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Daily Legislative Brief from February 3, 2020

Economic Development

SB 306 – Relating to State Funds

On Monday, February 3, SB 306 by Senator Debbie Mayfield (R-Melbourne) was heard by the Senate Infrastructure and Security Committee and was reported favorable with 8 yeas and 0 nays. AIF stood in support of this legislation.

In 1997, the Legislature created the Florida Housing Finance Corporation (FHFC). The goal of the FHFC is to increase the supply of safe, affordable housing for individuals and families with very low to moderate incomes. To do this, the FHFC uses federal and state resources to finance the development of affordable homes and rental housing and assist first-time homebuyers through various programs. Currently, Florida Statute specifically grants authority to the Legislature to transfer unappropriated cash balances of state trust funds to either the General Revenue Fund or the Budget Stabilization Fund in the General Appropriations Act.

The bill exempts the State Housing Trust Fund and the Local Government Housing Trust Fund (both of which fund FHFC) from a provision authorizing the Legislature to transfer unappropriated cash balances from these trust funds to the Budget Stabilization Fund and General Revenue Fund.

SB 306 will now move to the Senate Appropriations Subcommittee on Transportation, Tourism, and Economic Development.

AIF supports legislative efforts to protect and increase access to safe and affordable housing for Florida’s workforce on which businesses in the state depend on.