(1) A public corporation and a public body corporate and politic, to be known as the “Florida Housing Finance Corporation,” is created within the Department of Commerce. It is declared to be the intent of and constitutional construction by the Legislature that the Florida Housing Finance Corporation constitutes an entrepreneurial public corporation organized to provide and promote the public welfare by administering the governmental function of financing or refinancing housing and related facilities in this state and that the corporation is not a department of the executive branch of state government within the scope and meaning of Fla. Const. Art. IV, § 6, but is functionally related to the Department of Commerce in which it is placed. The executive function of state government to be performed by the Secretary of Commerce in the conduct of the business of the Florida Housing Finance Corporation must be performed pursuant to a contract to monitor and set performance standards for the implementation of the business plan for the provision of housing approved for the corporation as provided in s. 420.0006. This contract must include performance standards for the provision of affordable housing in this state established in the strategic business plan described in s. 420.511.
(2) The corporation is constituted as a public instrumentality, and the exercise by the corporation of the power conferred by this act is considered to be the performance of an essential public function. The corporation is an agency for the purposes of s. 120.52 and is subject to chapter 119, subject to exceptions applicable to the corporation, and to the provisions of chapter 286; however, the corporation is entitled to provide notice of internal review committee meetings for competitive proposals or procurement to applicants by mail, facsimile, or publication on an Internet website, rather than by means of publication. The corporation is not governed by chapter 607 or chapter 617, but by this part. If for any reason the establishment of the corporation is deemed in violation of law, such provision is severable and the remainder of this act remains in full force and effect.
1(3) The corporation is a separate budget entity and is not subject to control, supervision, or direction by the department in any manner, including, but not limited to, personnel, purchasing, transactions involving real or personal property, and budgetary matters. The corporation shall consist of a board of directors composed of the Secretary of Commerce as an ex officio and voting member, or a senior-level agency employee designated by the secretary, one member appointed by the President of the Senate, one member appointed by the Speaker of the House of Representatives, and eight members appointed by the Governor subject to confirmation by the Senate from the following:

(a) One citizen actively engaged in the residential home building industry.
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Terms Used In Florida Statutes 420.504

  • Agency: means the 1Florida Housing Finance Agency as it exists before January 1, 1998, and thereafter as previously existing under state law. See Florida Statutes 420.503
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means the contract between the Secretary of Commerce and the corporation for provision of housing services referenced in…. 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
  • Ex officio: Literally, by virtue of one's office.
  • Local government: means a unit of local general-purpose government as defined in…. See Florida Statutes 420.503
  • Members: means the members of the board of directors of the corporation. See Florida Statutes 420.503
  • Officers: means the chair, vice chair, and secretary of the board of directors of the corporation. See Florida Statutes 420.503
  • Personal property: All property that is not real property.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Services: means the professional services normally provided by the service provider. See Florida Statutes 420.503
  • State: means the State of Florida. See Florida Statutes 420.503
(b) One citizen actively engaged in the banking or mortgage banking industry.
(c) One citizen who is a representative of those areas of labor engaged in home building.
(d) One citizen with experience in housing development who is an advocate for low-income persons.
(e) One citizen actively engaged in the commercial building industry.
(f) One citizen who is a former local government elected official.
(g) Two citizens of the state who are not principally employed as members or representatives of any of the groups specified in paragraphs (a)-(f).
(4)1(a) Members of the corporation shall be appointed for terms of 4 years, except that any vacancy shall be filled for the unexpired term. Vacancies on the board shall be filled by appointment by the Governor, the President of the Senate, or the Speaker of the House of Representatives, respectively, depending on who appointed the member whose vacancy is to be filled or whose term has expired.
(b) Subject to removal or reinstatement of the member by the Senate, the Governor may suspend a member for cause, including, but not limited to, failure to attend at least 3 meetings of the board during any 12-month period.
(5) The chair and a vice chair shall be elected annually by the members thereof. Any additional officers, who need not be members, as may be deemed necessary by the members of the corporation may be designated and elected by the members thereof.
(6) A member of the board of directors of the corporation shall receive no compensation for his or her services but shall be entitled to the necessary expenses, including per diem and travel expenses, incurred in the discharge of his or her duties, as provided by law.
(7) Each member of the board of directors of the corporation shall file full and public disclosure of financial interests at the times and places and in the same manner required of elected constitutional officers under Fla. Const. Art. II, § 8 and any law implementing Fla. Const. Art. II, § 8.
(8) The corporation is a corporation primarily acting as an instrumentality of the state, within the meaning of s. 768.28.
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