(1) Loans shall be in an amount not to exceed
25 percent of the Total Development Cost except as described in subsections (2)
and (3), below, or the minimum amount required to make the Development
economically feasible, whichever is less, as determined by the Credit
Underwriter.
(2) The following
types of Sponsors are eligible to apply for loans in excess of 25 percent of
Total Development Cost pursuant to Section
420.507(22),
F.S.:
(a) Non-Profit and public Sponsors
which are able to secure grants, donations of land, or contributions from other
sources collectively totaling at least 10 percent of Total Development Cost;
and,
(b) Sponsors that set aside at
least 80 percent of their total units for residents qualifying as Farmworkers
as defined in Section
420.503, F.S., Commercial
Fishing Workers as defined in Section
420.503, F.S., or the Homeless
as defined in Section
420.621, F.S., or Persons with
Special Needs as defined in Section
420.0004(13),
F.S., over the life of the loan.
(3) Unless stated otherwise in any
competitive solicitation, the following types of Sponsors are eligible to apply
for loans that do not exceed 35 percent of Total Development Cost for proposed
Developments serving the Family or Elderly demographic categories, as well as
those serving the Homeless, Farmworker, Commercial Fishing Worker, or Persons
with Special Needs demographic categories that do not meet the criteria
outlined in subsection (2), above:
(a)
Applicants requesting both SAIL and Competitive HC that commit to set aside
more than 10 percent of the total units for ELI Households; and,
(b) Applicants requesting SAIL without
Competitive HC that commit to set aside at least 5 percent of the total units
for ELI Households.
(4)
At a minimum, the percentage of set-aside units committed to in the Application
must be held for Very Low-Income persons or households for a period of time
equal to the greater of the following:
(a)
The term of the SAIL loan, or
(b)
12 years from the date the first residential unit is occupied, or
(c) Such longer term agreed to by the
Applicant in the Application.
The set-aside requirements apply to the total number of
residential units in the Development beginning on the later of the first day on
which any residential unit in the Development is occupied or the SAIL loan
closing date. For a period of 12 months beginning on the SAIL loan closing date
(the "transition period"), the failure to satisfy the set-aside requirements
shall not cause noncompliance.
(5) Unless otherwise permitted in a
competitive solicitation process, an Applicant is not eligible to apply for
SAIL Program funding if any of the following pertain:
(a) Construction or construction-permanent
financing of the costs associated with construction, Moderate Rehabilitation or
Substantial Rehabilitation of the Development, including tax-exempt bonds or
conventional financing with conversion clauses, has closed or will close prior
to the date of the preliminary commitment for the applicable SAIL
funding.
(b) The proposed
Development has received an allocation of Housing Credits or a Competitive
Housing Credit commitment, unless:
1. The
Applicant is also applying for Corporation-issued tax exempt bonds or provides
evidence of a non-Corporation-issued tax exempt bond commitment, or
2. Written notice has been provided to the
Corporation prior to the deadline to apply for the applicable SAIL funding
withdrawing acceptance of such allocation or commitment and returning the
previously awarded HC funding.
(c) A preliminary commitment of funding for
the proposed Development through the SAIL Program or the HOME Program has
already been accepted, unless written notice has been provided to the
Corporation prior to the deadline to apply for the new SAIL funding withdrawing
such acceptance and returning the prior SAIL Program or HOME Program
funding.
(d) The proposed
Development site or any part thereof is subject to any Land Use Restriction
Agreement or Extended Use Agreement, or both, in conjunction with any
Corporation affordable housing financing intended to foster the development or
maintenance of affordable housing, unless at least one (1) of the following
exceptions applies:
1. A LURA recorded in
conjunction with the Predevelopment Loan Program or the Elderly Housing
Community Loan Program, or
2. A
LURA or EUA, or both, for an existing building or buildings, originally
constructed at least 25 years prior to the deadline to apply for the applicable
SAIL funding, where, in the current Application, the Applicant has selected and
qualified for the Homeless demographic commitment with a Development category
of Rehabilitation/Moderate Rehabilitation/Substantial Rehabilitation,
Acquisition and Rehabilitation/Moderate Rehabilitation/Substantial
Rehabilitation, Preservation, or Acquisition and
Preservation.
(6) Unless stated otherwise in a competitive
solicitation, the SAIL Minimum Set-Aside Requirement is:
(a) 20 percent of the SAIL Development's
units set-aside for residents with annual household incomes at or below 50
percent of the area, metropolitan statistical area ("MSA") or state or county
median income, whichever is higher, adjusted for family size, or
(b) 40 percent of the SAIL Development's
units set-aside for residents with annual household incomes at or below 60
percent of the area, MSA or state or county median income, whichever is higher,
adjusted for family size. Sponsors of SAIL-funded Developments shall have the
option of selecting this minimum set-aside only if the SAIL Development is
scheduled to be assisted with Housing Credits, in addition to the SAIL
loan.
Notes
Fla. Admin.
Code Ann. R. 67-48.009
Rulemaking Authority
420.507,
420.508 FS. Law Implemented
420.5087 FS.
New 7-22-96, Amended
12-23-96, 7-10-97, 1-6-98, Formerly 9I-48.009, Amended 11-9-98, 2-24-00,
2-22-01, 3-17-02, 4-6-03, 3-21-04, 2-7-05, 1-29-06, 4-1-07, 3-30-08, 8-6-09,
11-22-11, 10-9-13, Amended by
Florida
Register Volume 40, Number 185, September 23, 2014 effective
10/8/2014, Amended by
Florida
Register Volume 42, Number 169, August 30, 2016 effective
9/15/2016,
Repromulgated by
Florida
Register Volume 43, Number 090, May 9, 2017 effective
5/24/2017, Amended
by
Florida
Register Volume 44, Number 124, June 26, 2018 effective
7/8/2018, Amended by
Florida
Register Volume 45, Number 123, June 25, 2019 effective
7/11/2019, Amended
by
Florida
Register Volume 46, Number 112, June 9, 2020 effective
6/23/2020,
Repromulgated by
Florida
Register Volume 47, Number 086, May 4, 2021 effective
5/18/2021,
Repromulgated by
Florida
Register Volume 48, Number 120, June 21, 2022 effective
7/6/2022, Repromulgated by
Florida
Register Volume 49, Number 114, June 13, 2023 effective
6/28/2023.