HB 1089 2022
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to affordable housing; creating s. 2
220.1991, F.S.; providing definitions; providing a tax 3
credit against corporate income taxes to landlords who 4
lease dwelling units under specified conditions to 5
college students and recent college graduate s; 6
providing additional tax credits if landlords keep the 7
monthly rental rates as specified levels as determined 8
by the Shimberg Center for Affordable Housing; 9
providing additional tax credits to landlords who 10
include specified statements in lease agreemen ts that 11
grant college students and recent college graduates 12
the right to purchase the rental dwelling units at 13
specified rates; providing limitations on specified 14
tax credit availability; specifying a maximum amount 15
of tax credit available in any one year; prohibiting 16
landlords from transferring their tax credits except 17
under specified conditions; requiring a landlord to 18
affirmatively demonstrate that it has met the 19
requirements to receive a tax credit to the Department 20
of Revenue; authorizing the departmen t to adopt rules 21
regarding eligibility for tax credits; requiring the 22
department to consult with the Shimberg Center for 23
Affordable Housing in determining eligibility for tax 24
credits; requiring the Shimberg Center for Affordable 25
HB 1089 2022
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Housing to determine certai n affordable housing rental 26
needs for certain purposes; amending s. 420.6075, 27
F.S.; requiring the Shimberg Center for Affordable 28
Housing to include certain recommendations relating to 29
affordable housing rental needs in its annual report; 30
providing an effective date. 31
32
Be It Enacted by the Legislature of the State of Florida: 33
34
Section 1. Section 220.1991, Florida Statutes, is created 35
to read: 36
220.1991 Tax credits for housing for college students and 37
recent college graduates. — 38
(1) As used in this s ection, the term: 39
(a) "College student" means a person currently attending a 40
state university, a Florida College System institution, or an 41
independent college or university in the state, including a 42
historically black college and university, on the date the 43
person enters into a lease with a landlord for a dwelling unit. 44
(b) "Landlord" means owner, manager, managing agent, 45
lessor, sublessor, or any agent of these individuals or 46
entities, or other person who has the right to rent, sell, or 47
manage any housing unit or rental property. 48
(c) "Recent college graduate" means a person who has 49
graduated from a state university, a Florida College System 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
institution, or an independent college or university in the 51
state, including a historically black college and un iversity, 52
within the previous 5 years, calculated from the date the 53
college graduate enters into a lease with a landlord for a 54
dwelling unit. 55
(2)(a) There is allowed a tax credit of up to 5 percent 56
against any tax imposed under this chapter to a landlord who 57
limits rent increases to no more than 5 percent per year in the 58
written lease agreement for up to 3 years for each dwelling unit 59
that is leased to college students or recent college graduates. 60
(b) There is allowed an additional tax credit for each 61
taxable year of up to 10 percent against any tax imposed under 62
this chapter to a landlord that leases dwelling units to college 63
students or recent college graduates at monthly rental rates 64
that meet the needs of the state as determined by the Shimberg 65
Center for Affordable Housing at the University of Florida. 66
(3) There is allowed an additional tax credit against any 67
tax imposed under this chapter to the landlord for each year in 68
which 100 percent of the dwelling units owned by the landlord 69
contain a statement within the lease agreements granting college 70
students and recent college graduates the right to purchase the 71
rental dwelling unit in fee simple. The amount of the tax credit 72
is determined as follows: 73
(a) If the dwelling units are offered at fair m arket value 74
as determined by an appraisal report, the credit shall equal 5 75
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
percent of any tax imposed under this chapter. 76
(b) If the dwelling units are offered below fair market 77
value as determined by an appraisal report, the credit shall 78
equal 10 percent of any tax imposed under this chapter. 79
(4)(a) The tax credit authorized under subsection (2) is 80
available only to a landlord who limits the rent increases at 25 81
percent or more of the dwelling units owned by the landlord at 82
any specific property. 83
(b) The total amount of tax credits allocated to a 84
landlord in any one year under this section may not exceed 25 85
percent of that landlord's total tax liability under this 86
chapter. 87
(5)(a) A tax credit belongs to a landlord and may not be 88
transferred unless t he transferee is also a landlord who would 89
otherwise meet the criteria for receiving tax credits under this 90
section. 91
(b) Before receiving tax credits pursuant to this section, 92
a landlord must affirmatively demonstrate to the satisfaction of 93
the department that the landlord has met the requirements of 94
this section. 95
(6)(a) The department may specify by rule the methods by 96
which a landlord's eligibility for tax credits under this 97
section is determined. 98
(b) The department, in consultation with the Shimber g 99
Center for Affordable Housing at the University of Florida, 100
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
shall determine: 101
1. Eligibility for tax credits in paragraph (2)(b) and the 102
rents necessary to qualify for the tax credits. 103
2. Affordable housing rental needs for the state in 104
accordance with s. 420.6075(3). 105
Section 2. Paragraph (d) is added to subsection (2) of 106
section 420.6075, Florida Statutes, to read: 107
420.6075 Research and planning for affordable housing; 108
annual housing report. — 109
(2) By December 31 of each year, the Shimberg Cente r for 110
Affordable Housing shall submit to the Legislature an updated 111
housing report describing the supply of and need for affordable 112
housing. This annual housing report shall include: 113
(d) Recommendations for affordable housing rental needs 114
for the state. 115
Section 3. This act shall take effect July 1, 2022. 116