reglab/statecodes huggingface dataset:
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.0045 - Required Submissions for Qualified Lending Institutions

Current through Reg. 50, No. 138; July 16, 2024
Prospective Qualified Lending Institutions must submit
				  information, sufficient in detail to demonstrate the capacity to perform the
				  functions and services necessary to adequately comply with the requirements
				  contained in that entity's Lender documents and the standard Guarantor
				  documents. Information to be submitted must include a current audited financial
				  statement prepared by an independent certified public accountant in accordance
				  with generally accepted accounting principles, description detailing the
				  institution's experience in originating and servicing affordable housing loans,
				  and listing and qualifications of key personnel within the institution's
				  affordable housing operation.
Rulemaking Authority
					 420.507(25),
					 420.5092(4) FS.
					 Law Implemented 420.5092
					 FS.
New 1-8-02.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.005 - Fees and Rates

Current through Reg. 50, No. 138; July 16, 2024
(1) The Guarantor shall
				charge premiums and rates for the issuance of a Guarantee in amounts not less
				than that established in the applicable Feasibility Study.
(2) An application fee of .1 percent (.0010)
				of the total proposed qualified mortgage amount shall be paid by or on behalf
				of the Qualified Lending Institution at the time a proposed loan is submitted
				to the Guarantor for consideration for a Guarantee.
(3) A good faith deposit in the amount of
				$15, 000 shall be required to be paid by the Obligor to the Guarantor prior to
				the earlier to occur of the distribution by counsel to the Guarantor of
				Guarantee documents or the approval of a proposed Guarantee by the
				Corporation's Board of Directors. Such good faith deposit shall be applied at
				closing to pay a portion of the fees due counsel to the Guarantor and the
				initial Guarantee fee. In the event the proposed financing does not close, such
				deposit shall be applied toward the amount of the accrued but unpaid fee of
				Guarantor's counsel and any other unpaid expenses of the Guarantee Program
				associated with such proposed Guarantee, and the remainder shall be returned to
				the applicant.
(4) A commitment fee
				of not less than .2 percent (.0020) of the stated principal amount of the
				Qualified Obligation shall be paid by or on behalf of the Qualified Lending
				Institution when a commitment to guarantee is issued by the
				Guarantor.
(5) The Qualified
				Lending Institution or the Obligor or Principals shall pay all expenses
				incurred in the course of processing a request for a Guarantee, regardless of
				whether a Guarantee is ever issued.
Rulemaking Authority
					 402.507(25),
					 420.5092(4) FS.
					 Law Implemented 420.5092
					 FS.
New 4-5-93, Amended 2-16-94, 12-26-95, 2-6-97, Formerly
					 9I-39.005, Amended 10-21-99, 1-8-02.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.010 - Program Documents

Current through Reg. 50, No. 138; July 16, 2024
(1) All Program
				Documents shall be binding on all parties and shall fully describe the
				responsibilities of and remedies available to the signing parties. The
				guarantee policy or other agreement issued by the Guarantee Program shall
				establish the procedures to be followed by an obligee or other beneficiary of
				the Guarantee in the event of a default under the terms of any Qualified
				Obligation with respect to which a Guarantee has been issued.
(2) Separate Program Documents reflecting the
				terms of each Guarantee shall be prepared by the
				Guarantor.
Rulemaking Authority
					 420.507(25),
					 420.5092(4) FS.
					 Law Implemented 420.5092
					 FS.
New 2-16-94, Amended 2-6-97, Formerly 9I-39.010, Amended
					 10-21-99, 1-8-02.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.014 - Guarantee Program Payments

Current through Reg. 50, No. 138; July 16, 2024
Payments pursuant to or connection with any Guarantee may be
				  made in a lump sum, or in partial payments made within such period of time as
				  may be agreed to by the Guarantor. Such payments shall be payable solely and
				  only from amounts held specifically for the benefit of the Guarantee Program.
				  The Corporation shall not guarantee or issue a commitment to guarantee a
				  Qualified Obligation if the balance of amounts held for the benefit of the
				  Guarantee Program is less than the Guarantee Program reserve
				  requirement.
Rulemaking Authority
					 420.507(25),
					 420.5092(4) FS.
					 Law Implemented 420.5092
					 FS.
New 2-16-94, Amended 2-6-97, Formerly 9I-39.014, Amended
					 10-21-99, 1-8-02.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.015 - Audit Requirement

Current through Reg. 50, No. 138; July 16, 2024
At least once in each fiscal year the Corporation, including
				  the Guarantee Program, shall be examined by an independent certified public
				  accountant for the purposes of auditing its financial
				  condition.
Rulemaking Authority
					 420.507(25),
					 420.5092(4) FS.
					 Law Implemented 420.5092
					 FS.
New 2-16-94, Formerly 9I-39.015, Amended 10-21-99,
					 1-8-02.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.002 - Definitions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.002, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.005 - Program Income Targeting (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.005, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.006 - Eligible Activities (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.006, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.008 - Terms and Conditions of Loans (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.008, Amended 11-17-03, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.010 - Construction Disbursements and Permanent Loan Servicing (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.010, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-43 - STATE APARTMENT INCENTIVE LOAN/HURRICANE ANDREW RECOVERY AND REBUILDING PROGRAM › Section 67-43.012 - Fees (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.012, Repealed
					 2-8-21.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.001 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Act" means the Florida Housing Finance
				Corporation Act as found in Chapter 420, Part V, F.S.
(2) "Construction Loan" means a loan to a
				non-profit sponsor or developer under the Homeownership Loan Program as more
				fully described in Rule Chapter 67-50, F.A.C.
(3) "Corporation" means the Florida Housing
				Finance Corporation.
(4) "Down
				Payment Assistance Loan" means a Florida Home Ownership Assistance Program loan
				for which no interest is charged and which shall be limited to the lesser of 25
				percent of the purchase price of the Home or the amount necessary to enable an
				Eligible Borrower to meet credit underwriting criteria.
(5) "Eligible Borrower" means a person or
				persons or family or families:
(a) Who intend
				to permanently reside as a household in the Home as their principal
				single-family residence;
(b) Whose
				total annual family income at time of closing does not exceed 80 percent of the
				State or local median income, whichever is greater, adjusted for family
				size.
(c) Who are participating in
				the Corporation's Single-Family Bond Program.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.002 - Notice of Funding Availability

Current through Reg. 50, No. 138; July 16, 2024
The Corporation shall publish a notice in the Florida
				  Administrative Register announcing its intention to provide funding for
				  qualified mortgage loans under the Single-Family Bond Program and the Down
				  Payment Assistance Loan Program and inviting qualified Lenders to submit offers
				  to originate to the Corporation at least seven (7) days prior to selection.
				  Such notice shall be published at least sixty (60) days prior to the
				  anticipated availability of Loan funds.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.5088
					 FS.
New 8-7-95, Formerly 9I-45.002, Amended 12-26-99,
					 10-29-01.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.003 - General Program Restrictions

Current through Reg. 50, No. 138; July 16, 2024
Loans will be subject to the following restrictions:
(1) In no case may an Eligible Borrower
				receive more than one Down Payment Assistance Loan or any other second mortgage
				loan offered by the Corporation.
(2) Loans shall be made available only to
				Eligible Borrowers to finance Homes which do not exceed the Maximum Acquisition
				Price.
(3) Loans will be serviced
				by the Corporation or its designated servicer.
(4) Loans shall be evidenced by a properly
				executed note as evidence of the indebtedness and shall be secured by a
				properly executed and recorded mortgage, subject only to the lien of the First
				Mortgage.
(5) Prepayment of the
				Loans shall be permitted without penalty.
(6) Loans are not assumable.
(7) No more than one-fifth of the funds
				available in the Trust Fund may be made available by the Board of Directors to
				provide loan loss insurance reserve funds to facilitate homewonership for any
				persons or families whose incomes do not exceed 140 percent of the State median
				income or local median income, whichever amount is higher. In the event of
				default, the reserve funds are authorized to be used to offset losses incurred
				by both the first mortgagee and the second mortgagee.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.5088
					 FS.
New 8-7-95, Formerly 9I-45.003, Amended 12-26-99, 12-7-03,
					 2-2-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.004 - Application Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1) Eligible
				Borrowers shall apply for a Down Payment Assistance Loan with any Participating
				Lender which is processing the applicant's First Mortgage Loan
				application.
(2) Prior to receiving
				funding for a Down Payment Assistance Loan, Eligible Borrowers shall meet all
				eligibility requirements as specified in the relevant Single-Family Bond
				Program documents.
(3) Eligible
				Borrowers shall execute a note and mortgage for this loan.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.5088(2)
					 FS.
New 8-7-95, Formerly 9I-45.004, Amended 12-26-99, 10-29-01,
					 12-7-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.005 - Terms and Conditions of Loans

Current through Reg. 50, No. 138; July 16, 2024
(1) All
				Down Payment Assistance Loans must be in compliance with the Act and shall
				adhere to the terms and conditions outlined in Rule Chapter 67-50,
				F.A.C.
(2) The Loan shall not
				exceed 30 years or the term of the First Mortgage of principal is deferred
				until the expiration of the term of the First Mortgage, or in the event of
				sale, transfer, refinancing or failure to occupy the Home as the primary
				residence as outlined in Rule
				67-25.014, F.A.C., in which case
				the Loan is due and payable in full at that time.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.507(23),
					 420.5088
					 FS.
New 8-7-95, Formerly 9I-45.005, Amended
					 12-7-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.006 - Loan Processing

Current through Reg. 50, No. 138; July 16, 2024
(1) All
				applications and Loans are processed by the Participating Lenders in accordance
				with each Participating Lender's standard underwriting criteria and any
				additional criteria imposed by FHA, VA, FannieMae, Freddie Mac, RD or other
				parties insuring or guaranteeing the First Mortgage loan.
(2) Loan applications shall be reviewed by
				the lender originating the First Mortgage on the basis of first-come,
				first-served.
(3) If sufficient
				funds are not available in the full amount of the Loan as requested, the
				application shall be deferred to a waiting list maintained by the Corporation
				or its designee on a first-come, first-served basis. Such application shall be
				considered as soon as sufficient funds become available to finance the
				Loan.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.5088
					 FS.
New 8-7-95, Formerly 9I-45.006, Amended 12-26-99, 10-29-01,
					 12-7-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-45 - FLORIDA HOME OWNERSHIP ASSISTANCE PROGRAM/DOWN PAYMENT ASSISTANCE LOAN PROGRAM › Section 67-45.007 - Fees

Current through Reg. 50, No. 138; July 16, 2024
In connection with the origination of a Down Payment
				  Assistance Loan, the Lender may collect and retain from the Eligible Borrower a
				  $75.00 application fee, payable at the time of application.
Rulemaking Authority
					 420.507(4), (12),
					 (23) FS. Law Implemented
					 420.507(19)
					 FS.
New 8-7-95, Formerly 9I-45.007, Amended 10-29-01,
					 12-7-03.
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 67-48.001 - Purpose and Intent

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this rule chapter is to establish the
					 procedures by which the Corporation shall:
(1) Address loan amounts, make and service
				  mortgage loans for new construction or rehabilitation of affordable rental
				  units under the State Apartment Incentive Loan (SAIL) Program authorized by
				  Section 420.5087, F.S., and the HOME
				  Investment Partnerships (HOME) Program authorized by Section
				  420.5089, F.S.; and,
(2) Address Competitive Housing Credit
				  amounts and implement the provisions of the Housing Credit (HC) Program
				  authorized by Section 42 of the IRC and Section
				  420.5099, F.S.
(3) This rule chapter shall be reviewed, and
				  if necessary, repealed or renewed through the rulemaking process no later than
				  five years from the effective date.
Rulemaking Authority
						420.507,
						420.508 FS. Law Implemented
						420.5087,
						420.5089(2),
						420.5099
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.001, Amended 11-9-98, Repromulgated 2-24-00, 2-22-01, Amended 3-17-02,
						Repromulgated 4-6-03, 3-21-04, Amended 2-7-05, Repromulgated 1-29-06, 4-1-07,
						Amended 3-30-08, Repromulgated 8-6-09, Amended 11-22-11, 10-9-13, 10-8-14,
						Repromulgated 9-15-16, 5-24-17, 7-8-18, 7-11-19, Amended 6-23-20, Repromulgated
						5-18-21, Amended 7-6-22, Repromulgated
						6-28-23.
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 67-48.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "ACC" or "Annual Contributions Contract"
				  means a contract between HUD and a Public Housing Authority containing the
				  terms and conditions under which HUD assists in providing for development of
				  housing units, modernization of housing units, operation of housing units, or a
				  combination of the foregoing.
(2)
				  "Act" means the Florida Housing Finance Corporation Act as found in Chapter
				  420, Part V, F.S.
(3) "Address"
				  means the address number, street name and city or, at a minimum, the street
				  name, closest designated intersection, and whether or not the Development is
				  located within a city or in the unincorporated area of the county. If located
				  within a city, include the name of the city.
(4) "Adjusted Income" means, with respect to
				  a HOME Development, the gross income from wages, income from assets, regular
				  cash or noncash contributions, and any other resources and benefits determined
				  to be income by HUD, adjusted for family size, minus the deductions allowable
				  under 24 CFR §
											5.611.
(5) "Affiliate" means any person that:
(a) Directly or indirectly, through one or
				  more intermediaries, controls, is controlled by, or is under common control
				  with the Applicant or Developer;
(b) Serves as an officer or director of the
				  Applicant or Developer or of any Affiliate of the Applicant or
				  Developer;
(c) Directly or
				  indirectly receives or will receive a financial benefit from a Development
				  except as further described in Rule
				  67-48.0075, F.A.C., or
(d) Is the spouse, parent, child, sibling, or
				  relative by marriage of a person described in paragraph (a), (b) or (c),
				  above.
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 67-48.003 - Notice of Funding or Credit Availability (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507 FS. Law Implemented
						420.5087,
						420.5089,
						420.5099
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.003, Amended 11-9-98, 2-24-00, 2-22-01, Repealed
						3-17-02.
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 67-48.004 - Selection Procedures for Developments

Current through Reg. 50, No. 138; July 16, 2024
(1) SAIL, HOME and Housing Credit
				  Applications shall be limited to one submission per subject property. Two or
				  more Applications, submitted in the same competitive solicitation process, that
				  have the same demographic commitment and one or more of the same Financial
				  Beneficiaries, will be considered submissions for the same Development site if
				  any of the following is true:
(a) Any part of
				  any of the property sites is contiguous with any part of any of the other
				  property sites, or
(b) Any of the
				  property sites are divided by a street or easement, or
(c) It is readily apparent from the
				  Applications, proximity, chain of title, or other information available to the
				  Corporation that the properties are part of a common or related scheme of
				  development.
If two or more Applications are considered to be
					 submissions for the same Development site, the Corporation will reject all such
					 Applications.
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 67-48.005 - Applicant Administrative Appeal Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507 FS. Law Implemented
						120.569,
						120.57,
						420.5087,
						420.5089,
						420.5099
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.005, Amended 4-7-98, 11-9-98, 2-24-00, 2-22-01, 3-17-02, 10-8-02,
						12-4-02, 4-6-03, 3-21-04, 2-7-05, 1-29-06, 4-1-07, 3-30-08, 8-6-09,
						Repromulgated 11-22-11, Repealed
						10-9-13.
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 67-48.006 - Compliance and Reporting Requirements (Transferred)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507 FS. Law Implemented
						420.5087,
						420.5089,
						420.5099
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.006, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-01, 4-6-03, 3-21-04,
						Transferred to 67-53.008.
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 67-48.007 - Fees

Current through Reg. 50, No. 138; July 16, 2024
The Corporation, the Credit Underwriter or the
					 environmental provider shall collect via check, money order, or as otherwise
					 provided in a competitive solicitation the following non-refundable fees and
					 charges in conjunction with the SAIL, HOME, and HC Programs, as outlined in the
					 competitive solicitation, the invitation to enter credit underwriting, the
					 Preliminary Allocation, the preliminary commitment, the firm commitment, the
					 Binding Commitment, the Carryover Allocation Agreement, or this rule chapter,
					 as applicable:
(1) Application
				  fee.
(2) Credit Underwriting
				  fees.
(3) Administrative
				  fees.
(4) Commitment
				  fees.
(5) Compliance monitoring
				  fees.
(6) Loan servicing
				  fees.
(7) Construction inspection
				  fees.
(8) Financial monitoring
				  fees.
(9) Tax-exempt mortgage
				  financing fees.
(10) HUD
				  environmental fees.
(11) Qualified
				  Contract Package fees.
(12)
				  Assumption/Renegotiation fees.
(13)
				  Loan closing extension fees.
(14)
				  Processing fees.
(15) Preliminary
				  Recommendation Letter (PRL) fee.
All of the fees set forth above with respect to the SAIL
					 Program are part of Development Cost and can be included in the Development
					 Cost pro forma and paid with SAIL loan proceeds. Failure to pay any fee
					 associated with any applicable loan program shall cause the firm loan
					 commitment under any such loan program(s) to be terminated or shall constitute
					 a default on the respective loan documents. Failure to pay any fee associated
					 with a Housing Credit Allocation shall cause the Housing Credit Allocation to
					 be rescinded. Where a Development has been awarded funding under a loan
					 program(s) and a Housing Credit Allocation, failure to pay any fee associated
					 with either the loan(s) or Housing Credits, or both, shall result in both the
					 termination or default, as applicable, of the loan(s) and rescission of the
					 Housing Credit Allocation.
Rulemaking Authority
						420.507,
						420.508 FS. Law Implemented
						420.5087,
						420.5099
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.007, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, Repromulgated
						3-21-04, Amended 2-7-05, 1-29-06, 4-1-07, Repromulgated 3-30-08, Amended
						8-6-09, 11-22-11, 10-9-13, 10-8-14, Repromulgated 9-15-16, 5-24-17, 7-8-18,
						7-11-19, 6-23-20, 5-18-21, Amended 7-6-22, Repromulgated
						6-28-23
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 67-48.0075 - Miscellaneous Criteria

Current through Reg. 50, No. 138; July 16, 2024
(1) In addition to
				  the alteration, improvement or modification of an existing structure,
				  Rehabilitation or Preservation with respect to the HOME Program and
				  Rehabilitation or Preservation with respect to the Housing Credit Program also
				  includes:
(a) For HOME Developments, moving an
				  existing structure to a foundation constructed with HOME funds. Rehabilitation
				  may include adding rooms outside the existing walls of a structure, but adding
				  a housing unit is considered new construction.
(b) For Competitive Housing Credit
				  Developments, Rehabilitation or Preservation costs during any 24-month period
				  must equal or exceed an average of $40, 000 in hard rehabilitation costs per
				  unit and are in addition to the 20% of the property's adjusted basis
				  requirements and minimum qualified basis per low income unit set forth in
				  Section 42(e)(3)(A)(ii)
				  of the IRC. For purposes of this subsection, "hard rehabilitation costs"
				  include site improvements, off-site improvements, rehabilitation costs for
				  physical improvements to the property, and construction contingency and do not
				  include general contractor fees or overhead, general requirements, architect
				  and engineering fees, permit fees, financing or soft costs, or developer
				  fees.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.008 - No Discrimination (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507(12) FS.
						Law Implemented 420.501,
						420.5089(10)
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.008, Amended 11-9-98, 2-24-00, Repealed
						2-22-01.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.009 - SAIL General Program Procedures and Restrictions

Current through Reg. 50, No. 138; July 16, 2024
(1) Loans shall be in an amount not to exceed
				  25 percent of the Total Development Cost except as described in subsections (2)
				  and (3), below, or the minimum amount required to make the Development
				  economically feasible, whichever is less, as determined by the Credit
				  Underwriter.
(2) The following
				  types of Sponsors are eligible to apply for loans in excess of 25 percent of
				  Total Development Cost pursuant to Section
				  420.507(22),
				  F.S.:
(a) Non-Profit and public Sponsors
				  which are able to secure grants, donations of land, or contributions from other
				  sources collectively totaling at least 10 percent of Total Development Cost;
				  and,
(b) Sponsors that set aside at
				  least 80 percent of their total units for residents qualifying as Farmworkers
				  as defined in Section
				  420.503, F.S., Commercial
				  Fishing Workers as defined in Section
				  420.503, F.S., or the Homeless
				  as defined in Section
				  420.621, F.S., or Persons with
				  Special Needs as defined in Section
				  420.0004(13),
				  F.S., over the life of the loan.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.0095 - Additional SAIL Selection Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				  Subject to the provisions of Section
				  420.507(48),
				  F.S., during the first six (6) months following the publication date of the
				  first Notice of Funding Availability published in any year within the state of
				  Florida, SAIL funds shall be allocated in accordance with the ranking and
				  selection process set forth in the applicable competitive solicitation and
				  based upon the requirements specified in Section
				  420.5087(3),
				  F.S., which specifies the required funding within the five (5) demographic
				  categories of:
(a) Family;
(b) Elderly;
(c) Homeless;
(d) Commercial Fishing Workers and
				  Farmworkers; and,
(e) Persons with
				  Special Needs.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.0105 - Sale, Transfer or Refinancing of a SAIL Development

Current through Reg. 50, No. 138; July 16, 2024
(1) Any sale, conveyance, assignment, or
				  other transfer of interest or the grant of a security interest in all or any
				  part of the title to the Development other than a superior mortgage shall be
				  subject to the Corporation's prior written approval. The Board shall consider
				  the facts and circumstances of each Applicant's request and any credit
				  underwriting report, if available, prior to determining whether to grant such
				  request.
(2) The SAIL loan shall be
				  assumable upon sale or transfer of the Development if the following conditions
				  are met:
(a) The proposed transferee meets
				  all specific Applicant identity criteria which were required as conditions of
				  the original loan;
(b) The proposed
				  transferee agrees to maintain all set-asides and other requirements of the SAIL
				  loan for the period originally specified or longer; and,
(c) The proposed transferee and release of
				  transferor receives a favorable recommendation from the Credit Underwriter and
				  approval by the Board of Directors of the Corporation.
All assumption requests must be submitted in writing to the
					 Special Assets Director and contain the specific details of the transfer and
					 assumption. In addition to any related professional fees, the Corporation shall
					 charge a non-refundable assumption fee of one-tenth of one percent of the SAIL
					 loan principal amount. The applicable fee will be determined by the rule in
					 effect at the time of the assumption request.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.012 - SAIL Credit Underwriting and Loan Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507 FS. Law Implemented
						420.5087,
						420.5087(6)(e)
						FS.
New 7-22-96, Amended 12-23-96, 7-10-97, 1-6-98, Formerly
						9I-48.012, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, 3-21-04,
						Repealed 2-7-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part II - STATE APARTMENT INCENTIVE LOAN PROGRAM › Section 67-48.013 - SAIL Construction Disbursements and Permanent Loan Servicing

Current through Reg. 50, No. 138; July 16, 2024
(1) SAIL loan proceeds shall be disbursed
				  during the construction phase in an amount per Draw which does not exceed the
				  ratio of the SAIL loan to the Total Development Cost, unless approved by the
				  Corporation and the Credit Underwriter.
(2) Ten (10) business days prior to each
				  Draw, the Applicant shall supply the Corporation's servicer, as agent for the
				  Corporation, with a written request executed by the Applicant for a Draw. The
				  request shall set forth the amount to be paid and shall be accompanied by
				  documentation specified by the Corporation's servicer including claims for
				  labor and materials to date of the last inspection.
(3) The Corporation and its servicer shall
				  review the request for a Draw, and the servicer shall provide the Corporation
				  with approval of the request or an alternative recommendation, after the title
				  insurer provides an endorsement to the policy of title insurance updating the
				  policy to the date of the current Draw and increasing the insurance coverage to
				  an amount equal to the sum of all prior Draws and the current Draw.
(4) The Corporation shall disburse
				  construction Draws through Automated Clearing House (ACH). The Applicant may
				  request disbursement of construction Draws via a wire transfer. The Applicant
				  will be charged a fee of $10 for each wire transfer requested. This charge will
				  be netted against the Draw amount.
(5) The Corporation shall elect to withhold
				  any Draw or portion of any Draw, notwithstanding any documentation submitted by
				  the Applicant in connection with the request for a Draw, if:
(a) The Corporation or the Corporation's
				  servicer determines at any time that the actual cost budget or progress of
				  construction differs from that as shown on the loan documents, or
(b) The percentage of progress of
				  construction of the improvements differs from that shown on the request for a
				  Draw.
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 67-48.015 - Match Contribution Requirement for HOME Allocation

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation is required by HUD to
				  match non-federal funds to the HOME allocation as specified in 24 CFR Part
				  92.
(2) A Match Credit Fund funded
				  by the state of Florida has been appropriated to the Corporation. The funds are
				  to be used for demonstration Developments, pilot programs, or other
				  Developments selected and approved by the Corporation's Board of Directors.
				  Such pilot programs or Developments shall be counted as the Corporation's
				  required match for HUD purposes and may be any eligible activity acceptable to
				  24 CFR Part 92 and approved by the Corporation's Board of
				  Directors.
Rulemaking Authority
						420.507,
						420.508 FS. Law Implemented
						420.5089(4)
						FS.
New 7-22-96, Amended 12-23-96, 1-6-98, Formerly
						9I-48.015, Amended 11-9-98, Repromulgated 2-24-00, Amended 2-22-01, 3-17-02,
						4-6-03, Repromulgated 3-21-04, Amended 2-7-05, Repromulgated 1-29-06, 4-1-07,
						3-30-08, 8-6-09, 11-22-11, 10-9-13, 10-8-14, 9-15-16, 5-24-17, 7-8-18, 7-11-19,
						6-23-20, 5-18-21, 7-6-22, Repromulgated
						6-28-23.
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 67-48.017 - Eligible HOME Activities

Current through Reg. 50, No. 138; July 16, 2024
HOME funds may be used for acquisition (must include new
					 construction and/or Rehabilitation), new construction, reconstruction, or
					 moderate or substantial rehabilitation of non-luxury housing with suitable
					 amenities or for tenant based rental assistance pursuant to 24 CFR Part
					 92.
Rulemaking Authority
						420.507,
						420.508 FS. Law Implemented
						420.5089(3)
						FS.
New 7-22-96, Repromulgated 12-23-96, 1-6-98, Formerly
						9I-48.017, Amended 11-9-98, Repromulgated 2-24-00, 2-22-01, 3-17-02, Amended
						4-6-03, Repromulgated 3-21-04, Amended 2-7-05, Repromulgated 1-29-06, 4-1-07,
						3-30-08, 8-6-09, 11-22-11, 10-9-13, 10-8-14, 9-15-16, 5-24-17, 7-8-18, 7-11-19,
						6-23-20, 5-18-21, 7-6-22, Repromulgated
						6-28-23.
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 67-48.018 - Eligible HOME Applicants

Current through Reg. 50, No. 138; July 16, 2024
(1) Unless
				  otherwise permitted in a competitive solicitation process, an Applicant is not
				  eligible to apply for HOME Program funding if any of the following pertain to
				  the proposed Development:
(a) The proposed
				  Development has received an allocation of Housing Credits or a Competitive
				  Housing Credit commitment, unless written notice has been provided to the
				  Corporation prior to the deadline to apply for the applicable HOME funding
				  withdrawing acceptance of such allocation or commitment and returning the
				  previously awarded HC funding;
(b)
				  A preliminary commitment of funding for the proposed Development through the
				  HOME Program or the SAIL Program has already been accepted, unless written
				  notice has been provided to the Corporation prior to the deadline to apply for
				  the new HOME funding withdrawing such acceptance and returning the prior HOME
				  Program or SAIL Program funding; or
(c) The proposed Development site or any part
				  thereof is subject to any Land Use Restriction Agreement or Extended Use
				  Agreement, or both, in conjunction with any Corporation affordable housing
				  financing intended to foster the development or maintenance of affordable
				  housing, unless at least one (1) of the following applies:
1. A LURA recorded in conjunction with the
				  Predevelopment Loan Program or the Elderly Housing Community Loan Program,
				  or
2. A LURA or EUA, or both, for
				  an existing building or buildings, originally constructed at least 25 years
				  prior to the deadline to apply for the applicable HOME funding, where, in the
				  current Application, the Applicant has selected and qualified for the Homeless
				  demographic commitment with a Development category of Rehabilitation,
				  Acquisition and Rehabilitation, Preservation or Acquisition and
				  Preservation.
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 67-48.019 - Eligible and Ineligible HOME Development Costs

Current through Reg. 50, No. 138; July 16, 2024
(1) HOME funds may be used to pay for the
				  following eligible costs as enumerated in 24 CFR Part 92 :
(a) Development hard costs as they directly
				  relate to the identified HOME-Assisted Units only for:
1. New construction, the costs necessary to
				  meet all applicable local and state codes, ordinances, and zoning requirements.
				  Note that 24 CFR §92.251 requires that HOME-Assisted new construction
				  projects must meet state or local residential and building codes, as applicable
				  or, in the absence of a state or local building code, the International
				  Residential Code or International Building Code (as applicable to the type of
				  housing) of the International Code Council,
2. Rehabilitation, the costs necessary to
				  meet all applicable local and state codes, ordinances, and requirements or, in
				  the absence of a state or local building code, the International Existing
				  Building Code of the International Code Council and Uniform Physical Condition
				  Standards pursuant to 24 CFR
				  5.705,
3. Both new construction and rehabilitation,
				  costs to demolish existing structures, improvements to the Development site and
				  utility connections;
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 67-48.0205 - Sale, Transfer or Refinancing of a HOME Development

Current through Reg. 50, No. 138; July 16, 2024
(1) The HOME loan shall be assumable upon
				  Development sale, transfer or refinancing if the following conditions are met:
(a) The proposed transferee meets all
				  specific Applicant identity criteria which were required as conditions of the
				  original loan;
(b) The proposed
				  transferee agrees to maintain all set-asides and other requirements of the HOME
				  loan for the period originally specified;
(c) The proposed transferee agrees to pay all
				  loan servicing and compliance monitoring fees through the end of the HOME LURA;
				  and,
(d) The proposed transferee
				  and Application receives a favorable recommendation from the Credit Underwriter
				  and approval by the Corporation's Board of Directors.
All assumption requests must be submitted in writing to the
					 Special Assets Director and contain the specific details of the transfer and
					 assumption. In addition to any related professional fees, the Corporation shall
					 charge a non-refundable assumption fee as of one-tenth of one percent of the
					 HOME loan principal amount. The applicable fee will be determined by the rule
					 in effect at the time of the assumption request.
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 67-48.021 - HOME Credit Underwriting and Loan Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
						420.507(12) FS.
						Law Implemented 420.5089(2)
						FS.
New 7-22-96, Amended 12-23-96, 7-10-97, 1-6-98, Formerly
						9I-48.021, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, 3-21-04,
						Repealed 2-7-05.
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 67-48.022 - HOME Disbursements Procedures and Loan Servicing

Current through Reg. 50, No. 138; July 16, 2024
(1) HOME loan proceeds shall be disbursed
				  during the construction/rehabilitation phase in an amount per Draw on a
				  pro-rata basis with the other financing unless otherwise approved by the
				  Corporation or the Credit Underwriter.
(2) Ten (10) business days prior to each
				  Draw, the Applicant shall supply the Corporation's servicer, as agent for the
				  Corporation, with a written request executed by the Applicant for a Draw in a
				  form and substance acceptable to the Corporation's servicer.
(3) The request shall set forth the amount to
				  be paid and shall be accompanied by documentation as specified by the
				  Corporation's servicer. Such documentation shall include invoices for labor and
				  materials to date of the last inspection.
(4) The Corporation's servicer and the
				  Corporation shall review the request for Draw and the Corporation's servicer
				  shall provide the Corporation with approval of the request or an alternative
				  recommendation of an amount to be paid after the title insurer provides an
				  endorsement to the policy of title insurance updating the policy to the date of
				  the current Draw and increasing the insurance coverage to an amount equal to
				  the sum of all prior Draws and the current Draw, without additional exceptions,
				  except those specifically approved in writing by the Corporation. For all
				  Developments consisting of 12 or more units to be developed under a single
				  contract, the borrower shall submit weekly payrolls of the General Contractor
				  and subcontractors in accordance with Federal Labor Standards as enumerated in
				  24 CFR §92.354.
(5) Retainage
				  in the amount of 10 percent per Draw shall be held by the servicer during
				  construction until the Development is 50 percent complete. At 50 percent
				  completion, no additional retainage shall be held from the remaining draws.
				  Release of funds held as retainage shall occur in accordance with the HOME loan
				  documents.
(6) The Corporation or
				  its servicer shall elect to withhold any Draw or portion of any Draw, in
				  addition to the retainage, notwithstanding any documentation submitted by the
				  borrower in connection with a request for a Draw, if:
(a) The Corporation or the servicer
				  determines at any time that the actual cost budget or progress of construction
				  differs from that shown on the loan documents.
(b) The percentage of progress of
				  construction of improvements differs from that shown on the request for a
				  Draw.
(c) Developments subject to
				  and not in compliance with Federal Labor Standards.