Fla. Admin. Code Ann. R. 67-48.029 - Extended Use Agreement
(1) Pursuant to
Section 42(h)(6) of the
IRC, the Applicant and the Corporation shall enter into an Extended Use
Agreement. The purpose of the Extended Use Agreement is to set forth the
Housing Credit Extended Use Period, the Compliance Period, and to evidence
commitments made by the Applicant in the Application or subsequently agreed to
by the Corporation.
(2) The
following provisions shall be included in the Extended Use Agreement:
(a) The Applicable Fraction for Housing
Credit Set-Aside units for each taxable year in the Housing Credit Extended Use
Period shall not be less than the Applicable Fraction;
(b) Eligible Persons occupying set-aside
units shall have the right to enforce in any state of Florida court the
extended use requirement for set-aside units;
(c) The Extended Use Agreement shall be
binding on all successors and assigns of the Applicant; and
(d) The Extended Use Agreement shall be
executed prior to the issuance of a Final Housing Credit Allocation to an
Applicant. Following execution, the Extended Use Agreement shall be recorded
pursuant to Florida law as a restrictive
covenant.
Notes
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5099 FS.
New 7-22-96, Repromulgated 12-23-96, 1-6-98, Formerly 9I-48.029, Amended 11-9-98, 2-24-00, Repromulgated 2-22-01, 3-17-02, 4-6-03, Amended 3-21-04, 2-7-05, Repromulgated 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-22-11, Amended 10-9-13, Repromulgated 10-8-14, 9-15-16, 5-24-17, 7-8-18, 7-11-19, 6-23-20, 5-18-21, 7-6-22, 6-28-23.
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