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Florida Housing Finance Authority Law <br />("The Act") <br />A hill to be entitled <br />An Act relating to public financing for housing; creating the "Florida Housing <br />Finance Authority Law"; providing definitions; authorizing the creation of a <br />housing finance authority by ordinance; providing for the functioning of such <br />authorities to alleviate a shortage of housing and capital for investment in <br />housing; providing for membership, powers, and duties; authorizing a county to <br />exercise the powers of such authority until members are appointed; prohibiting <br />members and employees from acquiring or having certain interests with respect <br />to a qualifying housing development; requiring disclosures of interest; pro- <br />viding for removal of members; authorizing such authorities to make, purchase, <br />and sell loans for qualifying housing developments; prohibiting the financing <br />of qualifying housing developments for profit; authorizing such authorities to <br />issue bonds and limiting sources from which such bonds are payable; providing <br />for validation proceedings; providing for remedies of an obligee; exempting <br />bonds together with income and interest thereon from taxation; providing <br />severability; providing an effective date. <br />Enacted by the Legislature of the State of Florida: <br />Section 1. Short title. --This act shall be known and may be cited as the <br />"Florida Housing 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 prices <br />or rentals which many persons and families can afford and a shortage of capi- <br />tal for investment in such housing. This shortage constitutes a threat to <br />the health, safety, morals, and welfare of the residents of the state, de- <br />prives the state of an adequate tax base, and causes the state to make exces- <br />sive expenditures for crime prevention and control, public health, welfare and <br />safety, fire and accident protection, and other public services and facil- <br />ities. <br />(2) Such shortage cannot be relieved except through the encouragement of <br />investment by private enterprise and the stimulation of construction and re- <br />habilitation of housing through the use of public financing. <br />(3) The financing, acquisition, construction, reconstruction, and re- <br />habilitation of housing and of the real and personal property and other <br />