Florida Statutes 420.5095 – Community Workforce Housing Loan Program
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 420.5095
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Florida Housing Finance Corporation. See Florida Statutes 420.503
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: means the State of Florida. See Florida Statutes 420.503
(1) The Legislature finds and declares that recent rapid increases in the median purchase price of a home and the cost of rental housing have far outstripped the increases in median income in the state, creating the need for innovative solutions for the provision of housing opportunities.
(2) The Community Workforce Housing Loan Program is created to provide workforce housing for persons affected by the high cost of housing.
(3) For purposes of this section, the term “workforce housing” means housing affordable to natural persons or families whose total annual household income does not exceed 80 percent of the area median income, adjusted for household size, or 120 percent of area median income, adjusted for household size, in areas of critical state concern designated under s. 380.05, for which the Legislature has declared its intent to provide affordable housing, and areas that were designated as areas of critical state concern for at least 20 consecutive years before removal of the designation.
(4) The Florida Housing Finance Corporation is authorized to provide loans under the program to applicants for construction of workforce housing.
(5) The corporation shall establish a loan application process under s. 420.5087.
(6) Projects must be given priority consideration for funding if the local jurisdiction has adopted, or is committed to adopting, appropriate regulatory incentives, local contributions or financial strategies, or other funding sources to promote the development and ongoing financial viability of such projects. Local incentives include such actions as expediting review of development orders and permits, supporting development near transportation hubs and major employment centers, and adopting land development regulations designed to allow flexibility in densities, use of accessory units, mixed-use developments, and flexible lot configurations. Financial strategies include such actions as promoting employer-assisted housing programs, providing tax increment financing, and providing land.
(7) The corporation shall award loans with a 1 percent interest rate for a term that does not exceed 15 years.