Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-39 - FLORIDA AFFORDABLE HOUSING GUARANTEE PROGRAM › Section 67-39.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
In addition to those terms defined below, capitalized terms
				  shall have the meaning set forth in the Act.
(1) "Act" means Section 420.5092 (Florida
				Affordable Housing Guarantee Program), F.S.
(2) "Board" shall mean the Board of directors
				of the Corporation.
(3) "Credit
				Underwriter" means the independent third-party entity retained by the Qualified
				Lending Institution, subject to the prior approval of the Guarantor, to provide
				a recommendation regarding the credit-worthiness of a proposed financing of
				Eligible Housing and the Eligible Housing's ability to achieve satisfactory
				projected cash flows. Such services should include a comprehensive analysis of
				the financial condition of the Obligor, the real estate, the economics of the
				financing, the ability of the Obligor and the development team to proceed and
				complete the proposed project and the evidence of need for affordable housing.
				The Credit Underwriter should determine a recommended amount of the
				obligation.
(4) "Eligible Persons"
				means one or more persons or a family whose total annual adjusted household
				income is less than 120 percent of the median annual adjusted gross income for
				households within the state, or 120 percent of the median annual adjusted gross
				income for households within the applicable metropolitan statistical area (MSA)
				or, if not within an MSA, within the county in which the person or family
				resides, whichever is greater.
(5)
				"Feasibility Study" means a study conducted by an independent third party
				selected by the Corporation to determine a range of appropriate levels of fees
				and charges for Guarantees in relation to different degrees of risk, as
				contemplated by the Act.
(6)
				"Financial Advisor" shall mean the person or entity retained by the Corporation
				to render financial advice with respect to the Guarantee Program.
(7) "Guarantee" means an Affordable Housing
				Guarantee, within the meaning of the Act.
(8) "Guarantee Program" means the Affordable
				Housing Guarantee Program created pursuant to the Act.
(9) "Guarantor" means the Corporation, acting
				in its capacity as guarantor under the Guarantee Program.
(10) "Obligor" means the entity that is the
				original borrower under a Qualified Obligation, and any successors and assigns
				that are approved by the Guarantor.
(11) "Principal" means any individual acting
				in their individual capacity or acting as president, vice president, treasurer,
				secretary, member of the board of directors or the legal or beneficial owner of
				10% or more of any class of stock of a corporation which is a general partner
				of a limited partnership Obligor; or the individual or entity that is a general
				partner of a limited partnership that is the general partner of a limited
				partnership Obligor, or is a partner in a general partnership or joint venture
				acting alone or as a part of another entity that is an Obligor. With respect to
				a limited liability company either acting alone or as a part of another entity
				that is an Obligor, each manager and each member is a Principal. With respect
				to a registered limited liability partnership either acting alone or as a
				member of another entity that is an Obligor, each partner is a Principal. With
				respect to a trust either acting alone or as a part of another entity that is
				an Obligor, any individual or entity owning 10% or more of the beneficial
				interest in the trust is a Principal. A general contractor, management agent,
				architect/engineer, attorney that is not in any way related to or under common
				ownership with the Obligor or any Principal thereof are not considered
				Principals of the Obligor entity.
(12) "Program Documents" means those
				documents establishing the Guarantee and evidencing the security supporting the
				Guarantee, as set forth in Rule
				67-39.010, F.A.C.
(13) "Qualified Lending Institution" means
				any bank, trust company, national bank, savings bank, state or federal savings
				and loan association, state or federal credit union, insurance company, private
				or public pension fund, philanthropic institution, Florida local housing
				finance authority, the Florida Housing Finance Corporation, in its capacity as
				a lender, or any other entity approved by the Corporation.
(14) "Qualified Obligation" means a
				contractual obligation which is made or purchased by a Qualified Lending
				Institution, and secured by one or more of the following:
(a) Residential Property which will provide
				eligible Housing, or
(b) Such other
				collateral as recommended by the Credit Underwriter or Financial Advisor as
				necessary to secure such obligation.