FL S0196

Defines "bona fide contract" for housing development purchases, requiring an initial $50,000 nonrefundable earnest money deposit and a second deposit of 3% of the qualified contract price within 15 business days after due diligence

Removes limitations on State Apartment Incentive Loan Program loans for elderly housing, including the $750,000 cap per community, 5% matching requirement, 3% interest rate cap, and 15-year term maximum

Transfers authority from the State Board of Administration to the Florida Housing Finance Corporation to serve as the state fiscal agency for making bond-related determinations under the State Constitution

Establishes procedures for low-income housing tax credit developments when qualified contracts fail to close, requiring developments to remain under extended use agreements if the owner defaults or terminates, while allowing continued marketing if contracts fail for other reasons

Effective date of July 1, 2022