Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part I - ADMINISTRATION › Section 67-48.0072 - Credit Underwriting and Loan Procedures

Current through Reg. 50, No. 138; July 16, 2024
Credit underwriting is a de novo review of all information
					 supplied, received or discovered during or after any competitive solicitation
					 scoring and funding preference process, prior to the closing on funding,
					 including the issuance of IRS Forms 8609 for Housing Credits. The success of an
					 Applicant in being selected for funding is not an indication that the Applicant
					 will receive a positive recommendation from the Credit Underwriter or that the
					 Development team's experience, past performance or financial capacity is
					 satisfactory. The credit underwriting review shall include a comprehensive
					 analysis of the Applicant, the real estate, the economics of the Development,
					 the ability of the Applicant and the Development team to proceed, the evidence
					 of need for affordable housing in order to determine that the Development meets
					 the program requirements and determine a recommended SAIL, or HOME loan amount,
					 Housing Credit allocation amount or a combined SAIL or HOME loan amount and
					 Housing Credit Allocation amount, if any; and for any Development that has
					 rehabilitation with or without acquisition, a capital needs assessment ('CNA')
					 prepared in accordance with generally accepted industry investment grade
					 standards as reflected in a competitive solicitation shall be ordered by the
					 Credit Underwriter from a Corporation-approved CNA provider, and its findings
					 shall be used to determine rehabilitation that will be carried out, including
					 applicable energy, green, universal design and visitability features, and to
					 set replacement reserves as outlined in paragraph (13)(b), below. Corporation
					 funding will be based on appraisals of comparable developments, cost benefit
					 analysis, and other documents evidencing justification of costs. As part of the
					 credit underwriting review, the Credit Underwriter will consider the applicable
					 provisions of rule Chapter 67-48, F.A.C.
(1) After the Board's decision to select
				  Applicants for funding as a result of a competitive solicitation process has
				  become final action, the Corporation shall offer such Applicants an invitation
				  to enter credit underwriting. The Corporation shall select the Credit
				  Underwriter for each Development. For purposes of this section, a decision
				  regarding an Applicant will become final action:
(a) If none of the Board's selections of
				  Applicants for funding are challenged pursuant to Section
				  120.57(3),
				  F.S.;
(b) If some of the Board's
				  selections of other Applicants for funding are challenged pursuant to Section
				  120.57(3),
				  F.S., but none of the challenges could impact the decision to select the
				  Applicant for funding, or
(c) When
				  the Board or Corporation issues a final order as a result of a challenge
				  pursuant to Section 120.57(3),
				  F.S.