Florida 2024 Regular Session

Florida House Bill H7069 Compare Versions

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

Old	New	Differences
1	1
2	2
3	3	HB 7069 2024
4	4
5	5
6	6
7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb7069-00
9	9	Page 1 of 37
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
11	11
12	12
13	13
14	14	A bill to be entitled 1
15	15	An act relating to private activity bonds; amending s. 2
16	16	159.608, F.S.; conforming a provision to changes made 3
17	17	by the act; amending s. 159.802, F.S.; providing 4
18	18	legislative findings and intent; amending s. 159.803, 5
19	19	F.S.; revising and defining terms; repealing s. 6
20	20	159.804, F.S., relating to allocation of state volume 7
21	21	limitation; creating s. 159.8041, F.S.; requiring the 8
22	22	Division of Bond Finance of the State Board of 9
23	23	Administration to annually determine the state volume 10
24	24	limitation and publicize such information; specifying 11
25	25	how the division must allocate the state volume 12
26	26	limitation; repealing s. 159.805, F.S., relating to 13
27	27	procedures for obtaining allocations, requirements, 14
28	28	limitations on allocations, and issuance reports; 15
29	29	creating s. 159.8051, F.S.; establishing pr ocedures 16
30	30	for the issuance of private activity bonds; providing 17
31	31	requirements for notices of intent to issue private 18
32	32	activity bonds; requiring that a separate notice of 19
33	33	intent to issue be filed for each proposed issuance of 20
34	34	a private activity bond; creating s. 159.8052, F.S.; 21
35	35	providing procedures for the evaluation, approval, and 22
36	36	confirmation of notices of intent to issue private 23
37	37	activity bonds; providing that certain confirmations 24
38	38	expire on a specified date unless a certain 25
39	39
40	40	HB 7069 2024
41	41
42	42
43	43
44	44	CODING: Words stricken are deletions; words underlined are additions.
45	45	hb7069-00
46	46	Page 2 of 37
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
48	48
49	49
50	50
51	51	requirement is met; requiring that certain 26
52	52	confirmations include specified information; providing 27
53	53	conditions under which a confirmation of allocation is 28
54	54	effective or not effective; providing requirements for 29
55	55	the issuance of private activity bonds in excess of 30
56	56	the amount set forth in the co nfirmation; requiring 31
57	57	the division to cancel a confirmation of allocation 32
58	58	and reallocate the state volume limitation under 33
59	59	certain circumstances; creating s. 159.8053, F.S.; 34
60	60	prohibiting the allocation of state volume limitation 35
61	61	before an issuance report is filed; providing an 36
62	62	exception; providing that failure to file an issuance 37
63	63	report will result in specified action; providing 38
64	64	requirements for issuance reports; providing for the 39
65	65	reversion and reallocation of certain unissued state 40
66	66	volume limitation n; requ iring the director of the 41
67	67	division to sign a final certification of allocation 42
68	68	after timely filing of an issuance report; repealing 43
69	69	s. 159.806, F.S., relating to regional allocation 44
70	70	pools; creating s. 159.8061, F.S.; establishing 45
71	71	affordable housing allocat ion pools for a specified 46
72	72	purpose; requiring allocation and distribution of 47
73	73	specified state volume limitation during specified 48
74	74	time period annually; providing requirements for such 49
75	75	allocations; establishing regions within the regional 50
76	76
77	77	HB 7069 2024
78	78
79	79
80	80
81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb7069-00
83	83	Page 3 of 37
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	affordable housing al location pool; requiring 51
89	89	allocations be transferred to the statewide affordable 52
90	90	housing allocation pool in certain circumstances; 53
91	91	providing requirements for issuance of confirmations 54
92	92	by the division; creating s. 159.8062, F.S.; 55
93	93	establishing the Florida Hou sing Finance Corporation 56
94	94	pool for a specified timeframe each year; providing 57
95	95	purpose of the pool; requiring the Florida Housing 58
96	96	Finance Corporation to use a specified pool before a 59
97	97	date certain; providing requirements for the 60
98	98	corporation's use of such pool ; authorizing the 61
99	99	corporation to assign certain state volume limitation 62
100	100	to specified pools; creating s. 159.8063, F.S.; 63
101	101	establishing the economic development allocation pool; 64
102	102	providing the availability of such pool for specified 65
103	103	purposes; providing require ments for processing 66
104	104	certain notices of intent; repealing s. 159.807, F.S., 67
105	105	relating to the state allocation pool; creating s. 68
106	106	159.8071, F.S.; establishing the state allocation pool 69
107	107	to issue confirmations for certain purposes during a 70
108	108	specified timeframe e ach year; repealing s. 159.8075, 71
109	109	F.S., relating to qualified mortgage credit 72
110	110	certificates; creating s. 159.80751, F.S.; authorizing 73
111	111	conversion of state volume limitation for certain 74
112	112	bonds to mortgage credit certificates in certain 75
113	113
114	114	HB 7069 2024
115	115
116	116
117	117
118	118	CODING: Words stricken are deletions; words underlined are additions.
119	119	hb7069-00
120	120	Page 4 of 37
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
122	122
123	123
124	124
125	125	situations; providing req uirements for the issuance 76
126	126	such certificates; providing that certain expiration 77
127	127	dates do not apply under certain circumstances; 78
128	128	requiring certain unissued mortgage credit 79
129	129	certificates to automatically receive a carryforward 80
130	130	confirmation; requiring that cer tain elections and 81
131	131	certifications be filed with the division; designating 82
132	132	the director of the division to be the state official 83
133	133	authorized to make a required certification; repealing 84
134	134	s. 159.8081, F.S., relating to the Manufacturing 85
135	135	Facility Bond Pool; repe aling s. 159.8083, F.S., 86
136	136	relating to the Florida First Business allocation 87
137	137	pool; repealing s. 159.809, F.S., relating to 88
138	138	recapture of unused amounts; creating s. 159.8091, 89
139	139	F.S.; establishing the carryforward allocation pool; 90
140	140	providing the purpose of such p ool; providing 91
141	141	requirements for carryforward confirmations; repealing 92
142	142	s. 159.81, F.S., relating to unused allocations; 93
143	143	creating s. 159.8101, F.S.; requiring an issuer to 94
144	144	request and obtain carryforward confirmation from the 95
145	145	division in certain circumstance s; authorizing the 96
146	146	division to issue a carryforward confirmation when 97
147	147	certain conditions are met; providing requirements for 98
148	148	requesting a carryforward confirmation; repealing s. 99
149	149	159.8105, F.S., relating to allocation of bonds for 100
150	150
151	151	HB 7069 2024
152	152
153	153
154	154
155	155	CODING: Words stricken are deletions; words underlined are additions.
156	156	hb7069-00
157	157	Page 5 of 37
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	water and wastewater infra structure projects; amending 101
163	163	s. 159.811, F.S.; conforming provisions to changes 102
164	164	made by the act; repealing s. 159.812, F.S., relating 103
165	165	to a grandfather clause; amending s. 159.814, F.S.; 104
166	166	revising requirements for applications for 105
167	167	allocations; authorizing el ectronic submission; 106
168	168	providing that certain notices of intent and 107
169	169	applications are only timely filed within specified 108
170	170	timeframes; deleting obsolete provisions; repealing s. 109
171	171	159.815, F.S., relating to rules; amending s. 159.816, 110
172	172	F.S.; revising procedures fo r the execution of a final 111
173	173	certification of allocation; amending ss. 420.504 and 112
174	174	163.2520, F.S.; conforming provisions to changes made 113
175	175	by the act; providing an effective date. 114
176	176	115
177	177	Be It Enacted by the Legislature of the State of Florida: 116
178	178	117
179	179	Section 1. Subsection (10) of section 159.608, Florida 118
180	180	Statutes, is amended to read: 119
181	181	159.608 Powers of housing finance authorities. —A housing 120
182	182	finance authority shall constitute a public body corporate and 121
183	183	politic, exercising the public and essential governmental 122
184	184	functions set forth in this act, and shall exercise its power to 123
185	185	borrow only for the purpose as provided herein: 124
186	186	(10)(a) To make loans or grant surplus funds to 125
187	187
188	188	HB 7069 2024
189	189
190	190
191	191
192	192	CODING: Words stricken are deletions; words underlined are additions.
193	193	hb7069-00
194	194	Page 6 of 37
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
196	196
197	197
198	198
199	199	corporations that qualify as not -for-profit corporations under 126
200	200	s. 501(c)(3) of the Internal Reve nue Code of 1986, as amended, 127
201	201	and under the laws of this state, for the development of 128
202	202	affordable housing; and 129
203	203	(b) To do anything necessary or appropriate to further the 130
204	204	purpose for which a housing finance authority is established, 131
205	205	pursuant to s. 159.602 , including, as further described in s. 132
206	206	159.80751 s. 159.8075, the power to issue mortgage credit 133
207	207	certificates to the extent allocation is available for that 134
208	208	purpose to qualifying individuals in lieu of issuing qualified 135
209	209	mortgage bonds pursuant to ss. 25, 143, and 146 of the Internal 136
210	210	Revenue Code of 1986, as amended, or a combination of the two. 137
211	211	Mortgage credit certificates may not be issued on December 30 or 138
212	212	December 31 of any year. 139
213	213	Section 2. Section 159.802, Florida Statutes, is amended 140
214	214	to read: 141
215	215	159.802 Purpose; legislative findings and intent .— 142
216	216	(1) The purpose of this part is to allocate the state 143
217	217	volume limitation imposed on private activity bonds under s. 146 144
218	218	of the Code. A no private activity bond subject to the 145
219	219	limitation in s. 146 of the Cod e may not shall be issued in this 146
220	220	state unless a written confirmation therefor is issued pursuant 147
221	221	to this part. 148
222	222	(2) The Legislature finds and declares that private 149
223	223	activity bonds are used to finance improvements, projects, and 150
224	224
225	225	HB 7069 2024
226	226
227	227
228	228
229	229	CODING: Words stricken are deletions; words underlined are additions.
230	230	hb7069-00
231	231	Page 7 of 37
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	programs that serve importa nt public purposes and benefit the 151
237	237	social and economic well -being of the people of this state. The 152
238	238	Legislature recognizes that the exemption of interest on private 153
239	239	activity bonds from federal income taxation and the concomitant 154
240	240	reduced interest costs have been central to the marketability of 155
241	241	such bonds. 156
242	242	(3) It is the intent of the Legislature that issuers use 157
243	243	the state volume limitation in such a manner as to maximize the 158
244	244	amount of private activity bonds that may be issued in this 159
245	245	state which will benefit the social and economic well -being of 160
246	246	the people of this state by increasing the number of 161
247	247	improvements, projects, and programs that may be financed in a 162
248	248	given year and that, to the extent that any portion of state 163
249	249	volume limitation allocated to an issuer is carried forward, it 164
250	250	be used to issue private activity bonds before its expiration. 165
251	251	Section 3. Section 159.803, Florida Statutes, is amended 166
252	252	to read: 167
253	253	159.803 Definitions. —As used in this part, the term: 168
254	254	(1) "Affordable housing bonds" means multi family 169
255	255	affordable housing bonds and single -family affordable housing 170
256	256	bonds. 171
257	257	(1) "County" means the geographic boundaries of each 172
258	258	county as established by law. 173
259	259	(16)(2) "Private activity bond" or "bond" means any bond 174
260	260	which requires an allocation pursuant to s. 146 of the Code. 175
261	261
262	262	HB 7069 2024
263	263
264	264
265	265
266	266	CODING: Words stricken are deletions; words underlined are additions.
267	267	hb7069-00
268	268	Page 8 of 37
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	(3) "Director" means the director of the Division of Bond 176
274	274	Finance of the State Board of Administration or his or her 177
275	275	designee. 178
276	276	(4) "Agency" means the State of Florida, any unit of local 179
277	277	government, industrial development authority, or other entity in 180
278	278	this state authorized to issue private activity bonds. 181
279	279	(5) "Priority project" means a solid waste disposal 182
280	280	facility or a sewage facility, as su ch terms are defined in s. 183
281	281	142 of the Code, or a water facility, as defined in s. 142 of 184
282	282	the Code, which is operated by a member -owned, not-for-profit 185
283	283	utility, or any project which is to be located in an area which 186
284	284	is an enterprise zone designated pursuant to s. 290.0065. 187
285	285	(6) "Division" means the Division of Bond Finance of the 188
286	286	State Board of Administration. 189
287	287	(11)(7) "Issued" or "issuance" has the same meaning as in 190
288	288	the Code. 191
289	289	(3)(8) "Code" means the Internal Revenue Code of 1986, as 192
290	290	amended, and the regulations and rulings issued thereunder. 193
291	291	(9) "Housing bonds" means bonds issued pursuant to s. 194
292	292	142(d) of the Code to finance qualified residential units or 195
293	293	mortgage revenue bonds issued pursuant to s. 143 of the Code 196
294	294	which require an allocation under s. 146 of the Code. 197
295	295	(10) "Manufacturing facility" means a facility described 198
296	296	in s. 144(a)(12)(C) of the Code. 199
297	297	(11) "Florida First Business project" means any project 200
298	298
299	299	HB 7069 2024
300	300
301	301
302	302
303	303	CODING: Words stricken are deletions; words underlined are additions.
304	304	hb7069-00
305	305	Page 9 of 37
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	which is certified by the Department of Commerce as eligible to 201
311	311	receive an allocation fro m the Florida First Business allocation 202
312	312	pool established pursuant to s. 159.8083. The Department of 203
313	313	Commerce may certify those projects proposed by a business which 204
314	314	qualify as a target industry business as defined in s. 288.005 205
315	315	or any project providing a s ubstantial economic benefit to this 206
316	316	state. The department shall develop measurement protocols and 207
317	317	performance measures to determine what competitive value a 208
318	318	project by a target industry business will bring to the state 209
319	319	pursuant to ss. 20.60(5)(a)3. and 288 .061(2). 210
320	320	(13)(12) "Mortgage credit certificate" means those 211
321	321	certificates issued pursuant to s. 25 of the Code. 212
322	322	(2) "Carryforward confirmation" means a confirmation for a 213
323	323	project that qualifies for a carryforward pursuant to s. 214
324	324	146(f)(5) of the Code whi ch authorizes the issuer to make an 215
325	325	election to carry forward such allocation of state volume 216
326	326	limitation beyond the end of the current calendar year in 217
327	327	accordance with s. 146(f) of the Code. 218
328	328	(4) "Confirmation" means the conditional allocation of a 219
329	329	portion of the state volume limitation to an issuer, made 220
330	330	pursuant to a timely filed notice of intent to issue, which is 221
331	331	contingent upon the issuer's timely filing of an issuance 222
332	332	report. 223
333	333	(5) "Corporation" means the Florida Housing Finance 224
334	334	Corporation created b y s. 420.504. 225
335	335
336	336	HB 7069 2024
337	337
338	338
339	339
340	340	CODING: Words stricken are deletions; words underlined are additions.
341	341	hb7069-00
342	342	Page 10 of 37
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	(7) "Exempt facility bonds" means any bonds, except 226
348	348	multifamily affordable housing bonds, issued pursuant to s. 142 227
349	349	of the Code to finance facilities and projects that are listed 228
350	350	in s. 142(a) of the Code which require an allocation of state 229
351	351	volume limitation under s. 146 of the Code. 230
352	352	(8) "Final certification of allocation" means the 231
353	353	certification issued by the division following the timely filing 232
354	354	of an issuance report which establishes the final amount of 233
355	355	state volume limitation allocated to an issuer for an issuance 234
356	356	of private activity bonds as required in s. 149(e)(2)(F) of the 235
357	357	Code. 236
358	358	(9) "Governmental unit" means the general -purpose 237
359	359	governmental unit, as defined in the Code, which provides 238
360	360	approval under the federal Tax Equity and Fisca l Responsibility 239
361	361	Act (TEFRA) for proposed issuances of private activity bonds for 240
362	362	issuers within its jurisdiction. 241
363	363	(10) "Issuance report" means the form containing the 242
364	364	information described in s. 159.8053(2) by which an issuer 243
365	365	notifies the division of it s issuance of bonds pursuant to a 244
366	366	confirmation. 245
367	367	(12) "Issuer" means the state, any governmental unit, a 246
368	368	housing finance authority, an industrial development authority, 247
369	369	or any other entity in this state authorized to issue private 248
370	370	activity bonds. 249
371	371	(14) "Multifamily affordable housing bonds" means bonds 250
372	372
373	373	HB 7069 2024
374	374
375	375
376	376
377	377	CODING: Words stricken are deletions; words underlined are additions.
378	378	hb7069-00
379	379	Page 11 of 37
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
381	381
382	382
383	383
384	384	issued pursuant to s. 142 of the Code to finance qualified 251
385	385	residential rental projects, as described in s. 142(d)(1) of the 252
386	386	Code, which require an allocation of state volume limitation 253
387	387	under s. 146 of the C ode. 254
388	388	(15) "Notice of intent to issue" means the form containing 255
389	389	the information described in s. 159.8051(2) on which an issuer 256
390	390	requests an allocation of the state volume limitation from the 257
391	391	division. 258
392	392	(17) "Redevelopment bonds" means bonds issued pursua nt to 259
393	393	s. 144(c) of the Code to be used for redevelopment purposes in 260
394	394	any designated blighted area as such terms are described in s. 261
395	395	144(c)(3) and s. 144(c)(4) of the Code. 262
396	396	(18) "Single-family affordable housing bonds" means 263
397	397	qualified mortgage revenue bon ds issued pursuant to s. 143 of 264
398	398	the Code which require an allocation of state volume limitation 265
399	399	under s. 146 of the Code. 266
400	400	(19) "Small issue bonds" means bonds issued pursuant to s. 267
401	401	144(a) of the Code to finance a manufacturing facility as 268
402	402	described in s. 144(a)(12)(C) of the Code or the acquisition of 269
403	403	farmland or farm property, which require an allocation of state 270
404	404	volume limitation under s. 146 of the Code. 271
405	405	(20) "State volume limitation" means the maximum amount of 272
406	406	private activity bonds which may be issued in this state during 273
407	407	each calendar year as such limit is imposed by s. 146 of the 274
408	408	Code, and which is allocated by the division pursuant to this 275
409	409
410	410	HB 7069 2024
411	411
412	412
413	413
414	414	CODING: Words stricken are deletions; words underlined are additions.
415	415	hb7069-00
416	416	Page 12 of 37
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
418	418
419	419
420	420
421	421	part. 276
422	422	(21) "Student loan bonds" means bonds issued pursuant to 277
423	423	s. 144(b) of the Code to make or finance student loans which 278
424	424	require an allocation of state volume limitation under s. 146 of 279
425	425	the Code. 280
426	426	(22) "TEFRA approval" means the approval of a proposed 281
427	427	issuance of bonds by an elected official or body of elected 282
428	428	officials of the applicable governmental unit after a public 283
429	429	hearing or by a referendum of the voters within such 284
430	430	governmental unit, as required by s. 147(f) of the Code. 285
431	431	Section 4. Section 159.804, Florida Statutes, is repealed. 286
432	432	Section 5. Section 159.8041, Florida Statutes, is created 287
433	433	to read: 288
434	434	159.8041 Allocation of state volume limitation; recapture 289
435	435	of unused amounts.— 290
436	436	(1) The division shall annually determine the state volume 291
437	437	limitation. The division shall make the state volume limitation 292
438	438	information available upon request and shall publish such 293
439	439	information on its website. 294
440	440	(2) On January 1 of each year, the division shall 295
441	441	initially allocate the state volume limitation among the 296
442	442	following pools: 297
443	443	(a) Fifty percent of the state volume limitation must 298
444	444	initially be allocated among the affordable housing allocation 299
445	445	pools established in s. 159.8061 for use as provided therein. 300
446	446
447	447	HB 7069 2024
448	448
449	449
450	450
451	451	CODING: Words stricken are deletions; words underlined are additions.
452	452	hb7069-00
453	453	Page 13 of 37
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
455	455
456	456
457	457
458	458	(b) Twenty-five percent of the state volume limitation 301
459	459	must initially be allocated to the corporation pool established 302
460	460	in s. 159.8062 for use as provided therein. 303
461	461	(c) Twenty-five percent of the state volume limitation 304
462	462	must initially be allocated to the economic development 305
463	463	allocation pool established in s. 159.8063 fo r use as provided 306
464	464	therein. 307
465	465	(3) On October 1 of each year, any portion of each 308
466	466	allocation of state volume limitation made to the affordable 309
467	467	housing allocation pools or the economic development allocation 310
468	468	pool pursuant to subsection (2) for which the divis ion has not 311
469	469	issued a confirmation must be added to the state allocation 312
470	470	pool. 313
471	471	(4) On December 1 of each year, any portion of the 314
472	472	allocation of state volume limitation made to the corporation 315
473	473	pool pursuant to subsection (2) or the state allocation pool 316
474	474	pursuant to subsection (3) for which the division has not issued 317
475	475	a confirmation must be added to the carryforward allocation 318
476	476	pool. Additionally, on December 1 of each year, any portion of 319
477	477	the state volume limitation used to issue a confirmation which 320
478	478	has not been used by an issuer for the issuance of bonds, as 321
479	479	evidenced by receipt by the division of an issuance report, or 322
480	480	which has not received a carryforward confirmation pursuant to 323
481	481	s. 159.8101(2) or been converted for the issuance of mortgage 324
482	482	credit certificates must be added to the carryforward allocation 325
483	483
484	484	HB 7069 2024
485	485
486	486
487	487
488	488	CODING: Words stricken are deletions; words underlined are additions.
489	489	hb7069-00
490	490	Page 14 of 37
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
492	492
493	493
494	494
495	495	pool. 326
496	496	Section 6. Section 159.805, Florida Statutes, is repealed. 327
497	497	Section 7. Section 159.8051, Florida Statutes, is created 328
498	498	to read: 329
499	499	159.8051 Procedures for requesting state volume 330
500	500	limitation; requirements; prohibitions. — 331
501	501	(1) Before the issuance of any private activity bond by or 332
502	502	on behalf of any issuer, such issuer shall request and obtain an 333
503	503	allocation of a portion of the state volume limitation from the 334
504	504	division through the issuance of a confi rmation, except for 335
505	505	private activity bonds issued by the corporation pursuant to s. 336
506	506	159.8062(2)(b) from the initial allocation of state volume 337
507	507	limitation made by s. 159.8041(2)(b). Such request must be made 338
508	508	through a notice of intent to issue containing th e information 339
509	509	required in this section timely filed with the division in 340
510	510	accordance with s. 159.814 by or on behalf of the issuer 341
511	511	requesting the confirmation. Any notice of intent to issue that 342
512	512	does not conform to this section is not eligible to receive a 343
513	513	confirmation and must be rejected. 344
514	514	(2) Each notice of intent to issue must include the 345
515	515	following information: 346
516	516	(a) The name of the issuer requesting the allocation. 347
517	517	(b) The name and contact information of the person 348
518	518	submitting the notice of intent to issue. 349
519	519	(c) The amount of state volume limitation requested. 350
520	520
521	521	HB 7069 2024
522	522
523	523
524	524
525	525	CODING: Words stricken are deletions; words underlined are additions.
526	526	hb7069-00
527	527	Page 15 of 37
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
529	529
530	530
531	531
532	532	(d) A description of the project and the type of qualified 351
533	533	bond, as such term is defined in s. 141(e) of the Code, 352
534	534	including the type of exempt facility, as described in s. 142(a) 353
535	535	of the Code, if applicable, which will be issued to finance the 354
536	536	project. 355
537	537	(e) The county or counties in which the project will be 356
538	538	located. 357
539	539	(f) The pool from which the allocation is requested. 358
540	540	(g) The governmental unit that provided any required TEFRA 359
541	541	approval, and a certification that, if required, TEFRA approval 360
542	542	has been obtained. A notice of intent to issue may not be filed 361
543	543	until any required TEFRA approval has been obtained. 362
544	544	(h) The fee required by s. 159.811. 363
545	545	(i) An opinion or a statement of counsel that t he project 364
546	546	to be financed may be financed with private activity bonds and 365
547	547	that an allocation of state volume limitation is required to 366
548	548	issue such bonds. 367
549	549	(3) A separate notice of intent to issue must be filed for 368
550	550	each proposed issuance of private activity bonds. A notice of 369
551	551	intent to issue may not request an allocation of state volume 370
552	552	limitation for more than one project or more than one purpose. 371
553	553	An issuer may not request an allocation of state volume 372
554	554	limitation from multiple pools in a single notice of in tent to 373
555	555	issue. 374
556	556	Section 8. Section 159.8052, Florida Statutes, is created 375
557	557
558	558	HB 7069 2024
559	559
560	560
561	561
562	562	CODING: Words stricken are deletions; words underlined are additions.
563	563	hb7069-00
564	564	Page 16 of 37
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	to read: 376
570	570	159.8052 Procedures for evaluating notices of intent to 377
571	571	issue; confirmations; requirements; limitations. — 378
572	572	(1)(a) All notices of intent to issue filed with the 379
573	573	division must be evaluated for compliance with this part. Any 380
574	574	notice of intent to issue that conforms to the requirements of 381
575	575	s. 159.8051 is eligible to receive a confirmation and must be 382
576	576	approved, subject to the availability of a sufficient amount of 383
577	577	state volume limitation in the appropriate pool. Each business 384
578	578	day, the division shall compute the state volume limitation in 385
579	579	the pools for which approved notices of intent to issue were 386
580	580	received on the previous business day. The division shall issue 387
581	581	confirmations, subject to the availability of a sufficient 388
582	582	amount of state volume limitation in the appropriate pool. The 389
583	583	amount of confirmation, if there is sufficient state volume 390
584	584	limitation available to the issuer in the appropriate pool, must 391
585	585	be in the amount requested in the approved notice of intent to 392
586	586	issue. If the amount of state volume limitation available to the 393
587	587	issuer in the appropriate pool is less than the amount requested 394
588	588	in the approved notice of intent to issue, the division must 395
589	589	issue confirmations in the o rder of priority established in 396
590	590	paragraph (b) until the available state volume limitation in 397
591	591	each such applicable pool is exhausted. The division shall 398
592	592	maintain continuous records of the cumulative amount of state 399
593	593	volume limitation for which confirmations have been granted 400
594	594
595	595	HB 7069 2024
596	596
597	597
598	598
599	599	CODING: Words stricken are deletions; words underlined are additions.
600	600	hb7069-00
601	601	Page 17 of 37
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	pursuant to this section. 401
607	607	(b) If the division determines that the aggregate amount 402
608	608	of state volume limitation requested in notices of intent to 403
609	609	issue received by noon of the previous business day exceeds the 404
610	610	state volume limitation avai lable to such issuers in the 405
611	611	applicable pool, the division must assign a consecutive number 406
612	612	to the notice of intent to issue requesting allocation from such 407
613	613	pool, draw such numbers randomly to establish the priority of 408
614	614	each such notice of intent to issue, and issue confirmations in 409
615	615	the order of priority until the available state volume 410
616	616	limitation in such pool is exhausted. If the amount of state 411
617	617	volume limitation in the appropriate pool is insufficient to 412
618	618	issue a confirmation in the amount requested for the prioritized 413
619	619	notice of intent to issue, the division must issue a 414
620	620	confirmation in the amount of the state volume limitation 415
621	621	available and place the balance of the request on a pending list 416
622	622	for such pool. The unfilled portion of any such notice of intent 417
623	623	to issue and any notices of intent to issue for which there was 418
624	624	insufficient state volume limitation to issue a confirmation 419
625	625	must be placed on the pending list for the appropriate pool in 420
626	626	the priority order established in this paragraph. 421
627	627	(c) To the extent that state volume limitation 422
628	628	subsequently becomes available for allocation in a pool, notices 423
629	629	of intent placed on the pending list for that pool pursuant to 424
630	630	paragraph (b) must be given priority for the next available 425
631	631
632	632	HB 7069 2024
633	633
634	634
635	635
636	636	CODING: Words stricken are deletions; words underlined are additions.
637	637	hb7069-00
638	638	Page 18 of 37
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
640	640
641	641
642	642
643	643	volume limitation for that year before any notices of intent to 426
644	644	issue requesting allocation from that pool received by the 427
645	645	division after that day's random selection. On September 30 of 428
646	646	each year, any unfilled notices of intent to issue on the 429
647	647	pending lists for the economic development allocati on pool or 430
648	648	the affordable housing allocation pools must be rejected and the 431
649	649	issuer may file a new notice of intent to issue with the 432
650	650	division to request a confirmation from the state allocation 433
651	651	pool to be considered pursuant to this subsection. On November 434
652	652	30 of each year, any unfilled notices of intent to issue on the 435
653	653	pending lists for the state allocation pool must be rejected and 436
654	654	the issuer may file a new notice of intent to issue with the 437
655	655	division to request a carryforward confirmation to be considered 438
656	656	pursuant to s. 159.8101(3). 439
657	657	(2) Each confirmation issued pursuant to s. 159.8061, s. 440
658	658	159.8062, s. 159.8063, or s. 159.8071 expires and ceases to be 441
659	659	effective on November 30 of the year in which it was issued, 442
660	660	unless the issuer obtains a carryforward confirmation pursuant 443
661	661	to s. 159.8101(2). 444
662	662	(3) A confirmation only assures an issuer of an allocation 445
663	663	of state volume limitation in such amount and for such purpose 446
664	664	as set forth therein until the expiration thereof. Each 447
665	665	confirmation granted pursuant to su bsection (1) must include the 448
666	666	following information: 449
667	667	(a) The issuer to which the allocation of state volume 450
668	668
669	669	HB 7069 2024
670	670
671	671
672	672
673	673	CODING: Words stricken are deletions; words underlined are additions.
674	674	hb7069-00
675	675	Page 19 of 37
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	limitation is made. 451
681	681	(b) The amount of the allocation of state volume 452
682	682	limitation granted to the issuer. 453
683	683	(c) The project and type of qualified b ond for which bonds 454
684	684	using such allocation of state volume limitation may be issued. 455
685	685	(d) The date on which the confirmation expires. 456
686	686	(e) A statement that the allocation of state volume 457
687	687	limitation is conditional and may not be considered final until 458
688	688	and unless the issuer files an issuance report pursuant to s. 459
689	689	159.8053. 460
690	690	(4)(a) A confirmation is effective as to private activity 461
691	691	bonds issued in an amount less than the amount set forth in such 462
692	692	confirmation only if the aggregate amount issued pursuant to 463
693	693	such confirmation is not less than 90 percent of the amount set 464
694	694	forth therein, together with the amounts of any carryforward 465
695	695	confirmation an issuer has for such purpose and any 466
696	696	supplementary confirmation, after subtracting any portion 467
697	697	thereof which the issue r has elected to convert for the issuance 468
698	698	of mortgage credit certificates. 469
699	699	(b) A confirmation is not effective as to private activity 470
700	700	bonds issued in an amount in excess of the amount set forth in 471
701	701	such confirmation. An issuer wishing to issue private act ivity 472
702	702	bonds in an amount in excess of the amount set forth in a 473
703	703	confirmation must obtain a supplementary confirmation before the 474
704	704	issuance of such bonds by filing a supplementary notice of 475
705	705
706	706	HB 7069 2024
707	707
708	708
709	709
710	710	CODING: Words stricken are deletions; words underlined are additions.
711	711	hb7069-00
712	712	Page 20 of 37
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	intent to issue with the division. A supplementary notice of 476
718	718	intent to issue must specify the prior confirmation to which it 477
719	719	applies and must also include all items required in s. 478
720	720	159.8051(2). Such supplementary notice of intent to issue must 479
721	721	be filed in accordance with s. 159.814 by or on behalf of the 480
722	722	issuer to whom the confirmation was issued. The division shall 481
723	723	evaluate supplementary notices of intent to issue for compliance 482
724	724	with this part, and, to the extent sufficient state volume 483
725	725	limitation is available, the division shall issue a 484
726	726	supplementary confirmation pursuant to subsection (1). The 485
727	727	amount of state volume limitation allocated in a supplementary 486
728	728	confirmation may be added to a prior confirmation for the same 487
729	729	project to provide an aggregate allocation of state volume 488
730	730	limitation for the issuance of private activity bonds for that 489
731	731	project. A supplementary confirmation does not alter the 490
732	732	expiration date of the initial confirmation. 491
733	733	(c) Upon the expiration of the confirmation, or at any 492
734	734	time before such expiration that the issuer notifies the 493
735	735	division that the allocat ion of state volume limitation in such 494
736	736	confirmation is no longer necessary, the division shall cancel 495
737	737	such confirmation and the allocation of state volume limitation 496
738	738	provided therein must be made available for reallocation 497
739	739	pursuant to this part. 498
740	740	Section 9. Section 159.8053, Florida Statutes, is created 499
741	741	to read: 500
742	742
743	743	HB 7069 2024
744	744
745	745
746	746
747	747	CODING: Words stricken are deletions; words underlined are additions.
748	748	hb7069-00
749	749	Page 21 of 37
750	750	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
751	751
752	752
753	753
754	754	159.8053 Issuance reports; final certification of 501
755	755	allocation.— 502
756	756	(1) Except for an allocation of state volume limitation 503
757	757	that has been converted to the issuance of mortgage credit 504
758	758	certificates pursuant to s. 159.80751, no portion of the state 505
759	759	volume limitation may be allocated before the filing of an 506
760	760	issuance report with the division by or on behalf of the issuer 507
761	761	issuing bonds no later than the date on which the confirmation 508
762	762	for such bonds expir es. An issuer's failure to file an issuance 509
763	763	report before the expiration of a confirmation will result in 510
764	764	the loss of such state volume limitation, regardless of whether 511
765	765	the issuer has issued bonds pursuant to such confirmation. 512
766	766	(2) Each issuance report must include all of the following 513
767	767	information: 514
768	768	(a) The name of the issuer issuing such bonds. 515
769	769	(b) The confirmation pursuant to which the bonds are being 516
770	770	issued. 517
771	771	(c) The amount of state volume limitation used by such 518
772	772	issuance. 519
773	773	(d) The name and series designation of the bonds. 520
774	774	(e) The principal amount of bonds issued. 521
775	775	(f) The date of issuance and the amount of proceeds 522
776	776	distributed at issuance. 523
777	777	(g) The purpose for which the bonds were issued, including 524
778	778	the private business or entity that wil l benefit from or use the 525
779	779
780	780	HB 7069 2024
781	781
782	782
783	783
784	784	CODING: Words stricken are deletions; words underlined are additions.
785	785	hb7069-00
786	786	Page 22 of 37
787	787	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
788	788
789	789
790	790
791	791	proceeds of the bonds; the name of the project, if known; the 526
792	792	location of the project; whether the project is an acquisition 527
793	793	of an existing facility or new construction; and the number 528
794	794	products manufactured or the number of reside ntial units, if 529
795	795	applicable. 530
796	796	(h) The name, role, and contact information of the person 531
797	797	submitting the issuance report. 532
798	798	(3) At issuance, any portion of the state volume 533
799	799	limitation granted in such confirmation that is unissued, except 534
800	800	in the case of a car ryforward confirmation, immediately reverts 535
801	801	to the pool from which the allocation was made and must be made 536
802	802	available for reallocation. 537
803	803	(4) Following the timely filing of an issuance report, the 538
804	804	director of the division shall sign the final certification of 539
805	805	allocation. The final certification of allocation may not be 540
806	806	issued before the timely receipt of an issuance report pursuant 541
807	807	to subsection (1). 542
808	808	Section 10. Section 159.806, Florida Statutes, is 543
809	809	repealed. 544
810	810	Section 11. Section 159.8061, Florida St atutes, is created 545
811	811	to read: 546
812	812	159.8061 Affordable housing allocation pools. — 547
813	813	(1)(a) The following affordable housing allocation pools 548
814	814	are established: 549
815	815	1. The regional affordable housing allocation pool. 550
816	816
817	817	HB 7069 2024
818	818
819	819
820	820
821	821	CODING: Words stricken are deletions; words underlined are additions.
822	822	hb7069-00
823	823	Page 23 of 37
824	824	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
825	825
826	826
827	827
828	828	2. The statewide affordable housing allocation pool. 551
829	829	(b) The affordable housing allocation pools are available 552
830	830	solely for issuing confirmations for affordable housing bonds 553
831	831	pursuant to the procedures specified in this section and s. 554
832	832	159.8052. 555
833	833	(2)(a) From January 1 through May 31 of each year, the 556
834	834	allocation made pursuant to s. 159.8041(2)(a) must be allocated 557
835	835	to the regional affordable housing allocation pool and 558
836	836	distributed among the regions established in paragraph (b). The 559
837	837	allocation distributed to each region must be available solely 560
838	838	to issue confirmations for affordable housing bonds to issuers 561
839	839	located within such region on a first -come, first-served basis 562
840	840	for projects located within such region. The amount of volume 563
841	841	limitation distributed to each region within the regional 564
842	842	affordable housing al location pool must be an amount 565
843	843	proportional to the ratio of the population of the region to the 566
844	844	total population of this state. 567
845	845	(b) The following regions are established within the 568
846	846	regional affordable housing allocation pool for the purposes of 569
847	847	this allocation: 570
848	848	1. Region 1, consisting of Bay, Calhoun, Columbia, Dixie, 571
849	849	Escambia, Franklin, Gadsden, Gilchrist, Gulf, Hamilton, Holmes, 572
850	850	Jackson, Jefferson, Lafayette, Leon, Liberty, Madison, Okaloosa, 573
851	851	Santa Rosa, Suwannee, Taylor, Wakulla, Walton, and Washing ton 574
852	852	Counties. 575
853	853
854	854	HB 7069 2024
855	855
856	856
857	857
858	858	CODING: Words stricken are deletions; words underlined are additions.
859	859	hb7069-00
860	860	Page 24 of 37
861	861	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
862	862
863	863
864	864
865	865	2. Region 2, consisting of Alachua, Baker, Bradford, Clay, 576
866	866	Duval, Flagler, Nassau, Putnam, St. Johns, and Union Counties. 577
867	867	3. Region 3, consisting of Citrus, Hernando, Levy, Marion, 578
868	868	Pasco, and Pinellas Counties. 579
869	869	4. Region 4, consisting o f Hardee, Lake, Manatee, Polk, 580
870	870	and Sumter Counties. 581
871	871	5. Region 5, consisting of Orange, Osceola, and Seminole 582
872	872	Counties. 583
873	873	6. Region 6, consisting of Brevard, Glades, Highlands, 584
874	874	Indian River, Martin, Okeechobee, St. Lucie, and Volusia 585
875	875	Counties. 586
876	876	7. Region 7, consisting of Hillsborough County. 587
877	877	8. Region 8, consisting of Charlotte, Collier, DeSoto, 588
878	878	Hendry, Lee, Monroe, and Sarasota Counties. 589
879	879	9. Region 9, consisting of Palm Beach County. 590
880	880	10. Region 10, consisting of Broward County. 591
881	881	11. Region 11, cons isting of Miami-Dade County. 592
882	882	(3) On June 1 of each year, any portion of the allocation 593
883	883	made to the regional affordable allocation pool pursuant to 594
884	884	subsection (2) for which the division has not issued a 595
885	885	confirmation must be added to the statewide affordab le housing 596
886	886	allocation pool. On and after June 1 of each year, any portion 597
887	887	of such allocation for which a confirmation is relinquished by 598
888	888	the issuer receiving such allocation before the expiration 599
889	889	thereof must be added to the statewide affordable housing 600
890	890
891	891	HB 7069 2024
892	892
893	893
894	894
895	895	CODING: Words stricken are deletions; words underlined are additions.
896	896	hb7069-00
897	897	Page 25 of 37
898	898	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
899	899
900	900
901	901
902	902	allocation pool. 601
903	903	(4) From June 1 through September 30 of each year, the 602
904	904	statewide affordable housing allocation pool must be available 603
905	905	for issuing confirmations for affordable housing bonds to 604
906	906	issuers statewide as provided in this subsection. 605
907	907	(a) On June 1 of each year, if a sufficient amount of 606
908	908	state volume limitation is available in the statewide affordable 607
909	909	housing allocation pool, the division must issue confirmations 608
910	910	for all notices of intent to issue previously placed on the 609
911	911	pending list for the regi onal affordable housing pool pursuant 610
912	912	to s. 159.8052(1)(b) during such year. After confirmations have 611
913	913	been issued for all notices of intent to issue previously placed 612
914	914	on the pending list for the regional affordable housing pool 613
915	915	pursuant to s. 159.8052(1)(b ), the statewide affordable housing 614
916	916	allocation pool must be available to issue confirmations on a 615
917	917	first-come, first-served basis. Notwithstanding s. 616
918	918	159.8052(1)(c), if the amount of state volume limitation 617
919	919	available in the statewide affordable housing allo cation pool is 618
920	920	insufficient to issue a confirmation for each such notice of 619
921	921	intent to issue, the division must issue confirmations in the 620
922	922	priority order established in paragraph (b). 621
923	923	(b) If the division determines that the aggregate amount 622
924	924	requested in the notices of intent to issue placed on the 623
925	925	pending list for the regional affordable housing pool pursuant 624
926	926	to s. 159.8052(1)(b) during such year exceeds the state volume 625
927	927
928	928	HB 7069 2024
929	929
930	930
931	931
932	932	CODING: Words stricken are deletions; words underlined are additions.
933	933	hb7069-00
934	934	Page 26 of 37
935	935	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
936	936
937	937
938	938
939	939	limitation available in the statewide affordable housing 626
940	940	allocation pool on June 1, th e division must issue confirmations 627
941	941	for any such notices of intent to issue for multifamily 628
942	942	affordable housing bonds in the priority order established in 629
943	943	this paragraph, and then, subject to the availability of state 630
944	944	volume limitation, must issue confirmat ions for any such notices 631
945	945	of intent to issue for single -family affordable housing bonds in 632
946	946	the priority order established in this paragraph until the 633
947	947	available state volume limitation is exhausted. In establishing 634
948	948	the priority of each such notice of intent , the division shall 635
949	949	first assign a consecutive number to each such notice of intent 636
950	950	to issue for multifamily affordable housing bonds and draw such 637
951	951	numbers randomly to establish the priority of each such notice 638
952	952	of intent to issue. The division shall assig n a consecutive 639
953	953	number to each such notice of intent to issue for single -family 640
954	954	affordable housing bonds and draw such numbers randomly to 641
955	955	establish the priority of each such notice of intent to issue. 642
956	956	Section 12. Section 159.8062, Florida Statutes, is created 643
957	957	to read: 644
958	958	159.8062 Florida Housing Finance Corporation pool. — 645
959	959	(1) From January 1 through September 30 of each year, the 646
960	960	corporation pool is established and shall be available for the 647
961	961	sole purpose of issuing confirmations for affordable housing 648
962	962	bonds to the corporation and its assigns pursuant to the 649
963	963	procedures specified in s. 159.8052. Before October 1 of any 650
964	964
965	965	HB 7069 2024
966	966
967	967
968	968
969	969	CODING: Words stricken are deletions; words underlined are additions.
970	970	hb7069-00
971	971	Page 27 of 37
972	972	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
973	973
974	974
975	975
976	976	year, the corporation pool is the only pool from which the 651
977	977	corporation may receive any allocation of state volume 652
978	978	limitation. 653
979	979	(2)(a) Notwithstanding s. 159.8051(1), before October 1 of 654
980	980	any year, the corporation need not submit a notice of intent to 655
981	981	issue or obtain a confirmation for the issuance of affordable 656
982	982	housing bonds using the state volume limitation allocated to 657
983	983	this pool pursuant t o s. 159.8041(2)(b). 658
984	984	(b) For affordable housing bonds that the corporation 659
985	985	intends to issue on or after October 1 of any year, the 660
986	986	corporation must submit a notice of intent to issue no later 661
987	987	than September 30 of such year, and the division shall issue a 662
988	988	confirmation not exceeding the amount of state volume limitation 663
989	989	then available in the corporation pool. The corporation is not 664
990	990	subject to the fee required under s. 159.811 for notices of 665
991	991	intent to issue submitted pursuant to this paragraph. 666
992	992	(3) Prior to June 1 of each year, the corporation may, in 667
993	993	its discretion, assign any portion of the state volume 668
994	994	limitation in the corporation pool to the affordable housing 669
995	995	allocation pools. 670
996	996	Section 13. Section 159.8063, Florida Statutes, is created 671
997	997	to read: 672
998	998	159.8063 Economic development allocation pool. — 673
999	999	(1) The economic development allocation pool is 674
1000	1000	established and is available for issuing confirmations pursuant 675
1001	1001
1002	1002	HB 7069 2024
1003	1003
1004	1004
1005	1005
1006	1006	CODING: Words stricken are deletions; words underlined are additions.
1007	1007	hb7069-00
1008	1008	Page 28 of 37
1009	1009	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
1010	1010
1011	1011
1012	1012
1013	1013	to the procedures specified in this section and s. 159.8052. 676
1014	1014	(2) The economic development all ocation pool must, at all 677
1015	1015	times, first be available to issue confirmations for those 678
1016	1016	portions of a private activity bond requiring an allocation of 679
1017	1017	state volume limitation under s. 146(m) of the Code and to issue 680
1018	1018	confirmations to state issuers and, thereaf ter, be available as 681
1019	1019	provided in subsection (3). 682
1020	1020	(3)(a) From January 1 through May 31 of each year, the 683
1021	1021	economic development allocation pool must be available for the 684
1022	1022	sole purpose of issuing confirmations for exempt facility bonds, 685
1023	1023	small issue bonds, student loan bonds, and redevelopment bonds 686
1024	1024	to issuers statewide in the priority order established by the 687
1025	1025	Secretary of Commerce as provided in this paragraph. 688
1026	1026	Notwithstanding s. 159.8052(1), any notice of intent to issue 689
1027	1027	requesting a confirmation from the economic development 690
1028	1028	allocation pool which conforms to the requirements of s. 691
1029	1029	159.8051 and is filed with the division before May 1 must be 692
1030	1030	forwarded to the Secretary of Commerce for review. The Secretary 693
1031	1031	of Commerce shall render a decision on or before May 15 as to 694
1032	1032	the order in which such notices of intent to issue are to 695
1033	1033	receive a confirmation. The division shall issue confirmations 696
1034	1034	for such notices of intent to issue in the order of priority 697
1035	1035	established by the Secretary of Commerce within 3 business days 698
1036	1036	after receipt of such decision. 699
1037	1037	(b) The economic development allocation pool must be 700
1038	1038
1039	1039	HB 7069 2024
1040	1040
1041	1041
1042	1042
1043	1043	CODING: Words stricken are deletions; words underlined are additions.
1044	1044	hb7069-00
1045	1045	Page 29 of 37
1046	1046	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
1047	1047
1048	1048
1049	1049
1050	1050	available from June 1 through September 30 of each year for the 701
1051	1051	sole purpose of issuing confirmations for exempt facility bonds, 702
1052	1052	small issue bonds, student loan bonds, a nd redevelopment bonds 703
1053	1053	to issuers statewide on a first -come, first-served basis with 704
1054	1054	notification to the Department of Commerce. 705
1055	1055	Section 14. Section 159.807, Florida Statutes, is 706
1056	1056	repealed. 707
1057	1057	Section 15. Section 159.8071, Florida Statutes, is created 708
1058	1058	to read: 709
1059	1059	159.8071 State allocation pool. —The state allocation pool 710
1060	1060	is established and must be available to issue confirmations 711
1061	1061	pursuant to the procedures specified in s. 159.8052, and to 712
1062	1062	issue confirmations for bonds to issuers statewide on a first -713
1063	1063	come, first-served basis for all types of private activity bonds 714
1064	1064	from October 1 through November 30 of each year. 715
1065	1065	Section 16. Section 159.8075, Florida Statutes, is 716
1066	1066	repealed. 717
1067	1067	Section 17. Section 159.80751, Florida Statutes, is 718
1068	1068	created to read: 719
1069	1069	159.80751 Qualified mortgage credit certificates. — 720
1070	1070	(1) On or before November 30 of each year, an issuer may 721
1071	1071	elect in writing to the division to convert all or a portion of 722
1072	1072	its allocation of state volume limitation for single -family 723
1073	1073	affordable housing bonds to m ortgage credit certificates, 724
1074	1074	provided such election is made before the expiration date of the 725
1075	1075
1076	1076	HB 7069 2024
1077	1077
1078	1078
1079	1079
1080	1080	CODING: Words stricken are deletions; words underlined are additions.
1081	1081	hb7069-00
1082	1082	Page 30 of 37
1083	1083	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
1084	1084
1085	1085
1086	1086
1087	1087	confirmation granting such allocation. Each issuer shall provide 726
1088	1088	notice of any election made under this section to the governing 727
1089	1089	body of the county for which the issuer was created. Such 728
1090	1090	election is irrevocable. 729
1091	1091	(2) All mortgage credit certificates must be issued under 730
1092	1092	a certification program that is designed to ensure that the 731
1093	1093	requirements of s. 25 of the Code, specifically s. 25(f)(4), are 732
1094	1094	complied with and tha t meets all requirements adopted by the 733
1095	1095	United States Secretary of the Treasury as set out in applicable 734
1096	1096	regulations. Any potential issuer of mortgage credit 735
1097	1097	certificates must certify in writing to the division that the 736
1098	1098	mortgage credit certification progra m is certified under s. 25 737
1099	1099	of the Code, specifically s. 25(f)(4). 738
1100	1100	(3) For that portion of the confirmation that an issuer 739
1101	1101	has elected to use for mortgage credit certificates before the 740
1102	1102	expiration thereof, the expiration dates in s. 159.8052(2) do 741
1103	1103	not apply and any unissued mortgage credit certificates will 742
1104	1104	automatically receive a carryforward confirmation. 743
1105	1105	(4) The election referenced in subsection (1) and the 744
1106	1106	certification referenced in subsection (2) must be filed with 745
1107	1107	the division in accordance with s . 159.814. The director of the 746
1108	1108	division is the state official designated to make the 747
1109	1109	certification required by Temporary Regulation 1.25 -4T(d) under 748
1110	1110	the Code. 749
1111	1111	Section 18. Section 159.8081, Florida Statutes, is 750
1112	1112
1113	1113	HB 7069 2024
1114	1114
1115	1115
1116	1116
1117	1117	CODING: Words stricken are deletions; words underlined are additions.
1118	1118	hb7069-00
1119	1119	Page 31 of 37
1120	1120	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
1121	1121
1122	1122
1123	1123
1124	1124	repealed. 751
1125	1125	Section 19. Section 159.8083, Florida Statutes, is 752
1126	1126	repealed. 753
1127	1127	Section 20. Section 159.809, Florida Statutes, is 754
1128	1128	repealed. 755
1129	1129	Section 21. Section 159.8091, Florida Statutes, is created 756
1130	1130	to read: 757
1131	1131	159.8091 Carryforward allocation pool. — 758
1132	1132	(1) The carryforward allocation pool is est ablished. The 759
1133	1133	carryforward allocation pool is available for the sole purpose 760
1134	1134	of issuing carryforward confirmations to issuers statewide for 761
1135	1135	projects that are entitled under the Code to a carryforward of 762
1136	1136	state volume limitation past the end of the calendar year 763
1137	1137	pursuant to requests that meet the requirements of s. 764
1138	1138	159.8101(3). 765
1139	1139	(2) On December 15 of each year, or, if December 15 is not 766
1140	1140	a business day, the first business day thereafter, the division 767
1141	1141	shall issue carryforward confirmations as provided for in 768
1142	1142	subsection (3) until the state volume limitation in the 769
1143	1143	carryforward allocation pool is exhausted. 770
1144	1144	(3) The amount of each carryforward confirmation, if there 771
1145	1145	is sufficient state volume limitation in the carryforward 772
1146	1146	allocation pool, must be the amount req uested. If the division 773
1147	1147	determines that the aggregate amount of state volume limitation 774
1148	1148	requested for carryforward confirmations pursuant to this 775
1149	1149
1150	1150	HB 7069 2024
1151	1151
1152	1152
1153	1153
1154	1154	CODING: Words stricken are deletions; words underlined are additions.
1155	1155	hb7069-00
1156	1156	Page 32 of 37
1157	1157	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
1158	1158
1159	1159
1160	1160
1161	1161	section exceeds the amount available in the carryforward 776
1162	1162	allocation pool, the division must assign a consecuti ve number 777
1163	1163	to each such request, shall draw such numbers randomly to 778
1164	1164	establish the priority of each request, and shall issue 779
1165	1165	carryforward confirmations until the total amount of state 780
1166	1166	volume limitation is exhausted. Any requests in excess of the 781
1167	1167	state volume limitation may not be given any priority in the 782
1168	1168	following calendar year. If any state volume limitation remains 783
1169	1169	in the carryforward allocation pool after issuing carryforward 784
1170	1170	confirmations for all requests filed pursuant to s. 159.8101, 785
1171	1171	the division must make such remaining state volume limitation 786
1172	1172	available to the corporation to be carried forward for the 787
1173	1173	issuance of affordable housing bonds in subsequent years as 788
1174	1174	provided by the Code. Thereafter, any remaining state volume 789
1175	1175	limitation not used as provided in subsection (2) must be 790
1176	1176	carried forward to the next calendar year to the extent 791
1177	1177	permitted by the Code. 792
1178	1178	Section 22. Section 159.81, Florida Statutes, is repealed. 793
1179	1179	Section 23. Section 159.8101, Florida Statutes, is created 794
1180	1180	to read: 795
1181	1181	159.8101 Applications for a carryforward; carryforward 796
1182	1182	confirmations.— 797
1183	1183	(1) Any issuer that wishes to elect to carryforward an 798
1184	1184	allocation of state volume limitation under s. 146(f) of the 799
1185	1185	Code must first request and obtain a carryforward confirmation 800
1186	1186
1187	1187	HB 7069 2024
1188	1188
1189	1189
1190	1190
1191	1191	CODING: Words stricken are deletions; words underlined are additions.
1192	1192	hb7069-00
1193	1193	Page 33 of 37
1194	1194	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
1195	1195
1196	1196
1197	1197
1198	1198	from the division. 801
1199	1199	(2) The division shall, when requested, issue a 802
1200	1200	carryforward confirmation for those confirmations issued 803
1201	1201	pursuant to this part for those projects that qualify for a 804
1202	1202	carryforward pursuant to s. 146(f) of the Code, provided that 805
1203	1203	such request includes an opinion of bond counsel that such 806
1204	1204	allocation of state volume limitation will be used for a 807
1205	1205	carryforward purpose pursuant to s. 146(f)(5) of the Code and is 808
1206	1206	received by the division at least 3 business days before the 809
1207	1207	expiration of such confirmation. 810
1208	1208	(3) A request for a carryforward confirmation must be made 811
1209	1209	by filing with the division a notice of intent to issue meeting 812
1210	1210	all requirements of this section and s. 159.8051(2). Such 813
1211	1211	request must include an opinion of bond counsel that such 814
1212	1212	allocation of state v olume limitation will be used for a 815
1213	1213	carryforward purpose pursuant to s. 146(f)(5) of the Code. All 816
1214	1214	such requests must be timely filed with the division in 817
1215	1215	accordance with s. 159.814 by or on behalf of the issuer 818
1216	1216	requesting to carryforward an allocation of state volume 819
1217	1217	limitation. 820
1218	1218	Section 24. Section 159.8105, Florida Statutes, is 821
1219	1219	repealed. 822
1220	1220	Section 25. Subsection (1) of section 159.811, Florida 823
1221	1221	Statutes, is amended to read: 824
1222	1222	159.811 Fees; trust fund. — 825
1223	1223
1224	1224	HB 7069 2024
1225	1225
1226	1226
1227	1227
1228	1228	CODING: Words stricken are deletions; words underlined are additions.
1229	1229	hb7069-00
1230	1230	Page 34 of 37
1231	1231	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
1232	1232
1233	1233
1234	1234
1235	1235	(1) There shall be imposed a nonrefundable fee on each 826
1236	1236	notice of intent to issue a private activity bond filed with the 827
1237	1237	division pursuant to s. 159.8051 s. 159.805(1). A No notice of 828
1238	1238	intent to issue may not a private activity bond shall be 829
1239	1239	accepted by the division unless and until the fee has been paid. 830
1240	1240	The division shall establish a fee, which may be revised from 831
1241	1241	time to time, must shall be an amount sufficient to cover all 832
1242	1242	expenses of maintaining the allocation system in this part. In 833
1243	1243	calculating the fee, any unexpended trust fund balance remaining 834
1244	1244	unexpended prior to setting the fee shall be deducted from the 835
1245	1245	amount appropriated. The amount of the fee may shall not exceed 836
1246	1246	$500 and may be adjusted no more than once every 6 months. The 837
1247	1247	fee must be included the division's schedule of fees and 838
1248	1248	expenses in s. 215.65(3). 839
1249	1249	Section 26. Section 159.812, Florida Statutes, is 840
1250	1250	repealed. 841
1251	1251	Section 27. Section 159.814, Florida Statutes, is amended 842
1252	1252	to read: 843
1253	1253	159.814 Form of applications for allocations; 844
1254	1254	requirements.—All notices of intent to issue , requests for an 845
1255	1255	allocation and applications for a carryforward confirmations, 846
1256	1256	and issuance reports must shall be made in such form as may be 847
1257	1257	prescribed by the division. All such forms may be filed 848
1258	1258	electronically through a portal on the division's website at 849
1259	1259	such time as the division establishes such portal through which 850
1260	1260
1261	1261	HB 7069 2024
1262	1262
1263	1263
1264	1264
1265	1265	CODING: Words stricken are deletions; words underlined are additions.
1266	1266	hb7069-00
1267	1267	Page 35 of 37
1268	1268	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
1269	1269
1270	1270
1271	1271
1272	1272	such forms and the fee required by s. 159.811 may be submitted. 851
1273	1273	Notices No notices of intent to issue for allocations of the 852
1274	1274	private activity bond volume limitation for any calendar year 853
1275	1275	may not shall be accepted before prior to January 1 of that 854
1276	1276	calendar year. Notices of intent to issue requesting a 855
1277	1277	confirmation from the affordable housing allocation pools , the 856
1278	1278	economic development allocation pool, or the corporation pool 857
1279	1279	are considered timely only if filed with the division on or 858
1280	1280	before September 30 of that calendar year, or, if September 30 859
1281	1281	is not a business day, the last business day before September 860
1282	1282	30. Notices of intent to issue requesting a confirmation from 861
1283	1283	the state allocation pool are considered timely only if filed 862
1284	1284	with the division from October 1 through November 30 of that 863
1285	1285	calendar year, or, if November 30 is not a business day, the 864
1286	1286	last business day before November 30. Applications for a 865
1287	1287	carryforward confirmation pursuant to s. 159.8091(1) are 866
1288	1288	considered timely only if filed with the division from December 867
1289	1289	1 through December 15 of that calendar year, or, if December 15 868
1290	1290	is not a business day, the last business day before December 15 869
1291	1291	All notices of intent to issue or application for a carryforward 870
1292	1292	shall be mailed by certified mail return receipt requested or by 871
1293	1293	overnight common carrier delivery service. No notice of intent 872
1294	1294	to issue or application fo r carryforward shall be accepted by 873
1295	1295	hand delivery from the issuing authority, attorneys, or other 874
1296	1296	parties. All notices of intent to issue or applications for a 875
1297	1297
1298	1298	HB 7069 2024
1299	1299
1300	1300
1301	1301
1302	1302	CODING: Words stricken are deletions; words underlined are additions.
1303	1303	hb7069-00
1304	1304	Page 36 of 37
1305	1305	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
1306	1306
1307	1307
1308	1308
1309	1309	carryforward shall be received in a standard business size 876
1310	1310	envelope devoid of markings, colors, or other attention 877
1311	1311	gathering devices except for the return address . 878
1312	1312	Section 28. Section 159.815, Florida Statutes, is 879
1313	1313	repealed. 880
1314	1314	Section 29. Section 159.816, Florida Statutes, is amended 881
1315	1315	to read: 882
1316	1316	159.816 Certification Certificate as to state volume 883
1317	1317	limitation.—Following the timely filing of an issuance report, 884
1318	1318	the director of the division shall execute a final certification 885
1319	1319	of allocation sign the certificate required pursuant to s. 886
1320	1320	149(e)(2)(F) of the Code . 887
1321	1321	Section 30. Subsection (2) of section 420.504, Florida 888
1322	1322	Statutes, is amended to read: 889
1323	1323	420.504 Public corporation; creation, membership, terms, 890
1324	1324	expenses.— 891
1325	1325	(2) The corporation is constituted as a public 892
1326	1326	instrumentality, and the exercise by the corporation of the 893
1327	1327	power conferred by this act i s considered to be the performance 894
1328	1328	of an essential public function. The corporation is an agency 895
1329	1329	for the purposes of s. 120.52 and is a state agency for purposes 896
1330	1330	of s. 159.807(4). The corporation is subject to chapter 119, 897
1331	1331	subject to exceptions applicable to the corporation, and to the 898
1332	1332	provisions of chapter 286; however, the corporation is shall be 899
1333	1333	entitled to provide notice of internal review committee meetings 900
1334	1334
1335	1335	HB 7069 2024
1336	1336
1337	1337
1338	1338
1339	1339	CODING: Words stricken are deletions; words underlined are additions.
1340	1340	hb7069-00
1341	1341	Page 37 of 37
1342	1342	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
1343	1343
1344	1344
1345	1345
1346	1346	for competitive proposals or procurement to applicants by mail, 901
1347	1347	facsimile, or publication on an Internet website, rather than by 902
1348	1348	means of publication. The corporation is not governed by chapter 903
1349	1349	607 or chapter 617, but by the provisions of this part. If for 904
1350	1350	any reason the establishment of the corporation is deemed in 905
1351	1351	violation of law, such provision i s severable and the remainder 906
1352	1352	of this act remains in full force and effect. 907
1353	1353	Section 31. Subsection (3) of section 163.2520, Florida 908
1354	1354	Statutes, is amended to read: 909
1355	1355	163.2520 Economic incentives. — 910
1356	1356	(3) Prior to June 1 each year, areas designated by a lo cal 911
1357	1357	government as urban infill and redevelopment areas shall be 912
1358	1358	given a priority in the allocation of private activity bonds 913
1359	1359	from the state pool pursuant to s. 159.8071 s. 159.807. 914
1360	1360	Section 32. This act shall take effect January 1, 2025. 915