Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 196
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
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       Appropriations Subcommittee on Transportation, Tourism, and
       Economic Development (Rodriguez) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 20
    4  insert:
    5         Section 1. Subsection (3) of section 420.5087, Florida
    6  Statutes, is amended to read:
    7         420.5087 State Apartment Incentive Loan Program.—There is
    8  hereby created the State Apartment Incentive Loan Program for
    9  the purpose of providing first, second, or other subordinated
   10  mortgage loans or loan guarantees to sponsors, including for
   11  profit, nonprofit, and public entities, to provide housing
   12  affordable to very-low-income persons.
   13         (3) During the first 6 months of loan or loan guarantee
   14  availability, program funds shall be made available for use by
   15  sponsors who provide the housing set-aside required in
   16  subsection (2) for the tenant groups designated in this
   17  subsection. The funds made available to each of these groups
   18  shall be determined using the most recent statewide very-low
   19  income rental housing market study available at the time of
   20  publication of each notice of fund availability required by
   21  paragraph (6)(b). The funds made available within each notice of
   22  fund availability to the tenant groups in paragraphs (b)-(e) may
   23  not be less than 10 percent of the funds available at that time.
   24  Any increase in funding required to reach the required minimum
   25  must be taken from the tenant group that would receive the
   26  largest percentage of available funds in accordance with the
   27  study. The funds made available within each notice of fund
   28  availability to the tenant group in paragraph (a) may not be
   29  less than 5 percent of the funds available at that time. The
   30  tenant groups are:
   31         (a) Commercial fishing workers and farmworkers;
   32         (b) Families;
   33         (c) Persons who are homeless;
   34         (d) Persons with special needs; and
   35         (e) Elderly persons. Ten percent of the amount made
   36  available for the elderly shall provide loans to sponsors of
   37  housing for the elderly for the purpose of making building
   38  preservation, health, or sanitation repairs or improvements
   39  which are required by federal, state, or local regulation or
   40  code, or lifesafety or security-related repairs or improvements
   41  to such housing. Such a loan may not exceed $750,000 per housing
   42  community for the elderly. In order to receive the loan, the
   43  sponsor of the housing community must make a commitment to match
   44  at least 5 percent of the loan amount to pay the cost of such
   45  repair or improvement. The corporation shall establish the rate
   46  of interest on the loan, which may not exceed 3 percent, and the
   47  term of the loan, which may not exceed 15 years; however, if the
   48  lien of the corporation’s encumbrance is subordinate to the lien
   49  of another mortgagee, then the term may be made coterminous with
   50  the longest term of the superior lien. The term of the loan
   51  shall be based on a credit analysis of the applicant. The
   52  corporation may forgive indebtedness for a share of the loan
   53  attributable to the units in a project reserved for extremely
   54  low-income elderly by nonprofit organizations, as defined in s.
   55  420.0004(5), where the project has provided affordable housing
   56  to the elderly for 15 years or more. The corporation shall
   57  establish, by rule, the procedure and criteria for receiving,
   58  evaluating, and competitively ranking all applications for loans
   59  under this paragraph. A loan application must include evidence
   60  of the first mortgagee’s having reviewed and approved the
   61  sponsor’s intent to apply for a loan. A nonprofit organization
   62  or sponsor may not use the proceeds of the loan to pay for
   63  administrative costs, routine maintenance, or new construction.
   64  
   65  ================= T I T L E  A M E N D M E N T ================
   66  And the title is amended as follows:
   67         Delete line 3
   68  and insert:
   69         Corporation; amending s. 420.5087, F.S.; deleting
   70         certain limitations and restrictions on, and
   71         requirements for, loans made by the corporation to
   72         sponsors of housing for the elderly under the State
   73         Apartment Incentive Loan Program; deleting the
   74         authority of the corporation to forgive certain
   75         indebtedness; deleting provisions relating to loan
   76         applications; amending s. 420.509, F.S.; designating