Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
As used in this rule chapter, the following definitions shall
				  apply:
(1) "Administrative
				Expenditures" means those expenditures directly related to implementation of
				the Local Housing Assistance Plans.
(2) "Annual Gross Income" means Annual Gross
				Income as defined in Section
				420.9071(4),
				F.S.
(3) "Annual Report" means a
				report required to be completed and submitted to the Corporation by September
				15 of each year pursuant to Section
				420.9075(10),
				F.S.
(4) "Assisted Housing" or
				"Assisted Housing Development" means Assisted Housing as defined in Section
				420.9071(29),
				F.S.
(5) "Catalyst" means the
				Affordable Housing Catalyst Program as described in Section
				420.531, F.S.
(6) "Debt Service" means the amount required
				in any fiscal year to pay the principal of, redemption premium, if any, and
				interest on bonds and any amounts required by the terms of the documents
				authorizing, securing, or providing liquidity for bonds necessary to maintain
				in effect any such liquidity or security arrangements.
(7) "Default" means the failure to make
				required payments on a financial loan secured by a mortgage that may lead to
				foreclosure and loss of property ownership.
(8) "Deferred Payment Loan" means funds
				provided to a borrower under terms that calls for repayment to be delayed for a
				certain length of time, until certain circumstances change, or a certain
				threshold is met.
(9) "Eligible
				Housing" means as defined in Section
				420.9071(8),
				F.S.
(10) "Encumbered" means that
				deposits made to the local affordable housing trust fund have been committed by
				contract, or purchase order, letter of commitment or award in a manner that
				obligates the county, eligible municipality, or interlocal entity to expend the
				amount upon delivery of goods, the rendering of services, or the conveyance of
				real property by a vendor, supplier, contractor, or owner.
(11) "Essential Service Personnel" means
				persons in need of affordable housing who are employed in occupations or
				professions in which they are considered essential service personnel, as
				defined by each county and eligible municipality within its respective local
				housing assistance plan pursuant to Section
				420.9075(3)(a),
				F.S.
(12) "Expended" means the
				affordable housing activity is complete and funds deposited to the local
				affordable housing trust fund have been transferred from the local housing
				assistance trust fund account to pay for the cost of the activity.
(13) "Extremely Low Income Household" or
				"ELI" means one or more natural persons or a family that has a total annual
				gross household income that does not exceed 30 percent of the area median
				income adjusted for family size for households within the metropolitan
				statistical area, the county, or the non-metropolitan median for the state,
				whichever is greatest.
(14)
				"Foreclosure" means the legal action by a mortgage holder to require repayment
				of a Loan through the sale of the subject property.
(15) "Forgivable Loan" means a loan with no
				repayment obligation if requirements of the loan are met for a specified period
				of time.
(16) "Grant" means Grant
				as defined in Section
				420.9071(12),
				F.S.
(17) "Home Ownership
				Activities" means the use of the local affordable housing trust fund moneys for
				the purpose of providing owner-occupied housing. Such uses include
				construction, rehabilitation, purchase, and lease-purchase financing where the
				primary purpose is the eventual purchase of the housing by the occupant within
				twenty-four months from initial execution of a lease agreement or within
				twenty-four (24) months of the applicable fiscal year, whichever occurs
				first.
(18) "Interlocal Entity"
				means an entity created pursuant to the provisions of Chapter 163, Part I,
				F.S., for the purpose of establishing a joint local housing assistance plan
				between two or more SHIP eligible local governments pursuant to the provisions
				of Section 420.9072(5),
				F.S.
(19) "Loan" means Loan as
				defined in Section 420.9071(13),
				F.S.
(20) "Local Housing Incentive
				Strategies" means Local Housing Incentive Strategies as defined in Section
				420.9071(16),
				F.S.
(21) "Persons With Special
				Needs" means Persons with Special Needs as defined in Section
				420.0004(13),
				F.S.
(22) "Preservation" means
				Preservation as defined in Section
				420.9071(30),
				F.S.
(23) "Program Income" means
				Program Income as defined in Section
				420.9071(24),
				F.S.
(24) "Project Delivery Costs"
				means those costs related to the delivery of housing related services to an
				eligible applicant that are not included as part of Administrative
				Expenditures.
(25) "Recaptured
				Funds" means Recaptured Funds as defined in Section
				420.9071(25),
				F.S.
(26) "Rehabilitation" means
				repairs or improvements which are needed for safe or sanitary habitation,
				correction of substantial code violations, or the creation of additional living
				space.
(27) "Review Committee"
				means the committee established pursuant to Section
				420.9072(3)(a),
				F.S.
(28) "SHIP" or "SHIP Program"
				means the State Housing Initiatives Partnership Program created pursuant to the
				State Housing Initiative Partnership Act, Sections 420.907-.9079,
				F.S.
(29) "Sponsor" means eligible
				sponsor as defined in Section
				420.9071(11),
				F.S.
(30) "State" means the State
				of Florida.
(31) "Sub-Recipient"
				means a person or organization contracted by a SHIP eligible local government
				that is compensated with SHIP funds to provide administration of any portion of
				the SHIP program.
(32) "Welfare
				Transition Program" means a program pursuant to the provisions of Section
				445.006,
				F.S.
Rulemaking Authority
					 420.9072(9) FS.
					 Law Implemented 420.9072
					 FS.
New 11-26-92, Amended 2-9-94, 12-28-94, 1-6-98, Formerly
					 9I-37.002, Amended 12-26-99, 9-22-03, 1-30-05, 11-5-06, 2-24-08, 11-22-09,
					 5-23-17.