Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Acquisition Price" means the cost of
				acquiring a single-family residence from the seller as a completed residential
				unit.
(2) "Annualized Current
				Income" means the mortgagor's annualized current gross income. Annualized
				current gross income is current gross monthly income multiplied by twelve (12).
				Current gross monthly income is the sum of monthly gross pay; any additional
				income from overtime, part-time employment, bonuses, dividends, interest
				royalties, pensions, Veterans Administration (VA) compensation, net rental
				income, etc.; and other income (such as alimony, child support, public
				assistance, sick pay, social security benefits, unemployment compensation,
				income received from trusts, and income received from business activities or
				investments).
(3) "Applicant" means
				an individual or individuals who apply for a MCC.
(4) "Certified Indebtedness Amount" means the
				amount of indebtedness that is incurred by the MCC Eligible Borrower to acquire
				a Principal Residence.
(5) "Code"
				means the Internal Revenue Code of 1986.
(6) "Conventional Mortgage Loan" means a
				Mortgage Loan other than an FHA Insured Mortgage Loan, USDA-RD Guaranteed
				Mortgage Loan, VA Guaranteed Mortgage Loan or HUD Section 184 Guaranteed
				Mortgage Loan, satisfying the requirements of Freddie Mac, Fannie Mae or a
				private mortgage insurance provider.
(7) "Corporation" means the Florida Housing
				Finance Corporation whose Tax Identification Number is 59-3451366.
(8) "Eligible Properties" means a residence
				located in Florida and is eligible for insurance under the FHA, VA, USDA, and
				Private Mortgage Insurance (PMI) guidelines.
(9) "Existing Home" means any residential
				dwelling which has been occupied and is not considered new
				construction.
(10) "FHA" means the
				Federal Housing Administration of the U.S. Department of Housing and Urban
				Development.
(11) "First Time Home
				Buyer" means eligible persons or families, except eligible persons or families
				acquiring a single-family residence in a MCC Targeted Area, who have not had an
				ownership interest in a principal single-family residence at any time during
				the preceding 3-year period prior to the date the mortgage is executed, other
				than a construction period loan, a bridge loan or other similar temporary
				initial financing with a term generally not exceeding 24 months with respect to
				the single-family residence.
(12)
				"IRS" means Internal Revenue Service.
(13) "Issuer" means the Florida Housing
				Finance Corporation, a public politic authorized to issue bonds or
				MCC.
(14) "Maximum Acquisition
				Price" means the maximum purchase price of a Single Family Residence, as
				prescribed in the IRS Revenue Procedures 2004-24, hereby incorporated by
				reference. The Maximum Acquisition Price Limits, "2004 Single Family Mortgage
				Revenue Bond Program Sales Price Limits, " (09/14/04) are hereby incorporated
				by reference. Copies of these documents may be obtained by contacting the
				Single Family Bonds Program Administrator at 227 North Bronough Street, Suite
				5000, Tallahassee, FL 32301-1329.
(15) "Maximum Annual Family Income" means,
				with respect to Mortgage Loans originated on new and existing Single Family
				Residences, the annual family income may not exceed 115% (or 140% in MCC
				Targeted Areas) of the state or local median income, whichever is greater as
				required by federal law.
(16) "MCC"
				means Mortgage Credit Certificate, which shall not exceed 50% of the Eligible
				Person's annual mortgage interest paid, not to exceed $2, 000.
(17) "MCC Eligible Borrower" means a person
				or persons or family or families:
(a) Whose
				total annual family income does not exceed the appropriate maximum annual
				family income established by the Corporation under the Single-Family Mortgage
				Revenue Bond program; and,
(b) To
				the extent required by federal law with respect to each person who purchases a
				single-family residence not located within a MCC Targeted Area, each such
				person who is executing the mortgage is a First Time Home
				Buyer.