Florida Statutes 420.511 – Strategic business plan; long-range program plan; annual report; audited financial statements
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(1) The corporation shall develop a strategic business plan for the provision of affordable housing for the state. The plan must be consistent with the long-range program plan prepared pursuant to subsection (2) and shall contain performance measures and specific performance targets for the following:
(a) The ability of low-income and moderate-income Floridians to access housing that is decent and affordable.
Terms Used In Florida Statutes 420.511
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commercial fishing worker: means a laborer who is employed on a seasonal, temporary, or permanent basis in fishing in salt water or fresh water and who derived at least 50 percent of her or his income in the immediately preceding 12 months from such employment. See Florida Statutes 420.503
- 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
- Department: means the Department of Commerce. See Florida Statutes 420.503
- Farmworker: includes a person who has retired as a laborer due to age, disability, or illness. See Florida Statutes 420.503
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Officers: means the chair, vice chair, and secretary of the board of directors of the corporation. See Florida Statutes 420.503
- State: means the State of Florida. See Florida Statutes 420.503
(b) The continued availability and affordability of housing financed by the corporation to target populations.
(c) The availability of affordable financing programs, including equity and debt products, and programs that reduce gaps in conventional financing in order to increase individual access to housing and stimulate private production of affordable housing.
(d) The establishment and maintenance of efficiencies in the delivery of affordable housing.
(e) Such other measures as directed by the corporation’s board of directors.
(2) The corporation, in coordination with the department, shall annually develop a long-range program plan for the provision of affordable housing in this state as required pursuant to chapter 186. In part, the plan must include provisions that maximize the abilities of the corporation to implement the state housing strategy established under s. 420.0003, to respond to federal housing initiatives, and to develop programs in a manner that is more responsive to the needs of public and private partners. The plan shall be developed on a schedule consistent with that established by s. 186.021. For purposes of this section, the Secretary of Commerce or his or her designee shall serve as the corporation’s representative to achieve a coordinated and integrated planning relationship with the department.
(3) The corporation shall submit to the Governor and the presiding officers of each house of the Legislature, within 6 months after the end of its fiscal year, a complete and detailed report setting forth the corporation’s state and federal program accomplishments using the most recent available data. The report must include, but is not limited to:
(a) The following tenant characteristics in the existing rental units financed through corporation-administered programs:
1. The number of households served, delineated by income, race, ethnicity, and age of the head of household.
2. The number of households served in large, medium, and small counties as described in s. 420.5087(1) and the extent to which geographic distribution has been achieved in accordance with s. 420.5087.
3. The number of farmworker and commercial fishing worker households served.
4. The number of homeless households served.
5. The number of special needs households served.
6. By county, the average rent charged based on unit size.
(b) The number of rental units to which resources have been allocated in the last fiscal year, including income and demographic restrictions.
(c) The estimated average cost of producing units under each rental or homeownership unit financed under each program in the last fiscal year.
(d) By county, the average sales price of homeownership units financed in the last fiscal year.
(e) The number of households served by homeownership programs in the last fiscal year, including the income, race, ethnicity, and age of the homeowner of each household.
(f) The percentage of homeownership loans that are in foreclosure.
(g) The percentage of properties in the corporation’s rental portfolio which have an occupancy rate below 90 percent.
(h) The amount of economic stimulus created by the affordable housing finance programs administered by the corporation for the most recent year available.
(i) For the State Apartment Incentive Loan Program (SAIL), a comprehensive list of all closed loans outstanding at the end of the most recent fiscal year, including, but not limited to, development name, city, county, developer, set-aside type, set-aside percentage, affordability term, total number of units, number of set-aside units, lien position, original loan amount, loan maturity date, loan balance at close of year, status of loan, rate of interest, and interest paid.
(j) For the Florida Affordable Housing Guarantee Program, a list of all guaranteed loans through the close of the most recent fiscal year, including, but not limited to, development name, city, county, developer, total number of units, issuer of the bonds, loan maturity date, participation in the United States Department of Housing and Urban Development Risk-Sharing Program, original guarantee amount, guarantee amount at the close of the fiscal year, status of guaranteed loans, and total outstanding Florida Housing Finance Corporation Affordable Housing Guarantee Program revenue bonds at the close of the most recent fiscal year.
(k) Any other information the corporation deems appropriate.
(4) Within 6 months after the end of its fiscal year, the corporation shall submit audited financial statements, prepared in accordance with generally accepted accounting principles, which include all assets, liabilities, revenues, and expenses of the corporation, and a list of all bonds outstanding at the end of its fiscal year. The audit must be conducted by an independent certified public accountant, performed in accordance with generally accepted auditing standards and government auditing standards, and incorporate all reports, including compliance reports, as required by such auditing standards.
(5) The Auditor General shall conduct an operational audit of the accounts and records of the corporation and provide a written report on the audit to the President of the Senate and the Speaker of the House of Representatives by December 1, 2016.