The bill amends various sections of the Florida Statutes related to the Florida Housing Finance Corporation, specifically focusing on definitions and terminology. It renumbers existing subsections and introduces new definitions, including "demonstrated capacity," which outlines the necessary skills and experience for providers of affordable housing projects. The bill also clarifies the definition of "elderly" and modifies the criteria for "eligible housing providers" to include the requirement of having at least one qualifying principal with demonstrated capacity. Additionally, a new term, "qualifying principal," is defined as individuals owning at least 25% of a legal entity involved in affordable housing.

Furthermore, the bill updates a cross-reference in section 420.628, ensuring that young adults leaving the child welfare system are recognized as eligible persons for affordable housing programs. This change encourages their participation in various housing initiatives. The act is set to take effect upon becoming law, reflecting the legislature's intent to enhance the framework surrounding affordable housing in Florida.

Statutes affected:
H 489 Filed: 420.628