FL H0437

Revises the definition of "qualifying housing development" to allow projects meeting federal low-income housing standards under IRC Section 42(g) to qualify regardless of whether they meet the state's 60-percent eligible persons requirement.

Deletes the ad valorem tax exemption for affordable housing property owned by Florida-based limited partnerships, retaining exemptions only for nonprofit entities qualified under IRC Section 501(c)(3).

Establishes a competitive evaluation and selection process for State Apartment Incentive Loan Program applications and authorizes the corporation to reserve up to 10 percent of annual allocations for high-priority housing projects and projects serving persons with disabling conditions.

Requires the Florida Housing Finance Corporation to submit audited financial statements and designates the Auditor General to conduct an operational audit and report findings to the Legislature by December 1, 2016.

Repeals section 420.5091 relating to the federal HOPE program and makes most provisions effective July 1, 2013.