FL H7227

At least 70 percent of State Apartment Incentive Loan Fund moneys in each calendar year must be awarded as subordinate loan financing for new construction of affordable rental housing developments using tax-exempt private activity bonds as primary financing.

Development projects located outside a 2.5-mile radius of a Florida Affordable Housing Guarantee Fund development are eligible to receive subordinate loan financing, with a rank-ordered list of selected applications presented to the corporation's board of directors.

The Florida Housing Development Corporation must generate and distribute an estimate of total State Apartment Incentive Loan Fund moneys available each calendar year before accepting competitive applications for subordinate loan financing.

Financial beneficiaries (principals of developers or general partners) of foreclosed or defaulted guarantee fund developments are prohibited from serving as financial beneficiaries for State Housing Trust Fund programs for 3 years after foreclosure or default, and must thereafter receive board approval to participate.

Effective date is July 1, 2011.