Fla. Admin. Code Ann. R. 67-48.023 - Housing Credits General Program Procedures and Requirements
(1) Unless otherwise permitted in a
competitive solicitation process, an Applicant is not eligible to apply for
Competitive Housing Credits if any of the following pertain to the proposed
Development:
(a) The proposed Development has
received an allocation of Housing Credits or a Competitive Housing Credit
commitment or has accepted an invitation to enter credit underwriting, unless
written notice has been provided to the Corporation prior to the deadline to
apply for the applicable new funding withdrawing acceptance of such allocation
or commitment and returning the previously awarded HC funding;
(b) 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 applicable new funding
withdrawing such acceptance and returning the prior SAIL Program or HOME
Program funding; or
(c) 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
Competitive Housing Credits, where, in the current Application, the Applicant
has selected and qualified for the Homeless demographic commitment with a
Development category of Rehabilitation, Acquisition and Rehabilitation,
Preservation, or Acquisition and Preservation.
(2) Each Housing Credit Development shall
comply with the minimum Housing Credit Set-Aside provisions, as specified in
Section 42(g)(1) of the IRC. Further, each Housing Credit Development shall
comply with any additional Housing Credit Set-Aside committed to by the
Applicant in the Application.
(3)
The Development shall provide safe, sanitary and decent residential rental
housing and shall be developed, constructed and operated in accordance with the
commitments made and the facilities and services described in the Application
at the time of submission to the Corporation or subsequently agreed to by the
Corporation. Applications will not be considered approved to receive an
allocation of Housing Credits until the Corporation issues a Preliminary
Allocation to the Applicant and all contingencies of such documents are
satisfied. Allocations are further contingent on the Applicant complying with
its Application commitments, rule Chapter 67-48, F.A.C., and Section 42 of the
IRC.
(4) All of the dwelling units
within a Housing Credit Development shall be rented or available for rent on a
continuous basis to members of the general public. The owner of the Housing
Credit Development shall not give preference to any particular class or group
in renting the dwelling units in the Housing Credit Development, except to the
extent that dwelling units are required to be rented to Eligible Persons. All
Housing Credit Developments must comply with the Fair Housing Act as
implemented by 24 CFR Part 100 and Titles II and III of the Americans with
Disabilities Act of 1990 as implemented by 28 CFR Part 35.
(5) Each Housing Credit Development shall
complete the final cost certification process as required in a competitive
solicitation.
(6) Prior to
execution of the limited partnership agreement or limited liability company
operating agreement between the Applicant and the limited partners/members, the
Applicant must receive written approval from the Corporation or its Credit
Underwriter that the Housing Credit Syndicator is in good standing with the
Corporation. Proceeding with execution of a partnership agreement or operating
agreement with a Housing Credit Syndicator that is not in good standing shall
result in withdrawal of the Housing Credit Allocation.
(7) Final cost certification documentation
shall be submitted by an Applicant to itemize all expenses incurred in
association with construction or Rehabilitation of a Housing Credit
Development, including Developer's and General Contractor's fees as described
in Rule 67-48.0072, F.A.C., along with
the executed Extended Use Agreement, IRS Tax Information Authorization Form
8821 for all Financial Beneficiaries if requested by the Corporation, a copy of
the syndication agreement disclosing the rate and all terms, the required
certified public accountant opinion letter, an unmodified audit report prepared
by an independent certified public accountant, photographs of the completed
Development, the monitoring fee, and documentation of the placed-in-service
date as specified in the competitive solicitation. The Final Housing Credit
Allocation will not be issued until such time as all items required by a
competitive solicitation are received and processed by the
Corporation.
(8) After the final
evaluation and determination of the Housing Credit Allocation amount has been
made by the Corporation and the Extended Use Agreement has been executed in
accordance with Rule 67-48.029, F.A.C., the IRS
Low-Income Housing Credit Allocation and Certification Forms 8609 are issued to
the Applicant of the Housing Credit Development, as provided below. The
Corporation will issue only one complete set of Forms 8609 per Development
which will be no earlier than total Development completion, the Corporation's
acceptance and approval of the Development's final cost certification
documentation, and determination by the Corporation that all financial
obligations for which an Applicant or Developer, or Principal, Affiliate or
Financial Beneficiary of an Applicant or Developer is in arrears to the
Corporation or any agent or assignee of the Corporation have been satisfied. At
the time the Applicant's first tax return with which Form 8609-A is filed with
the Internal Revenue Service, the Applicant must submit to the Corporation a
copy of IRS Form 8609 with a completed Part II.
(9) Annually, within 151 Calendar Days
following the Applicant's fiscal year end, the Applicant shall provide the
Corporation with an audited financial statement, the fully completed and
executed annual reporting form, Financial Reporting Form SR-1, (Rev. 01-23),
and any other financial reporting requirements as provided in a competitive
solicitation. The Form SR-1, which is incorporated by reference and available
from http://www.flrules.org/Gateway/reference.asp?No=Ref-15418,
shall be submitted to the Corporation's servicer in both PDF format and in
electronic form as a Microsoft Excel spreadsheet. The initial submission will
be due following the fiscal year within which the first unit is occupied. The
initial submission for Housing Credit Developments that contain occupied units
at the time of acquisition will be due following the fiscal year within which
the 12 month anniversary of the closing is observed of either the Housing
Credit equity partnership agreement, or the acquisition of the development
site, whichever comes first. The audited financial statement is to be prepared
in accordance with accounting principles generally accepted in the United
States of America and audited in accordance with auditing standards generally
accepted in the United States of America for the 12 month fiscal year period
just ended and shall include:
(a) Comparative
Balance Sheet with prior year and current year balances;
(b) Statement of revenue and
expenses;
(c) Statement of changes
in fund balances or equity;
(d)
Statement of cash flows; and,
(e)
Notes to financial statements.
The financial statements referenced above should also be accompanied by a certification of the Applicant as to the accuracy of such financial statements. A late fee of $250 will be assessed by the Corporation for failure to submit the above documents by the stated deadline.
Notes
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5099 FS.
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