Bill > S0494

This bill modifies Florida's Community Development Block Grant (CDBG) program to enhance its administration and oversight. Key provisions include requiring the Department of Economic Opportunity (DEO) to establish rules for fund distribution, and for approved applicants seeking Section 108 loans (a federal loan guarantee program for community development) to enter into agreements with the DEO. Importantly, if a local government defaults on a Section 108 loan, their future CDBG funds will be reduced to cover the defaulted amount, and if a local government receiving a Section 108 loan becomes an "entitlement community" (meaning they receive direct CDBG funding from the federal government), they must pledge their entitlement funds to guarantee the loan before the state is released as a guarantor. The bill also clarifies definitions, expands the scope of community development to include economic development, and sets restrictions on how local governments can spend block grant funds, including requirements for public hearings and application review processes.