reglab/statecodes huggingface dataset:
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.013 - Transfer of Single-Family Residence by Eligible Borrower

Current through Reg. 50, No. 138; July 16, 2024
If all or any part of the single-family residence or an
				  interest therein is sold or transferred by an eligible borrower under the
				  Program to an individual who does not meet the credit underwriting and eligible
				  borrower standards of the Program, or if the purchase price for which the
				  single-family residence is sold or transferred exceeds that allowed in the
				  program documents, the Corporation shall, if such transfer jeopardizes the
				  tax-exempt status of the bonds, sell the Qualified Mortgage Loan or declare the
				  entire unpaid principal balance of the note including principal and unpaid
				  accrued interest immediately due and payable if such action is in the best
				  interest of the Corporation and the Program.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.502,
					 420.507,
					 420.508
					 FS.
New 4-15-87, Formerly 9I-25.013, Amended
					 12-16-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.014 - Rental of Bond Financed Residences

Current through Reg. 50, No. 138; July 16, 2024
(1)
				No bond-financed residence shall be rented without the prior consent of the
				Corporation or a mortgage servicer designated by the Corporation to service the
				Qualified Mortgage Loan used to finance the residence.
(2) The Corporation's designated servicer
				shall approve a request by an eligible borrower for rental of a bond-financed
				residence if an eligible borrower has occupied the residence for a period of 24
				months or longer, and:
(a) The necessity of
				renting the residence is due to an obligatory temporary employment or military
				transfer and the distance required to commute as a result of such transfer
				would create an undue hardship on the borrower, and after which the borrower
				will return to occupy the residence, or
(b) The necessity of renting the residence is
				due to a non-obligatory transfer to take advantage of better employment
				opportunities and the distance required to commute as a result of such transfer
				would create an undue hardship on the borrower, or
(c) The necessity of renting the residence is
				due to difficulty encountered in attempting to sell the residence. For purposes
				of this section, difficulty in attempting to sell the residence shall be deemed
				to be the inability to sell the residence on the open market for a sales price
				which does not exceed the appraised fair market value of the residence, for a
				minimum period of 3 months.
(d) The
				necessity of renting the residence is due to a demonstrated extreme economic
				hardship on the borrower.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.015 - Interest Rate on Program Loans and Financing Programs

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation shall establish the
				interest rate to be charged eligible borrowers for Qualified Mortgage Loans at
				the time of sale of the bonds based on market conditions and the best interest
				of the Corporation and the public. The interest rate established shall be no
				more than the interest rate on the bonds issued by the Corporation plus such
				arbitrage as is legally allowed without jeopardizing the Tax-Exempt status of
				the bonds. The difference between the interest rate on the bonds and the
				interest rate on the Qualified Mortgage Loans shall either be retained by the
				Corporation or be utilized by the Corporation for any legal purpose pursuant to
				the Act.
(2) Flexible mortgage
				financing including but not limited to the use of graduated mortgage rates,
				variable rate mortgages and mortgage buy-downs is authorized so long as the use
				of such types of financing does not jeopardize the tax-exempt status of the
				bonds, does not violate any applicable laws, or does not result in an average
				interest cost that substantially deviates from the fixed interest rate
				established by the Corporation at the time of the sale of the bonds and is
				determined to serve an appropriate public purpose in light of market conditions
				at the time of sale of the bonds. The parameters of such financing shall be
				specifically set out in the program documents and by Corporation resolution for
				each bond issue.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.502,
					 420.507,
					 420.508,
					 420.509
					 FS.
New 4-15-87, Formerly 9I-25.015, Amended
					 12-16-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.0155 - Private Mortgage Insurance

Current through Reg. 50, No. 138; July 16, 2024
For conventional loans under a whole loan program, all
				  program loans must be insured under a primary policy of private mortgage
				  insurance issued by a private mortgage insurer whose ability to pay claims is
				  rated by a nationally recognized rating service or agency with a rating
				  equivalent to or better than the rating required by Resolution of the Board of
				  Directors of the Corporation or by Program Documents, whichever is higher, and
				  which will write a policy or private mortgage insurance on a form prescribed by
				  the Corporation and approved by the Insurance Commissioner and at rates to be
				  negotiated. Once the loan-to-value ratio reaches 78% of the original loan
				  amount, the private mortgage insurance premium will be dropped in accordance
				  with the Homeowner's Protection Act of 1998.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.502,
					 420.507,
					 420.508
					 FS.
New 12-16-03.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.016 - Waiver of Repayment Terms under Mortgage

Current through Reg. 50, No. 138; July 16, 2024
The Corporation shall waive the repayment of a portion of the
				  mortgage loan under the program if the Corporation determines, in conjunction
				  with the program guidelines, that it is necessary to do so in order to comply
				  with arbitrage restrictions as they are defined in the IRC 1954 code and the
				  Code, as applicable, or any regulations thereunder.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.502,
					 420.507,
					 420.508
					 FS.
New 4-15-87, Formerly 9I-25.016, Repromulgated
					 2-2-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-25 - SINGLE-FAMILY MORTGAGE REVENUE BONDS PROGRAM › Section 67-25.017 - Rating of Bonds

Current through Reg. 50, No. 138; July 16, 2024
The Corporation shall determine what rating is required on
				  the bonds. In making that determination, the Corporation will take into
				  consideration the current market conditions and the best interest of the
				  public.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.502,
					 420.507,
					 420.508
					 FS.
New 4-15-87, Formerly 9I-25.017, Amended 12-16-03,
					 2-2-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.002 - Definitions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 10-2-89, Amended 2-25-96, Formerly 9I-32.002, Amended
					 11-9-98, 1-2-00, 12-31-00, 3-17-02, 5-5-03, 2-16-05, 2-20-07, 1-17-08, Repealed
					 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.0035 - Applicant Administrative Appeal Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 1-17-08, Repealed
					 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.004 - General Program Restrictions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 10-2-89, Amended 1-9-92, 2-25-96, Formerly 9I-32.004,
					 Amended 11-9-98, 1-2-00, 12-31-00, 3-17-02, Repromulgated 5-5-03, Amended
					 1-26-06, 4-7-09, Repealed 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.005 - Application Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 10-2-89, Amended 1-9-92, 2-25-96, Formerly 9I-32.005,
					 Amended 11-9-98, 1-2-00, 12-31-00, 3-17-02, Repromulgated 5-5-03, Amended
					 2-16-05, 1-26-06, 2-20-07, 1-17-08, 4-7-09, Repealed
					 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.006 - Terms and Conditions of Loan (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 10-2-89, Amended 1-9-92, 2-25-96, Formerly 9I-32.006,
					 Amended 11-9-98, Repromulgated 1-2-00, Amended 12-31-00, 3-17-02, 5-5-03,
					 2-16-05, 1-26-06, 2-20-07, 1-17-08, Repealed
					 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.007 - Scoring, Ranking, and Funding Guidelines (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 10-2-89, Formerly 9I-32.007, Amended 11-9-98, 1-2-00,
					 Repromulgated 12-31-00, Amended 3-17-02, 5-5-03, 2-16-05, 1-26-06, 1-17-08,
					 Repealed 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.009 - EHCL Credit Underwriting Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.5087(3)(d)
					 FS.
New 5-5-03, Amended 2-16-05, Repealed
					 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-32 - ELDERLY HOUSING COMMUNITY LOAN PROGRAM › Section 67-32.011 - Fees (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.5087(3)(d)
					 FS. Law Implemented 420.507(19),
					 420.5087(3)(d)
					 FS.
New 10-2-89, Amended 2-25-96, Formerly 9I-32.011, Amended
					 11-9-98, 1-2-00, 12-31-00, 3-17-02, Repromulgated 5-5-03, Amended 2-16-05,
					 Repealed 10-8-14.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.006 - Review of Local Housing Assistance Plans and Amendments

Current through Reg. 50, No. 138; July 16, 2024
(1) Local housing assistance plans and
				amendments shall be reviewed and approved by a Review Committee of Corporation
				employees appointed by the Executive Director.
(2) Any county or eligible municipality
				desiring review of a new plan or plan amendment prior to adoption by the local
				government body may submit it for review to the Corporation. The plan or
				amendment will be reviewed by the Corporation, which will recommend it for
				conditional approval pending local approval and submission of all required
				documents or identify inconsistencies with the requirements of the SHIP program
				Rule Chapter 67-37, F.A.C., and Sections 420.907-.9079, F.S., within 45 days
				after receipt.
(3) Amendments to an
				approved local housing assistance plan must be adopted by resolution and the
				county or eligible municipality must provide a copy to the Corporation within
				21 days after adoption. A county or eligible municipality must amend its plan
				if at any time a strategy will be deleted or a new strategy will be added.
				Amendments that do not add, delete or significantly alter a strategy are
				considered technical and are not subject to the amendment review
				process.
(4) A county or eligible
				municipality that has adopted a Plan or an amendment that has been determined
				by the Corporation to be inconsistent with the requirements of the SHIP
				program, shall make necessary revisions identified within 45 days of receipt of
				the Committee's comments.
Rulemaking Authority
					 420.9072(9) FS.
					 Law Implemented 420.9072(2)
					 FS.
New 11-26-92, Amended 2-9-94, 12-28-94, 1-6-98, Formerly
					 9I-37.006, Amended 12-26-99, 9-22-03, 2-24-08, 11-22-09,
					 5-23-17.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.007 - Uses of and Restrictions Upon SHIP Local Housing Distribution Funds for Local Housing Assistance Plans

Current through Reg. 50, No. 138; July 16, 2024
(1) SHIP
				local housing distribution funds shall be used to implement the local housing
				assistance plan. The benefit of assistance provided through the SHIP program
				must accrue to eligible persons occupying Eligible Housing. This provision
				shall not be construed to prohibit use of the local housing distribution
				deposited into the local housing assistance trust fund for a mixed-income
				rental development.
(a) All local housing
				distribution funds shall be Encumbered by June 30 of the State fiscal year
				following the end of the applicable State fiscal year.
(b) The funds deposited to the local housing
				assistance trust fund must be Expended within 24 months from the end of the
				applicable State fiscal year. Requests for extensions for good cause must be
				submitted by the local government to the Corporation and will be reviewed and
				approved or denied by the Corporation on a case-by-case basis. Examples of good
				cause include disasters, requirements of other State agencies or housing
				programs, adverse market conditions, and unavoidable development delays. The
				Corporation may require a local government requesting an expenditure extension
				to receive technical assistance through the Catalyst program.
(c) If funds remain unexpended after the
				original or extended deadline, the County or eligible municipality will be
				deemed to be in non-compliance and funds will be subject to recapture by the
				Corporation.
(d) SHIP local housing
				distribution funds may be used:
1. To
				implement the local housing assistance plan and incentive strategies that
				create or preserve affordable housing,
2. To supplement Corporation programs,
3. To provide local match to
				obtain federal housing grants or programs, such as HOME, established by 24 CFR,
				Part 92 ; and,
4. To further the
				housing element of the local government comprehensive plan adopted pursuant to
				Section 163.3184, F.S., specific to
				affordable housing.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.008 - Local Housing Assistance Trust Fund

Current through Reg. 50, No. 138; July 16, 2024
(1) Amounts on deposit in each local housing
				assistance trust fund shall be invested as permitted by law for the local
				housing distribution funds of the applicable local government(s). All
				investment earnings shall be retained in such fund and used for the purposes
				thereof.
(2) The local housing
				assistance trust fund for all local governments including interlocal entities
				shall be separately stated as a special revenue fund in a county's or eligible
				municipality's audited financial statements. Electronic of such audited
				financial statements or a hyperlink to the webiste where the report is posted
				shall be transmitted annually to the Corporation no later than June 30th of the
				following state fiscal year. In addition to providing audited financial
				statements, all participating jurisdictions must provide evidence of compliance
				with the Florida Single Audit Act, as referenced in Sections
				215.97(7) and
				(8), F.S.
(3) All Expended funds reported on the SHIP
				Annual Report shall be reconciled to the general ledger for each State fiscal
				year prior to submission of the SHIP Annual Report.
(4) In addition to the Annual Report
				requirements outlined in Section
				420.9075(10),
				F.S., local governments shall submit information required by the Corporation on
				the Annual Report for:
(a) Foreclosure rates
				on SHIP loans;
(b) Administrative
				Expenditures separately stated for the costs of the local government and any
				Sub-Recipients administering the program;
(c) Total Recaptured Funds and program income
				separately stated for event type (foreclosure, sale of property,
				refinance);
(d) Total amount of
				unexpended funds that will be carried forward to the next SHIP fiscal
				year;
(e) A list of Sub-Recipients
				that administer any portion of the SHIP program. The list shall include name of
				person or organization, business type, a description of the strategies and
				responsibilities for each sub-recipient or consultant;
(f) Tracking of Persons with Special Needs;
				and,
(g) Responses to requests for
				information from the Legislature or Governor's office.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.010 - Local Affordable Housing Advisory Committees and Incentive Strategies (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.9072(9) FS.
					 Law Implemented 420.907,
					 420.9076
					 FS.
New 2-9-94, 1-6-98, Formerly 9I-37.010, Amended 12-26-99,
					 Repromulgated 9-22-03, Amended 2-24-08, 11-22-09, Repealed
					 5-23-17.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.011 - Interlocal Entities

Current through Reg. 50, No. 138; July 16, 2024
(1) The interlocal
				agreement shall specify whether a single report for all jurisdictions or
				individual Annual Reports for each participating local government shall be
				submitted pursuant to Section
				420.9075(10),
				F.S.
(2) Eligible municipalities
				that intend to become a member of an established interlocal entity must:
(a) Adopt an ordinance that creates the
				affordable housing advisory committee, establishes responsibility for plan
				administration and, if applicable, establishes the local affordable housing
				trust fund; and,
(b) Adopt by
				resolution one local housing assistance plan and adopt by resolution the
				appointments to the advisory committee.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-37 - STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM › Section 67-37.019 - Compliance Monitoring for Housing Developed With SHIP Local Housing Distribution Funds

Current through Reg. 50, No. 138; July 16, 2024
(1) The local
				government staff or entity with administrative authority for a local housing
				assistance plan shall maintain a financial tracking system that ensures that
				the local housing distribution funds disbursed from the local housing trust
				fund are expended in accordance with the set-aside requirements in Rule
				67-37.007, F.A.C., within
				deadlines established in paragraphs
				67-37.005(5)(b) and
				(c), F.A.C., and in compliance with Section
				420.9075, F.S. Failure by the
				local government staff or entity with administrative authority to properly
				track SHIP funds or reconcile the funds to the general ledger shall result in
				the local government being deemed in non-compliance with the SHIP program. In
				this circumstance, the local government or administrative entity shall be
				required to receive technical assistance through the Catalyst
				program.
(2) The combined household
				Annual Gross Income of an applicant who is applying as an owner/occupant of a
				residence shall be verified and certified by the SHIP program administrator or
				designee using one of the following methods:
(a) Section 8 housing assistance payments
				programs in 24 C.F.R. part 5, or
(b) Adjusted gross income as defined for
				purposes of reporting under Internal Revenue Service Form 1040 for individual
				federal annual income tax purposes.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.001 - Purpose

Current through Reg. 50, No. 138; July 16, 2024
The purpose of the Predevelopment Loan Program is to provide
				  financial and technical assistance to eligible Applicants for predevelopment
				  related activities associated with the development of affordable single family
				  home ownership units and multi-family rental housing.
Rulemaking Authority
					 420.528 FS. Law Implemented
					 420.523
					 FS.
New 2-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.0026 - General Program Requirements and Restrictions

Current through Reg. 50, No. 138; July 16, 2024
(1) An Applicant may only apply for funding
				through the Predevelopment Loan Program if it is a legally formed entity that
				is:
(a) Any unit of government,
(b) A Public Housing Authority,
(c) A Community-Based or Not-For-Profit
				Organization,
(d) A for-profit
				entity wholly owned by one or more qualified Not-For-Profit Organizations,
				or
(e) A limited liability company
				or limited partnership if its managing member or general partner is a
				Community-Based or Not-For-Profit Organization that holds at least 51% of the
				ownership interest in the Development held by the managing member or general
				partner entity. The Not-For-Profit entity shall own an interest in the
				Development, either directly or indirectly; shall not be affiliated with or
				controlled by a for-profit corporation; and shall materially participate in the
				development and operation of the Development throughout the Compliance Period
				as stated in the Land Use Restriction Agreement.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.003 - Application Submission Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				At any time during the year, Applicants may submit an Application to the
				Corporation for PLP funding. An Applicant, Affiliate, limited partnership, or
				general partner thereof shall not have more than two (2) Outstanding Loans at
				any given time, without the prior written approval of the Corporation. In order
				for an applicant to be approved to have more than two Outstanding Loans, the
				Applicant shall submit a written request to the Corporation detailing the
				experience of all Developers and co-developers involved in the proposed
				Development(s) in producing affordable housing and a proposed plan for
				permanent or construction financing on the Development(s).
(2) All Applications delivered by hand shall
				be presented to Corporation staff to be inscribed with the time and date of
				receipt. Applications may also be mailed to the Corporation at 227 North
				Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329. Applications
				mailed to the Corporation will be inscribed with the time and date
				received.
(3) Applications that do
				not contain the required information and documentation as set forth in the
				Application Package shall be determined to have not met Threshold
				Requirements.
(4) An original and
				two copies of the completed Application and attachments shall be submitted to
				the Corporation if the Applicant does not intend to utilize the PLP Loan, whole
				or in part, to acquire the Development Site. In the event, the Applicant does
				intend to utilize the PLP Loan, whole or in part to acquire the Development
				Site, then an original and three copies of the completed Application shall be
				submitted to the Corporation. The original Application shall contain original
				signatures on pages which specifically requests an original signature. Faxed,
				scanned, photocopied, or otherwise duplicated signatures shall not be
				considered acceptable within the original Application.
(5) Applications shall be accompanied by the
				non-refundable Application fee as set forth in the Application Package.
				Applications shall be submitted on the forms provided in the Application
				Package and shall be bound in three ring binders and shall have tabs for each
				form and exhibit. Exhibits shall be placed behind the form to which they refer.
				Failure to comply with any of the requirements set forth in this rule chapter
				shall result in the determination that the Application has not met Threshold
				Requirements.
(6) Applications that
				propose to develop individual homeownership units shall be submitted separately
				from those that propose to develop multifamily rental
				units.
Rulemaking Authority
					 420.528 FS. Law Implemented
					 420.507, 420.521-.529 FS.
New 3-23-93, Amended 1-16-96, Formerly 9I-38.003, Amended
					 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07,
					 11-22-09.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.004 - Incomplete Applications and Rejection Criteria

Current through Reg. 50, No. 138; July 16, 2024
(1) Each Application shall be reviewed by the
				Corporation to determine if the Application meets Threshold Requirements. If
				the Application fails to meet Threshold Requirements, the Corporation shall
				notify the Applicant of any additional or revised information or material that
				is required. The Applicant may continue to submit requested material until the
				Application is complete and meets Threshold Requirements. The Application shall
				not be placed in priority order or on a waiting list until such time that all
				information and documentation has been submitted and the Application is
				determined to have met Threshold Requirements.
(2) An Application shall be rejected if any
				of the following occurs:
(a) The
				Applicant/Application does not meet the requirements specified in the Act or
				this rule chapter.
(b) If the Board
				of Directors determines that any Applicant or any Affiliate of an Applicant:
1. Has engaged in fraudulent actions,
2. Has materially misrepresented
				information to the Corporation regarding any of its Developments, or within the
				current Application or in any previous applications for one or more of Florida
				Housing's programs,
3. Has been
				convicted of fraud, theft, or misappropriation of funds,
4. Has been excluded from federal or Florida
				procurement programs,
5. Has been
				convicted of a felony,
6.
				Application is submitted for a Development which an application has previously
				been submitted and not withdrawn, or
7. Application is submitted for an ineligible
				purpose.
And that such action substantially increases the likelihood
				  that the Applicant will not be able to produce quality affordable housing. The
				  Applicant and any of the Applicant's Affiliates, will be ineligible for funding
				  or allocation in any program administered by the Corporation for a period of up
				  to two years, which will begin from the date the Board of Directors makes such
				  a determination. Such determination shall be either pursuant to a proceeding
				  conducted pursuant to Sections
				  120.569 and
				  120.57, F.S., or as a result of
				  a finding by a court of competent
				  jurisdiction.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.005 - Application Evaluation and Award Guidelines

Current through Reg. 50, No. 138; July 16, 2024
(1) PLP funding shall be available to
				Applicants whose Applications have met Threshold Requirements, on a first-come,
				first-served basis, pursuant to this rule chapter. Applications which propose
				to set-aside a minimum of 40% of the Development's units for Farmworker
				residents shall receive priority over all other Applicants, provided the
				Applicant has also certified that they shall meet PLP minimum Set-Aside
				requirements.
(2) After the
				Application has been reviewed and determined to have met Threshold
				Requirements, using the factors specified in the Application Package and this
				rule chapter, staff shall determine whether sufficient funds are available to
				fund the PLP request.
(3) If the
				Application fails to meet Threshold Requirements or is missing important
				information, the Applicant shall be notified of the deficiencies in the
				Application and provided an opportunity to rectify any outstanding
				issues.
(4) If the Application is
				determined to have met Threshold Requirements; and,
(a) Funds are available, the Corporation
				shall issue an Invitation to Participate, or
(b) If funds are not available, Applicant
				will be placed on a waiting list, based on the date and time the Application
				was determined to have met Threshold Requirements until either;
1. Funds are available, at which time the
				Applicant will be issued an Invitation to Participate, or
2. Application is
				withdrawn.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.007 - Terms of the PLP Loan

Current through Reg. 50, No. 138; July 16, 2024
(1) The PLP Loan
				shall bear an interest rate of 1%.
(2) The PLP Loan shall be secured by such
				customary documents and collateral as are necessary to ensure repayment in
				accordance with the terms and conditions approved by the Corporation.
(3) The PLP Loan shall be non-amortizing with
				principal and interest deferred until the Maturity Date. The Corporation is
				authorized to forgive such loan and thereby make a grant to the Applicant for
				any monies that are unable to be repaid due to the Applicant's inability to
				obtain construction or permanent financing for the Development. The Corporation
				shall not forgive the portion of the PLP Loan, which is collateralized by a
				mortgage, pledged capital funds or other collateral approved to the Corporation
				to the extent such loan could be repaid from the sale of the mortgaged property
				or from other collateral securing the loan.
(4) The mortgage securing the PLP Loan shall
				be in a first or second lien position and shall not share priority with any
				other liens unless approved by the Board.
(5) With respect to rental Developments, the
				PLP Loan's Maturity Date shall be on the earlier of:
(a) The date of closing on the first source
				of permanent or construction loan for the Development, or
(b) The date of closing on the tax credit
				partnership and receipt of the initial disbursement, or
(c) Three years from the date of execution of
				the loan documents by the Corporation or other such extended loan Maturity Date
				approved by the Board.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.008 - Eligible Uses for the Loan

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				proceeds of the Loan shall only be used for eligible expenses specified in the
				approved Development Plan.
(2) The
				Corporation shall monitor all predevelopment activity expenditures through the
				designated Technical Assistance Provider and shall deny disbursements which
				have not been approved by the Technical Assistance Provider prior to submission
				to the Corporation. Draw requests shall not be processed without the Technical
				Assistance Provider's written approval. All draw requests are submitted by the
				TAP to the Corporation.
(3)
				Eligible predevelopment expenses shall include the following if such expenses
				or services were required to be incurred or rendered prior to closing of
				construction or permanent financing:
(a)
				Market and feasibility analysis;
(b) Rezoning;
(c) Title search;
(d) Legal fees, except those associated with
				application preparation and submissions;
(e) Boundary survey;
(f) Administrative expenses such as phone
				charges, travel related to the Development, copying, printing, and postage
				fees. Other expenses requested under this subsection shall be pre-approved by
				the Corporation. Salaries are not an eligible expense.
(g) Development consultant fees. Consultant
				fees incurred in connection with the submission of preparation of the PLP
				Application or for any other activities which can be provided by the Technical
				Assistance Provider shall not be eligible predevelopment expenses. The
				consultant shall demonstrate appropriate experience in affordable housing
				Development projects and shall be approved by the TAP. No person, corporation,
				partnership, or entity having an identity of interest in the Development, or
				the Applicant, or any employee of such may act as a third party
				consultant;
(h) Fees of the PLP
				Credit Underwriter;
(i) Customary,
				good faith or earnest money deposit for the acquisition of the Development
				Site;
(j) Commitment fees to secure
				construction or permanent financing;
(k) Biological and environmental
				assessments;
(l) Soil
				tests;
(m) Appraisals;
(n) Approved acquisition expenses in
				connection with the Development Site;
(o) Marketing expenses;
(p) Permitting/impact fees;
(q) Architectural/engineering fees;
(r) Fees in connection with a completion
				audit;
(s) Insurance
				fees;
(t) Connection fees; and,
(u) Capital needs
				assessment;
(v) Other fees as
				approved by Florida Housing.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.010 - Credit Underwriting Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				If an Applicant requests funds for site acquisition or if the Corporation deems
				Credit Underwriting necessary to determine the feasibility of a development or
				the eligibility of the Applicant or its' Affiliates on a Development that does
				not include a request for acquisition funds, the Corporation will assign a
				Credit Underwriter to perform the Credit Underwriting Report.
(2) The assigned Credit Underwriter shall
				review the Application and Development Plan and perform the Credit Underwriting
				Report. In this Credit Underwriting Report, the Credit Underwriter shall:
(a) Analyze the Applicant's Development
				costs, sources of funds and pro forma operating statement to ensure the
				Development's feasibility;
(b)
				Prioritize tasks which must be accomplished prior to obtaining construction and
				permanent financing;
(c) Advise the
				Corporation as to the appropriateness of plans, and specifications and the
				budget for the predevelopment tasks and activities related to the Development;
				and,
(d) Make a determination as to
				the feasibility of the Development.
(e) Make a determination as to the
				eligibility and competence of the Applicant entity and all Principals of the
				Applicant.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.011 - Fees

Current through Reg. 50, No. 138; July 16, 2024
(1) The following fees and charges pertaining
				to each Application shall be paid by the Applicant:
(a) A nonrefundable application fee as
				identified in the Application Package;
(b) If PLP funds are to be used for site
				acquisition and the Applicant requests an extension of the PLP Loan Maturity
				Date, a credit underwriting fee pursuant to the contract between the
				Corporation and the Credit Underwriter shall be paid. If a Development involves
				scattered sites, a single credit underwriting fee shall be charged for the
				first site. This fee may be paid from the PLP Loan proceeds;
(c) An initial commitment fee as identified
				in the Application Package shall be paid to the Corporation;
(d) Following approval an additional
				commitment fee shall be paid within 20 calendar days of written notice to the
				Applicant that the Development Plan has been approved. In the event the
				Development Plan does not receive approval, the commitment fee paid at the time
				of acceptance of the Invitation to Participate letter shall be retained by the
				Corporation. In the event the Applicant successfully completes the
				Predevelopment Loan Program activities and obtains permanent or construction
				financing, the Applicant's PLP Loan repayment amount will be reduced by the
				full commitment fees paid provided the Applicant is in compliance with the PLP
				Rule;
(e) Servicing and Compliance
				Monitoring Fees shall be paid for multifamily rental Developments that obtain
				construction or permanent financing from sources other than Corporation
				programs. The total Servicing and Monitoring fee to be paid by the Applicant
				shall be submitted to the Corporation at the time of closing on the
				construction or permanent financing. The total Servicing and Monitoring fee is
				listed in the Application Package. For those Developments which obtain their
				construction or permanent financing from Corporation Programs, the Compliance
				Monitoring Fees shall be determined by the requirements of the particular
				program providing the financing in accordance with the rule chapter governing
				that particular program; and,
(f)
				All Credit Underwriting, Technical Assistance, Servicing and Compliance
				Monitoring Fees, extraordinary services and late fees shall be determined by
				contracts between the Corporation and the provider.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.014 - Disbursement Procedures

Current through Reg. 50, No. 138; July 16, 2024
After the PLP Loan has successfully closed, the PLP Loan
				  shall be disbursed in partial payments by the Corporation to the Applicant,
				  title company or third party contractors subsequent to compliance with the
				  following conditions for either home ownership or rental Developments:
(1) Ten business days prior to each
				anticipated disbursement request under the Loan, including any disbursements
				anticipated at closing, the Applicant shall deliver to the Technical Assistance
				Provider all documentation required as set forth below;
(2) All draw requests shall set forth the
				Predevelopment activities and expenses which have been paid or will be paid to
				the contractors, sub-contractors, professionals, and consultants. Draw requests
				shall be accompanied by invoices, cancelled checks or other such documentation
				to evidence the amount of the draw request and eligibile Predevelopment
				activities. Additional draw requests shall not be processed until all required
				documentation on previous draw disbursements is received by the
				Corporation;
(3) Disbursements for
				eligible activities, conducted prior to being awarded predevelopment financing,
				qualify for reimbursement from PLP funds provided that the eligible
				Predevelopment activities were performed or completed no earlier than twelve
				months prior to the submission of the Application. Consideration of
				expenditures that pre-date more than twelve months prior to the Application
				submission date will be reviewed by Corporation staff on a case by case basis
				and will require approval by the TAP and the Corporation. Reimbursement for
				site acquisition which was completed prior to closing on the PLP loan shall not
				be allowed as a PLP expense unless otherwise recommended by the TAP and
				approved by Corporation staff and the Board.
(4) Before requests for disbursements under
				the loan are processed, the Applicant shall provide verification to the
				Technical Assistance Provider and the Corporation that the work for which
				payment is being requested has been performed satisfactorily and on schedule or
				that the expenses to be reimbursed have actually been incurred or will be
				incurred.
(5) In the event that the
				Applicant receives PLP funding, the Applicant shall provide a Mortgage on the
				Development Site as collateral for the loan subject only to such encumbrances
				approved by the Corporation; however, if the Applicant is offering a
				subordinate Mortgage or other collateral for the PLP Loan, the same shall be
				subject to a favorable recommendation of the Credit Underwriter and the
				approval of the Corporation.
Rulemaking Authority
					 420.528 FS. Law Implemented
					 420.507, 420.521-.529 FS.
New 3-23-93, Amended 1-16-96, 5-21-96 Formerly 9I-38.014,
					 Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07,
					 11-22-09.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.0025 - Guarantee Program

Current through Reg. 50, No. 138; July 16, 2024
Action by the Board, acting in its capacity as executive body
				  of the Guarantor, shall be necessary for the Guarantee Program to implement any
				  of the following:
(1) Approve
				Qualified Lending Institutions;
(2)
				Authorize the execution of a Guarantee or Guarantees on terms which minimize
				the financial risk to the Guarantee Program while assuring that the project is
				financially feasible;
(3) Approve
				the issuance of commitments to guarantee any Qualified Obligation or aggregate
				of Qualified Obligations;
(4)
				Authorize entering into contracts, agreements or treaties of insurance
				regarding Qualified Obligations or aggregate of Qualified
				Obligations;
(5) Allocate funds to
				satisfy the Guarantor's contractual obligations pursuant to the Program
				Documents under any Guarantee;
(6)
				Establish time limits in which a Qualified Obligation must be made or purchased
				in order to be eligible for a Guarantee;
(7) Establish the premium charges for its
				Guarantees in amounts determined to be no less than that suggested by the
				applicable Feasibility Study;
(8)
				Establish and levy such other charges and fees, including, fees for extension
				of time in which to close a Qualified Obligation unless the Board determines
				otherwise in writing in connection with applications for guarantee, guarantee
				commitments, contracts of guarantee and as are necessary to recover authorized
				reimbursable expenses under the Act;
(9) Modify, with respect to:
(a) Rate of interest associated with any
				Qualified Obligation for which a Guarantee has been issued;
(b) Time of payment of any installment of
				principal or interest, security or any other term, of any Qualified Obligation
				for which a Guarantee has been issued;
(c) The security for any Qualified
				Obligation, contract or agreement of any kind for which the Guarantee Program
				has issued a Guarantee or to which the Guarantee Program is party;
(d) Time limits established pursuant to
				subsection 67-39.025(6) F.A.C., or
(e) Other modifications requested or approved
				by the Obligor or Qualified Lending Institution or other party to the
				transaction.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.003 - Feasibility Studies

Current through Reg. 50, No. 138; July 16, 2024
The Corporation shall retain an independent third party to
				  perform a Feasibility Study. Such Feasibility Study must contemplate the
				  specific project type proposed to be guaranteed before any Guarantee of a
				  Qualified Obligation of such project type shall be issued. The Board must
				  accept the Feasibility Study prior to the issuance of any Guarantee pursuant
				  thereto.
Rulemaking Authority
					 420.507(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-39.003, 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 67-39.004 - Eligibility Criteria for Qualified Obligations

Current through Reg. 50, No. 138; July 16, 2024
To be eligible for a Guarantee, each Qualified Obligation
				  must evidence, unless otherwise approved by the Board:
(1) Security for the proposed Qualified
				Obligation, including a mortgage on the real property, guarantees required from
				Principals or other parties, and a level of contributed equity satisfying the
				requirements recommended by the Credit Underwriter or Financial Advisor or
				otherwise acceptable to the Board;
(2) That the Obligor and the Principals
				thereof:
(a) Are credit-worthy;
(b) Are not currently in financial arrears or
				default to the Corporation or the Corporation's servicer under any program or
				otherwise in noncompliance beyond any cure period contained under existing
				documents relating to any Corporation program; and,
(c) With respect to closings of Qualified
				Obligations that occur in 2002 or after, have not within the past five years
				been in financial arrears or default to any Qualified Lending Institution or
				its Servicer, or otherwise in noncompliance beyond any cure period contained in
				any loan documents related to any Qualified Obligation for which a Guarantee
				has been issued. Notwithstanding the above, if in the case of subsection (b) or
				(c), the Board determines that any financial arrearage or default does not
				materially adversely affect the ability of the Obligor and the Principals
				thereof to perform their obligations with respect to the proposed Qualified
				Obligation or the likelihood of their performing such obligations, then the
				Qualified Obligation will remain eligible for a Guarantee. With respect to
				subsection (b) or (c), above, noncompliance shall prohibit the issuance of a
				Guarantee only to the extent that the Board determines that such noncompliance
				substantially increases the likelihood of the Obligor and the Principals
				thereof not performing their obligations with respect to the proposed Qualified
				Obligation.