Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SB 928
                                Barcode 631694                          
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/14/2013           .                                

       The Committee on Community Affairs (Simpson) recommended the
    1         Senate Amendment (with title amendment)
    3         Between lines 42 and 43
    4  insert:
    5         Section 1. Subsection (6) of section 159.603, Florida
    6  Statutes, is amended to read:
    7         159.603 Definitions.—As used in this part, the following
    8  words and terms have the following meanings unless the context
    9  indicates another or different meaning or intent.
   10         (6) “Qualifying housing development” means any work or
   11  improvement located or to be located in this the state,
   12  including real property, buildings, and any other real and
   13  personal property, designed or intended for the primary purpose
   14  of providing decent, safe, and sanitary residential housing for
   15  four or more families, at least 60 percent of whom are eligible
   16  persons, whether new construction, the acquisition of existing
   17  residential housing, or the remodeling, improvement,
   18  rehabilitation, or reconstruction of existing housing, together
   19  with such related nonhousing facilities as the authority
   20  determines to be necessary, convenient, or desirable.
   21         (a) The term includes a housing development that meets the
   22  definition of a “qualified low-income housing project” under s.
   23  42(g) of the Internal Revenue Code, regardless of whether such
   24  development meets the 60 percent eligible persons requirement
   25  under this subsection.
   26         (b) The exception provided under paragraph (a) applies to
   27  all housing developments meeting the federal definition for
   28  “qualified low-income housing project” as well as all
   29  developments that previously qualified under the state
   30  definition for “qualifying housing development.” Housing finance
   31  authorities may enter into regulatory agreement amendments as
   32  necessary to accommodate housing developments that qualify under
   33  paragraph (a).
   34         Section 2. Subsection (8) of section 159.608, Florida
   35  Statutes, is amended to read:
   36         159.608 Powers of housing finance authorities.—A housing
   37  finance authority shall constitute a public body corporate and
   38  politic, exercising the public and essential governmental
   39  functions set forth in this act, and shall exercise its power to
   40  borrow only for the purpose as provided herein:
   41         (8) To make loans directly to eligible persons or families
   42  who otherwise cannot borrow from conventional lending sources
   43  and whose annual income does not exceed 80 percent of the median
   44  income based on a family of up to four persons for the county in
   45  which they seek to purchase a residence. The housing finance
   46  authority may adjust the annual income requirements for families
   47  of greater than four persons. Such loans must be secured by
   48  either first mortgages or subordinated mortgages and must be
   49  used to purchase, construct, rehabilitate, or refinance single
   50  family residences that have purchase prices that do not exceed
   51  the purchase price limits of; however, the purchase price of any
   52  residence financed through such a loan may not exceed 90 percent
   53  of the median sales price for single-family homes in the county
   54  where the borrower’s residence is to be located, as mandated by
   55  federal law for tax-exempt single-family bond programs.
   57  ================= T I T L E  A M E N D M E N T ================
   58         And the title is amended as follows:
   59         Delete line 3
   60  and insert:
   61         159.603, F.S.; modifying the definition of “qualifying
   62         housing development”; amending s. 159.608, F.S.;
   63         revising the power of a housing finance authority to
   64         make loans directly to eligible persons; amending s.
   65         196.1978, F.S.; deleting an ad valorem tax exemption