Florida 2023 Regular Session

Florida House Bill H1499 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 1499 2023
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8	8	hb1499-00
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10	10	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
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14	14	A bill to be entitled 1
15	15	An act relating to affordable housing; creating s. 2
16	16	166.0452, F.S.; providing definitions; authorizing 3
17	17	municipalities to create community land bank programs 4
18	18	for a certain purpose; requiring certain 5
19	19	municipalities to create a community land bank plan; 6
20	20	providing requirements for such plan; requiring a 7
21	21	public hearing on the plan before its adoption; 8
22	22	requiring notice to certain entities; requiring the 9
23	23	proposed plan to be made public within a certain 10
24	24	amount of time before the hearing; providing 11
25	25	requirements for the sale of certain property to land 12
26	26	banks; providing that such sale is for a public 13
27	27	purpose; prohibiting certain persons from challenging 14
28	28	the market value of a property under certain 15
29	29	circumstances; requiring written notice of a sale of 16
30	30	such property be giv en to certain persons in a certain 17
31	31	manner within a specified time period; authorizing the 18
32	32	owner of certain property to contest the sale of such 19
33	33	property and requiring such property to be sold in a 20
34	34	different manner; specifying that the owner of certain 21
35	35	property is not entitled to proceeds from the sale and 22
36	36	is not liable for certain deficiencies; authorizing 23
37	37	land banks to buy certain property for less than 24
38	38	market value under certain circumstances; conveying 25
39	39
40	40	HB 1499 2023
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47	47	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
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49	49
50	50
51	51	the right, title, and interest in certain property t o 26
52	52	land banks; requiring land banks to offer qualified 27
53	53	organizations a right of first refusal to purchase 28
54	54	certain property; providing requirements for the right 29
55	55	of first refusal; providing conditions for the 30
56	56	subsequent resale of property acquired by land ba nks; 31
57	57	requiring certain deed restrictions on certain 32
58	58	property; providing requirements for such deed 33
59	59	restrictions; authorizing the modification or addition 34
60	60	of deed restrictions; requiring land banks to maintain 35
61	61	certain records; requiring land banks to file a nnual 36
62	62	audited financial statements within a certain 37
63	63	timeframe; requiring land banks to submit an annual 38
64	64	performance report by a certain date; providing 39
65	65	requirements for such report; requiring copies of such 40
66	66	report be given to certain entities and made avai lable 41
67	67	for public review; providing applicability; creating 42
68	68	s. 220.1851, F.S.; providing definitions; authorizing 43
69	69	a tax credit for certain projects; providing the 44
70	70	maximum value of such credit; authorizing the Florida 45
71	71	Housing Finance Corporation to allocate the tax credit 46
72	72	to certain projects; authorizing the tax credit to be 47
73	73	transferred by the recipient; requiring the Department 48
74	74	of Revenue to adopt rules; creating s. 420.50931, 49
75	75	F.S.; creating the Retail -to-residence Tax Credit 50
76	76
77	77	HB 1499 2023
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84	84	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
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86	86
87	87
88	88	Program; providing the purpose o f the program; 51
89	89	requiring the Florida Housing Finance Corporation to 52
90	90	determine which projects will receive the tax credit; 53
91	91	authorizing the corporation to establish certain 54
92	92	procedures, exercise certain powers, and prepare a 55
93	93	specified annual plan; requiring s uch plan to be 56
94	94	approved by the Governor; requiring the board of 57
95	95	directors of the corporation to administer certain 58
96	96	procedures and determine allocations on behalf of the 59
97	97	corporation; providing requirements for certain 60
98	98	procedures; requiring taxpayers to subm it an 61
99	99	application with certain information to the 62
100	100	corporation; authorizing the corporation to request 63
101	101	additional information; providing requirements for the 64
102	102	approval of an application for a project; creating s. 65
103	103	420.5096, F.S.; creating the Affordable Housi ng 66
104	104	Construction Loan Program; providing the corporation 67
105	105	with certain powers and responsibilities relating to 68
106	106	the program; providing requirements for the program; 69
107	107	providing rulemaking authority; providing an effective 70
108	108	date. 71
109	109	72
110	110	Be It Enacted by the Legisla ture of the State of Florida: 73
111	111	74
112	112	Section 1. Section 166.0452, Florida Statutes, is created 75
113	113
114	114	HB 1499 2023
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121	121	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
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123	123
124	124
125	125	to read: 76
126	126	166.0452 Community Land Bank Program. — 77
127	127	(1) For purposes of this section, the term: 78
128	128	(a) "Affordable" has the same meaning as in s. 420.0004. 79
129	129	(b) "Community housing development organization" has the 80
130	130	same meaning as in s. 420.503. 81
131	131	(c) "Community land bank plan" or "plan" means a plan 82
132	132	adopted by the governing body of a municipality to implement a 83
133	133	community land bank program. 84
134	134	(d) "Community land bank program" or "program" means the 85
135	135	program created by a governing body of a municipality under this 86
136	136	section. 87
137	137	(e) "Land bank" means an entity established or approved by 88
138	138	the governing body of a municipality for the purpose of 89
139	139	acquiring, holding, and transfer ring unimproved real property 90
140	140	under this section. 91
141	141	(f) "Low-income household" has the same meaning as in s. 92
142	142	420.9071. 93
143	143	(g) "Qualified organization" means a community housing 94
144	144	development organization that meets all of the following 95
145	145	criteria: 96
146	146	1. Contains within its designated geographical boundaries 97
147	147	of operation, as set forth in its application for certification 98
148	148	filed with and approved by the municipality, a portion of the 99
149	149	property that a land bank is offering for sale. 100
150	150
151	151	HB 1499 2023
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158	158	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
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162	162	2. Has built at least three singl e-family homes or 101
163	163	duplexes or one multifamily residential dwelling of four or more 102
164	164	units in compliance with all applicable building codes within 103
165	165	the preceding 2-year period and within the organization's 104
166	166	designated geographical boundaries of operation. 105
167	167	3. Has developed or rehabilitated housing units within the 106
168	168	preceding 3-year period which are within a 2 -mile radius of the 107
169	169	property that a land bank is offering for sale. 108
170	170	(h) "Qualified participating developer" means a developer 109
171	171	that meets all of the following criteria: 110
172	172	1. Has developed three or more housing units within the 3 -111
173	173	year period preceding its submission of a proposal to the land 112
174	174	bank seeking to acquire real property from a land bank. 113
175	175	2. Has a development plan approved by the governing bod y 114
176	176	of the municipality for the property acquired from a land bank. 115
177	177	3. Any other requirements adopted by the governing body of 116
178	178	the municipality in its community land bank plan. 117
179	179	118
180	180	The term includes a qualified organization. 119
181	181	(i) "Very-low-income household" has the same meaning as in 120
182	182	s. 420.9071. 121
183	183	(2) The governing body of a municipality may create a 122
184	184	community land bank program in which the person charged with 123
185	185	selling real property pursuant to a foreclosure judgment may 124
186	186	sell certain eligible real property by private sale for purposes 125
187	187
188	188	HB 1499 2023
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195	195	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
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197	197
198	198
199	199	of affordable housing developments. The governing body of a 126
200	200	municipality that adopts a community land bank program shall 127
201	201	establish or approve a land bank for the purpose of acquiring, 128
202	202	holding, and transferring unimproved real pro perty under this 129
203	203	section. 130
204	204	(3)(a) The governing body of a municipality that creates a 131
205	205	community land bank program shall operate the program in 132
206	206	conformance with a community land bank plan that the 133
207	207	municipality adopts annually. The plan may be amended as ne eded. 134
208	208	(b) In developing the plan, the governing body of a 135
209	209	municipality shall consider other housing plans adopted by the 136
210	210	governing body, including the comprehensive plan submitted to 137
211	211	the United States Department of Housing and Urban Development 138
212	212	and all fair housing plans and policies adopted or agreed to by 139
213	213	the governing body. 140
214	214	(c) The plan must include, at a minimum, all of the 141
215	215	following: 142
216	216	1. A list of community housing development organizations 143
217	217	eligible to participate in the right of first refusal und er 144
218	218	subsection (6). The plan must also include the time period 145
219	219	during which the right of first refusal may be exercised, which 146
220	220	time period must be at least 9 months but not more than 26 147
221	221	months after the date of the deed of conveyance of the property 148
222	222	to the land bank. 149
223	223	2. A right of first refusal for any other nonprofit 150
224	224
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232	232	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
233	233
234	234
235	235
236	236	corporation exempted from federal income tax under s. 501(c)(3) 151
237	237	of the United States Internal Revenue Code, provided that the 152
238	238	preeminent right of first refusal is provided to qualified 153
239	239	organizations as provided in subsection (6). 154
240	240	3. A list of the parcels of real property that may be 155
241	241	eligible for sale to the land bank during the next year. 156
242	242	4. The municipality's plan for the development of 157
243	243	affordable housing on those parcels of real property . 158
244	244	5. The sources and amounts of money the municipality 159
245	245	anticipates to be available for subsidies for the development of 160
246	246	affordable housing in the municipality, including any money 161
247	247	specifically available for housing developed under the program, 162
248	248	as approved by the governing body of the municipality at the 163
249	249	time the plan is adopted. 164
250	250	6. The amount of additional time, if any, that a property 165
251	251	may be held in the land bank once an offer has been received 166
252	252	from a qualified participating developer and accepted by t he 167
253	253	land bank. 168
254	254	(4)(a) Before the adoption of a plan, the governing body 169
255	255	of a municipality must hold a public hearing on the proposed 170
256	256	plan. 171
257	257	(b) The city manager or his or her designee must provide 172
258	258	notice of the public hearing to all community housing 173
259	259	development organizations and to the neighborhood associations 174
260	260	identified by the governing body of the municipality as serving 175
261	261
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269	269	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
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271	271
272	272
273	273	the neighborhoods in which properties anticipated to be 176
274	274	available for sale to the land bank under this section are 177
275	275	located. 178
276	276	(c) The city manager or his or her designee must make 179
277	277	copies of the proposed plan available to the public at least 60 180
278	278	days before the date of the public hearing. 181
279	279	(5)(a) Except as provided in paragraph (f), property that 182
280	280	is ordered sold pursuant to a foreclosur e judgment may be sold 183
281	281	in a private sale to a land bank by the person charged with the 184
282	282	sale of the property without first offering the property for 185
283	283	sale as otherwise provided in chapter 45 if all of the following 186
284	284	apply: 187
285	285	1. The market value of the propert y as specified in the 188
286	286	judgment of foreclosure is less than the total amount due under 189
287	287	the judgment, including all taxes, penalties, and interest, plus 190
288	288	the value of nontax liens held by a taxing unit and awarded by 191
289	289	the judgment, court costs, and the cost of the sale. 192
290	290	2. The property is not improved with a building or 193
291	291	buildings. 194
292	292	3. There are delinquent taxes on the property for a total 195
293	293	of at least 5 years. 196
294	294	4. The governing body of the municipality has executed an 197
295	295	interlocal agreement with the other taxi ng units that are 198
296	296	parties to the foreclosure proceeding which enables those taxing 199
297	297	units to agree to participate in the program while retaining the 200
298	298
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306	306	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
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308	308
309	309
310	310	right to withhold consent to the sale of the specific properties 201
311	311	to the land bank. 202
312	312	(b) A sale of property for use in connection with the 203
313	313	program is a sale for a public purpose. 204
314	314	(c) If the person being sued in a foreclosure proceeding 205
315	315	does not contest the market value of the property in the 206
316	316	proceeding, the person waives the right to challenge the amount 207
317	317	of the market value determined by the court for purposes of the 208
318	318	sale of the property under s. 45.031. 209
319	319	(d) For any sale of property under this section, the 210
320	320	person charged with the sale of the property must provide each 211
321	321	person who was a defendant to the judgmen t, or that person's 212
322	322	attorney, written notice at least 90 days before the date of the 213
323	323	sale of the proposed method of sale of the property. Such notice 214
324	324	must be given in accordance with the Florida Rules of Civil 215
325	325	Procedure. 216
326	326	(e) After receipt of the notice r equired under paragraph 217
327	327	(d) and before the date of the proposed sale, the owner of the 218
328	328	property subject to sale may file with the person charged with 219
329	329	the sale a written request that the property not be sold in the 220
330	330	manner provided under this section. 221
331	331	(f) If the person charged with the sale receives a written 222
332	332	request as provided in paragraph (e), the person must sell the 223
333	333	property as otherwise provided in chapter 45. 224
334	334	(g) The owner of the property subject to the sale may not 225
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343	343	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
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347	347	receive any proceeds of a sale under this section and does not 226
348	348	have any personal liability for a deficiency of the judgment as 227
349	349	a result of a sale under this section. 228
350	350	(h) If consent is given by the taxing units that are a 229
351	351	party to the judgment, property may be sold to a land bank for 230
352	352	less than the market value of the property as specified in the 231
353	353	judgment or less than the total of all taxes, penalties, and 232
354	354	interest, plus the value of nontax liens held by a taxing unit 233
355	355	and awarded by the judgment, court costs, and the cost of the 234
356	356	sale. 235
357	357	(i) The deed of conveyance of the property sold to a land 236
358	358	bank under this section conveys to the land bank the right, 237
359	359	title, and interest acquired or held by each taxing unit that 238
360	360	was a party to the judgment, subject to the right of redemption. 239
361	361	(6) After receiving the deed of conveyance of the 240
362	362	property, a land bank must first offer the property for sale to 241
363	363	qualified organizations. 242
364	364	(a) A land bank must provide notice to qualified 243
365	365	organizations by certified mail, return receipt requested, at 244
366	366	least 60 days before the beginning of the time period in which a 245
367	367	right of first refusal may be exercised according to a 246
368	368	municipality's community land bank plan. 247
369	369	(b) If a land bank conveys the property to a qualified 248
370	370	organization before the expiration of the time peri od specified 249
371	371	by the community land bank plan, the interlocal agreement 250
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380	380	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
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382	382
383	383
384	384	executed under subparagraph (5)(a)4. must provide tax abatement 251
385	385	for the property until the expiration of the time period. 252
386	386	(c) During the right of first refusal time period, a land 253
387	387	bank may not sell the property to a qualified participating 254
388	388	developer other than a qualified organization. If all qualified 255
389	389	organizations notify the land bank that they are declining to 256
390	390	exercise their right of first refusal during the applicable time 257
391	391	period, the land bank may sell the property to any other 258
392	392	qualified participating developer at the same price that the 259
393	393	land bank offered the property to the qualified organizations. 260
394	394	(d) If more than one qualified organization expresses an 261
395	395	interest in exercising i ts right of first refusal, the 262
396	396	organization that has the most geographically compact area 263
397	397	encompassing a portion of the property as designated it its 264
398	398	application for certification is given priority. 265
399	399	(e) A land bank is not required to provide a right of 266
400	400	first refusal to qualified organizations under this section if 267
401	401	the land bank is selling property that reverted to the land bank 268
402	402	as provided under subsection (7). 269
403	403	(7) Each subsequent resale of property acquired by a land 270
404	404	bank under this section must comply with the conditions of this 271
405	405	subsection. 272
406	406	(a) A land bank must sell a property to a qualified 273
407	407	participating developer within 3 years after receiving the deed 274
408	408	of conveyance of the property for the purpose of construction of 275
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417	417	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
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421	421	affordable housing for sale or r ent to low-income households or 276
422	422	very-low-income households. If the land bank has not sold the 277
423	423	property within those 3 years, the property must be transferred 278
424	424	from the land bank back to the taxing units who were parties to 279
425	425	the foreclosure judgment for dispo sition as otherwise allowed 280
426	426	under law. 281
427	427	(b) The number of properties acquired by a qualified 282
428	428	participating developer under this section on which development 283
429	429	has not been completed may not at any time exceed three times 284
430	430	the annual average residential produ ction completed by the 285
431	431	qualified participating developer during the preceding 2 -year 286
432	432	period, as determined by the governing body of the municipality. 287
433	433	In its community land bank plan, the governing body of the 288
434	434	municipality may increase the number of propert ies a qualified 289
435	435	participating developer may acquire. 290
436	436	(c) The deed conveying a property sold by a land bank must 291
437	437	include a right of reverter so that, if the qualified 292
438	438	participating developer does not apply for a construction permit 293
439	439	and close on any constr uction financing within 2 years after the 294
440	440	date of the conveyance of the property from the land bank to the 295
441	441	qualified participating developer, the property reverts to the 296
442	442	land bank for subsequent resale to another qualified 297
443	443	participating developer or convey ance to the taxing units as 298
444	444	required under paragraph (a). 299
445	445	(d) The proceeds from sales under this section must be 300
446	446
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454	454	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
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458	458	reinvested back into the community land bank program. 301
459	459	(8)(a) A land bank must impose deed restrictions on 302
460	460	property sold to qualified partic ipating developers requiring 303
461	461	the development and sale or rental of the property to low -income 304
462	462	households and very-low-income households. 305
463	463	(b) At least 25 percent of a land bank's properties sold 306
464	464	during any given fiscal year to be developed for sale must b e 307
465	465	deed restricted for sale to households whose total annual 308
466	466	household income does not exceed 60 percent of the area median 309
467	467	income, adjusted for household size, for the metropolitan 310
468	468	statistical area in which the municipality is located, as 311
469	469	determined annually by the United States Department of Housing 312
470	470	and Urban Development. 313
471	471	(c)1. If the property sold is to be developed for rental 314
472	472	units, the deed restrictions must last for at least 20 years and 315
473	473	prohibit the exclusion of a person or family from admission to 316
474	474	the development based solely on the participation of the person 317
475	475	or family in the Housing Choice Voucher Program under s. 8 of 318
476	476	the United States Housing Act of 1937, as amended. Additionally, 319
477	477	the deed restrictions must require: 320
478	478	a. That 100 percent of the rental units be occupied by and 321
479	479	affordable to households whose total annual household income 322
480	480	does not exceed 60 percent of the area median income, adjusted 323
481	481	for household size, for the metropolitan statistical area in 324
482	482	which the municipality is located, as d etermined annually by the 325
483	483
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491	491	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
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494	494
495	495	United States Department of Housing and Urban Development; 326
496	496	b. That 40 percent of the rental units be occupied by and 327
497	497	affordable to households whose total annual household income 328
498	498	does not exceed 50 percent of the area median inco me, adjusted 329
499	499	for household size, for the metropolitan statistical area in 330
500	500	which the municipality is located, as determined annually by the 331
501	501	United States Department of Housing and Urban Development; or 332
502	502	c. That 20 percent of the rental units be occupied by and 333
503	503	affordable to households whose total annual household income 334
504	504	does not exceed 30 percent of the area median income, adjusted 335
505	505	for household size, for the metropolitan statistical area in 336
506	506	which the municipality is located, as determined annually by the 337
507	507	United States Department of Housing and Urban Development. 338
508	508	2. The owner of a development with deed restrictions 339
509	509	required under this paragraph must file an annual occupancy 340
510	510	report with the municipality on a form adopted by the governing 341
511	511	body of the municipality. 342
512	512	(d) Except as otherwise provided by this section, if the 343
513	513	deed restrictions imposed under this subsection are for a number 344
514	514	of years, the deed restrictions must renew automatically. 345
515	515	(e) A land bank or the governing body of a municipality 346
516	516	may modify or add to the deed restrictions imposed under this 347
517	517	subsection. Any modifications or additions made by the governing 348
518	518	body of the municipality must be adopted by the governing body 349
519	519	as part of its community land bank plan and must comply with the 350
520	520
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528	528	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
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532	532	restrictions in this subsection. 351
533	533	(9)(a) A land bank must keep accurate minutes of its 352
534	534	meetings and accurate records and books of account that conform 353
535	535	with generally accepted principles of accounting and that 354
536	536	clearly reflect the income and expenses of the land bank and all 355
537	537	transactions in relation to its property. 356
538	538	(b) A land bank must maintain in its records for 357
539	539	inspection a copy of the sale settlement statement for each 358
540	540	property sold by a qualified participating developer and a copy 359
541	541	of the first page of the mortg age note with the interest rate 360
542	542	and indicating the volume and page number of the instrument as 361
543	543	filed with the county clerk. 362
544	544	(c) Within 90 days after the close of its fiscal year, a 363
545	545	land bank must file with the municipality an annual audited 364
546	546	financial statement prepared by a certified public accountant. 365
547	547	The financial transactions of the land bank are subject to audit 366
548	548	by the municipality. 367
549	549	(d) For purposes of evaluating the effectiveness of the 368
550	550	program, a land bank must submit an annual performance report to 369
551	551	the municipality by November 1 of each year in which the land 370
552	552	bank acquires or sells property under this section. The 371
553	553	performance report must include all of the following: 372
554	554	1. A complete and detailed written accounting of all money 373
555	555	and properties recei ved and disbursed by the land bank during 374
556	556	the preceding fiscal year. 375
557	557
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565	565	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
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567	567
568	568
569	569	2. For each property acquired by the land bank during the 376
570	570	preceding fiscal year: 377
571	571	a. The street address of the property. 378
572	572	b. The legal description of the property. 379
573	573	c. The date on which the land bank took title to the 380
574	574	property. 381
575	575	d. The full name and street address of the property owner 382
576	576	of record at the time of the foreclosure proceeding. 383
577	577	3. For each property sold by the land bank to a qualified 384
578	578	participating developer during the preceding fiscal year: 385
579	579	a. The street address of the property. 386
580	580	b. The legal description of the property. 387
581	581	c. The full name and mailing address of the developer. 388
582	582	d. The purchase price paid by the developer. 389
583	583	e. The maximum incomes allowed for the hou seholds by the 390
584	584	terms of the sale. 391
585	585	f. The source and amount of any public subsidy provided by 392
586	586	the municipality to facilitate the sale or rental of the 393
587	587	property to a household within the targeted income levels. 394
588	588	4. For each property sold by a qualified pa rticipating 395
589	589	developer during the preceding fiscal year, the buyer's 396
590	590	household income and a description of all use and sale 397
591	591	restrictions. 398
592	592	5. For each property developed for rental units with an 399
593	593	active deed restriction, a copy of the most recent annual rep ort 400
594	594
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604	604
605	605
606	606	filed by the owner of the land bank. 401
607	607	(e) A land bank must provide copies of the performance 402
608	608	report to the taxing units that were parties to the judgment of 403
609	609	foreclosure and provide notice of the availability of the 404
610	610	performance report for review to the organizations and 405
611	611	neighborhood associations identified by the governing body of 406
612	612	the municipality as serving the neighborhoods in which 407
613	613	properties sold to the land bank under this section are located. 408
614	614	(f) The land bank and municipality must maintain copi es of 409
615	615	all performance reports and make such reports available for 410
616	616	public review. 411
617	617	(10) This section does not apply to property acquired 412
618	618	through an eminent domain action. 413
619	619	Section 2. Section 220.1851, Florida Statutes, is created 414
620	620	to read: 415
621	621	220.1851 Retail-to-residence tax credit. — 416
622	622	(1) As used in this section, the term: 417
623	623	(a) "Credit period" means the period of 5 years beginning 418
624	624	with the year a project is completed. 419
625	625	(b) "Designated project" means a qualified project 420
626	626	designated pursuant to s. 420.5 0931 to receive the tax credit 421
627	627	under this section. 422
628	628	(c) "Qualified project" means a project to redevelop a 423
629	629	structure that was originally developed as a shopping center to 424
630	630	provide appropriate and affordable workforce housing. 425
631	631
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642	642
643	643	(d) "Shopping center" means an area designed to provide 426
644	644	space for multiple storefronts within a single building or 427
645	645	sharing a common parking lot. 428
646	646	(2)(a) There shall be allowed a tax credit of up to 9 429
647	647	percent, but no more than necessary to make the project 430
648	648	feasible, of the total cost of a designated project for each 431
649	649	year of the credit period against any tax due for a taxable year 432
650	650	under this chapter. 433
651	651	(b) The tax credit shall be allocated among designated 434
652	652	projects by the Florida Housing Finance Corporation as provided 435
653	653	in s. 420.50931. 436
654	654	(c) A tax credit allocated to a designated project may be 437
655	655	subject to transfer by the recipient. Such transferred credits 438
656	656	may not be transferred again. The department shall adopt rules 439
657	657	necessary to administer this paragraph. 440
658	658	Section 3. Section 420.50 931, Florida Statutes, is created 441
659	659	to read: 442
660	660	420.50931 Retail-to-Residence Tax Credit Program. — 443
661	661	(1) There is created the Retail -to-residence Tax Credit 444
662	662	Program for the purpose of redeveloping shopping centers into 445
663	663	appropriate and affordable workforce housing. 446
664	664	(2) The corporation shall determine those qualified 447
665	665	projects, as defined in s. 220.1851(1), which shall be 448
666	666	considered designated projects under s. 220.1851 and eligible 449
667	667	for the corporate tax credit under that section. The corporation 450
668	668
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676	676	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
677	677
678	678
679	679
680	680	shall establish procedures necessary for proper allocation and 451
681	681	distribution of tax credits, including the establishment of 452
682	682	criteria for ensuring that the housing is appropriate and 453
683	683	affordable for the workers of the state, and may exercise all 454
684	684	powers necessary to admi nister the allocation of such credits. 455
685	685	The board of directors of the corporation shall administer the 456
686	686	allocation procedures and determine allocations on behalf of the 457
687	687	corporation. The corporation shall prepare an annual plan, which 458
688	688	must be approved by the Governor, containing general guidelines 459
689	689	for the allocation of tax credits to designated projects. 460
690	690	(3) The corporation shall adopt allocation procedures to 461
691	691	ensure that tax credits are used in a fair manner, taking into 462
692	692	consideration the timeliness of the application, the location of 463
693	693	the proposed project, the relative need in the area for 464
694	694	appropriate and affordable workforce housing and the 465
695	695	availability of such housing, the economic feasibility of the 466
696	696	proposed project, and the ability of the applicant to co mplete 467
697	697	the proposed project in the calendar year for which the tax 468
698	698	credit is sought. 469
699	699	(4)(a) A taxpayer who wishes to participate in the Retail -470
700	700	to-residence Tax Credit Program must submit an application for 471
701	701	tax credit to the corporation. The application m ust identify the 472
702	702	proposed project and the location of the proposed project and 473
703	703	include evidence that the proposed project is a qualified 474
704	704	project as defined in s. 220.1851(1). The corporation may 475
705	705
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713	713	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
714	714
715	715
716	716
717	717	request any information from an applicant necessary to enable 476
718	718	the corporation to make tax credit allocations according to the 477
719	719	procedures adopted under subsection (3). 478
720	720	(b) The corporation's approval of an application for a 479
721	721	project must be in writing and include a statement of the 480
722	722	maximum tax credit allowable to the applicant. 481
723	723	Section 4. Section 420.5096, Florida Statutes, is created 482
724	724	to read: 483
725	725	420.5096 Affordable Housing Construction Loan Program. — 484
726	726	(1) The Affordable Housing Construction Loan Program is 485
727	727	created to encourage the new construction of affordable h omes 486
728	728	for purchase by low-to-moderate income homebuyers by providing a 487
729	729	revolving line of construction funding. 488
730	730	(2) The corporation is authorized to provide loans under 489
731	731	the program to applicants for construction of affordable 490
732	732	housing. Applicants may draw f rom the loan up to five times per 491
733	733	home. All homes must meet the requirements of the Florida 492
734	734	Building Code or, if more stringent, local amendments to the 493
735	735	Florida Building Code. 494
736	736	(3) Qualified homebuyers of homes built under this program 495
737	737	must be first-time homebuyers who earn no more than 120 percent 496
738	738	of the area median income. 497
739	739	(4) The corporation shall develop a loan application 498
740	740	process for the program. 499
741	741	(5) The corporation may adopt rules pursuant to ss. 500
742	742
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753	753
754	754	120.536(1) and 120.54 to implement this section. 501
755	755	Section 5. This act shall take effect July 1, 2023. 502