Florida 2024 Regular Session

Florida House Bill H1467 Compare Versions

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

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3	3	HB 1467 2024
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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 develop and annually adopt a 6
20	20	community land bank plan; providing requirements for 7
21	21	such plan; requiring a public hearing on the proposed 8
22	22	plan before its adoption; requiring notice to certain 9
23	23	entities; requiring the proposed plan to be made 10
24	24	public within a certain timeframe before the public 11
25	25	hearing; providing requirements for the sale of 12
26	26	certain property to land banks; providing that such 13
27	27	sale is for a public purpose; prohibiting certain 14
28	28	persons from challenging the market value of a 15
29	29	property under certain circumstances; requiring 16
30	30	written notice of a sale of such property to be 17
31	31	provided to certain persons in a certain manner within 18
32	32	a specified timeframe; authorizing the owner of 19
33	33	certain property to contest the sale of such property 20
34	34	and requiring such property to be sold in a different 21
35	35	manner; specifying that the owner of certain property 22
36	36	is not entitled to proceeds from the sale and is not 23
37	37	liable for certain deficiencies; authorizing land 24
38	38	banks to buy certain property for less than market 25
39	39
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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	value under certain circumstances; conveying the 26
52	52	right, title, and interest in certain property to land 27
53	53	banks; requiring land banks to offer qualified 28
54	54	organizations a right of first refusal to purchase 29
55	55	certain property; providing requirements for the right 30
56	56	of first refusal; providing conditions for the 31
57	57	subsequent resale of property acquired by land banks; 32
58	58	requiring certain deed restrictions on certain 33
59	59	property; providing requirements for such deed 34
60	60	restrictions; authorizing the modification of or 35
61	61	addition to deed restrictions; requiring land banks to 36
62	62	maintain certain records; requiring land banks to file 37
63	63	annual audited financial statements within a certain 38
64	64	timeframe; requiring land banks to submit an annual 39
65	65	performance report to the municipality by a certain 40
66	66	date; providing requirements for such report; 41
67	67	requiring copies of such report to be provided to 42
68	68	certain entities and made available for public review; 43
69	69	providing applicability; creating s. 220.1851, F.S.; 44
70	70	providing definitions; authorizing a tax credit for 45
71	71	certain projects; providing the maximum value of such 46
72	72	credit; authorizing the Florida Housing Finance 47
73	73	Corporation to allocate the tax credit among certain 48
74	74	projects; authorizing the tax credit to be transferred 49
75	75	by the recipient; requiring the Department of Revenue 50
76	76
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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
85	85
86	86
87	87
88	88	to adopt rules; creating s. 420.50931, F.S.; creating 51
89	89	the Retail-to-residence Tax Credit Program for a 52
90	90	certain purpose; requiring the Florida Housing Finance 53
91	91	Corporation to determine which projects are eligible 54
92	92	for the tax credit; requiring the corporation to 55
93	93	establish and adopt certain procedures and to prep are 56
94	94	a specified annual plan; requiring such plan to be 57
95	95	approved by the Governor; authorizing the corporation 58
96	96	to exercise certain powers; requiring the board of 59
97	97	directors of the corporation to administer certain 60
98	98	procedures and determine allocations on behal f of the 61
99	99	corporation; providing requirements for certain 62
100	100	procedures; requiring taxpayers to submit an 63
101	101	application with certain information to the 64
102	102	corporation; authorizing the corporation to request 65
103	103	additional information; providing requirements for the 66
104	104	approval of an application for a project; creating s. 67
105	105	420.5098, F.S.; creating the Affordable Housing 68
106	106	Construction Loan Program for a certain purpose; 69
107	107	providing the corporation with certain powers and 70
108	108	responsibilities relating to the program; providing 71
109	109	requirements for the program; providing rulemaking 72
110	110	authority; providing an effective date. 73
111	111	74
112	112	Be It Enacted by the Legislature of the State of Florida: 75
113	113
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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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125	125	76
126	126	Section 1. Section 166.0452, Florida Statutes, is created 77
127	127	to read: 78
128	128	166.0452 Community Land Bank Progr am.— 79
129	129	(1) For purposes of this section, the term: 80
130	130	(a) "Affordable" has the same meaning as in s. 420.0004. 81
131	131	(b) "Community housing development organization" has the 82
132	132	same meaning as in s. 420.503. 83
133	133	(c) "Community land bank plan" or "plan" means a plan 84
134	134	adopted by the governing body of a municipality to implement a 85
135	135	community land bank program. 86
136	136	(d) "Community land bank program" or "program" means the 87
137	137	program created by a governing body of a municipality under this 88
138	138	section. 89
139	139	(e) "Land bank" means an enti ty established or approved by 90
140	140	the governing body of a municipality for the purpose of 91
141	141	acquiring, holding, and transferring unimproved real property 92
142	142	under this section. 93
143	143	(f) "Low-income household" has the same meaning as in s. 94
144	144	420.9071. 95
145	145	(g) "Qualified organization" means a community housing 96
146	146	development organization that meets all of the following 97
147	147	criteria: 98
148	148	1. Contains within its designated geographical boundaries 99
149	149	of operation, as set forth in its application for certification 100
150	150
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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
159	159
160	160
161	161
162	162	filed with and approved by the municipality, a portion of the 101
163	163	property that a land bank is offering for sale. 102
164	164	2. Has built at least three single -family homes or 103
165	165	duplexes or one multifamily residential dwelling of four or more 104
166	166	housing units in compliance with all applicable buildin g codes 105
167	167	within the preceding 2 -year period and within the organization's 106
168	168	designated geographical boundaries of operation. 107
169	169	3. Has developed or rehabilitated housing units within the 108
170	170	preceding 3-year period which are within a 2 -mile radius of the 109
171	171	property that a land bank is offering for sale. 110
172	172	(h) "Qualified participating developer" means a developer 111
173	173	that meets all of the following criteria: 112
174	174	1. Has developed three or more housing units within the 3 -113
175	175	year period preceding its submission of a proposal to t he land 114
176	176	bank seeking to acquire real property from a land bank. 115
177	177	2. Has a development plan approved by the governing body 116
178	178	of the municipality for the property acquired from a land bank. 117
179	179	3. Any other requirements adopted by the governing body of 118
180	180	the municipality in its community land bank plan. 119
181	181	120
182	182	The term includes a qualified organization. 121
183	183	(i) "Very-low-income household" has the same meaning as in 122
184	184	s. 420.9071. 123
185	185	(2) The governing body of a municipality may create a 124
186	186	community land bank program in which th e person charged with 125
187	187
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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
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199	199	selling real property pursuant to a foreclosure judgment may 126
200	200	sell certain eligible real property by private sale for purposes 127
201	201	of affordable housing developments. The governing body of a 128
202	202	municipality that adopts a community land bank p rogram shall 129
203	203	establish or approve a land bank for the purpose of acquiring, 130
204	204	holding, and transferring unimproved real property under this 131
205	205	section. 132
206	206	(3)(a) The governing body of a municipality that creates a 133
207	207	community land bank program shall operate the pr ogram in 134
208	208	conformance with a community land bank plan that the 135
209	209	municipality adopts annually. The plan may be amended as needed. 136
210	210	(b) In developing the plan, the governing body of a 137
211	211	municipality shall consider other housing plans adopted by the 138
212	212	governing body, including the comprehensive plan submitted to 139
213	213	the United States Department of Housing and Urban Development 140
214	214	and all fair housing plans and policies adopted or agreed to by 141
215	215	the governing body. 142
216	216	(c) The plan must include, at a minimum, all of the 143
217	217	following: 144
218	218	1. A list of community housing development organizations 145
219	219	eligible to participate in the right of first refusal under 146
220	220	subsection (6). The plan must also include the time period 147
221	221	during which the right of first refusal may be exercised, which 148
222	222	time period must be at least 9 months but not more than 26 149
223	223	months after the date of the deed of conveyance of the property 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	to the land bank. 151
237	237	2. A right of first refusal for any other nonprofit 152
238	238	corporation exempted from federal income tax under s. 501(c)(3) 153
239	239	of the United States Internal Revenue Code, provided that the 154
240	240	preeminent right of first refusal is provided to qualified 155
241	241	organizations as provided in subsection (6). 156
242	242	3. A list of the parcels of real property that may be 157
243	243	eligible for sale to the land bank durin g the next year. 158
244	244	4. The municipality's plan for the development of 159
245	245	affordable housing on those parcels of real property. 160
246	246	5. The sources and amounts of money the municipality 161
247	247	anticipates to be available for subsidies for the development of 162
248	248	affordable housing in the municipality, including any money 163
249	249	specifically available for housing developed under the program, 164
250	250	as approved by the governing body of the municipality at the 165
251	251	time the plan is adopted. 166
252	252	6. The amount of additional time, if any, that a propert y 167
253	253	may be held in the land bank once an offer has been received 168
254	254	from a qualified participating developer and accepted by the 169
255	255	land bank. 170
256	256	(4)(a) Before the adoption of a plan, the governing body 171
257	257	of a municipality must hold a public hearing on the proposed 172
258	258	plan. 173
259	259	(b) The city manager or his or her designee must provide 174
260	260	notice of the public hearing to all community housing 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
270	270
271	271
272	272
273	273	development organizations and to the neighborhood associations 176
274	274	identified by the governing body of the municipality as serving 177
275	275	the neighborhoods in which properties anticipated to be 178
276	276	available for sale to the land bank under this section are 179
277	277	located. 180
278	278	(c) The city manager or his or her designee must make 181
279	279	copies of the proposed plan available to the public at least 60 182
280	280	days before the date of the public hearing. 183
281	281	(5)(a) Except as provided in paragraph (f), property that 184
282	282	is ordered sold pursuant to a foreclosure judgment may be sold 185
283	283	in a private sale to a land bank by the person charged with the 186
284	284	sale of the property without first offering the property for 187
285	285	sale as otherwise provided in chapter 45 if all of the following 188
286	286	apply: 189
287	287	1. The market value of the property as specified in the 190
288	288	judgment of foreclosure is less than the total amount due under 191
289	289	the judgment, including all taxes, penalties, and interest, plus 192
290	290	the value of nontax liens held by a taxing unit and awarded by 193
291	291	the judgment, court costs, and the cost of the sale. 194
292	292	2. The property is not improved with a building or 195
293	293	buildings. 196
294	294	3. There are delinquent taxes on the property for a total 197
295	295	of at least 5 years. 198
296	296	4. The governing body of the municipality has executed an 199
297	297	interlocal agreement with the other taxing units that are 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
307	307
308	308
309	309
310	310	parties to the foreclosure proceeding which enables those taxing 201
311	311	units to agree to participate in the program while r etaining the 202
312	312	right to withhold consent to the sale of the specific properties 203
313	313	to the land bank. 204
314	314	(b) A sale of property for use in connection with the 205
315	315	program is a sale for a public purpose. 206
316	316	(c) If the person being sued in a foreclosure proceeding 207
317	317	does not contest the market value of the property in the 208
318	318	proceeding, the person waives the right to challenge the amount 209
319	319	of the market value determined by the court for purposes of the 210
320	320	sale of the property under s. 45.031. 211
321	321	(d) For any sale of property under t his section, the 212
322	322	person charged with the sale of the property must provide each 213
323	323	person who was a defendant to the judgment, or that person's 214
324	324	attorney, written notice at least 90 days before the date of the 215
325	325	sale of the proposed method of sale of the propert y. Such notice 216
326	326	must be given in accordance with the Florida Rules of Civil 217
327	327	Procedure. 218
328	328	(e) After receipt of the notice required under paragraph 219
329	329	(d) and before the date of the proposed sale, the owner of the 220
330	330	property subject to the sale may file with the person charged 221
331	331	with the sale a written request that the property not be sold in 222
332	332	the manner provided under this section. 223
333	333	(f) If the person charged with the sale receives a written 224
334	334	request as provided in paragraph (e), the person must sell the 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
344	344
345	345
346	346
347	347	property as otherwise provided in chapter 45. 226
348	348	(g) The owner of the property subject to the sale may not 227
349	349	receive any proceeds of a sale under this section and does not 228
350	350	have any personal liability for a deficiency of the judgment as 229
351	351	a result of a sale under this section. 230
352	352	(h) If consent is given by the taxing units that are a 231
353	353	party to the judgment, property may be sold to a land bank for 232
354	354	less than the market value of the property as specified in the 233
355	355	judgment or less than the total of all taxes, penalties, and 234
356	356	interest, plus the value of nontax liens held by a taxing unit 235
357	357	and awarded by the judgment, court costs, and the cost of the 236
358	358	sale. 237
359	359	(i) The deed of conveyance of the property sold to a land 238
360	360	bank under this section conveys to the land bank the right, 239
361	361	title, and interest in the property acquired or held by each 240
362	362	taxing unit that was a party to the judgment, subject to the 241
363	363	right of redemption. 242
364	364	(6) After receiving the deed of conveyance of the 243
365	365	property, a land bank must first offer the property for sale to 244
366	366	qualified organizations. 245
367	367	(a) A land bank must provide notice to qualified 246
368	368	organizations by certified mail, return receipt requested, at 247
369	369	least 60 days before the beginning of the time period in which a 248
370	370	right of first refusal may be exercised according to a 249
371	371	municipality's community land bank plan. 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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384	384	(b) If a land bank conveys the property to a qualified 251
385	385	organization before the expiration of the time period specified 252
386	386	by the community land bank plan, the interlocal agreement 253
387	387	executed under subparagraph (5)(a)4. mu st provide tax abatement 254
388	388	for the property until the expiration of the time period. 255
389	389	(c) During the right of first refusal time period, a land 256
390	390	bank may not sell the property to a qualified participating 257
391	391	developer other than a qualified organization. If all qualified 258
392	392	organizations notify the land bank that they are declining to 259
393	393	exercise their right of first refusal during the applicable time 260
394	394	period, the land bank may sell the property to any other 261
395	395	qualified participating developer at the same price that the 262
396	396	land bank offered the property to the qualified organizations. 263
397	397	(d) If more than one qualified organization expresses an 264
398	398	interest in exercising its right of first refusal, the 265
399	399	organization that has the most geographically compact area 266
400	400	encompassing a porti on of the property as designated it its 267
401	401	application for certification is given priority. 268
402	402	(e) A land bank is not required to provide a right of 269
403	403	first refusal to qualified organizations under this section if 270
404	404	the land bank is selling property that reverted to the land bank 271
405	405	as provided under subsection (7). 272
406	406	(7) Each subsequent resale of property acquired by a land 273
407	407	bank under this section must comply with the conditions of this 274
408	408	subsection. 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	(a) A land bank must sell a property to a qualified 276
422	422	participating developer within 3 years after receiving the deed 277
423	423	of conveyance of the property for the purpose of construction of 278
424	424	affordable housing for sale or rent to low -income households or 279
425	425	very-low-income households. If the land bank has not sold the 280
426	426	property within those 3 years, the property must be transferred 281
427	427	from the land bank back to the taxing units that were parties to 282
428	428	the foreclosure judgment for disposition as otherwise allowed 283
429	429	under law. 284
430	430	(b) The number of properties acquired by a qualified 285
431	431	participating developer under this section on which development 286
432	432	has not been completed may not at any time exceed three times 287
433	433	the annual average residential production completed by the 288
434	434	qualified participating developer during the preceding 2 -year 289
435	435	period, as determined by the governing body of the municipality. 290
436	436	In its community land bank plan, the governing body of the 291
437	437	municipality may increase the number of properties a qualified 292
438	438	participating developer may acquire. 293
439	439	(c) The deed conveying a property sold by a land bank must 294
440	440	include a right of reverter so that, if the qualified 295
441	441	participating developer does not apply for a construction permit 296
442	442	and close on any construction financing within 2 years after the 297
443	443	date of the conveyance of the property from the land bank to the 298
444	444	qualified participating developer, the property reverts to the 299
445	445	land bank for subsequent resale to another qualified 300
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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	participating developer or conveyance to the taxing units as 301
459	459	required under paragraph (a). 302
460	460	(d) The proceeds from sales under this section mu st be 303
461	461	reinvested back into the community land bank program. 304
462	462	(8)(a) A land bank must impose deed restrictions on 305
463	463	property sold to qualified participating developers requiring 306
464	464	the development and sale or rental of the property to low -income 307
465	465	households and very-low-income households. 308
466	466	(b) At least 25 percent of a land bank's properties sold 309
467	467	during any given fiscal year to be developed for sale must be 310
468	468	deed restricted for sale to households whose total annual 311
469	469	household income does not exceed 60 percent of th e area median 312
470	470	income, adjusted for household size, for the metropolitan 313
471	471	statistical area in which the municipality is located, as 314
472	472	determined annually by the United States Department of Housing 315
473	473	and Urban Development. 316
474	474	(c)1. If the property sold is to be de veloped for rental 317
475	475	units, the deed restrictions must last for at least 20 years and 318
476	476	prohibit the exclusion of a person or family from admission to 319
477	477	the development based solely on the participation of the person 320
478	478	or family in the Housing Choice Voucher Progr am under s. 8 of 321
479	479	the United States Housing Act of 1937, as amended. Additionally, 322
480	480	the deed restrictions must require: 323
481	481	a. That 100 percent of the rental units be occupied by and 324
482	482	affordable to households whose total annual household income 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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495	495	does not exceed 60 percent of the area median income, adjusted 326
496	496	for household size, for the metropolitan statistical area in 327
497	497	which the municipality is located, as determined annually by the 328
498	498	United States Department of Housing and Urban Development; 329
499	499	b. That 40 percent of the rental units be occupied by and 330
500	500	affordable to households whose total annual household income 331
501	501	does not exceed 50 percent of the area median income, adjusted 332
502	502	for household size, for the metropolitan statistical area in 333
503	503	which the municipality is located, as determined annually by the 334
504	504	United States Department of Housing and Urban Development; or 335
505	505	c. That 20 percent of the rental units be occupied by and 336
506	506	affordable to households whose total annual household income 337
507	507	does not exceed 30 percent of the area medi an income, adjusted 338
508	508	for household size, for the metropolitan statistical area in 339
509	509	which the municipality is located, as determined annually by the 340
510	510	United States Department of Housing and Urban Development. 341
511	511	2. The owner of a development with deed restricti ons 342
512	512	required under this paragraph must file an annual occupancy 343
513	513	report with the municipality on a form adopted by the governing 344
514	514	body of the municipality. 345
515	515	(d) Except as otherwise provided in this section, if the 346
516	516	deed restrictions imposed under this subsec tion are for a number 347
517	517	of years, the deed restrictions must renew automatically. 348
518	518	(e) A land bank or the governing body of a municipality 349
519	519	may modify or add to the deed restrictions imposed under this 350
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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	subsection. Any modifications or additions made by the g overning 351
533	533	body of the municipality must be adopted by the governing body 352
534	534	as part of its community land bank plan and must comply with the 353
535	535	restrictions in this subsection. 354
536	536	(9)(a) A land bank must keep accurate minutes of its 355
537	537	meetings and accurate records a nd books of account that conform 356
538	538	with generally accepted principles of accounting and that 357
539	539	clearly reflect the income and expenses of the land bank and all 358
540	540	transactions in relation to its property. 359
541	541	(b) A land bank must maintain in its records for 360
542	542	inspection a copy of the sale settlement statement for each 361
543	543	property sold by a qualified participating developer and a copy 362
544	544	of the first page of the mortgage note with the interest rate 363
545	545	and indicating the volume and page number of the instrument as 364
546	546	filed with the county clerk. 365
547	547	(c) Within 90 days after the close of its fiscal year, a 366
548	548	land bank must file with the municipality an annual audited 367
549	549	financial statement prepared by a certified public accountant. 368
550	550	The financial transactions of the land bank are subject to audit 369
551	551	by the municipality. 370
552	552	(d) For purposes of evaluating the effectiveness of the 371
553	553	program, a land bank must submit an annual performance report to 372
554	554	the municipality by November 1 of each year in which the land 373
555	555	bank acquires or sells property under this s ection. The 374
556	556	performance report must include all of the following: 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
566	566
567	567
568	568
569	569	1. A complete and detailed written accounting of all money 376
570	570	and properties received and disbursed by the land bank during 377
571	571	the preceding fiscal year. 378
572	572	2. For each property acquired by the land bank during the 379
573	573	preceding fiscal year: 380
574	574	a. The street address of the property. 381
575	575	b. The legal description of the property. 382
576	576	c. The date on which the land bank took title to the 383
577	577	property. 384
578	578	d. The full name and street address of the property owner 385
579	579	of record at the time of the foreclosure proceeding. 386
580	580	3. For each property sold by the land bank to a qualified 387
581	581	participating developer during the preceding fiscal year: 388
582	582	a. The street address of the property. 389
583	583	b. The legal description of the property. 390
584	584	c. The full name and mailing address of the developer. 391
585	585	d. The purchase price paid by the developer. 392
586	586	e. The maximum incomes allowed for the households by the 393
587	587	terms of the sale. 394
588	588	f. The source and amount of any public subsidy provided by 395
589	589	the municipality to facilitate the sale or rental of the 396
590	590	property to a household within the targeted income range. 397
591	591	4. For each property sold by a qualified participating 398
592	592	developer during the preceding fiscal year, the buyer's 399
593	593	household income and a description of all u se and sale 400
594	594
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602	602	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
603	603
604	604
605	605
606	606	restrictions. 401
607	607	5. For each property developed for rental units with an 402
608	608	active deed restriction, a copy of the most recent annual report 403
609	609	filed by the owner of the land bank. 404
610	610	(e) A land bank must provide copies of the performance 405
611	611	report to the taxing units that were parties to the judgment of 406
612	612	foreclosure and provide notice of the availability of the 407
613	613	performance report for review to the organizations and 408
614	614	neighborhood associations identified by the governing body of 409
615	615	the municipality as serving th e neighborhoods in which 410
616	616	properties sold to the land bank under this section are located. 411
617	617	(f) The land bank and municipality must maintain copies of 412
618	618	all performance reports and make such reports available for 413
619	619	public review. 414
620	620	(10) This section does not a pply to property acquired 415
621	621	through an eminent domain action. 416
622	622	Section 2. Section 220.1851, Florida Statutes, is created 417
623	623	to read: 418
624	624	220.1851 Retail-to-residence tax credit. — 419
625	625	(1) As used in this section, the term: 420
626	626	(a) "Credit period" means the period of 5 years beginning 421
627	627	with the year a project is completed. 422
628	628	(b) "Designated project" means a qualified project 423
629	629	designated pursuant to s. 420.50931 to receive the tax credit 424
630	630	under this section. 425
631	631
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639	639	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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642	642
643	643	(c) "Qualified project" means a project to redevelop a 426
644	644	structure that was originally developed as a shopping center to 427
645	645	provide appropriate and affordable workforce housing. 428
646	646	(d) "Shopping center" means an area designed to provide 429
647	647	space for multiple storefronts within a single building or 430
648	648	sharing a common parking l ot. 431
649	649	(2)(a) There shall be allowed a tax credit of up to 9 432
650	650	percent, but no more than necessary to make the project 433
651	651	feasible, of the total cost of a designated project for each 434
652	652	year of the credit period against any tax due for a taxable year 435
653	653	under this chapter. 436
654	654	(b) The tax credit shall be allocated among designated 437
655	655	projects by the Florida Housing Finance Corporation as provided 438
656	656	in s. 420.50931. 439
657	657	(c) A tax credit allocated to a designated project may be 440
658	658	subject to transfer by the recipient. Such transferr ed credits 441
659	659	may not be transferred again. The department shall adopt rules 442
660	660	necessary to administer this paragraph. 443
661	661	Section 3. Section 420.50931, Florida Statutes, is created 444
662	662	to read: 445
663	663	420.50931 Retail-to-residence Tax Credit Program. — 446
664	664	(1) There is created the Retail-to-residence Tax Credit 447
665	665	Program for the purpose of redeveloping shopping centers into 448
666	666	appropriate and affordable workforce housing. 449
667	667	(2) The corporation shall determine those qualified 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
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679	679
680	680	projects, as defined in s. 220.1851(1), which shall be 451
681	681	considered designated projects under s. 220.1851 and eligible 452
682	682	for the corporate tax credit under that section. The corporation 453
683	683	shall establish procedures necessary for proper allocation and 454
684	684	distribution of tax credits, including the establishment of 455
685	685	criteria for ensuring that the housing is appropriate and 456
686	686	affordable for the workers of the state, and may exercise all 457
687	687	powers necessary to administer the allocation of such credits. 458
688	688	The board of directors of the corporation shall administer the 459
689	689	allocation procedures and determine allocations on behalf of the 460
690	690	corporation. The corporation shall prepare an annual plan, which 461
691	691	must be approved by the Governor, containing general guidelines 462
692	692	for the allocation of tax credits to designated projects. 463
693	693	(3) The corporation shall adopt allocation procedures to 464
694	694	ensure that tax credits are used in a fair manner, taking into 465
695	695	consideration the timeliness of the application, the location of 466
696	696	the proposed project, the relative need in the area for 467
697	697	appropriate and affordable wo rkforce housing and the 468
698	698	availability of such housing, the economic feasibility of the 469
699	699	proposed project, and the ability of the applicant to complete 470
700	700	the proposed project in the calendar year for which the tax 471
701	701	credit is sought. 472
702	702	(4)(a) A taxpayer who wishe s to participate in the Retail -473
703	703	to-residence Tax Credit Program must submit an application for 474
704	704	tax credit to the corporation. The application must identify the 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
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715	715
716	716
717	717	proposed project and the location of the proposed project and 476
718	718	include evidence that the proposed project is a qualified 477
719	719	project as defined in s. 220.1851(1). The corporation may 478
720	720	request any information from an applicant necessary to enable 479
721	721	the corporation to make tax credit allocations according to the 480
722	722	procedures adopted under subsection (3). 481
723	723	(b) The corporation's approval of an application for a 482
724	724	project must be in writing and include a statement of the 483
725	725	maximum tax credit allowable to the applicant. 484
726	726	Section 4. Section 420.5098, Florida Statutes, is created 485
727	727	to read: 486
728	728	420.5098 Affordable Housing C onstruction Loan Program. — 487
729	729	(1) The Affordable Housing Construction Loan Program is 488
730	730	created to encourage the new construction of affordable homes 489
731	731	for purchase by low to moderate income homebuyers by providing a 490
732	732	revolving line of construction funding. 491
733	733	(2) The corporation is authorized to provide loans under 492
734	734	the program to applicants for construction of affordable 493
735	735	housing. Applicants may draw from the loan up to five times per 494
736	736	home. All homes must meet the requirements of the Florida 495
737	737	Building Code or, if m ore stringent, local amendments to the 496
738	738	Florida Building Code. 497
739	739	(3) Qualified homebuyers of homes built under this program 498
740	740	must be first-time homebuyers who earn no more than 120 percent 499
741	741	of the area median income. 500
742	742
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754	754	(4) The corporation shall develop a loan application 501
755	755	process for the program. 502
756	756	(5) The corporation may adopt rules pursuant to ss. 503
757	757	120.536(1) and 120.54 to implement this section. 504
758	758	Section 5. This act shall take effect July 1, 2024. 505