| 1 | A bill to be entitled |
| 2 | An act relating to affordable housing; providing |
| 3 | legislative intent; creating the Public-Private |
| 4 | Partnership Matching Grant Program for Affordable Housing; |
| 5 | providing purposes of the grant program; providing for |
| 6 | administration of the program; providing guidelines for |
| 7 | the public-private partnerships; requiring the public- |
| 8 | private partnership to provide a plan for securing |
| 9 | matching funds and applying the grant; limiting the amount |
| 10 | of funding a public-private partnership may receive; |
| 11 | providing funding; providing an effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. Public-Private Partnership Matching Grant |
| 16 | Program for Affordable Housing.-- |
| 17 | (1) The Legislature recognizes that there is a shortage of |
| 18 | affordable and workforce housing in the state with significant |
| 19 | barriers to development and preservation. These barriers include |
| 20 | the lack of flexible second-mortgage funding, low-interest loans |
| 21 | and funds for land acquisition, and funding for affordable |
| 22 | housing. |
| 23 | (2) There is established the Public-Private Partnership |
| 24 | Matching Grant Program for Affordable Housing, the purpose of |
| 25 | which is to address the shortage of affordable housing in the |
| 26 | state. The program shall be administered by the Florida Housing |
| 27 | Finance Corporation, which shall make matching grants to public- |
| 28 | private partnerships, as defined in s. 420.5095(3)(c), Florida |
| 29 | Statues, whose mission is to address the shortage of affordable |
| 30 | and workforce housing. |
| 31 | (3) Each public-private partnership participating in the |
| 32 | program shall execute an award agreement prepared by the Florida |
| 33 | Housing Finance Corporation for the use of the grants. Such an |
| 34 | agreement shall include, but not be limited to, reporting |
| 35 | requirements that address impact and outcome reports, leveraging |
| 36 | reports, and certified audits. |
| 37 | (4) Each public-private partnership shall establish and |
| 38 | maintain a board of directors composed of at least seven members |
| 39 | that include, but are not limited to, residents representing |
| 40 | those earning less than 140 percent of area median income, |
| 41 | bankers, developers, government officials, and nonprofit |
| 42 | community organizations. |
| 43 | (5)(a) Each public-private partnership applying for grants |
| 44 | must provide evidence of funding and financing totaling at least |
| 45 | 50 percent of the total development cost in order to be eligible |
| 46 | for a matching grant. |
| 47 | (b) Each public-private partnership receiving a grant |
| 48 | under this program shall develop a plan for application of the |
| 49 | grant. Grants are to be deposited in a financial institution, as |
| 50 | defined in s. 655.005, Florida Statutes, and managed by the |
| 51 | public-private partnership for the purposes outlined in the |
| 52 | award agreement. |
| 53 | (c) Prior to receipt of the grant, the public-private |
| 54 | partnership shall conduct a needs assessment of potential donors |
| 55 | within a region. When possible, the assessment shall demonstrate |
| 56 | commitments obtained to raise the matching capital. |
| 57 | (6) No public-private partnership shall receive more than |
| 58 | $5 million in a single year, and only one partnership per county |
| 59 | may participate in the program. |
| 60 | Section 2. Funds sufficient to provide the matching grants |
| 61 | shall be appropriated from the State Housing Trust Fund and |
| 62 | allocated to the Florida Housing Finance Corporation. |
| 63 | Section 3. This act shall take effect upon becoming a law. |