Florida SB 1348: Educational Scholarship Program Funding

Bill Text

1348 
Terminology Associated with the Florida Housing Finance Corporation 
2026-01-07T08:58:24Z 
Revising and providing definitions pertaining to the corporation, etc. 
Original Filed Version 
2026 
S 
GB 
General Bill 
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 Florida Senate - 2026 SB 1348 

 By Senator Calatayud 

 38-01411-26 20261348__ 
 1 A bill to be entitled 
 2 An act relating to terminology associated with the 
 3 Florida Housing Finance Corporation; amending s. 
 4 420.503, F.S.; revising and providing definitions 
 5 pertaining to the corporation; amending s. 420.628, 
 6 F.S.; conforming a cross-reference; providing an 
 7 effective date. 
 8 
 9 Be It Enacted by the Legislature of the State of Florida: 
 10 
 11 Section 1. Subsections (13) through (36) and subsections 
 12 (37) through (45) of section 420.503, Florida Statutes, are 
 13 renumbered as subsections (14) through (37) and subsections (39) 
 14 through (47), respectively, subsection (8) and present 
 15 subsections (16), (17), and (41) are amended, and new 
 16 subsections (13) and (38) are added to that section, to read: 
 17 420.503 Definitions.—As used in this part, the term: 
 18 (8) “Community housing development organization” means a 
 19 nonprofit organization that has among its purposes the provision 
 20 of affordable housing for low-income families and moderate 
 21 income families, maintains accountability to low-income 
 22 community residents, has demonstrated the capacity to carry out 
 23 affordable housing activities, and has a history of serving the 
 24 local community. 
 25 (13) “Demonstrated capacity” means the requisite skill, 
 26 experience, and credit worthiness of a provider of affordable 
 27 housing projects to successfully construct or rehabilitate 
 28 affordable housing. Requisite skill, experience, and credit 
 29 worthiness includes, but is not limited to, the completion of at 
 30 least three affordable housing projects in the United States, 
 31 one of which must have been completed in this state, within the 
 32 preceding 5 years. Each affordable housing project used to 
 33 demonstrate capacity must involve a qualifying principal acting 
 34 in the capacity of a qualifying principal in each affordable 
 35 housing project. 
 36 (17)(16) “Elderly” means persons 62 years of age or older; 
 37 however, this definition does not prohibit housing from being 
 38 deemed housing for the elderly as defined in subsection (22) 
 39 (21) if such housing otherwise meets the requirements of 
 40 subsection (22) (21). 
 41 (18)(17) “Eligible housing provider” means a for-profit 
 42 developer or not-for-profit developer or a community housing 
 43 development organization with at least one qualifying principal 
 44 having the demonstrated the capacity to construct or 
 45 rehabilitate affordable housing. 
 46 (38) “Qualifying principal” means one or more persons 
 47 owning at least 25 percent of a legally formed corporation, 
 48 association, joint venture, or partnership. 
 49 (43)(41) “Sponsor” means any individual, association, 
 50 corporation, joint venture, partnership, trust, local 
 51 government, or other legal entity or any combination thereof 
 52 which: 
 53 (a) Has the demonstrated capacity to construct or 
 54 rehabilitate affordable housing. 
 55 (b)(a) Has been approved by the corporation as qualified to 
 56 own, construct, acquire, rehabilitate, reconstruct, operate, 
 57 lease, manage, or maintain a project.; and 
 58 (c)(b) Except for a local government, has agreed to subject 
 59 itself to the regulatory powers of the corporation. 
 60 Section 2. Subsection (2) of section 420.628, Florida 
 61 Statutes, is amended to read: 
 62 420.628 Affordable housing for children and young adults 
 63 leaving foster care; legislative findings and intent.— 
 64 (2) Young adults who leave the child welfare system meet 
 65 the definition of eligible persons under ss. 420.503(19) and 
 66 420.9071(11) ss. 420.503(18) and 420.9071(11) for affordable 
 67 housing, and are encouraged to participate in federal, state, 
 68 and local affordable housing programs. Students deemed to be 
 69 eligible occupants under 26 U.S.C. s. 42(i)(3)(D) shall be 
 70 considered eligible persons for purposes of all projects funded 
 71 under this chapter. 
 72 Section 3. This act shall take effect upon becoming a law.