THE BILL ITSELF
SB 1348
Terminology Associated with the Florida Housing Finance Corporation
Florida Senate - 2026 SB 1348 By Senator Calatayud 38-01411-26 20261348__
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A bill to be entitled
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An act relating to terminology associated with the
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Florida Housing Finance Corporation; amending s.
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420.503, F.S.; revising and providing definitions
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pertaining to the corporation; amending s. 420.628,
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F.S.; conforming a cross-reference; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Subsections (13) through (36) and subsections
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(37) through (45) of section 420.503, Florida Statutes, are
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renumbered as subsections (14) through (37) and subsections (39)
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through (47), respectively, subsection (8) and present
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subsections (16), (17), and (41) are amended, and new
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subsections (13) and (38) are added to that section, to read:
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420.503 Definitions.—As used in this part, the term:
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(8) “Community housing development organization” means a
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nonprofit organization that has among its purposes the provision
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of affordable housing for low-income families and moderate
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income families, maintains accountability to low-income
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community residents, has demonstrated the capacity to carry out
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affordable housing activities, and has a history of serving the
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local community.
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(13) “Demonstrated capacity” means the requisite skill,
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experience, and credit worthiness of a provider of affordable
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housing projects to successfully construct or rehabilitate
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affordable housing. Requisite skill, experience, and credit
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worthiness includes, but is not limited to, the completion of at
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least three affordable housing projects in the United States,
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one of which must have been completed in this state, within the
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preceding 5 years. Each affordable housing project used to
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demonstrate capacity must involve a qualifying principal acting
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in the capacity of a qualifying principal in each affordable
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housing project.
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(17) (16) “Elderly” means persons 62 years of age or older;
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however, this definition does not prohibit housing from being
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deemed housing for the elderly as defined in subsection (22)
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(21) if such housing otherwise meets the requirements of
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subsection (22) (21) .
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(18) (17) “Eligible housing provider” means a for-profit
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developer or not-for-profit developer or a community housing
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development organization with at least one qualifying principal
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having the demonstrated the capacity to construct or
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rehabilitate affordable housing.
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(38) “Qualifying principal” means one or more persons
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owning at least 25 percent of a legally formed corporation,
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association, joint venture, or partnership.
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(43) (41) “Sponsor” means any individual, association,
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corporation, joint venture, partnership, trust, local
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government, or other legal entity or any combination thereof
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which:
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(a) Has the demonstrated capacity to construct or
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rehabilitate affordable housing.
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(b) (a) Has been approved by the corporation as qualified to
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own, construct, acquire, rehabilitate, reconstruct, operate,
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lease, manage, or maintain a project . ; and
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(c) (b) Except for a local government, has agreed to subject
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itself to the regulatory powers of the corporation.
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Section 2. Subsection (2) of section 420.628, Florida
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Statutes, is amended to read:
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420.628 Affordable housing for children and young adults
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leaving foster care; legislative findings and intent.—
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(2) Young adults who leave the child welfare system meet
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the definition of eligible persons under ss. 420.503(19) and
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420.9071(11) ss. 420.503(18) and 420.9071(11) for affordable
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housing, and are encouraged to participate in federal, state,
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and local affordable housing programs. Students deemed to be
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eligible occupants under 26 U.S.C. s. 42(i)(3)(D) shall be
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considered eligible persons for purposes of all projects funded
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under this chapter.
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Section 3. This act shall take effect upon becoming a law.