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CHAPTER 78-89
<br />House Bill No. 54
<br />ANACT relating to public financing for housing; creating ti.e
<br />'Florida Housing . Finance Authority Law"; providing
<br />definitions; authorizing the creation of a housing finance
<br />authority by ordinance; providing for the functioning of such
<br />authorities to alleviate a shortage of housing and capital
<br />for investment in housing; providing for membership, powers,
<br />and duties; authorizing a county to exercise the powers of
<br />such authority until rembers are appointed; prohibiti'hg
<br />members and employees from acquiring or having certain
<br />interests with respect to a qualifying housing development;
<br />,requiring disclosures of interest; providing for removal of
<br />members; authorizing such authorities to make, purchase, and
<br />sell loans for qualifying housing developments; prohibiting
<br />the financing of qualifying housing developments for profit;
<br />authorizing such authorities to issue bonds and limiting
<br />sources from which such bonds are payable; providing for
<br />validation proceedings; providing for remedies of an obligee;
<br />exempting bonds together with income and interest thereon
<br />from taxation; providing severability; providing an effective
<br />date.
<br />Be It Enacted by the Legislature of the State of Floridan
<br />Section 1. Short title. --This act shall be known and way be cited as
<br />the 'Florida Rousing Finance Authority Law."
<br />Section 2. Finding and declaration of necessity. --It is found and
<br />declared that:
<br />(1) within this state there is a shortage of housing available at
<br />prices or rentals which many persons and families can afford and a
<br />shortage of capital for investment in such housing. This shortage
<br />constitutes a threat to the health, safety, morals, and welfare of the
<br />residents of the state, deprives the state of an adequate tax base, and
<br />causes the state to make excessive expenditures for crime prevention and
<br />control, public health, welfare and safety, fire and accident protection,
<br />and other public services and facilities.
<br />(2) Such shortage canrfot be relieved except through the encouragement
<br />of investment by private enterprise and the stimulation of construction
<br />and rehabilitation of housing through the use of public financing.
<br />(3) The financing, acquisition, construction, reconstruction, and
<br />rehabilitation of housing and of the real and personal property and other
<br />facilities necessary, incidental, and appurtenant thereto are exclusively
<br />public uses and purposes for which public money may be spent, advanced,
<br />loaded, or granted and are governmental functions of public concern.
<br />(4) The Congress of the united States has, by the enactment of
<br />amendments to the Internal Revenue Code of 1954, found and determined
<br />that housing may be financed by means of obligations issued by any state
<br />or local governmental unit, the interest on which obligations is exempt
<br />from federal income taxation, and has thereby provided a method to aid
<br />state an.5 local governmental units to provide assistance to meet the need
<br />for housing.
<br />(5) The provisions of this act are found and declared to be necessary
<br />and in the public interest as a matter of legislative determination.
<br />section 3. Definitions.— As used in this acts
<br />(L' "Area of cF•raticn" means the area within the territorial
<br />bo.noaries of the county for which the t.oc,in3 finance authority is
<br />created, and any area out.^.ide the territorial boundaries of such county
<br />if the governing body of the county,within woich such outside . area is
<br />located appioves. The arproval may be a genera! approval or an approval
<br />only for ,specified qualifying housing developments or only for a
<br />Specified nuaber of qualifying housing developments.
<br />(2) "Bonds" means any bond', notes, debentures, interim certificates,
<br />or other evidences of financial indebtedness issued by a housing finance
<br />authority under and pursuant to this act.
<br />(3) "Housing finance authority" means a housing finance authority
<br />created pursuant to section 4 of this act.
<br />(4) "Housing development" means any residential building, land,
<br />equipment, facility, or other real or personalproperty which may be
<br />necessary, convenient, or desirable in connection therewith, including
<br />streets, sewers, water and utility services, parks, gardening,
<br />administrative, community, health, recreational, and educational
<br />facilities, and other facilities related and subordinate to moderate,
<br />middle, or lesser income housing, and also includes site preparation, the
<br />planning of housing and improvements, the acquisition of property, the
<br />removal or demolition of existing structures, the acquisition,
<br />construction, reconstruction, anal rehabilitation of housing and -
<br />improvements, and all other work in connection therewith, and all costs
<br />of financing, including without limitation the cost of consultant and
<br />legal services, other expenses.necessary or incident to determining the
<br />feasibility of the housing development, administrative and other expenses
<br />necessary or incident to the housing development and the financing
<br />thereof (including reimbursement to any municipality, county or entity
<br />for expenditures made with the approval of the housing finance authority
<br />for the housing development), and interest accrued during construction
<br />and for a reasonable period thereafter.
<br />(5) "Lending institution • means any bank or trust company, mortgage
<br />banker, savings bank, credit union* national banking association, savings
<br />and loan association, building and loan association, insurance company,
<br />a or other financial institution authorized to transact business in this
<br />state and which customarily provides service or otherwise aids in the
<br />financing of mortgage located in the state.
<br />(6) "Qualifying housing development" means any housing development
<br />which a housing finance authority finds will assist in alleviating the
<br />shortage of housing in the area of operation of such authority..
<br />(7) *Eligible persons' means persons or families, irrespective of
<br />race, creed, national origin or sex, determined by the housing finance
<br />authority by rule to be of moderate, middle or lesser income requiring
<br />such assistance as is made available pursuant to this act on account of
<br />insufficient personal or family income and taking into consideration such
<br />facts as:
<br />(a) Ths amount of the total income of such persons and families
<br />available for housing needs.
<br />(b) The size of the family.
<br />(c) The cost and condition of available housing facilities.
<br />(d) The ability of such persons and families to compete succeaffUlly
<br />In the normal, private housing market and to pay the amsontd f6t which
<br />Private enterprise is providing, sanitary# ARO dhfc housing,
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