No. HB 489
Filed under Housing.
Terminology Associated with Florida Housing Finance Corporation; Revises & provides definitions pertaining to corporation.
Plain English Summary
AI-GENERATEDThe bill creates a new legal definition of "demonstrated capacity" for affordable housing providers. To qualify, a provider must have completed at least three affordable housing projects in the U.S. within the last five years.
One of those three required projects must have been completed in Florida. This standard applies to for-profit developers, nonprofits, and community housing development organizations seeking to build or rehabilitate affordable housing.
The bill also defines a "qualifying principal" as a person owning at least 25% of a housing entity. Sponsors must now have a qualifying principal with the required demonstrated capacity to participate in state housing programs.
These changes update the Florida Housing Finance Corporation's definitions to set specific, measurable experience thresholds for developers and sponsors working on affordable housing projects.
AIAdds a specific legal standard for proving a housing provider's ability to build or rehabilitate affordable housing.
AICreates a new legal category for individuals who must own a minimum stake in a housing entity to be considered responsible for its projects.
AIRequires for-profit and nonprofit developers to have at least one qualifying principal to be eligible for housing finance corporation support.
AIMandates that any entity seeking to sponsor a project must possess the demonstrated capacity to construct or rehabilitate affordable housing.
AIUpdates the statutory citation for the definition of eligible persons to reflect the renumbering of the affordable housing definitions.