Bill Text: FL S0860 | 2024 | Regular Session | Introduced


Bill Title: Financial Assistance for Homeowners

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2024-03-08 - Died in Commerce and Tourism [S0860 Detail]

Download: Florida-2024-S0860-Introduced.html
       Florida Senate - 2024                                     SB 860
       
       
        
       By Senator Jones
       
       
       
       
       
       34-00827-24                                            2024860__
    1                        A bill to be entitled                      
    2         An act relating to the financial assistance for
    3         homeowners; creating s. 420.64, F.S.; providing
    4         definitions; creating the Homeowners’ Assistance Fund
    5         within the Department of Commerce for specified
    6         purposes; providing expenses that qualify under the
    7         fund; requiring the secretary of the department to
    8         allocate a certain amount of funds for administrating
    9         and overseeing the fund and providing technical
   10         assistance to eligible entities, and for the inspector
   11         general of the department to oversee certain programs;
   12         specifying how the secretary must allocate funds to
   13         eligible entities; requiring eligible entities to
   14         request funds within a certain time period; requiring
   15         the secretary to disburse and reallocate funds within
   16         a certain time period; authorizing the department to
   17         adopt rules; providing an effective date.
   18          
   19  Be It Enacted by the Legislature of the State of Florida:
   20  
   21         Section 1. Section 420.64, Florida Statutes, is created to
   22  read:
   23         420.64Homeowners’ Assistance Fund.—
   24         (1)As used in this section, the term:
   25         (a)“Department” means the Department of Commerce.
   26         (b)“Dwelling” means any building, structure, or portion
   27  thereof which is occupied as, or designed or intended for
   28  occupancy as, a residence by one or more persons.
   29         (c)“Eligible entity” means any entity eligible for payment
   30  under this section and as further defined by department rule.
   31         (d)“Fund” means the Homeowners’ Assistance Fund created
   32  under this section.
   33         (e)“Mortgage” means any credit transaction that is secured
   34  by a mortgage, deed of trust, or other consensual security
   35  interest on a principal residence of a borrower that is a one
   36  family to four-family dwelling or residential real property that
   37  includes a one-person to four-person dwelling and the unpaid
   38  balance of which was, at the time of origination, not more than
   39  the conforming loan limit. For purposes of this paragraph, the
   40  term “conforming loan limit” means the applicable limitation
   41  governing the maximum original principal obligation of a
   42  mortgage secured by a one-family, two-family, three-family, or
   43  four-family dwelling, as determined and adjusted annually under
   44  the Federal National Mortgage Association Charter Act, 12 U.S.C.
   45  s. 1717(b)(2), and the Federal Home Loan Mortgage Corporation
   46  Act, 12 U.S.C. s. 1454(a)(2).
   47         (f)“Secretary” means the Secretary of the Department of
   48  Commerce.
   49         (2)There is created in the Department of Commerce a
   50  Homeowners’ Assistance Fund to mitigate financial hardships by
   51  providing such funds as are appropriated by the Legislature to
   52  eligible entities for the purpose of preventing homeowner
   53  mortgage delinquencies, defaults, foreclosures, loss of
   54  utilities or home energy services, and displacements of
   55  homeowners experiencing financial hardship after July 1, 2024,
   56  through qualified expenses related to mortgages and housing,
   57  which include all of the following:
   58         (a)Mortgage payment assistance.
   59         (b)Financial assistance to allow a homeowner to reinstate
   60  a mortgage or to pay other housing-related costs related to a
   61  period of forbearance, delinquency, or default.
   62         (c)Principal reduction.
   63         (d)Facilitating interest rate reductions.
   64         (e)Payment assistance for any of the following:
   65         1.Utilities, including electric, gas, home energy, and
   66  water.
   67         2.Internet service, including broadband Internet access
   68  service, as defined in 47 C.F.R. s. 8.1(b).
   69         3.Homeowners’ insurance, flood insurance, and mortgage
   70  insurance.
   71         4.Homeowners’ association and condominium association fees
   72  or common charges.
   73         (f)Reimbursement of funds expended by a local government
   74  or other entity during the period beginning on July 1, 2024, and
   75  ending on the date that the first funds are disbursed by the
   76  eligible entity under the fund.
   77         (g)Any other assistance to promote housing stability for
   78  homeowners, including preventing mortgage delinquency, default,
   79  foreclosure, post-foreclosure eviction of a homeowner, or the
   80  loss of utility or home energy services, as determined by the
   81  secretary.
   82         (3)Based on amounts appropriated, the secretary shall
   83  reserve for the department, an amount to administer and oversee
   84  the fund and to provide technical assistance to eligible
   85  entities for the creation and implementation of state, local, or
   86  tribal programs to administer assistance from the fund.
   87  Additionally, the secretary shall reserve for the inspector
   88  general of the department, an amount to provide oversight of the
   89  programs created and implemented under this subsection.
   90         (4)(a)After the allocation of funds according to
   91  subsection (3), the secretary shall allocate the remaining funds
   92  available within the Homeowners’ Assistance Fund to each
   93  eligible entity based on homeowner need, which is determined by
   94  reference to the following:
   95         1.The average number of unemployed persons measured over a
   96  period of time, not less than 3 months and not more than 12
   97  months.
   98         2.The total number of mortgagors with mortgage payments
   99  that are more than 30 days past due or mortgages in foreclosure.
  100         (b)The secretary shall adjust on a pro rata basis the
  101  amount of the payments for each eligible entity determined under
  102  this section to the extent necessary to comply with the
  103  requirements of paragraph (a).
  104         (5)(a)An eligible entity must request from the secretary
  105  allocated funds within 45 days after July 1, 2024, or the entity
  106  is not eligible for a payment from the fund.
  107         (b)The secretary shall distribute payments from the fund
  108  beginning 45 days after July 1, 2024, to eligible entities that
  109  have requested from the secretary to receive such payments and
  110  attesting that such entity will use such payments in compliance
  111  with this section.
  112         (c)Beginning 180 days after July 1, 2024, the secretary
  113  shall reallocate any funds that were not used to other eligible
  114  entities that requested funds within the 45-day period. For
  115  purposes of reallocation, the secretary shall adhere to the
  116  requirements in subsection (4) to the greatest extent possible,
  117  but must also take into consideration an eligible entity’s
  118  remaining need for funds and the eligible entity’s history of
  119  using payments received from the fund to serve minority
  120  homeowners and homeowners at disproportionate risk of mortgage
  121  default, foreclosure, or displacement, including homeowners
  122  having incomes equal to or less than 100 percent of the area
  123  median income for their household size or 100 percent of the
  124  median income for the United States, as determined by the United
  125  States Department of Housing and Urban Development, whichever is
  126  greater.
  127         (6)The department may adopt rules to implement and
  128  administer this section.
  129         Section 2. This act shall take effect July 1, 2024.

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