Florida Senate - 2015 SENATOR AMENDMENT
Bill No. CS for SB 1214
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LEGISLATIVE ACTION
Senate . House
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Senator Clemens moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete lines 4098 - 4157
4 and insert:
5 (e) “Qualified developer” means a person or entity that
6 undertakes a development activity and has prior experience in
7 the development of affordable or workforce housing projects
8 comparable to the project for which it seeks financing, has the
9 ability to proceed with construction, and has adequate financial
10 resources to provide the necessary guarantees for the
11 underwriting of the project for which it applies.
12 (f) “Workforce housing” means single-family home ownership
13 units or multifamily rental housing affordable to persons or
14 households whose income does not exceed 140 percent of the area
15 median income for Monroe County established by the United States
16 Department of Housing and Urban Development.
17 (3) The corporation shall provide low-interest loans to a
18 qualified developer for construction or rehabilitation of
19 workforce housing in the Florida Keys Area of Critical State
20 Concern.
21 (a) Loans may not exceed the lesser of 50 percent of
22 development costs as defined in s. 420.503 or the minimum amount
23 required to make the project economically feasible.
24 (b) Loans shall bear interest rates of 1 to 3 percent.
25 (c) Loans shall be forgiven, including interest, for the
26 construction or rehabilitation of rental units if long-term
27 affordability is provided and guaranteed for units set aside for
28 workforce housing for essential services personnel.
29 (d) For the construction or rehabilitation of single-family
30 home ownership units, only the accrued interest shall be
31 forgiven upon sale of the unit to an eligible person.
32 (4) The corporation shall select projects for funding by
33 competitive solicitation as defined in s. 287.012.
34 (5) All eligible applications must demonstrate the
35 following:
36 (a) For rental units, rents for workforce housing serving
37 those with incomes at or below 140 percent of area median income
38 at the appropriate income level using the restricted rents for
39 the federal low-income housing tax credit program. Such
40 residences may not be used for transient occupancy, tourist
41 housing, or vacation rentals.
42 (b) For single-family home ownership units serving those
43 with incomes at or below 140 percent of the area median income,
44 the maximum sales price must be as defined in the Monroe County
45 Land Development Code for an owner-occupied affordable housing
46 unit.
47 (c) The applicant proves that it has site control of the
48 proposed project site or sites and provides evidence that
49 infrastructure sufficient to support the project is in place at
50 the time of application.
51 (d) Long-term affordability will be imposed by a deed
52 restriction or by a use restriction agreement which will be a
53 restrictive covenant to run with the land.
54 (6) Priority consideration for funding will be provided for
55 projects that:
56 (a) Set aside the highest percent of units for workforce
57 housing.
58 (b) Require the least amount of program funding compared to
59 the overall housing cost of the project.
60 (c) Show evidence of feasibility.
61 (d) Demonstrate the economic viability of the project.
62 (e) Include a commitment of first mortgage financing.
63 (f) Are proposed by a developer with prior experience.
64 (g) Reflect the developer’s ability to proceed with
65 construction.
66 (h) Have support from the local government, as defined in
67 s. 420.503, or from the district school board, as defined in s.
68 1003.01, through funding grants, fee waivers, donations of land,
69 contributions, or other tangible assistance. Such grants,
70 donations of land, or contributions must be evidenced by a
71 letter of commitment, agreement, contract, deed, memorandum of
72 understanding, or other written instrument at the time of
73 application.
74 (i) Are consistent with the workforce housing objectives
75 and strategies in the local comprehensive plan and land
76 development regulations.
77 (j) Incorporate one or more of the following design
78 features: green building principles, energy efficient and water
79 saving features, storm-resistant construction, or other elements
80 that reduce the long-term costs relating to maintenance,
81 utilities, and insurance.
82 (k) Include a provision for persons with special needs, as
83 defined in s. 420.0004.
84 (l) Provide the job-creation rate of the developer and
85 general contractor, as provided in s. 420.507(47).
86 (7) The corporation shall administer a separate loan
87 program that provides loans for down payment and closing cost
88 assistance to homebuyers who are essential service personnel and
89 whose income, adjusted for family size, does not exceed 140
90 percent of area median income for the Florida Keys Area of
91 Critical State Concern. Such loans shall:
92 (a) Be in an amount not to exceed 10 percent of the
93 purchase price. The maximum purchase price may not exceed the
94 amount established by the U.S. Department of the Treasury for
95 Monroe County.
96 (b) Have a term not to exceed 5 years;
97 (c) Have a zero percent interest rate, and be non
98 amortizing.
99 (d) Provide that 20 percent of the loan amount will be
100 forgiven at the end of each year in which loan payments are made
101 according to the terms of the loan;
102 (e) Provide that any remaining balance of the loan will be
103 due upon sale or transfer or if the property is no longer the
104 borrower’s homestead property.
105 (f) Only be available for a residence that will be the
106 homestead property of the borrower.
107 (g) Maintain long-term affordability by imposing a
108 restrictive covenant maintaining the sales price limits in this
109 subsection.
110 (8) The corporation may adopt rules to implement this
111 section. The corporation may not be required to obtain building
112 permits at the time a construction loan application is
113 submitted, but may be required to obtain such permits as a
114 condition of obtaining a loan.
115 (9) The corporation may use a maximum of 2 percent of any
116
117 ================= T I T L E A M E N D M E N T ================
118 And the title is amended as follows:
119 Delete lines 346 - 357
120 and insert:
121 legislative intent; defining terms; requiring the
122 Florida Housing Finance Corporation to provide low
123 interest loans for construction or rehabilitation of
124 workforce housing in the Florida Keys Area of Critical
125 State Concern, subject to certain requirements;
126 requiring the corporation to select projects for
127 funding by competitive solicitation, including
128 consideration of certain factors; specifying factors
129 all eligible applications must demonstrate; specifying
130 factors for priority consideration for funding for
131 projects; requiring that the corporation administer a
132 separate loan program that provides loans for
133 specified purposes and specified persons; specifying
134 requirements for such loans; authorizing the
135 corporation to adopt rules for certain purposes;
136 providing that a corporation may not be required to
137 obtain permits at the time of a construction loan
138 application, but may be required to obtain such
139 permits as a condition of obtaining a loan;
140 authorizing the corporation to