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HB0489 • 2026

Terminology Associated with Florida Housing Finance Corporation

Terminology Associated with Florida Housing Finance Corporation

Housing
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Owen
Last action
2026-03-13
Official status
House - Died in Housing, Agriculture & Tourism Subcommittee
Effective date
upon becom

Plain English Breakdown

Checked against official source text during the last sync.

Changes to Florida Housing Finance Corporation Terminology

This bill revises and provides new definitions for terms related to the Florida Housing Finance Corporation.

What This Bill Does

  • Revises and adds new definitions for terms used by the Florida Housing Finance Corporation.
  • Updates the definition of 'demonstrated capacity' for providers of affordable housing projects.
  • Changes the order and numbering of certain subsections in existing statutes.
  • Modifies the definition of 'elderly' to clarify eligibility criteria.
  • Adds a new term, 'qualifying principal,' which refers to individuals with significant ownership in legal entities involved in affordable housing.

Who It Names or Affects

  • The Florida Housing Finance Corporation
  • Nonprofit organizations providing affordable housing
  • Individuals and entities seeking approval from the corporation for affordable housing projects

Terms To Know

demonstrated capacity
Skill, experience, and credit worthiness of a provider to successfully construct or rehabilitate affordable housing.
qualifying principal
One or more persons owning at least 25 percent of a legal entity involved in affordable housing projects.

Limits and Unknowns

  • The bill did not pass the final stages and died in committee.
  • It is unclear how these changes will be implemented if passed.

Bill History

  1. 2026-03-13 House

    • Died in Housing, Agriculture & Tourism Subcommittee

  2. 2026-01-13 House

    • 1st Reading (Original Filed Version)

  3. 2025-11-24 House

    • Referred to Housing, Agriculture & Tourism Subcommittee • Referred to Commerce Committee • Now in Housing, Agriculture & Tourism Subcommittee

  4. 2025-11-19 House

    • Filed

Official Summary Text

Terminology Associated with Florida Housing Finance Corporation; Revises & provides definitions pertaining to corporation.

Current Bill Text

Read the full stored bill text 
HB 489 2026

CODING: Words stricken are deletions; words underlined are additions.
hb489-00
Page 1 of 3
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

A bill to be entitled 1
An act relating to terminology associated with the 2
Florida Housing Finance Corporation; amending s. 3
420.503, F.S.; revising and providing definitions 4
pertaining to the corporation; amending s. 420.628, 5
F.S.; conforming a cross-reference; providing an 6
effective date. 7
8
Be It Enacted by the Legislature of the State of Florida: 9
10
Section 1. Subsections (13) through (36) and subsections 11
(37) through (45) of section 420.503, Florida Statutes, are 12
renumbered as subsections (14) through (37) and subsections (39) 13
through (47), respectively, subsection (8) and present 14
subsections (16), (17), and (41) are amended, and new 15
subsections (13) and (38) are added to that section, to read: 16
420.503 Definitions.—As used in this part, the term: 17
(8) "Community housing development organization" means a 18
nonprofit organization that has among its purposes the provision 19
of affordable housing for low-income families and moderate-20
income families, maintains accountability to low-income 21
community residents, has demonstrated the capacity to carry out 22
affordable housing activities, and has a history of serving the 23
local community. 24
(13) "Demonstrated capacity" means the requisite skill, 25

HB 489 2026

CODING: Words stricken are deletions; words underlined are additions.
hb489-00
Page 2 of 3
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

experience, and credit worthiness of a provider of affordable 26
housing projects to successfully construct or rehabilitate 27
affordable housing. Requisite skill, experience, and credit 28
worthiness includes, but is not limited to, the completion of at 29
least three affordable housing projects in the United States, 30
one of which must have been completed in this state, within the 31
preceding 5 years. Each affordable housing project used to 32
demonstrate capacity must involve a qualifying principal acting 33
in the capacity of a qualifying principal in each affordable 34
housing project. 35
(17)(16) "Elderly" means persons 62 years of age or older; 36
however, this definition does not prohibit housing from being 37
deemed housing for the elderly as defined in subsection (22) 38
(21) if such housing otherwise meets the requirements of 39
subsection (22) (21). 40
(18)(17) "Eligible housing provider" means a for-profit 41
developer or not-for-profit developer or a community housing 42
development organization with at least one qualifying principal 43
having the demonstrated the capacity to construct or 44
rehabilitate affordable housing. 45
(38) "Qualifying principal" means one or more persons 46
owning at least 25 percent of a legally formed corporation, 47
association, joint venture, or partnership. 48
(43)(41) "Sponsor" means any individual, association, 49
corporation, joint venture, partnership, trust, local 50

HB 489 2026

CODING: Words stricken are deletions; words underlined are additions.
hb489-00
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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

government, or other legal entity or any combination thereof 51
which: 52
(a) Has the demonstrated capacity to construct or 53
rehabilitate affordable housing. 54
(b)(a) Has been approved by the corporation as qualified 55
to own, construct, acquire, rehabilitate, reconstruct, operate, 56
lease, manage, or maintain a project.; and 57
(c)(b) Except for a local government, has agreed to 58
subject itself to the regulatory powers of the corporation. 59
Section 2. Subsection (2) of section 420.628, Florida 60
Statutes, is amended to read: 61
420.628 Affordable housing for children and young adults 62
leaving foster care; legislative findings and intent.— 63
(2) Young adults who leave the child welfare system meet 64
the definition of eligible persons under ss. 420.503(19) and 65
420.9071(11) ss. 420.503(18) and 420.9071(11) for affordable 66
housing, and are encouraged to participate in federal, state, 67
and local affordable housing programs. Students deemed to be 68
eligible occupants under 26 U.S.C. s. 42(i)(3)(D) shall be 69
considered eligible persons for purposes of all projects funded 70
under this chapter. 71
Section 3. This act shall take effect upon becoming a law. 72