Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Accessory Dwelling Unit" means an
				ancillary or secondary living unit, that has a separate kitchen, bathroom, and
				sleeping area, existing either within the same structure, or on the same lot,
				as the primary dwelling unit.
(2)
				"Address" means the address assigned by the United States Postal Service and
				must include address number, street name, city, state and zip code. If address
				has not yet been assigned, include, at a minimum, street name and closest
				designated intersection, city, state and zip code.
(3) "Affiliate" means any person that, (i)
				directly or indirectly, through one or more intermediaries, controls, is
				controlled by, or is under common control with the Applicant, (ii) serves as an
				officer or director of the Applicant or of any Affiliate of the Applicant, or
				(iii) is the spouse, parent, child, sibling, or relative by marriage of a
				person described in (i) or (ii), above.
(4) "Affordability Period" means the period
				of time the unit must remain affordable.
(5) "AMI" or "Area Median Income" means the
				median income for an area, with adjustments made for household size, as
				determined by the United States Department of Housing and Urban Development
				(HUD).
(6) "Applicant" means an
				entity seeking a loan from Florida Housing for the New Construction or
				Rehabilitation of housing under CWHIP which is a party to the Public-Private
				Partnership and has been designated by the Public-Private Partnership as having
				financial responsibility and which will execute all loan documents and will
				have the authority at closing to encumber the Project.
(7) "Application" means the forms and
				exhibits created by the Corporation for the purpose of providing the means to
				apply for CWHIP funding. A completed Application may include additional
				supporting documentation.
(8)
				"Application Deadline" means 5:00 p.m., Eastern Time, on the final day of the
				Application Period.
(9)
				"Application Period" means a period during which Applications shall be accepted
				and with a deadline no less than thirty days from the beginning of the
				Application Deadline.
(10) "Area(s)
				of Critical State Concern" means the Florida Keys area of critical state
				concern, pursuant to Section
				420.5095, F.S.
(11) "Board of Directors" or "Board" means
				the Board of Directors of the Corporation.
(12) "Borrower" means an Applicant that has
				obtained a CWHIP loan.
(13)
				"Calendar Days" means the seven (7) days of the week.
(14) "Compliance Period" means a period of
				time that the Project shall conform to all set-aside requirements as described
				further in this rule chapter and agreed to by the Applicant in the
				Application.
(15) "Contributions"
				means land, cash or other valuable consideration contributed to the
				Project.
(16) "Credit Underwriter"
				means the independent contractor under contract with the Corporation having the
				responsibility for providing stated credit underwriting services.
(17) "CWHIP" or "CWHIP Program" means the
				Community Workforce Housing Innovation Pilot Program as defined in Section
				420.5095, F.S.
(18) "Developer" means any individual,
				association, corporation, joint venturer, or partnership which possesses the
				requisite skill, experience, and credit worthiness to successfully produce
				Workforce Housing as required in the Application.
(19) "Document" means electronic media,
				written or graphic matter, of any kind whatsoever, however produced or
				reproduced, including records, reports, memoranda, minutes, notes, graphs,
				maps, charts, contracts, opinions, studies, analysis, photographs, financial
				statements and correspondence as well as any other tangible thing on which
				information is recorded.
(20)
				"Draw" means the disbursement of funds to a Project.
(21) "Eligible Persons" mean persons or
				families qualified under this rule chapter to live in Workforce Housing whose
				total annual household income does not exceed 140 percent AMI, adjusted for
				household size, or 150 percent AMI, adjusted for household size, in Areas of
				Critical State Concern.
(22) "FHFC"
				or "Florida Housing" or "Corporation" means the Florida Housing Finance
				Corporation, a public corporation and public body corporate and politic created
				by Section 420.504, F.S.
(23) "Financial Beneficiary" means any
				Developer and its principals or Principals of the Applicant entity who receives
				or will receive a financial benefit as outlined in paragraphs (a) and (b),
				below, and as further described in subsection
				67-58.003(3),
				F.A.C.:
(a) 3 percent or more of Total Project
				Cost if Total Project Cost is $5 million or less, or
(b) 3 percent of the first $5 million and 1
				percent of any costs over $5 million if Total Project Cost is greater than $5
				million.