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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
166.0452, F.S.; providing definitions; authorizing 3
municipalities to create community land bank programs 4
for a certain purpose; requiring certain 5
municipalities to create a community land bank plan; 6
providing requirements for such plan; requiring a 7
public hearing on the plan before its adoption; 8
requiring notice to certain entities; requiring the 9
proposed plan to be made public within a certain 10
amount of time before the hearing; providing 11
requirements for the sale of certain property to land 12
banks; providing that such sale is for a public 13
purpose; prohibiting certain persons from challenging 14
the market value of a property under certain 15
circumstances; requiring written notice of a sale of 16
such property be giv en to certain persons in a certain 17
manner within a specified time period; authorizing the 18
owner of certain property to contest the sale of such 19
property and requiring such property to be sold in a 20
different manner; specifying that the owner of certain 21
property is not entitled to proceeds from the sale and 22
is not liable for certain deficiencies; authorizing 23
land banks to buy certain property for less than 24
market value under certain circumstances; conveying 25
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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
the right, title, and interest in certain property t o 26
land banks; requiring land banks to offer qualified 27
organizations a right of first refusal to purchase 28
certain property; providing requirements for the right 29
of first refusal; providing conditions for the 30
subsequent resale of property acquired by land ba nks; 31
requiring certain deed restrictions on certain 32
property; providing requirements for such deed 33
restrictions; authorizing the modification or addition 34
of deed restrictions; requiring land banks to maintain 35
certain records; requiring land banks to file a nnual 36
audited financial statements within a certain 37
timeframe; requiring land banks to submit an annual 38
performance report by a certain date; providing 39
requirements for such report; requiring copies of such 40
report be given to certain entities and made avai lable 41
for public review; providing applicability; creating 42
s. 220.1851, F.S.; providing definitions; authorizing 43
a tax credit for certain projects; providing the 44
maximum value of such credit; authorizing the Florida 45
Housing Finance Corporation to allocate the tax credit 46
to certain projects; authorizing the tax credit to be 47
transferred by the recipient; requiring the Department 48
of Revenue to adopt rules; creating s. 420.50931, 49
F.S.; creating the Retail -to-residence Tax Credit 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
Program; providing the purpose o f the program; 51
requiring the Florida Housing Finance Corporation to 52
determine which projects will receive the tax credit; 53
authorizing the corporation to establish certain 54
procedures, exercise certain powers, and prepare a 55
specified annual plan; requiring s uch plan to be 56
approved by the Governor; requiring the board of 57
directors of the corporation to administer certain 58
procedures and determine allocations on behalf of the 59
corporation; providing requirements for certain 60
procedures; requiring taxpayers to subm it an 61
application with certain information to the 62
corporation; authorizing the corporation to request 63
additional information; providing requirements for the 64
approval of an application for a project; creating s. 65
420.5096, F.S.; creating the Affordable Housi ng 66
Construction Loan Program; providing the corporation 67
with certain powers and responsibilities relating to 68
the program; providing requirements for the program; 69
providing rulemaking authority; providing an effective 70
date. 71
72
Be It Enacted by the Legisla ture of the State of Florida: 73
74
Section 1. Section 166.0452, Florida Statutes, is created 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
to read: 76
166.0452 Community Land Bank Program. — 77
(1) For purposes of this section, the term: 78
(a) "Affordable" has the same meaning as in s. 420.0004. 79
(b) "Community housing development organization" has the 80
same meaning as in s. 420.503. 81
(c) "Community land bank plan" or "plan" means a plan 82
adopted by the governing body of a municipality to implement a 83
community land bank program. 84
(d) "Community land bank program" or "program" means the 85
program created by a governing body of a municipality under this 86
section. 87
(e) "Land bank" means an entity established or approved by 88
the governing body of a municipality for the purpose of 89
acquiring, holding, and transfer ring unimproved real property 90
under this section. 91
(f) "Low-income household" has the same meaning as in s. 92
420.9071. 93
(g) "Qualified organization" means a community housing 94
development organization that meets all of the following 95
criteria: 96
1. Contains within its designated geographical boundaries 97
of operation, as set forth in its application for certification 98
filed with and approved by the municipality, a portion of the 99
property that a land bank is offering for sale. 100
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2. Has built at least three singl e-family homes or 101
duplexes or one multifamily residential dwelling of four or more 102
units in compliance with all applicable building codes within 103
the preceding 2-year period and within the organization's 104
designated geographical boundaries of operation. 105
3. Has developed or rehabilitated housing units within the 106
preceding 3-year period which are within a 2 -mile radius of the 107
property that a land bank is offering for sale. 108
(h) "Qualified participating developer" means a developer 109
that meets all of the following criteria: 110
1. Has developed three or more housing units within the 3 -111
year period preceding its submission of a proposal to the land 112
bank seeking to acquire real property from a land bank. 113
2. Has a development plan approved by the governing bod y 114
of the municipality for the property acquired from a land bank. 115
3. Any other requirements adopted by the governing body of 116
the municipality in its community land bank plan. 117
118
The term includes a qualified organization. 119
(i) "Very-low-income household" has the same meaning as in 120
s. 420.9071. 121
(2) The governing body of a municipality may create a 122
community land bank program in which the person charged with 123
selling real property pursuant to a foreclosure judgment may 124
sell certain eligible real property by private sale for purposes 125
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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
of affordable housing developments. The governing body of a 126
municipality that adopts a community land bank program shall 127
establish or approve a land bank for the purpose of acquiring, 128
holding, and transferring unimproved real pro perty under this 129
section. 130
(3)(a) The governing body of a municipality that creates a 131
community land bank program shall operate the program in 132
conformance with a community land bank plan that the 133
municipality adopts annually. The plan may be amended as ne eded. 134
(b) In developing the plan, the governing body of a 135
municipality shall consider other housing plans adopted by the 136
governing body, including the comprehensive plan submitted to 137
the United States Department of Housing and Urban Development 138
and all fair housing plans and policies adopted or agreed to by 139
the governing body. 140
(c) The plan must include, at a minimum, all of the 141
following: 142
1. A list of community housing development organizations 143
eligible to participate in the right of first refusal und er 144
subsection (6). The plan must also include the time period 145
during which the right of first refusal may be exercised, which 146
time period must be at least 9 months but not more than 26 147
months after the date of the deed of conveyance of the property 148
to the land bank. 149
2. A right of first refusal for any other nonprofit 150
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corporation exempted from federal income tax under s. 501(c)(3) 151
of the United States Internal Revenue Code, provided that the 152
preeminent right of first refusal is provided to qualified 153
organizations as provided in subsection (6). 154
3. A list of the parcels of real property that may be 155
eligible for sale to the land bank during the next year. 156
4. The municipality's plan for the development of 157
affordable housing on those parcels of real property . 158
5. The sources and amounts of money the municipality 159
anticipates to be available for subsidies for the development of 160
affordable housing in the municipality, including any money 161
specifically available for housing developed under the program, 162
as approved by the governing body of the municipality at the 163
time the plan is adopted. 164
6. The amount of additional time, if any, that a property 165
may be held in the land bank once an offer has been received 166
from a qualified participating developer and accepted by t he 167
land bank. 168
(4)(a) Before the adoption of a plan, the governing body 169
of a municipality must hold a public hearing on the proposed 170
plan. 171
(b) The city manager or his or her designee must provide 172
notice of the public hearing to all community housing 173
development organizations and to the neighborhood associations 174
identified by the governing body of the municipality as serving 175
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the neighborhoods in which properties anticipated to be 176
available for sale to the land bank under this section are 177
located. 178
(c) The city manager or his or her designee must make 179
copies of the proposed plan available to the public at least 60 180
days before the date of the public hearing. 181
(5)(a) Except as provided in paragraph (f), property that 182
is ordered sold pursuant to a foreclosur e judgment may be sold 183
in a private sale to a land bank by the person charged with the 184
sale of the property without first offering the property for 185
sale as otherwise provided in chapter 45 if all of the following 186
apply: 187
1. The market value of the propert y as specified in the 188
judgment of foreclosure is less than the total amount due under 189
the judgment, including all taxes, penalties, and interest, plus 190
the value of nontax liens held by a taxing unit and awarded by 191
the judgment, court costs, and the cost of the sale. 192
2. The property is not improved with a building or 193
buildings. 194
3. There are delinquent taxes on the property for a total 195
of at least 5 years. 196
4. The governing body of the municipality has executed an 197
interlocal agreement with the other taxi ng units that are 198
parties to the foreclosure proceeding which enables those taxing 199
units to agree to participate in the program while retaining the 200
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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
right to withhold consent to the sale of the specific properties 201
to the land bank. 202
(b) A sale of property for use in connection with the 203
program is a sale for a public purpose. 204
(c) If the person being sued in a foreclosure proceeding 205
does not contest the market value of the property in the 206
proceeding, the person waives the right to challenge the amount 207
of the market value determined by the court for purposes of the 208
sale of the property under s. 45.031. 209
(d) For any sale of property under this section, the 210
person charged with the sale of the property must provide each 211
person who was a defendant to the judgmen t, or that person's 212
attorney, written notice at least 90 days before the date of the 213
sale of the proposed method of sale of the property. Such notice 214
must be given in accordance with the Florida Rules of Civil 215
Procedure. 216
(e) After receipt of the notice r equired under paragraph 217
(d) and before the date of the proposed sale, the owner of the 218
property subject to sale may file with the person charged with 219
the sale a written request that the property not be sold in the 220
manner provided under this section. 221
(f) If the person charged with the sale receives a written 222
request as provided in paragraph (e), the person must sell the 223
property as otherwise provided in chapter 45. 224
(g) The owner of the property subject to the sale may not 225
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receive any proceeds of a sale under this section and does not 226
have any personal liability for a deficiency of the judgment as 227
a result of a sale under this section. 228
(h) If consent is given by the taxing units that are a 229
party to the judgment, property may be sold to a land bank for 230
less than the market value of the property as specified in the 231
judgment or less than the total of all taxes, penalties, and 232
interest, plus the value of nontax liens held by a taxing unit 233
and awarded by the judgment, court costs, and the cost of the 234
sale. 235
(i) The deed of conveyance of the property sold to a land 236
bank under this section conveys to the land bank the right, 237
title, and interest acquired or held by each taxing unit that 238
was a party to the judgment, subject to the right of redemption. 239
(6) After receiving the deed of conveyance of the 240
property, a land bank must first offer the property for sale to 241
qualified organizations. 242
(a) A land bank must provide notice to qualified 243
organizations by certified mail, return receipt requested, at 244
least 60 days before the beginning of the time period in which a 245
right of first refusal may be exercised according to a 246
municipality's community land bank plan. 247
(b) If a land bank conveys the property to a qualified 248
organization before the expiration of the time peri od specified 249
by the community land bank plan, the interlocal agreement 250
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executed under subparagraph (5)(a)4. must provide tax abatement 251
for the property until the expiration of the time period. 252
(c) During the right of first refusal time period, a land 253
bank may not sell the property to a qualified participating 254
developer other than a qualified organization. If all qualified 255
organizations notify the land bank that they are declining to 256
exercise their right of first refusal during the applicable time 257
period, the land bank may sell the property to any other 258
qualified participating developer at the same price that the 259
land bank offered the property to the qualified organizations. 260
(d) If more than one qualified organization expresses an 261
interest in exercising i ts right of first refusal, the 262
organization that has the most geographically compact area 263
encompassing a portion of the property as designated it its 264
application for certification is given priority. 265
(e) A land bank is not required to provide a right of 266
first refusal to qualified organizations under this section if 267
the land bank is selling property that reverted to the land bank 268
as provided under subsection (7). 269
(7) Each subsequent resale of property acquired by a land 270
bank under this section must comply with the conditions of this 271
subsection. 272
(a) A land bank must sell a property to a qualified 273
participating developer within 3 years after receiving the deed 274
of conveyance of the property for the purpose of construction of 275
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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
affordable housing for sale or r ent to low-income households or 276
very-low-income households. If the land bank has not sold the 277
property within those 3 years, the property must be transferred 278
from the land bank back to the taxing units who were parties to 279
the foreclosure judgment for dispo sition as otherwise allowed 280
under law. 281
(b) The number of properties acquired by a qualified 282
participating developer under this section on which development 283
has not been completed may not at any time exceed three times 284
the annual average residential produ ction completed by the 285
qualified participating developer during the preceding 2 -year 286
period, as determined by the governing body of the municipality. 287
In its community land bank plan, the governing body of the 288
municipality may increase the number of propert ies a qualified 289
participating developer may acquire. 290
(c) The deed conveying a property sold by a land bank must 291
include a right of reverter so that, if the qualified 292
participating developer does not apply for a construction permit 293
and close on any constr uction financing within 2 years after the 294
date of the conveyance of the property from the land bank to the 295
qualified participating developer, the property reverts to the 296
land bank for subsequent resale to another qualified 297
participating developer or convey ance to the taxing units as 298
required under paragraph (a). 299
(d) The proceeds from sales under this section must be 300
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reinvested back into the community land bank program. 301
(8)(a) A land bank must impose deed restrictions on 302
property sold to qualified partic ipating developers requiring 303
the development and sale or rental of the property to low -income 304
households and very-low-income households. 305
(b) At least 25 percent of a land bank's properties sold 306
during any given fiscal year to be developed for sale must b e 307
deed restricted for sale to households whose total annual 308
household income does not exceed 60 percent of the area median 309
income, adjusted for household size, for the metropolitan 310
statistical area in which the municipality is located, as 311
determined annually by the United States Department of Housing 312
and Urban Development. 313
(c)1. If the property sold is to be developed for rental 314
units, the deed restrictions must last for at least 20 years and 315
prohibit the exclusion of a person or family from admission to 316
the development based solely on the participation of the person 317
or family in the Housing Choice Voucher Program under s. 8 of 318
the United States Housing Act of 1937, as amended. Additionally, 319
the deed restrictions must require: 320
a. That 100 percent of the rental units be occupied by and 321
affordable to households whose total annual household income 322
does not exceed 60 percent of the area median income, adjusted 323
for household size, for the metropolitan statistical area in 324
which the municipality is located, as d etermined annually by the 325
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United States Department of Housing and Urban Development; 326
b. That 40 percent of the rental units be occupied by and 327
affordable to households whose total annual household income 328
does not exceed 50 percent of the area median inco me, adjusted 329
for household size, for the metropolitan statistical area in 330
which the municipality is located, as determined annually by the 331
United States Department of Housing and Urban Development; or 332
c. That 20 percent of the rental units be occupied by and 333
affordable to households whose total annual household income 334
does not exceed 30 percent of the area median income, adjusted 335
for household size, for the metropolitan statistical area in 336
which the municipality is located, as determined annually by the 337
United States Department of Housing and Urban Development. 338
2. The owner of a development with deed restrictions 339
required under this paragraph must file an annual occupancy 340
report with the municipality on a form adopted by the governing 341
body of the municipality. 342
(d) Except as otherwise provided by this section, if the 343
deed restrictions imposed under this subsection are for a number 344
of years, the deed restrictions must renew automatically. 345
(e) A land bank or the governing body of a municipality 346
may modify or add to the deed restrictions imposed under this 347
subsection. Any modifications or additions made by the governing 348
body of the municipality must be adopted by the governing body 349
as part of its community land bank plan and must comply with the 350
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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
restrictions in this subsection. 351
(9)(a) A land bank must keep accurate minutes of its 352
meetings and accurate records and books of account that conform 353
with generally accepted principles of accounting and that 354
clearly reflect the income and expenses of the land bank and all 355
transactions in relation to its property. 356
(b) A land bank must maintain in its records for 357
inspection a copy of the sale settlement statement for each 358
property sold by a qualified participating developer and a copy 359
of the first page of the mortg age note with the interest rate 360
and indicating the volume and page number of the instrument as 361
filed with the county clerk. 362
(c) Within 90 days after the close of its fiscal year, a 363
land bank must file with the municipality an annual audited 364
financial statement prepared by a certified public accountant. 365
The financial transactions of the land bank are subject to audit 366
by the municipality. 367
(d) For purposes of evaluating the effectiveness of the 368
program, a land bank must submit an annual performance report to 369
the municipality by November 1 of each year in which the land 370
bank acquires or sells property under this section. The 371
performance report must include all of the following: 372
1. A complete and detailed written accounting of all money 373
and properties recei ved and disbursed by the land bank during 374
the preceding fiscal year. 375
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2. For each property acquired by the land bank during the 376
preceding fiscal year: 377
a. The street address of the property. 378
b. The legal description of the property. 379
c. The date on which the land bank took title to the 380
property. 381
d. The full name and street address of the property owner 382
of record at the time of the foreclosure proceeding. 383
3. For each property sold by the land bank to a qualified 384
participating developer during the preceding fiscal year: 385
a. The street address of the property. 386
b. The legal description of the property. 387
c. The full name and mailing address of the developer. 388
d. The purchase price paid by the developer. 389
e. The maximum incomes allowed for the hou seholds by the 390
terms of the sale. 391
f. The source and amount of any public subsidy provided by 392
the municipality to facilitate the sale or rental of the 393
property to a household within the targeted income levels. 394
4. For each property sold by a qualified pa rticipating 395
developer during the preceding fiscal year, the buyer's 396
household income and a description of all use and sale 397
restrictions. 398
5. For each property developed for rental units with an 399
active deed restriction, a copy of the most recent annual rep ort 400
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filed by the owner of the land bank. 401
(e) A land bank must provide copies of the performance 402
report to the taxing units that were parties to the judgment of 403
foreclosure and provide notice of the availability of the 404
performance report for review to the organizations and 405
neighborhood associations identified by the governing body of 406
the municipality as serving the neighborhoods in which 407
properties sold to the land bank under this section are located. 408
(f) The land bank and municipality must maintain copi es of 409
all performance reports and make such reports available for 410
public review. 411
(10) This section does not apply to property acquired 412
through an eminent domain action. 413
Section 2. Section 220.1851, Florida Statutes, is created 414
to read: 415
220.1851 Retail-to-residence tax credit. — 416
(1) As used in this section, the term: 417
(a) "Credit period" means the period of 5 years beginning 418
with the year a project is completed. 419
(b) "Designated project" means a qualified project 420
designated pursuant to s. 420.5 0931 to receive the tax credit 421
under this section. 422
(c) "Qualified project" means a project to redevelop a 423
structure that was originally developed as a shopping center to 424
provide appropriate and affordable workforce housing. 425
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(d) "Shopping center" means an area designed to provide 426
space for multiple storefronts within a single building or 427
sharing a common parking lot. 428
(2)(a) There shall be allowed a tax credit of up to 9 429
percent, but no more than necessary to make the project 430
feasible, of the total cost of a designated project for each 431
year of the credit period against any tax due for a taxable year 432
under this chapter. 433
(b) The tax credit shall be allocated among designated 434
projects by the Florida Housing Finance Corporation as provided 435
in s. 420.50931. 436
(c) A tax credit allocated to a designated project may be 437
subject to transfer by the recipient. Such transferred credits 438
may not be transferred again. The department shall adopt rules 439
necessary to administer this paragraph. 440
Section 3. Section 420.50 931, Florida Statutes, is created 441
to read: 442
420.50931 Retail-to-Residence Tax Credit Program. — 443
(1) There is created the Retail -to-residence Tax Credit 444
Program for the purpose of redeveloping shopping centers into 445
appropriate and affordable workforce housing. 446
(2) The corporation shall determine those qualified 447
projects, as defined in s. 220.1851(1), which shall be 448
considered designated projects under s. 220.1851 and eligible 449
for the corporate tax credit under that section. The corporation 450
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shall establish procedures necessary for proper allocation and 451
distribution of tax credits, including the establishment of 452
criteria for ensuring that the housing is appropriate and 453
affordable for the workers of the state, and may exercise all 454
powers necessary to admi nister the allocation of such credits. 455
The board of directors of the corporation shall administer the 456
allocation procedures and determine allocations on behalf of the 457
corporation. The corporation shall prepare an annual plan, which 458
must be approved by the Governor, containing general guidelines 459
for the allocation of tax credits to designated projects. 460
(3) The corporation shall adopt allocation procedures to 461
ensure that tax credits are used in a fair manner, taking into 462
consideration the timeliness of the application, the location of 463
the proposed project, the relative need in the area for 464
appropriate and affordable workforce housing and the 465
availability of such housing, the economic feasibility of the 466
proposed project, and the ability of the applicant to co mplete 467
the proposed project in the calendar year for which the tax 468
credit is sought. 469
(4)(a) A taxpayer who wishes to participate in the Retail -470
to-residence Tax Credit Program must submit an application for 471
tax credit to the corporation. The application m ust identify the 472
proposed project and the location of the proposed project and 473
include evidence that the proposed project is a qualified 474
project as defined in s. 220.1851(1). The corporation may 475
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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
request any information from an applicant necessary to enable 476
the corporation to make tax credit allocations according to the 477
procedures adopted under subsection (3). 478
(b) The corporation's approval of an application for a 479
project must be in writing and include a statement of the 480
maximum tax credit allowable to the applicant. 481
Section 4. Section 420.5096, Florida Statutes, is created 482
to read: 483
420.5096 Affordable Housing Construction Loan Program. — 484
(1) The Affordable Housing Construction Loan Program is 485
created to encourage the new construction of affordable h omes 486
for purchase by low-to-moderate income homebuyers by providing a 487
revolving line of construction funding. 488
(2) The corporation is authorized to provide loans under 489
the program to applicants for construction of affordable 490
housing. Applicants may draw f rom the loan up to five times per 491
home. All homes must meet the requirements of the Florida 492
Building Code or, if more stringent, local amendments to the 493
Florida Building Code. 494
(3) Qualified homebuyers of homes built under this program 495
must be first-time homebuyers who earn no more than 120 percent 496
of the area median income. 497
(4) The corporation shall develop a loan application 498
process for the program. 499
(5) The corporation may adopt rules pursuant to ss. 500
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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
120.536(1) and 120.54 to implement this section. 501
Section 5. This act shall take effect July 1, 2023. 502