Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 196
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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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. Present subsections (4) through (34) and (35)
    6  through (43) of section 420.503, Florida Statutes, are
    7  redesignated as subsections (5) through (35) and (37) through
    8  (45), respectively, new subsections (4) and (36) are added to
    9  that section, and present subsection (15) of that section is
   10  amended, to read:
   11         420.503 Definitions.—As used in this part, the term:
   12         (4) “Bona fide contract” means a complete and negotiated
   13  commercially reasonable contract for sale signed by the owner
   14  and the purchaser which states that final acceptance of the
   15  contract is contingent upon approval by the corporation and
   16  which includes:
   17         (a)A requirement for the purchaser to make an initial
   18  nonrefundable earnest money deposit of at least $50,000, to be
   19  placed in escrow, unless waived in writing by the owner; and
   20         (b)A requirement for the purchaser to make a second
   21  nonrefundable earnest money deposit equal to 3 percent of the
   22  qualified contract price within 15 business days after the end
   23  of the due diligence period, unless waived in writing by the
   24  owner and subject to any rights reserved by the purchaser in the
   25  event of the owner’s failure to deliver insurable title or in
   26  the event of the owner’s default.
   27  
   28  A bona fide contract may require that the initial earnest money
   29  deposit and the second earnest money deposit be refundable in
   30  the event of the owner’s failure to deliver insurable title at
   31  closing; the owner’s termination of a fully executed contract
   32  due to a reason other than the default of the purchaser, or as
   33  may be provided for in the contract; or the owner’s default.
   34         (16)(15) “Elderly” means persons 62 years of age or older;
   35  however, this definition does not prohibit housing from being
   36  deemed housing for the elderly as defined in subsection (21)
   37  (20) if such housing otherwise meets the requirements of
   38  subsection (21) (20).
   39         (36)“Qualified contract” has the same meaning as in 26
   40  U.S.C. s. 42(h)(6)(F) in effect on the date of the preliminary
   41  determination certificate for the low-income housing tax credits
   42  for the development that is the subject of the qualified
   43  contract request. The corporation shall deem a bona fide
   44  contract to be a qualified contract at the time the second
   45  earnest money deposit is deposited in escrow in accordance with
   46  the terms of the bona fide contract and, in such event, the
   47  corporation is deemed to have fulfilled its responsibility to
   48  present the owner with a qualified contract.
   49         Section 2. Present subsection (7) of section 420.5099,
   50  Florida Statutes, is redesignated as subsection (8), and a new
   51  subsection (7) is added to that section, to read:
   52         420.5099 Allocation of the low-income housing tax credit.—
   53         (7) For the further purpose of implementing this program in
   54  this state, if a qualified contract does not close due to a
   55  default of the owner, the termination by the owner due to a
   56  reason other than the purchaser’s default, or as otherwise
   57  provided for in the bona fide contract, the development must
   58  remain subject to the extended use agreement, and the owner is
   59  deemed to have waived any right or option to submit another
   60  qualified contract request for the development. If a qualified
   61  contract does not close for any other reason, the corporation
   62  must continue to seek offers at the qualified contract price
   63  through the end of the 1-year period, and the owner’s obligation
   64  to cooperate in the marketing of the project must continue. If
   65  no other qualified contract is presented to the owner during the
   66  1-year period, the project must be treated as if no qualified
   67  contract had been presented, and the extended use period is
   68  terminated.
   69         Section 3. Subsection (2) of section 420.628, Florida
   70  Statutes, is amended to read:
   71         420.628 Affordable housing for children and young adults
   72  leaving foster care; legislative findings and intent.—
   73         (2) Young adults who leave the child welfare system meet
   74  the definition of eligible persons under ss. 420.503(18) and
   75  420.9071(11) ss. 420.503(17) and 420.9071(11) for affordable
   76  housing, and are encouraged to participate in federal, state,
   77  and local affordable housing programs. Students deemed to be
   78  eligible occupants under 26 U.S.C. s. 42(i)(3)(D) shall be
   79  considered eligible persons for purposes of all projects funded
   80  under this chapter.
   81  
   82  ================= T I T L E  A M E N D M E N T ================
   83  And the title is amended as follows:
   84         Delete line 3
   85  and insert:
   86         Corporation; amending s. 420.503, F.S.; defining the
   87         terms “bona fide contract” and “qualified contract”
   88         for purposes of the Florida Housing Finance
   89         Corporation Act; amending s. 420.5099, F.S.; providing
   90         construction relating to low-income tax credit
   91         developments if a qualified contract does not close
   92         for specified reasons; providing requirements for the
   93         corporation and an owner if a qualified contract does
   94         not close for any other reason; providing construction
   95         if no other qualified contract is presented to the
   96         owner within a certain period; amending s. 420.628,
   97         F.S.; conforming a cross-reference; amending s.
   98         420.509, F.S.; designating