Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-38 - PREDEVELOPMENT LOAN PROGRAM › Section 67-38.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Act" means the Florida Housing Finance
				Corporation Act as found in Chapter 420 Part V, F.S.
(2) "Affiliate" means any person or entity
				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, agent, employee, or any business entity or person
				associated with the Applicant in the furtherance of a business venture for
				which the Applicant is applying for one or more of the Corporation's programs,
				or (iii) is the spouse, parent, child, sibling, or relative by marriage of a
				person or entity described in (i) or (ii), above.
(3) "Applicant" means any person or legally
				formed entity that is seeking a loan or funding from the Corporation by
				submitting an Application for one or more of the Corporation's
				programs.
(4) "Application" means
				the forms and exhibits created by Florida Housing for the purpose of providing
				the means to apply for one or more of the Corporation's programs.
(5) "Application Package" means the forms and
				instructions obtained from the Corporation at 227 North Bronough Street, Suite
				5000, Tallahassee, Florida 32301-1329 or from the Corporation's website, which
				shall be completed and submitted to the Corporation in order to apply for a
				specific Florida Housing program. With respect to PLP, Form PLP 1115 (Rev
				11/09) is hereby adopted and incorporated herein by reference. Copies of such
				may be obtained by contacting the Special Programs Administrator at 227 North
				Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.
(6) "Board of Directors" or "Board" means the
				Board of Directors of the Corporation.
(7) "Community-Based Organization" or
				"Not-For-Profit Organization" means any group incorporated under Chapter 617,
				F.S., to provide housing and other services on a not-for-profit basis, and
				which is acceptable to federal and state agencies and financial institutions as
				a provider of affordable housing.
(8) "Compliance Period" means the period of
				time that the Development shall conform to all set-aside requirements as
				described in this rule chapter and agreed to by the Applicant in the
				Application.
(9) "Contact Person"
				means the person with whom the Corporation will correspond concerning the
				Application and the Development. This person cannot be a third-party
				consultant.
(10) "Corporation" or
				"Florida Housing" means the Florida Housing Finance Corporation.
(11) "Credit Underwriter" means the
				independent contractor under contract with the Corporation having the
				responsibility of providing stated credit underwriting services.
(12) "Credit Underwriting" means an in-depth
				analysis by the Credit Underwriter of all documents submitted in connection
				with an Application.
(13) "Credit
				Underwriting Report" means a report that is a product of Credit
				Underwriting.
(14) "Developer"
				means an individual, association, corporation, joint venture, or partnership
				which possesses the requisite skill, experience and credit worthiness to
				successfully produce affordable housing.
(15) "Development" means any work or
				improvement located in the state, including real property, buildings, and any
				other real and personal property, designed and intended for the primary purpose
				of providing decent, safe, and sanitary residential housing for persons or
				families, whether new construction, the acquisition of existing residential
				housing, or the remodeling, improvement, rehabilitation, or reconstruction of
				existing houses, together with such related non-housing facilities as the
				Corporation determines to be necessary, convenient and desirable.
(16) "Development Plan" or "Form TAP 1215"
				(Rev 11/09) means the written description of the proposed Development submitted
				to the Corporation by the Technical Assistance Provider, with the concurrence
				of the Applicant, in the form created and approved by the Corporation. Form TAP
				1215 is hereby adopted and incorporated herein by reference. Copies of such may
				be obtained by contacting the Special Programs Administrator at 227 North
				Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.
(17) "Development Site" means the land for
				the Development, as defined by the legal description in the Development Plan
				and the documents evidencing or securing the Loan.
(18) "Farmworker" means a laborer who is
				employed on a seasonal, temporary, or permanent basis in the planting,
				cultivating, harvesting, or processing of agricultural or aquacultural products
				and who derived at least 50% of her or his income in the immediately preceding
				12 months from such employment. "Farmworker" also includes a person who is
				retired as a laborer due to age, disability, or illness. In order to be
				considered retired as a farmworker due to age under this rule chapter, a person
				must be 50 years of age or older and must have been employed for a minimum of 5
				years as a farmworker before retirement. In order to be considered retired as a
				farmworker due to disability or illness, a person must (i) establish medically
				that she or he is unable to be employed as a farmworker due to that disability
				or illness and (ii) establish that she or he was previously employed as a
				farmworker.
(19) "HUD" means the
				United States Department of Housing and Urban Development.
(20) "Invitation to Participate" means a
				letter sent to the Applicant indicating the Development has been selected to
				receive technical assistance which shall be signed and returned with the
				initial commitment fee prior to receiving technical assistance.
(21) "LURA" or "Land Use Restriction
				Agreement" means an agreement between the Corporation and the Applicant which
				sets forth the set-aside requirements and other Development requirements under
				a Corporation program.
(22)
				"Maturity Date" means the established date the loan is due for
				payment.
(23) "Mortgage" means
				Mortgage as defined in Section
				420.503, F.S.
(24) "Outstanding Loan" means a PLP Loan
				approved by the Board which has not been repaid or de-obligated by the
				Developer.
(25) "Public Housing
				Authority" means a public housing authority established pursuant to Chapter
				421, F.S.
(26) "PLP" or
				"Predevelopment Loan Program" means the Predevelopment Loan Program established
				by the Act and this rule chapter.
(27) "PLP Loan" means a direct loan from the
				Predevelopment Loan Program.
(28)
				"Principal" means an Applicant, any general partner of an Applicant, and any
				officer, director, or any shareholder of any Applicant or shareholder of any
				general partner of an Applicant.
(29) "Rehabilitation" means to bring a
				Development back to its original state, or to bring back to its original state
				with added improvements with limitations as specified by the program or
				programs which provide construction or permanent financing to the
				Development.
(30) "Servicing and
				Compliance Monitoring Fees" means fees associated with the review and
				processing of requests for disbursement of funds, inspections and the
				monitoring of Developments.
(31)
				"Set-Aside" means the percentage of units within a Development that shall be
				reserved as affordable at or below the specified AMI to income qualified
				persons or households throughout the Compliance Period as outlined
				herein.
(32) "Technical Assistance
				Provider" or "TAP" means an independent contractor retained by the Corporation
				to provide technical assistance services.
(33) "Technical Assistance" means assistance
				to Applicants via telephone, through on-site visits and by responses to oral
				and written inquiries from Applicants throughout the entire Predevelopment
				process and to provide such other services as agreed to by the Technical
				Assistance Provider and the Corporation.
(34) "Threshold Requirements" means the
				requirements an Applicant shall meet as identified in the Application Package
				in order to receive an Invitation to Participate in the Predevelopment Loan
				Program.
(35) "Website" means the
				Corporation's website, the Universal Resource Locator (URL) for which is
www.floridahousing.org
.
Rulemaking Authority
					 420.528 FS. Law Implemented
					 420.507, 420.521-.529 FS.
New 3-23-93, Amended 1-16-96, Formerly 9I-38.002, Amended
					 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07,
					 11-22-09.