Terminology Associated with the Florida Housing Finance Corporation

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.