Fla. Admin. Code Ann. R. 67-48.028 - Carryover Allocation Provisions
(1) If an
Applicant cannot complete its Development by the end of the year in which the
Preliminary Allocation is issued, the Applicant must enter into a Carryover
Allocation Agreement with the Corporation by December 31st of the year in which
the Preliminary Allocation is issued. The Carryover Allocation allows the
Applicant up to the end of the second year following the Carryover Allocation
to have the Development placed-in-service.
(2) An Applicant shall have tax basis in the
Housing Credit Development which is greater than 10 percent of the reasonably
expected basis in the Housing Credit Development within six (6) months of the
date the Corporation issues the Carryover Allocation Agreement, unless extended
as provided in the Carryover Allocation Agreement, or the Housing Credits will
be deemed to be returned to the Corporation. Certification that the Applicant
has met the greater than 10 percent basis requirement shall be signed by the
Applicant's attorney or certified public accountant.
(3) All supporting Carryover documentation
and the signed certification evidencing the required basis must be submitted to
the Corporation within six (6) months of the date the Corporation issues the
Carryover Allocation Agreement, unless extended as provided in the Carryover
Allocation Agreement, or the Housing Credits will be deemed to be
returned.
(4) The Applicant for
each Development for which a Carryover Allocation Agreement has been executed
shall submit quarterly progress reports to the Corporation as outlined in the
Carryover Allocation Agreement and the competitive solicitation. If the
progress report does not demonstrate continuous and adequate development and
construction progress, the Corporation will require monthly submission of
progress reports until satisfactory progress is achieved, until the Development
is placed in service, or until a determination is made by the Corporation that
the Development cannot be placed in service by the Carryover deadline and the
Housing Credits are returned to the Corporation in accordance with the terms of
the Carryover Allocation Agreement. Each progress report shall include a
written statement describing the current status of the Development; the
financing, construction and syndication activity since the last report; the
reasons for any changes to the anticipated placed-in-service date; and any
other information relating to the status of the Development which the
Corporation may request. The due date for the first report shall be as stated
in the Carryover Allocation Agreement.
Notes
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5099 FS.
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