employees,
  669  permanent and temporary, as the corporation may require, and
  670  shall communicate with and provide information to the
  671  Legislature with respect to the corporation’s activities. The
  672  board is authorized, Notwithstanding the provisions of s.
  673  216.262, the board may to develop and implement rules regarding
  674  the employment of employees of the corporation and service
  675  providers, including legal counsel. The board of directors of
  676  the corporation is entitled to establish travel procedures and
  677  guidelines for employees of the corporation, subject to s.
  678  112.061(6) and (7). The executive director’s office and the
  679  corporation’s files and records must be located in Leon County.
  680         Section 12. Section 420.5091, Florida Statutes, is
  681  repealed.
  682         Section 13. This act shall take effect upon becoming a law
  683  and shall first apply to the 2013 ad valorem tax rolls.