Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-48 - COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS SAIL/HOME/HC › Part IV - HOUSING CREDIT PROGRAM › Section 67-48.028 - Carryover Allocation Provisions

Current through Reg. 50, No. 138; July 16, 2024
(1)
				  If an Applicant cannot complete its Development by the end of the year in which
				  the Preliminary Allocation is issued, the Applicant must enter into a Carryover
				  Allocation Agreement with the Corporation by December 31st of the year in which
				  the Preliminary Allocation is issued. The Carryover Allocation allows the
				  Applicant up to the end of the second year following the Carryover Allocation
				  to have the Development placed-in-service.
(2) An Applicant shall have tax basis in the
				  Housing Credit Development which is greater than 10 percent of the reasonably
				  expected basis in the Housing Credit Development within six (6) months of the
				  date the Corporation issues the Carryover Allocation Agreement, unless extended
				  as provided in the Carryover Allocation Agreement, or the Housing Credits will
				  be deemed to be returned to the Corporation. Certification that the Applicant
				  has met the greater than 10 percent basis requirement shall be signed by the
				  Applicant's attorney or certified public accountant.
(3) All supporting Carryover documentation
				  and the signed certification evidencing the required basis must be submitted to
				  the Corporation within six (6) months of the date the Corporation issues the
				  Carryover Allocation Agreement, unless extended as provided in the Carryover
				  Allocation Agreement, or the Housing Credits will be deemed to be
				  returned.
(4) The Applicant for
				  each Development for which a Carryover Allocation Agreement has been executed
				  shall submit quarterly progress reports to the Corporation as outlined in the
				  Carryover Allocation Agreement and the competitive solicitation. If the
				  progress report does not demonstrate continuous and adequate development and
				  construction progress, the Corporation will require monthly submission of
				  progress reports until satisfactory progress is achieved, until the Development
				  is placed in service, or until a determination is made by the Corporation that
				  the Development cannot be placed in service by the Carryover deadline and the
				  Housing Credits are returned to the Corporation in accordance with the terms of
				  the Carryover Allocation Agreement. Each progress report shall include a
				  written statement describing the current status of the Development; the
				  financing, construction and syndication activity since the last report; the
				  reasons for any changes to the anticipated placed-in-service date; and any
				  other information relating to the status of the Development which the
				  Corporation may request. The due date for the first report shall be as stated
				  in the Carryover Allocation Agreement.
Rulemaking Authority
						420.507,
						420.508 FS. Law Implemented
						420.5099
						FS.
New 7-22-96, Repromulgated 12-23-96, Amended 1-6-98,
						Formerly 9I-48.028, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03,
						Repromulgated 3-21-04, Amended 2-7-05, Repromulgated 1-29-06, Amended 4-1-07,
						Repromulgated 3-30-08, Amended 8-6-09, 11-22-11, Repromulgated 10-9-13, Amended
						10-8-14, Repromulgated 9-15-16, 5-24-17, 7-8-18, 7-11-19, 6-23-20, 5-18-21,
						7-6-22, 6-28-23.