HB 329 2024
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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 the financial assistance for 2
homeowners; creating s. 420.64, F.S.; providing 3
definitions; creating the Homeowners' Assistance Fund 4
within the Department of Commerce for specified 5
purposes; providing expenses that qualify under the 6
fund; requiring the secretary of the department to 7
allocate a certain amount of funds for administrating 8
and overseeing the fund, to provide technical 9
assistance to eligible entities, and to the inspector 10
general of the department to oversee certain programs; 11
specifying how the secretary must allocate funds to 12
eligible entities; requiring eligible entities to 13
request funds within a certain time period; requiring 14
the secretary to disburse and reallocate funds within 15
a certain time period; authorizing the department to 16
adopt rules; providing an effective date. 17
18
Be It Enacted by the Legislature of the State of Florida: 19
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Section 1. Section 420.64, Florida Statutes, i s created to 21
read: 22
420.64 Homeowners' Assistance Fund. — 23
(1) As used in this section, the term: 24
(a) "Department" means the Department of Commerce. 25
HB 329 2024
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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
(b) "Dwelling" means any building, structure, or portion 26
thereof which is occupied as, or designed or intended for 27
occupancy as, a residence by one or more persons. 28
(c) "Eligible entity" means any entity eligible for 29
payment under this section and as further defined by department 30
rule. 31
(d) "Fund" means the Homeowners' Assistance Fund created 32
under this section. 33
(e) "Mortgage" means any credit transaction that is 34
secured by a mortgage, deed of trust, or other consensual 35
security interest on a principal residence of a borrower that is 36
a one-family to four-family dwelling or residential real 37
property that includes a one-person to four-person dwelling and 38
the unpaid balance of which was, at the time of origination, not 39
more than the conforming loan limit. For purposes of this 40
paragraph, the term "conforming loan limit" means the applicable 41
limitation governing the maximum original principal obligation 42
of a mortgage secured by a one -family, two-family, three-family, 43
or four-family dwelling, as determined and adjusted annually 44
under the Federal National Mortgage Association Charter Act, 12 45
U.S.C. s. 1717(b)(2), and the Federal Home Loan Mortgage 46
Corporation Act, 12 U.S.C. s. 1454(a)(2). 47
(f) "Secretary" means the Secretary of the Department of 48
Commerce. 49
(2) There is created in the Department of Commerce a 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
Homeowners' Assistance Fund to mitigate financial ha rdships by 51
providing such funds as are appropriated by the Legislature to 52
eligible entities for the purpose of preventing homeowner 53
mortgage delinquencies, defaults, foreclosures, loss of 54
utilities or home energy services, and displacements of 55
homeowners experiencing financial hardship after July 1, 2024, 56
through qualified expenses related to mortgages and housing, 57
which include all of the following: 58
(a) Mortgage payment assistance. 59
(b) Financial assistance to allow a homeowner to reinstate 60
a mortgage or to pay other housing -related costs related to a 61
period of forbearance, delinquency, or default. 62
(c) Principal reduction. 63
(d) Facilitating interest rate reductions. 64
(e) Payment assistance for any of the following: 65
1. Utilities, including electric, gas, home energy, and 66
water. 67
2. Internet service, including broadband internet access 68
service, as defined in 47 C.F.R. s. 8.1(b). 69
3. Homeowner's insurance, flood insurance, and mortgage 70
insurance. 71
4. Homeowners' association and condominium associati on 72
fees or common charges. 73
(f) Reimbursement of funds expended by a local government 74
or other entity during the period beginning on July 1, 2024, and 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
ending on the date that the first funds are disbursed by the 76
eligible entity under the fund. 77
(g) Any other assistance to promote housing stability for 78
homeowners, including preventing mortgage delinquency, default, 79
foreclosure, post-foreclosure eviction of a homeowner, or the 80
loss of utility or home energy services, as determined by the 81
secretary. 82
(3) Based on amounts appropriated, the secretary shall 83
reserve for the department, an amount to administer and oversee 84
the fund and to provide technical assistance to eligible 85
entities for the creation and implementation of state, local, or 86
tribal programs to ad minister assistance from the fund. 87
Additionally, the secretary shall reserve for the inspector 88
general of the department, an amount to provide oversight of the 89
programs created and implemented under this subsection. 90
(4)(a) After the allocation of funds a ccording to 91
subsection (3), the secretary shall allocate the remaining funds 92
available within the Homeowners' Assistance Fund to each 93
eligible entity based on homeowner need, which is determined by 94
reference to the following: 95
1. The average number of une mployed persons measured over 96
a period of time, not less than 3 months and not more than 12 97
months. 98
2. The total number of mortgagors with mortgage payments 99
that are more than 30 days past due or mortgages in foreclosure. 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
(b) The secretary shall adjust on a pro rata basis the 101
amount of the payments for each eligible entity determined under 102
this section to the extent necessary to comply with the 103
requirements of paragraph (a). 104
(5)(a) An eligible entity must request from the secretary 105
allocated funds within 45 days after July 1, 2024, or the entity 106
is not eligible for a payment from the fund. 107
(b) The secretary shall distribute payments from the fund 108
beginning 45 days after July 1, 2024, to eligible entities that 109
have requested from the secretary to rece ive such payments and 110
attesting that such entity will use such payments in compliance 111
with this section. 112
(c) Beginning 180 days after July 1, 2024, the secretary 113
shall reallocate any funds that were not used to other eligible 114
entities that requested fund s within the 45-day period. For 115
purposes of reallocation, the secretary shall adhere to the 116
requirements in subsection (4) to the greatest extent possible, 117
but must also take into consideration an eligible entity's 118
remaining need for funds and the eligible entity's history of 119
using payments received from the fund to serve minority 120
homeowners and homeowners at disproportionate risk of mortgage 121
default, foreclosure, or displacement, including homeowners 122
having incomes equal to or less than 100 percent of the area 123
median income for their household size or 100 percent of the 124
median income for the United States, as determined by the United 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
States Department of Housing and Urban Development, whichever is 126
greater. 127
(6) The department may adopt rules to implement a nd 128
administer this section. 129
Section 2. This act shall take effect July 1, 2024. 130