Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-21 - NON-COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS (MMRB/HC) › Part II - MULTIFAMILY MORTGAGE REVENUE BOND PROGRAM › Section 67-21.006 - MMRB Development Requirements

Current through Reg. 50, No. 138; July 16, 2024
A Development shall at a minimum meet the following
					 requirements or an Applicant shall be able to certify that the following
					 requirements shall be met with respect to a Development:
(1) Must provide safe, sanitary and decent
				  multifamily residential housing for lower, middle and moderate income persons
				  or families.
(2) Must be owned,
				  managed and operated as a Development to provide multifamily residential rental
				  property comprised of a building or structure or several proximate buildings or
				  structures, each containing two (2) or more dwelling units and functionally
				  related facilities, in accordance with section
				  142(d) of the
				  Internal Revenue Code.
(3) The
				  Development shall consist of similar units, containing complete facilities for
				  living, sleeping, eating, cooking and sanitation for a Family.
(4) None of the units in the Development
				  shall be used on a transient basis, nor shall they be knowingly leased for a
				  period of less than 180 days unless a determination is made by the Corporation
				  that there is a specific need in that particular area for leasing arrangements
				  of less than 180 days, but in no event shall a lease be for a period less than
				  30 days, nor shall a Development be used as a hotel, motel, dormitory,
				  fraternity house, sorority house, rooming house, hospital, sanitarium, nursing
				  home, rest home or trailer court or park.
(5) All of the dwelling units shall be rented
				  or shall be available for rent on a continuous basis to members of the general
				  public, and the Applicant shall not give preference to any particular class or
				  group in renting the dwelling units in the Development, except to the extent
				  that dwelling units are required to be occupied in compliance with the Internal
				  Revenue Code or are being held for the Elderly, Commercial Fishing Workers, the
				  Homeless, Persons with Special Needs, or Farmworkers.
(6) The Applicant shall have no present plan
				  to convert the Development to any use other than the use as affordable
				  residential rental property.
(7)
				  None of the units shall at any time be occupied by the owner of the Development
				  or an individual related to the owner as such terms are defined by the IRC;
				  provided, however, that in Developments containing more than 50 residential
				  units, such owner or related person may occupy up to one unit per each 100
				  units in a Development and such owner or related person must reside in a unit
				  that is in a building or structure which contains at least five (5) residential
				  units.
(8) Commencing with the date
				  on which at least 10 percent of the units in the Development are occupied:
(a) At least 20 percent or 40 percent,
				  whichever is applicable based on Applicant's selection of the minimum federal
				  set-aside, of the occupied and completed residential units in the Development
				  shall be occupied by Lower Income Residents, prior to the satisfaction of which
				  no additional units shall be rented or leased, except to a Family that is also
				  a Lower Income Resident;
(b) After
				  initial rental occupancy of such residential units by Lower Income Residents,
				  at least 20 percent or 40 percent, whichever is applicable based on Applicant's
				  selection of the minimum federal set-aside, of the completed residential units
				  in the Development at all times shall be rented to and occupied by Lower Income
				  Residents as required by section
				  142(d) of the
				  Internal Revenue Code if the Development is financed with the proceeds of
				  Tax-exempt Bonds, or as required by the Act, if the Development is financed
				  with the proceeds of Taxable Bonds, or held available for rental if previously
				  rented to and occupied by a Lower Income Resident.