Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part III - HOME INVESTMENT PARTNERSHIPS PROGRAM › Section 67-48.014 - HOME General Program Procedures and Restrictions

Current through Reg. 50, No. 138; July 16, 2024
(1) Unless otherwise provided in a
				  competitive solicitation, the Corporation shall utilize up to 10 percent of the
				  HOME allocation for administrative costs pursuant to 24 CFR Part 92.
(2) The Corporation shall utilize at least 15
				  percent of the HOME allocation for CHDOs pursuant to 24 CFR Part 92. In order
				  to apply under the CHDO set-aside, the CHDO must meet all CHDO requirements as
				  defined by HUD in 24 CFR Part 92 and other Corporation requirements identified
				  in a competitive solicitation.
(3)
				  For any rental funding administered pursuant to rule Chapter 67-48, F.A.C., the
				  Corporation will distribute funds as provided in the applicable competitive
				  solicitation.
(4) The maximum
				  per-unit subsidy amount of HOME funds that the Corporation shall invest on a
				  per-unit basis in affordable housing shall not exceed the per-unit dollar
				  limits established by the Corporation as identified in the applicable
				  competitive solicitation.
(5) The
				  minimum amount of HOME funds that must be invested in a Rental Development is
				  $1, 000 times the number of HOME-Assisted Units in the Development.
(6) A Development qualifies as affordable
				  housing and for HOME funds if, with respect to income and occupancy:
(a) 80 percent of the HOME-Assisted Units are
				  occupied by families whose annual income does not exceed 60 percent of the
				  median family income for the area, as determined by HUD, with adjustments for
				  family size; and,
(b) 20 percent of
				  the HOME-Assisted Units are occupied by families whose annual income does not
				  exceed 50 percent of the median family income for the area, as determined by
				  HUD, with adjustments for family size.
(c) When the income of a resident increases
				  above 80 percent of area median income, the next unit that becomes available in
				  the Development must be rented to a HOME income-eligible resident. If the
				  income of a Very Low-Income household increases above the limits for a Very
				  Low-Income household, then the Developer must rent the next available unit to a
				  Very Low-Income household. The amount of rent the resident whose income has
				  increased must pay is the lesser of the amount payable by resident under state
				  or local law or 30 percent of the adjusted monthly income for rent and
				  utilities.
(d) High HOME rent means
				  80 percent of the HOME-Assisted Units in a Development must have rents set at
				  no more than the lesser of the Section 8 Fair Market Rent (FMRs) or rents that
				  are 30 percent of the gross income of a Family at 65 percent of median income
				  limit, minus utility allowance. Low HOME rent means 20 percent of the
				  HOME-Assisted Units in a Development must have rents set at no more than the
				  lesser of the Section 8 Fair Market Rent (FMRs), or 30 percent of the gross
				  income of a Family at 50 percent of the area median income, minus utility
				  allowance. The rent limits for a HOME Rent-Restricted Unit is the maximum gross
				  rent that can be charged for a HOME Rent-Restricted Unit (FMRs, 30 percent of
				  the gross income of a family at 65 percent of median income, or 30 percent of
				  the gross income of a family at 50 percent of the area median income), less the
				  applicable utility allowance. These rent limits are published in HUD
				  periodically, HOME-Assisted Units with Section 8 subsidy must compare the
				  Section 8 gross rent (resident rent, subsidy amount, and utility allowance) to
				  the maximum applicable HOME high or low rent limit minus utilities. However,
				  Developments with project-based rental assistance may utilize the project-based
				  rents as compared to the HOME High and Low rents. Compliance with the HOME rent
				  restrictions will take precedence over the Developer's acceptance of a full
				  Section 8 (resident-based) subsidy for the HOME-Assisted Units. However, if a
				  HOME Rent-Restricted Unit receives federal or state project-based rental
				  subsidy and the Family's contribution toward rent does not exceed 30 percent of
				  the Family's adjusted income, then the maximum rent (i.e., tenant contribution
				  plus project-based rental subsidy) is the rent allowable under the federal or
				  state project-based rental subsidy program.
(e) The minimum Compliance Period for
				  Rehabilitation Developments is 15 years from Project Completion as defined in
				  24 CFR §92.2.
The set-aside requirements apply beginning on the later of
					 the first day on which any residential unit in the Development is occupied or
					 the HOME loan closing date. The Compliance Period will be extended until the
					 later of such longer term agreed to by the Applicant in its Application or the
					 loan is repaid as enumerated in subsection
					 67-48.020(1),
					 F.A.C.
(f) The minimum
				  Compliance Period for newly-constructed rental housing is 20 years from Project
				  Completion as defined in 24 CFR §92.2. The set-aside requirements apply
				  beginning on the later of the first day on which any residential unit in the
				  Development is occupied or the HOME loan closing date. The Compliance Period
				  will be extended until the later of such longer term agreed to by the Applicant
				  in its Application or the loan is repaid as enumerated in subsection
				  67-48.020(1),
				  F.A.C.
(g) The minimum percentage
				  of HOME-Assisted Units within a Development must be at least equal to the
				  percentage (ratio) calculated by dividing the HOME loan amount by the Total
				  Development Cost. This percentage will be utilized to determine the minimum
				  number of HOME-Assisted Units required within a Development. HOME-Assisted
				  Units must be identified at the time of Application. For purposes of meeting
				  affordable housing requirements for a Development, the HOME-Assisted Units
				  counted may be changed over the Compliance Period, so long as the total number
				  of HOME-Assisted Units remains the same, and the substituted units are, at a
				  minimum, comparable in terms of size, features, and number of bedrooms to the
				  original HOME-Assisted Units.
(h)
				  The Development will remain affordable, pursuant to commitments documented
				  within the executed Land Use Restriction Agreement without regard to the term
				  of the mortgage or to transfer of ownership.