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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 develop and annually adopt a 6
community land bank plan; providing requirements for 7
such plan; requiring a public hearing on the proposed 8
plan before its adoption; requiring notice to certain 9
entities; requiring the proposed plan to be made 10
public within a certain timeframe before the public 11
hearing; providing requirements for the sale of 12
certain property to land banks; providing that such 13
sale is for a public purpose; prohibiting certain 14
persons from challenging the market value of a 15
property under certain circumstances; requiring 16
written notice of a sale of such property to be 17
provided to certain persons in a certain manner within 18
a specified timeframe; authorizing the owner of 19
certain property to contest the sale of such property 20
and requiring such property to be sold in a different 21
manner; specifying that the owner of certain property 22
is not entitled to proceeds from the sale and is not 23
liable for certain deficiencies; authorizing land 24
banks to buy certain property for less than market 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
value under certain circumstances; conveying the 26
right, title, and interest in certain property to land 27
banks; requiring land banks to offer qualified 28
organizations a right of first refusal to purchase 29
certain property; providing requirements for the right 30
of first refusal; providing conditions for the 31
subsequent resale of property acquired by land banks; 32
requiring certain deed restrictions on certain 33
property; providing requirements for such deed 34
restrictions; authorizing the modification of or 35
addition to deed restrictions; requiring land banks to 36
maintain certain records; requiring land banks to file 37
annual audited financial statements within a certain 38
timeframe; requiring land banks to submit an annual 39
performance report to the municipality by a certain 40
date; providing requirements for such report; 41
requiring copies of such report to be provided to 42
certain entities and made available for public review; 43
providing applicability; creating s. 220.1851, F.S.; 44
providing definitions; authorizing a tax credit for 45
certain projects; providing the maximum value of such 46
credit; authorizing the Florida Housing Finance 47
Corporation to allocate the tax credit among certain 48
projects; authorizing the tax credit to be transferred 49
by the recipient; requiring the Department of Revenue 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
to adopt rules; creating s. 420.50931, F.S.; creating 51
the Retail-to-residence Tax Credit Program for a 52
certain purpose; requiring the Florida Housing Finance 53
Corporation to determine which projects are eligible 54
for the tax credit; requiring the corporation to 55
establish and adopt certain procedures and to prep are 56
a specified annual plan; requiring such plan to be 57
approved by the Governor; authorizing the corporation 58
to exercise certain powers; requiring the board of 59
directors of the corporation to administer certain 60
procedures and determine allocations on behal f of the 61
corporation; providing requirements for certain 62
procedures; requiring taxpayers to submit an 63
application with certain information to the 64
corporation; authorizing the corporation to request 65
additional information; providing requirements for the 66
approval of an application for a project; creating s. 67
420.5098, F.S.; creating the Affordable Housing 68
Construction Loan Program for a certain purpose; 69
providing the corporation with certain powers and 70
responsibilities relating to the program; providing 71
requirements for the program; providing rulemaking 72
authority; providing an effective date. 73
74
Be It Enacted by the Legislature of the State of Florida: 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
76
Section 1. Section 166.0452, Florida Statutes, is created 77
to read: 78
166.0452 Community Land Bank Progr am.— 79
(1) For purposes of this section, the term: 80
(a) "Affordable" has the same meaning as in s. 420.0004. 81
(b) "Community housing development organization" has the 82
same meaning as in s. 420.503. 83
(c) "Community land bank plan" or "plan" means a plan 84
adopted by the governing body of a municipality to implement a 85
community land bank program. 86
(d) "Community land bank program" or "program" means the 87
program created by a governing body of a municipality under this 88
section. 89
(e) "Land bank" means an enti ty established or approved by 90
the governing body of a municipality for the purpose of 91
acquiring, holding, and transferring unimproved real property 92
under this section. 93
(f) "Low-income household" has the same meaning as in s. 94
420.9071. 95
(g) "Qualified organization" means a community housing 96
development organization that meets all of the following 97
criteria: 98
1. Contains within its designated geographical boundaries 99
of operation, as set forth in its application for certification 100
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filed with and approved by the municipality, a portion of the 101
property that a land bank is offering for sale. 102
2. Has built at least three single -family homes or 103
duplexes or one multifamily residential dwelling of four or more 104
housing units in compliance with all applicable buildin g codes 105
within the preceding 2 -year period and within the organization's 106
designated geographical boundaries of operation. 107
3. Has developed or rehabilitated housing units within the 108
preceding 3-year period which are within a 2 -mile radius of the 109
property that a land bank is offering for sale. 110
(h) "Qualified participating developer" means a developer 111
that meets all of the following criteria: 112
1. Has developed three or more housing units within the 3 -113
year period preceding its submission of a proposal to t he land 114
bank seeking to acquire real property from a land bank. 115
2. Has a development plan approved by the governing body 116
of the municipality for the property acquired from a land bank. 117
3. Any other requirements adopted by the governing body of 118
the municipality in its community land bank plan. 119
120
The term includes a qualified organization. 121
(i) "Very-low-income household" has the same meaning as in 122
s. 420.9071. 123
(2) The governing body of a municipality may create a 124
community land bank program in which th e person charged with 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
selling real property pursuant to a foreclosure judgment may 126
sell certain eligible real property by private sale for purposes 127
of affordable housing developments. The governing body of a 128
municipality that adopts a community land bank p rogram shall 129
establish or approve a land bank for the purpose of acquiring, 130
holding, and transferring unimproved real property under this 131
section. 132
(3)(a) The governing body of a municipality that creates a 133
community land bank program shall operate the pr ogram in 134
conformance with a community land bank plan that the 135
municipality adopts annually. The plan may be amended as needed. 136
(b) In developing the plan, the governing body of a 137
municipality shall consider other housing plans adopted by the 138
governing body, including the comprehensive plan submitted to 139
the United States Department of Housing and Urban Development 140
and all fair housing plans and policies adopted or agreed to by 141
the governing body. 142
(c) The plan must include, at a minimum, all of the 143
following: 144
1. A list of community housing development organizations 145
eligible to participate in the right of first refusal under 146
subsection (6). The plan must also include the time period 147
during which the right of first refusal may be exercised, which 148
time period must be at least 9 months but not more than 26 149
months after the date of the deed of conveyance of the property 150
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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 the land bank. 151
2. A right of first refusal for any other nonprofit 152
corporation exempted from federal income tax under s. 501(c)(3) 153
of the United States Internal Revenue Code, provided that the 154
preeminent right of first refusal is provided to qualified 155
organizations as provided in subsection (6). 156
3. A list of the parcels of real property that may be 157
eligible for sale to the land bank durin g the next year. 158
4. The municipality's plan for the development of 159
affordable housing on those parcels of real property. 160
5. The sources and amounts of money the municipality 161
anticipates to be available for subsidies for the development of 162
affordable housing in the municipality, including any money 163
specifically available for housing developed under the program, 164
as approved by the governing body of the municipality at the 165
time the plan is adopted. 166
6. The amount of additional time, if any, that a propert y 167
may be held in the land bank once an offer has been received 168
from a qualified participating developer and accepted by the 169
land bank. 170
(4)(a) Before the adoption of a plan, the governing body 171
of a municipality must hold a public hearing on the proposed 172
plan. 173
(b) The city manager or his or her designee must provide 174
notice of the public hearing to all community housing 175
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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
development organizations and to the neighborhood associations 176
identified by the governing body of the municipality as serving 177
the neighborhoods in which properties anticipated to be 178
available for sale to the land bank under this section are 179
located. 180
(c) The city manager or his or her designee must make 181
copies of the proposed plan available to the public at least 60 182
days before the date of the public hearing. 183
(5)(a) Except as provided in paragraph (f), property that 184
is ordered sold pursuant to a foreclosure judgment may be sold 185
in a private sale to a land bank by the person charged with the 186
sale of the property without first offering the property for 187
sale as otherwise provided in chapter 45 if all of the following 188
apply: 189
1. The market value of the property as specified in the 190
judgment of foreclosure is less than the total amount due under 191
the judgment, including all taxes, penalties, and interest, plus 192
the value of nontax liens held by a taxing unit and awarded by 193
the judgment, court costs, and the cost of the sale. 194
2. The property is not improved with a building or 195
buildings. 196
3. There are delinquent taxes on the property for a total 197
of at least 5 years. 198
4. The governing body of the municipality has executed an 199
interlocal agreement with the other taxing units that are 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
parties to the foreclosure proceeding which enables those taxing 201
units to agree to participate in the program while r etaining the 202
right to withhold consent to the sale of the specific properties 203
to the land bank. 204
(b) A sale of property for use in connection with the 205
program is a sale for a public purpose. 206
(c) If the person being sued in a foreclosure proceeding 207
does not contest the market value of the property in the 208
proceeding, the person waives the right to challenge the amount 209
of the market value determined by the court for purposes of the 210
sale of the property under s. 45.031. 211
(d) For any sale of property under t his section, the 212
person charged with the sale of the property must provide each 213
person who was a defendant to the judgment, or that person's 214
attorney, written notice at least 90 days before the date of the 215
sale of the proposed method of sale of the propert y. Such notice 216
must be given in accordance with the Florida Rules of Civil 217
Procedure. 218
(e) After receipt of the notice required under paragraph 219
(d) and before the date of the proposed sale, the owner of the 220
property subject to the sale may file with the person charged 221
with the sale a written request that the property not be sold in 222
the manner provided under this section. 223
(f) If the person charged with the sale receives a written 224
request as provided in paragraph (e), the person must sell the 225
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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
property as otherwise provided in chapter 45. 226
(g) The owner of the property subject to the sale may not 227
receive any proceeds of a sale under this section and does not 228
have any personal liability for a deficiency of the judgment as 229
a result of a sale under this section. 230
(h) If consent is given by the taxing units that are a 231
party to the judgment, property may be sold to a land bank for 232
less than the market value of the property as specified in the 233
judgment or less than the total of all taxes, penalties, and 234
interest, plus the value of nontax liens held by a taxing unit 235
and awarded by the judgment, court costs, and the cost of the 236
sale. 237
(i) The deed of conveyance of the property sold to a land 238
bank under this section conveys to the land bank the right, 239
title, and interest in the property acquired or held by each 240
taxing unit that was a party to the judgment, subject to the 241
right of redemption. 242
(6) After receiving the deed of conveyance of the 243
property, a land bank must first offer the property for sale to 244
qualified organizations. 245
(a) A land bank must provide notice to qualified 246
organizations by certified mail, return receipt requested, at 247
least 60 days before the beginning of the time period in which a 248
right of first refusal may be exercised according to a 249
municipality's community land bank plan. 250
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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) If a land bank conveys the property to a qualified 251
organization before the expiration of the time period specified 252
by the community land bank plan, the interlocal agreement 253
executed under subparagraph (5)(a)4. mu st provide tax abatement 254
for the property until the expiration of the time period. 255
(c) During the right of first refusal time period, a land 256
bank may not sell the property to a qualified participating 257
developer other than a qualified organization. If all qualified 258
organizations notify the land bank that they are declining to 259
exercise their right of first refusal during the applicable time 260
period, the land bank may sell the property to any other 261
qualified participating developer at the same price that the 262
land bank offered the property to the qualified organizations. 263
(d) If more than one qualified organization expresses an 264
interest in exercising its right of first refusal, the 265
organization that has the most geographically compact area 266
encompassing a porti on of the property as designated it its 267
application for certification is given priority. 268
(e) A land bank is not required to provide a right of 269
first refusal to qualified organizations under this section if 270
the land bank is selling property that reverted to the land bank 271
as provided under subsection (7). 272
(7) Each subsequent resale of property acquired by a land 273
bank under this section must comply with the conditions of this 274
subsection. 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
(a) A land bank must sell a property to a qualified 276
participating developer within 3 years after receiving the deed 277
of conveyance of the property for the purpose of construction of 278
affordable housing for sale or rent to low -income households or 279
very-low-income households. If the land bank has not sold the 280
property within those 3 years, the property must be transferred 281
from the land bank back to the taxing units that were parties to 282
the foreclosure judgment for disposition as otherwise allowed 283
under law. 284
(b) The number of properties acquired by a qualified 285
participating developer under this section on which development 286
has not been completed may not at any time exceed three times 287
the annual average residential production completed by the 288
qualified participating developer during the preceding 2 -year 289
period, as determined by the governing body of the municipality. 290
In its community land bank plan, the governing body of the 291
municipality may increase the number of properties a qualified 292
participating developer may acquire. 293
(c) The deed conveying a property sold by a land bank must 294
include a right of reverter so that, if the qualified 295
participating developer does not apply for a construction permit 296
and close on any construction financing within 2 years after the 297
date of the conveyance of the property from the land bank to the 298
qualified participating developer, the property reverts to the 299
land bank for subsequent resale to another qualified 300
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participating developer or conveyance to the taxing units as 301
required under paragraph (a). 302
(d) The proceeds from sales under this section mu st be 303
reinvested back into the community land bank program. 304
(8)(a) A land bank must impose deed restrictions on 305
property sold to qualified participating developers requiring 306
the development and sale or rental of the property to low -income 307
households and very-low-income households. 308
(b) At least 25 percent of a land bank's properties sold 309
during any given fiscal year to be developed for sale must be 310
deed restricted for sale to households whose total annual 311
household income does not exceed 60 percent of th e area median 312
income, adjusted for household size, for the metropolitan 313
statistical area in which the municipality is located, as 314
determined annually by the United States Department of Housing 315
and Urban Development. 316
(c)1. If the property sold is to be de veloped for rental 317
units, the deed restrictions must last for at least 20 years and 318
prohibit the exclusion of a person or family from admission to 319
the development based solely on the participation of the person 320
or family in the Housing Choice Voucher Progr am under s. 8 of 321
the United States Housing Act of 1937, as amended. Additionally, 322
the deed restrictions must require: 323
a. That 100 percent of the rental units be occupied by and 324
affordable to households whose total annual household income 325
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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
does not exceed 60 percent of the area median income, adjusted 326
for household size, for the metropolitan statistical area in 327
which the municipality is located, as determined annually by the 328
United States Department of Housing and Urban Development; 329
b. That 40 percent of the rental units be occupied by and 330
affordable to households whose total annual household income 331
does not exceed 50 percent of the area median income, adjusted 332
for household size, for the metropolitan statistical area in 333
which the municipality is located, as determined annually by the 334
United States Department of Housing and Urban Development; or 335
c. That 20 percent of the rental units be occupied by and 336
affordable to households whose total annual household income 337
does not exceed 30 percent of the area medi an income, adjusted 338
for household size, for the metropolitan statistical area in 339
which the municipality is located, as determined annually by the 340
United States Department of Housing and Urban Development. 341
2. The owner of a development with deed restricti ons 342
required under this paragraph must file an annual occupancy 343
report with the municipality on a form adopted by the governing 344
body of the municipality. 345
(d) Except as otherwise provided in this section, if the 346
deed restrictions imposed under this subsec tion are for a number 347
of years, the deed restrictions must renew automatically. 348
(e) A land bank or the governing body of a municipality 349
may modify or add to the deed restrictions imposed under this 350
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subsection. Any modifications or additions made by the g overning 351
body of the municipality must be adopted by the governing body 352
as part of its community land bank plan and must comply with the 353
restrictions in this subsection. 354
(9)(a) A land bank must keep accurate minutes of its 355
meetings and accurate records a nd books of account that conform 356
with generally accepted principles of accounting and that 357
clearly reflect the income and expenses of the land bank and all 358
transactions in relation to its property. 359
(b) A land bank must maintain in its records for 360
inspection a copy of the sale settlement statement for each 361
property sold by a qualified participating developer and a copy 362
of the first page of the mortgage note with the interest rate 363
and indicating the volume and page number of the instrument as 364
filed with the county clerk. 365
(c) Within 90 days after the close of its fiscal year, a 366
land bank must file with the municipality an annual audited 367
financial statement prepared by a certified public accountant. 368
The financial transactions of the land bank are subject to audit 369
by the municipality. 370
(d) For purposes of evaluating the effectiveness of the 371
program, a land bank must submit an annual performance report to 372
the municipality by November 1 of each year in which the land 373
bank acquires or sells property under this s ection. The 374
performance report must include all of the following: 375
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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
1. A complete and detailed written accounting of all money 376
and properties received and disbursed by the land bank during 377
the preceding fiscal year. 378
2. For each property acquired by the land bank during the 379
preceding fiscal year: 380
a. The street address of the property. 381
b. The legal description of the property. 382
c. The date on which the land bank took title to the 383
property. 384
d. The full name and street address of the property owner 385
of record at the time of the foreclosure proceeding. 386
3. For each property sold by the land bank to a qualified 387
participating developer during the preceding fiscal year: 388
a. The street address of the property. 389
b. The legal description of the property. 390
c. The full name and mailing address of the developer. 391
d. The purchase price paid by the developer. 392
e. The maximum incomes allowed for the households by the 393
terms of the sale. 394
f. The source and amount of any public subsidy provided by 395
the municipality to facilitate the sale or rental of the 396
property to a household within the targeted income range. 397
4. For each property sold by a qualified participating 398
developer during the preceding fiscal year, the buyer's 399
household income and a description of all u se and sale 400
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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. 401
5. For each property developed for rental units with an 402
active deed restriction, a copy of the most recent annual report 403
filed by the owner of the land bank. 404
(e) A land bank must provide copies of the performance 405
report to the taxing units that were parties to the judgment of 406
foreclosure and provide notice of the availability of the 407
performance report for review to the organizations and 408
neighborhood associations identified by the governing body of 409
the municipality as serving th e neighborhoods in which 410
properties sold to the land bank under this section are located. 411
(f) The land bank and municipality must maintain copies of 412
all performance reports and make such reports available for 413
public review. 414
(10) This section does not a pply to property acquired 415
through an eminent domain action. 416
Section 2. Section 220.1851, Florida Statutes, is created 417
to read: 418
220.1851 Retail-to-residence tax credit. — 419
(1) As used in this section, the term: 420
(a) "Credit period" means the period of 5 years beginning 421
with the year a project is completed. 422
(b) "Designated project" means a qualified project 423
designated pursuant to s. 420.50931 to receive the tax credit 424
under this section. 425
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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
(c) "Qualified project" means a project to redevelop a 426
structure that was originally developed as a shopping center to 427
provide appropriate and affordable workforce housing. 428
(d) "Shopping center" means an area designed to provide 429
space for multiple storefronts within a single building or 430
sharing a common parking l ot. 431
(2)(a) There shall be allowed a tax credit of up to 9 432
percent, but no more than necessary to make the project 433
feasible, of the total cost of a designated project for each 434
year of the credit period against any tax due for a taxable year 435
under this chapter. 436
(b) The tax credit shall be allocated among designated 437
projects by the Florida Housing Finance Corporation as provided 438
in s. 420.50931. 439
(c) A tax credit allocated to a designated project may be 440
subject to transfer by the recipient. Such transferr ed credits 441
may not be transferred again. The department shall adopt rules 442
necessary to administer this paragraph. 443
Section 3. Section 420.50931, Florida Statutes, is created 444
to read: 445
420.50931 Retail-to-residence Tax Credit Program. — 446
(1) There is created the Retail-to-residence Tax Credit 447
Program for the purpose of redeveloping shopping centers into 448
appropriate and affordable workforce housing. 449
(2) The corporation shall determine those qualified 450
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projects, as defined in s. 220.1851(1), which shall be 451
considered designated projects under s. 220.1851 and eligible 452
for the corporate tax credit under that section. The corporation 453
shall establish procedures necessary for proper allocation and 454
distribution of tax credits, including the establishment of 455
criteria for ensuring that the housing is appropriate and 456
affordable for the workers of the state, and may exercise all 457
powers necessary to administer the allocation of such credits. 458
The board of directors of the corporation shall administer the 459
allocation procedures and determine allocations on behalf of the 460
corporation. The corporation shall prepare an annual plan, which 461
must be approved by the Governor, containing general guidelines 462
for the allocation of tax credits to designated projects. 463
(3) The corporation shall adopt allocation procedures to 464
ensure that tax credits are used in a fair manner, taking into 465
consideration the timeliness of the application, the location of 466
the proposed project, the relative need in the area for 467
appropriate and affordable wo rkforce housing and the 468
availability of such housing, the economic feasibility of the 469
proposed project, and the ability of the applicant to complete 470
the proposed project in the calendar year for which the tax 471
credit is sought. 472
(4)(a) A taxpayer who wishe s to participate in the Retail -473
to-residence Tax Credit Program must submit an application for 474
tax credit to the corporation. The application must identify the 475
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proposed project and the location of the proposed project and 476
include evidence that the proposed project is a qualified 477
project as defined in s. 220.1851(1). The corporation may 478
request any information from an applicant necessary to enable 479
the corporation to make tax credit allocations according to the 480
procedures adopted under subsection (3). 481
(b) The corporation's approval of an application for a 482
project must be in writing and include a statement of the 483
maximum tax credit allowable to the applicant. 484
Section 4. Section 420.5098, Florida Statutes, is created 485
to read: 486
420.5098 Affordable Housing C onstruction Loan Program. — 487
(1) The Affordable Housing Construction Loan Program is 488
created to encourage the new construction of affordable homes 489
for purchase by low to moderate income homebuyers by providing a 490
revolving line of construction funding. 491
(2) The corporation is authorized to provide loans under 492
the program to applicants for construction of affordable 493
housing. Applicants may draw from the loan up to five times per 494
home. All homes must meet the requirements of the Florida 495
Building Code or, if m ore stringent, local amendments to the 496
Florida Building Code. 497
(3) Qualified homebuyers of homes built under this program 498
must be first-time homebuyers who earn no more than 120 percent 499
of the area median income. 500
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(4) The corporation shall develop a loan application 501
process for the program. 502
(5) The corporation may adopt rules pursuant to ss. 503
120.536(1) and 120.54 to implement this section. 504
Section 5. This act shall take effect July 1, 2024. 505