| 1 | A bill to be entitled |
| 2 | An act relating to affordable housing for veterans; |
| 3 | amending s. 201.15, F.S.; increasing the amount of the |
| 4 | documentary tax distributed to the State Housing Trust |
| 5 | Fund; providing that the increased amount is to be used to |
| 6 | fund loans to veterans for affordable housing through the |
| 7 | Florida Homeownership Assistance Program; amending s. |
| 8 | 420.5092, F.S.; conforming cross-references; providing an |
| 9 | appropriation; providing an effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
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| 13 | Section 1. Subsection (10) of section 201.15, Florida |
| 14 | Statutes, is amended to read: |
| 15 | 201.15 Distribution of taxes collected.--All taxes |
| 16 | collected under this chapter shall be distributed as follows and |
| 17 | shall be subject to the service charge imposed in s. 215.20(1), |
| 18 | except that such service charge shall not be levied against any |
| 19 | portion of taxes pledged to debt service on bonds to the extent |
| 20 | that the amount of the service charge is required to pay any |
| 21 | amounts relating to the bonds: |
| 22 | (10) The lesser of eight and sixty-six hundredths percent |
| 23 | of the remaining taxes collected under this chapter or $156 $136 |
| 24 | million in each fiscal year shall be paid into the State |
| 25 | Treasury to the credit of the State Housing Trust Fund and shall |
| 26 | be used as follows: |
| 27 | (a) Twenty million shall be expended to provide affordable |
| 28 | housing to veterans who qualify for loan assistance available |
| 29 | through the Florida Homeownership Assistance Program. |
| 30 | (b)(a) Twelve and one-half percent of the that amount |
| 31 | remaining after the required payment in paragraph (a) shall be |
| 32 | deposited into the State Housing Trust Fund and be expended by |
| 33 | the Department of Community Affairs and by the Florida Housing |
| 34 | Finance Corporation for the purposes for which the State Housing |
| 35 | Trust Fund was created and exists by law. |
| 36 | (c)(b) Eighty-seven and one-half percent of the that |
| 37 | amount remaining after the required payment in paragraph (a) |
| 38 | shall be distributed to the Local Government Housing Trust Fund |
| 39 | and shall be used for the purposes for which the Local |
| 40 | Government Housing Trust Fund was created and exists by law. |
| 41 | Funds from this category may also be used to provide for state |
| 42 | and local services to assist the homeless. |
| 43 | Section 2. Subsections (5) and (6) of section 420.5092, |
| 44 | Florida Statutes, are amended to read: |
| 45 | 420.5092 Florida Affordable Housing Guarantee Program.-- |
| 46 | (5) Pursuant to s. 16, Art. VII of the State Constitution, |
| 47 | the corporation may issue, in accordance with s. 420.509, |
| 48 | revenue bonds of the corporation to establish the guarantee |
| 49 | fund. The Such revenue bonds shall be primarily payable from and |
| 50 | secured by annual debt service reserves, from interest earned on |
| 51 | funds on deposit in the guarantee fund, from fees, charges, and |
| 52 | reimbursements established by the corporation for the issuance |
| 53 | of affordable housing guarantees, and from any other revenue |
| 54 | source sources received by the corporation and deposited by the |
| 55 | corporation into the guarantee fund for the issuance of |
| 56 | affordable housing guarantees. To the extent such primary |
| 57 | revenue sources are considered insufficient by the corporation, |
| 58 | pursuant to the certification provided in subsection (6), to |
| 59 | fully fund the annual debt service reserve, the certified |
| 60 | deficiency in the such reserve shall be additionally payable |
| 61 | from the first proceeds of the documentary stamp tax moneys |
| 62 | deposited into the State Housing Trust Fund pursuant to s. |
| 63 | 201.15(9)(a) and (10)(b) (10)(a) during the ensuing state fiscal |
| 64 | year. |
| 65 | (6)(a) If the primary revenue sources to be used for the |
| 66 | repayment of revenue bonds used to establish the guarantee fund |
| 67 | are insufficient for such repayment, the annual principal and |
| 68 | interest due on each series of revenue bonds shall be payable |
| 69 | from funds in the annual debt service reserve. The corporation |
| 70 | shall, before June 1 of each year, perform a financial audit to |
| 71 | determine whether, at the end of the state fiscal year, there |
| 72 | will be on deposit in the guarantee fund an annual debt service |
| 73 | reserve from interest earned pursuant to the investment of the |
| 74 | guarantee fund, fees, charges, and reimbursements received from |
| 75 | issued affordable housing guarantees and other revenue sources |
| 76 | available to the corporation. Based upon the findings in the |
| 77 | such guarantee fund financial audit, the corporation shall |
| 78 | certify to the Chief Financial Officer the amount of any |
| 79 | projected deficiency in the annual debt service reserve for any |
| 80 | series of outstanding bonds as of the end of the state fiscal |
| 81 | year and the amount necessary to maintain the such annual debt |
| 82 | service reserve. Upon receipt of the such certification, the |
| 83 | Chief Financial Officer shall transfer to the annual debt |
| 84 | service reserve, from the first available taxes distributed to |
| 85 | the State Housing Trust Fund pursuant to s. 201.15(9)(a) and |
| 86 | (10)(b) (10)(a) during the ensuing state fiscal year, the amount |
| 87 | certified as necessary to maintain the annual debt service |
| 88 | reserve. |
| 89 | (b) If the claims payment obligations under affordable |
| 90 | housing guarantees from amounts on deposit in the guarantee fund |
| 91 | would cause the claims paying rating assigned to the guarantee |
| 92 | fund to be less than the third-highest rating classification of |
| 93 | any nationally recognized rating service, which classifications |
| 94 | being consistent with s. 215.84(3) and rules adopted thereto by |
| 95 | the State Board of Administration, the corporation shall certify |
| 96 | to the Chief Financial Officer the amount of such claims payment |
| 97 | obligations. Upon receipt of such certification, the Chief |
| 98 | Financial Officer shall transfer to the guarantee fund, from the |
| 99 | first available taxes distributed to the State Housing Trust |
| 100 | Fund pursuant to s. 201.15(9)(a) and (10)(b) (10)(a) during the |
| 101 | ensuing state fiscal year, the amount certified as necessary to |
| 102 | meet such obligations, such transfer to be subordinate to any |
| 103 | transfer referenced in paragraph (a) and not to exceed 50 |
| 104 | percent of the amounts distributed to the State Housing Trust |
| 105 | Fund pursuant to s. 201.15(9)(a) and (10)(b) (10)(a) during the |
| 106 | preceding state fiscal year. |
| 107 | Section 3. The sum of $20 million in recurring funds is |
| 108 | appropriated from the State Housing Trust Fund to the Florida |
| 109 | Housing Finance Corporation for the 2008-2009 fiscal year, and |
| 110 | for each fiscal year thereafter, to provide affordable housing |
| 111 | to veterans who qualify for loan assistance available through |
| 112 | the Florida Homeownership Assistance Program. |
| 113 | Section 4. This act shall take effect July 1, 2008. |