Fla. Admin. Code Ann. R. 67-48.002 - Definitions
(1) "ACC" or "Annual Contributions Contract"
means a contract between HUD and a Public Housing Authority containing the
terms and conditions under which HUD assists in providing for development of
housing units, modernization of housing units, operation of housing units, or a
combination of the foregoing.
(2)
"Act" means the Florida Housing Finance Corporation Act as found in Chapter
420, Part V, F.S.
(3) "Address"
means the address number, street name and city or, at a minimum, the street
name, closest designated intersection, and whether or not the Development is
located within a city or in the unincorporated area of the county. If located
within a city, include the name of the city.
(4) "Adjusted Income" means, with respect to
a HOME Development, the gross income from wages, income from assets, regular
cash or noncash contributions, and any other resources and benefits determined
to be income by HUD, adjusted for family size, minus the deductions allowable
under 24 CFR §
5.611.
(5) "Affiliate" means any person that:
(a) Directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control
with the Applicant or Developer;
(b) Serves as an officer or director of the
Applicant or Developer or of any Affiliate of the Applicant or
Developer;
(c) Directly or
indirectly receives or will receive a financial benefit from a Development
except as further described in Rule
67-48.0075, F.A.C., or
(d) Is the spouse, parent, child, sibling, or
relative by marriage of a person described in paragraph (a), (b) or (c),
above.
(6) "ALF" or
"Assisted Living Facility" means a Florida licensed living facility that
complies with Sections
429.01 through
429.54, F.S., and Chapter 58A-5,
F.A.C.
(7) "Allocation Authority"
means the total dollar volume of the state of Florida's Housing Credit ceiling
available for distribution by the Corporation and authorized pursuant to
Section 42 of the IRC.
(8)
"Applicable Fraction" means Applicable Fraction as defined in Section
42(c)(1)(B) of the IRC.
(9)
"Applicant" means any person or legal entity of the type and with the
management and ownership structure described herein that is seeking a loan or
funding from the Corporation by submitting an Application or responding to a
competitive solicitation pursuant to rule Chapter 67-60, F.A.C., for one or
more of the Corporation's programs. For purposes of Rules
67-48.0105,
67-48.0205 and
67-48.031, F.A.C., Applicant
also includes any assigns or successors in interest of the Applicant. Unless
otherwise stated in a competitive solicitation, as used herein, a 'legal
entity' means a corporation, limited partnership or limited liability company
legally formed as of the Application deadline.
(10) "Application" means the sealed response
submitted to participate in a competitive solicitation for funding pursuant to
rule Chapter 67-60, F.A.C.
(11)
"Binding Commitment" means, with respect to a Housing Credit Development, an
agreement between the Corporation and an Applicant by which the Corporation
allocates and the Applicant accepts Housing Credits from a later year's
Allocation Authority in accordance with Section 42(h)(1)(C) of the
IRC.
(12) "Board of Directors" or
"Board" means the Board of Directors of the Corporation.
(13) "Building Identification Number" means,
with respect to a Housing Credit Development, the number assigned by the
Corporation to describe each building in a Housing Credit Development, pursuant
to Internal Revenue Service Notice 88-91.
(14) "Calendar Days" means, the seven (7)
days of the week.
(15) "Carryover"
means the provision under Section 42 of the IRC and Rule
67-48.028, F.A.C., which allows
a Development to receive a Housing Credit Allocation in a given calendar year
and be placed in service by the close of the second calendar year following the
calendar year in which the allocation is made.
(16) "Catchment Area" means the geographical
area covered under a Local Homeless Assistance Continuum of Care Plan, as
designated and revised as necessary by the State Office on Homelessness, in
accordance with Section
420.624, F.S.
(17) "CHDOs" or "Community Housing
Development Organizations" means Community housing development organizations as
defined in Section 420.503, F.S., and 24 CFR Part
92.
(18) "Commercial Fishing
Worker" means Commercial fishing worker as defined in Section
420.503, F.S.
(19) "Commercial Fishing Worker Household"
means a household of one or more persons wherein at least one member of the
household is a Commercial Fishing Worker at the time of initial
occupancy.
(20) "Competitive
Housing Credits" or "Competitive HC" means those Housing Credits which come
from the Corporation's annual Allocation Authority.
(21) "Compliance Period" means a period of
time that the Development shall conform to all set-aside requirements as
described further in the rule chapter and agreed to by the Applicant in the
Application.
(22) "Consolidated
Plan" means the plan prepared in accordance with 24 CFR Part 91, which
describes needs, resources, priorities and proposed activities to be undertaken
with respect to certain HUD programs, including the HOME Program.
(23) "Contact Person" means the person with
whom the Corporation will correspond concerning the Application and the
Development. This person cannot be a third-party consultant.
(24) "Corporation" means the Florida Housing
Finance Corporation as defined in Section
420.503, F.S.
(25) "Credit Underwriter" means the
independent contractor under contract with the Corporation having the
responsibility for providing stated credit underwriting services.
(26) "DDA" or "Difficult Development Area"
means areas designated by the Secretary of Housing and Urban Development as
having high construction, land, and utility costs relative to area median gross
income in accordance with Section 42(d)(5)(B), of the IRC.
(27) "Department" means the Department of
Economic Opportunity as defined in Section
420.503, F.S.
(28) "Developer" means any individual or
legal entity which possesses the requisite skill, experience, and credit
worthiness to successfully produce affordable housing as required in the
Application. Unless otherwise stated in a competitive solicitation, as used
herein, a 'legal entity' means a corporation, association, joint venturer, or
partnership legally formed as of Application deadline.
(29) "Developer Fee" means the fee earned by
the Developer.
(30) "Development"
means Project as defined in Section
420.503, F.S.
(31) "Development Cash Flow" means, with
respect to SAIL Developments as well as HOME Developments when the HOME
Development is also at least partially financed with a Multifamily Mortgage
Revenue Bond (MMRB) Loan (as defined in rule Chapter 67-21, F.A.C.), cash
transactions of the Development as calculated in the statement of cash flows
prepared in accordance with generally accepted accounting principles ("GAAP"),
as adjusted for any cash transactions that are subordinate to the SAIL loan
interest payment including any distribution or payment to the Applicant or
Developer, Principal(s) of the Applicant or Developer or any Affiliate of the
Principal(s) of the Applicant or Developer, or to the Developer or any
Affiliate of the Developer, whether paid directly or indirectly, which was not
expressly disclosed in determining the annual debt service coverage in the
Board approved final credit underwriting report.
(32) "Development Cost" means the total of
all costs incurred in the completion of a Development excluding Developer Fee,
operating deficit reserves, and total land cost as typically shown in the
Development Cost line item on the development cost pro forma.
(33) "Development Expenses" means, with
respect to SAIL Developments as well as HOME Developments when the HOME
Development is also at least partially financed with a MMRB Loan (as defined in
rule Chapter 67-21, F.A.C.), usual and customary operating and financial costs,
such as the compliance monitoring fee, the financial monitoring fee,
replacement reserves, the servicing fee and the debt service reserves. As it
relates to SAIL Developments as well as HOME Developments when the HOME
Development is also at least partially financed with a MMRB Loan (as defined in
rule Chapter 67-21, F.A.C.) and to the application of Development Cash Flow
described in subsections
67-48.010(5) and
(6), F.A.C., as it relates to SAIL
Developments or in paragraph
67-48.020(3)(b),
F.A.C., as it relates to HOME Developments, the term includes only those
expenses disclosed in the operating pro forma on an annual basis included in
the final credit underwriting report, as approved by the Board, and maximum of
20 percent Developer Fee per year.
(34) "Development Location Point" means a
single point selected by the Applicant on the proposed Development site that is
located within 100 feet of a residential building existing or to be constructed
as part of the proposed Development. For a Development which consists of
Scattered Sites, this means a single point on the site with the most units that
is located within 100 feet of a residential building existing or to be
constructed as part of the proposed Development.
(35) "Document" means electronic media,
written or graphic matter, of any kind whatsoever, however produced or
reproduced, including records, reports, memoranda, minutes, notes, graphs,
maps, charts, contracts, opinions, studies, analysis, photographs, financial
statements and correspondence as well as any other tangible thing on which
information is recorded.
(36)
"Domestic Violence" means Domestic violence as defined in Section
741.28, F.S.
(37) "Draw" means the disbursement of funds
to a Development.
(38) "EHCL" or
"EHCL Program" means the Elderly Housing Community Loan Program.
(39) "Elderly" means Elderly as defined in
Section 420.503, F.S.
(40) "ELI Household" or "Extremely Low Income
Household" means a household of one or more persons wherein the annual adjusted
gross income for the Family is equal to or below the percentage of area median
income for ELI Persons.
(41) "ELI
Loan" means the loan made by the Corporation for the Applicant's ELI Set-Aside
commitment, based on terms and conditions outlined in a competitive
solicitation.
(42) "ELI Persons" or
"Extremely Low Income Persons" means Extremely low income persons as defined in
Section 420.0004(9),
F.S., or in a competitive solicitation.
(43) "ELI Set-Aside" or "Extremely Low Income
Set-Aside" means the number of units designated to serve ELI
Households.
(44) "Eligible Persons"
means one or more natural persons or a family, irrespective of race, creed,
national origin, or sex, determined by the Corporation to be of Low Income or
Very Low Income, as further described in Rule
67-48.0075, F.A.C.
(45) "EUA" or "Extended Use Agreement" means,
with respect to the HC Program, an agreement which sets forth the set-aside
requirements and other Development requirements under the HC Program.
(46) "Executive Director" means the Executive
Director of the Corporation.
(47)
"Family" means a household composed of one or more persons.
(48) "Farmworker" means Farmworker as defined
in Section 420.503, F.S.
(49) "Farmworker Household" means a household
of one or more persons wherein at least one member of the household is a
Farmworker at the time of initial occupancy.
(50) "Final Housing Credit Allocation" means,
with respect to a Housing Credit Development, the issuance of Housing Credits
to an Applicant upon completion of construction or Rehabilitation of a
Development and submission to the Corporation by the Applicant of a completed
and executed final cost certification process as required by Section 42,
IRC.
(51) "Financial Beneficiary"
means any Principal of the Developer or Applicant entity who receives or will
receive any direct or indirect financial benefit from a Development except as
further described in Rule
67-48.0075, F.A.C.
(52) "Financial Institution" means Lending
institution as defined in Section
420.503, F.S.
(53) "Florida Keys Area" means all lands in
Monroe County, except:
(a) That portion of
Monroe County included within the designated exterior boundaries of the
Everglades National Park and areas north of said Park;
(b) All lands more than 250 feet seaward of
the mean high water line owned by local, state, or federal governments;
and,
(c) Federal
properties.
(54) "General
Contractor" means a person or entity duly licensed in the state of Florida with
the requisite skills, experience and credit worthiness to successfully provide
the units required in the Application, and which meets the criteria described
in Rule 67-48.0072, F.A.C.
(55) "Geographic Set-Aside" means the amount
of Allocation Authority or funding which has been designated by the Corporation
to be allocated for Developments located in specific geographical regions
within the state of Florida.
(56)
"HC" or "Housing Credit Program" means the rental housing program administered
by the Corporation pursuant to Section 42 of the IRC and Section
420.5099, F.S., under which the
Corporation is designated the Housing Credit agency for the state of Florida
within the meaning of the following:
(a)
Section 42(h)(7)(A) of the IRC;
(b)
This rule chapter regarding Competitive Housing Credits; and,
(c) Rule Chapter 67-21, F.A.C., regarding
Non-Competitive Housing Credits.
(57) "HOME" or "HOME Program" means the HOME
Investment Partnerships Program administered by the Corporation pursuant to 24
CFR Part 92 and Section 420.5089, F.S.
(58) "HOME-Assisted Unit" means the specific
units that are funded with HOME funds. HOME units shall adhere to rent controls
and income targeting requirements pursuant to
24 CFR §
92.252.
(59) "HOME Development" means any Development
which receives financial assistance from the Corporation under the HOME
Program.
(60) "HOME Rental
Development" means a Development proposed to be constructed or rehabilitated
with HOME funds.
(61) "HOME
Rent-Restricted Unit" means the maximum allowable rents designed to ensure
affordability on the HOME-Assisted Units.
(62) "Homeless" means Homeless as defined in
Section 420.621, F.S.
(63) "Housing Credit" means the tax credit
issued in exchange for the development of rental housing pursuant to the
following:
(a) Section 42 of the
IRC;
(b) The provisions of this
rule chapter regarding Competitive Housing Credits; and,
(c) The provisions of rule Chapter 67-21,
F.A.C., regarding Non-Competitive Housing Credits.
(64) "Housing Credit Allocation" means the
amount of Housing Credits determined by the Corporation as necessary to make a
Development financially feasible and viable throughout the Development's
Compliance Period pursuant to Section 42(m)(2)(A) of the IRC.
(65) "Housing Credit Development" means the
proposed or existing rental housing Development(s) for which Housing Credits
have been applied or received.
(66)
"Housing Credit Extended Use Period" means, with respect to any building that
is included in a Housing Credit Development, the period that begins on the
first day of the Compliance Period in which such building is part of the
Development and ends on the later of:
(a) The
date specified by the Corporation in the Extended Use Agreement, or
(b) The date that is the fifteenth
anniversary of the last day of the Compliance Period, unless earlier terminated
as provided in Section 42(h)(6) of the IRC.
(67) "Housing Credit Period" means with
respect to any building that is included in a Housing Credit Development, the
period of 10 years beginning with:
(a) The
taxable year in which such building is placed in service, or
(b) At the election of the Applicant, the
succeeding taxable year.
(68) "Housing Credit Rent-Restricted Unit"
means, with respect to a Housing Credit Development, a unit for which the gross
monthly rent shall not exceed 30 percent of the imputed income limitation
applicable to such unit as committed to by the Applicant in its Application and
shall be determined in a manner consistent with Section 42(g)(2) of the
IRC.
(69) "Housing Credit
Set-Aside" means the number of units in a Housing Credit Development necessary
to satisfy Section 42(g) of the IRC and the percentage of units set-aside by
the Applicant in the Application.
(70) "Housing Credit Syndicator" means a
person, partnership, corporation, trust or other entity that regularly engages
in the purchase of interests in entities that produce Qualified Low Income
Housing Projects [as defined in Section 42(g) of the IRC].
(71) "Housing for the Elderly" or "Housing
Community for the Elderly" means any housing community as defined in Section
420.503, F.S.
(72) "Housing Provider" means, with respect
to a HOME Development, Local Government, consortia approved by HUD under 24 CFR
Part 92, for-profit and Non-Profit Developers, and qualified CHDOs, with
demonstrated capacity to construct or rehabilitate affordable
housing.
(73) "HUD" means the
United States Department of Housing and Urban Development.
(74) "IRC" means
26 CFR Section
42 and subsections 501(c)(3) and 501(c)(4) of
the Internal Revenue Code of 1986, together with corresponding and applicable
final, temporary or proposed regulations, notices, and revenue rulings issued
with respect thereto by the Treasury or the Internal Revenue Service of the
United States.
(75) "Lead Agency"
means a Local Government or non-profit serving as the point of contact and
accountability to the State Office on Homelessness with respect to the Local
Homeless Assistance of Continuum of Care Plan, in accordance with Section
420.624, F.S.
(76) "Local Government" means Local
government as defined in Section
420.503, F.S.
(77) "Local Homeless Assistance Continuum of
Care Plan" means a plan for developing and implementing a framework for a
comprehensive and seamless array of housing and services to address the needs
of homeless persons and persons at risk for homelessness, in accordance with
Section 420.624, F.S.
(78) "Low Income" means the Adjusted Income
for a Family which does not exceed 80 percent of the area median
income.
(79) "LURA" or "Land Use
Restriction Agreement" means an agreement which sets forth the set-aside
requirements and other Development requirements under a Corporation
program.
(80) "Match" means
non-federal contributions to a HOME Development eligible pursuant to 24 CFR
Part 92.
(81) "Moderate
Rehabilitation" means, with respect to the SAIL Program, Moderate
rehabilitation as defined in Section
420.503, F.S.
(82) "Mortgage" means Mortgage as defined in
Section 420.503, F.S.
(83) "Non-Competitive Housing Credits" means
the Housing Credits which qualify to be used with Tax-Exempt Bond-Financed
Developments and do not come from the Corporation's annual Allocation
Authority.
(84) "Non-Profit" unless
otherwise set forth in a competitive solicitation, means a qualified non-profit
entity as defined in Section 42(h)(5)(C), subsection 501(c)(3) or 501(c)(4) of
the IRC and organized under Chapter 617, F.S., if a Florida Corporation, or
organized under similar state law if organized in a jurisdiction other than
Florida, to provide housing and other services on a not-for-profit basis, which
owns at least 51 percent of the ownership interest in the Development held by
the general partner or managing member entity, which shall receive at least 25
percent of the Developer Fee, and which entity is acceptable to federal and
state agencies and financial institutions as a Sponsor for affordable housing,
as further described in Rule
67-48.0075, F.A.C.
(85) "Note" means a unilateral agreement
containing an express and absolute promise to pay to the Corporation a
principal sum of money on a specified date, which provides the interest rate
and is secured by a Mortgage.
(86)
"PBRA" or "Project-Based Rental Assistance" means a rental subsidy through a
contract with HUD or RD for a property.
(87) "Person with a Disability" means,
pursuant to Section 3 of the Americans with Disabilities Act of 1990, as
amended by the ADA Amendments Act of 2008, an individual to which both of the
following apply:
(a) The individual has a
physical or mental impairment that substantially limits one or more of the
major life activities of such individual; and,
(b) The individual is currently or was
formerly regarded as having an existing record of such an
impairment.
(88) "Person
with a Disabling Condition" means a person with a Disabling condition as
defined in Section 420.0004(7),
F.S.
(89) "Persons with Special
Needs" means Person with special needs as defined in Section
420.0004(13),
F.S.
(90) "PHA" or "Public Housing
Authority" means a housing authority under Chapter 421, F.S.
(91) "Portfolio Diversification" means a
distribution of SAIL and HOME Program loans to Developments in varying
geographic locations with varying design structures and sizes and with
different types and identity of Sponsors.
(92) "Preliminary Allocation" means a
non-binding reservation of Housing Credits issued to a Housing Credit
Development which has demonstrated a need for Housing Credits and received a
positive recommendation from the Credit Underwriter.
(93) "Preservation" unless otherwise stated
in a competitive solicitation, means Rehabilitation of an existing development
that is at least 20 years old as of an Application Deadline in a competitive
solicitation and has an active contract through one or more of the following
HUD or RD programs: Sections 202 of the Housing Act of 1959 (12 U.S.C. §
1701q), 236 of the National Housing Act
(12 U.S.C. §
1701), 514, 515, or 516 of the U.S. Housing
Act of 1949 (42 U.S.C.
§
1484), 811 of the U.S. Housing Act of
1937 (42 U.S.C. §
1437), or either has PBRA or is public
housing assisted through ACC. If funded through the Corporation, the
Development must maintain at least the same number of PBRA or ACC units. Such
developments must not have closed on funding from HUD or RD within the 20 years
prior to an Application Deadline in a competitive solicitation where the budget
was at least $10,000 per unit for rehabilitation in any year.
(94) "Principal" has the meanings set forth
below and any Principal other than a natural person must be a legally formed
entity as of the Application deadline:
(a) For
a corporation, each officer, director, executive director, and shareholder of
the corporation.
(b) For a limited
partnership, each general partner and each limited partner of the limited
partnership.
(c) For a limited
liability company, each manager and each member of the limited liability
company.
(d) For a trust, each
trustee of the trust and all beneficiaries of majority age (i.e.; 18 years of
age) as of Application deadline.
(e) For a Public Housing Authority, each
officer, director, commissioner, and executive director of the
Authority.
(95) "Project"
or "Property" means Project as defined in Section
420.503, F.S.
(96) "QAP" or "Qualified Allocation Plan"
means, with respect to the HC Program, the 2023 Qualified Allocation Plan which
is adopted and incorporated herein by reference, effective upon approval by the
Governor of the State of Florida, pursuant to Section 42(m)(1)(B) of the IRC
and sets forth the selection criteria and the preferences of the Corporation
for Developments which will receive Housing Credits. The QAP is available on
the Corporation's website under the Multifamily Programs link or by contacting
the Housing Credit Program at 227 North Bronough Street, Suite 5000,
Tallahassee, Florida 32301-1329, or from
http://www.flrules.org/Gateway/reference.asp?No=Ref-15419.
(97) "QCT" or "Qualified Census Tract" means
any census tract which is designated by the Secretary of Housing and Urban
Development as having either 50 percent or more of the households at an income
which is less than 60 percent of the area median gross income, or a poverty
rate of at least 25 percent, in accordance with Section 42(d)(5)(B) of the
IRC.
(98) "RD" or "Rural
Development" means the Rural Development (RD), Rural Housing Service (RHS)
agency, within the United States Department of Agriculture (USDA), or any
successor agency, department, entity or instrumentality designated by law to
administer the programs or exercise the powers of the USDA RD RHS.
(99) "Redevelopment" unless otherwise stated
in a competitive solicitation means:
(a) With
regard to a proposed Development that involves demolition of multifamily rental
residential structures currently or previously existing that are at least 30
years old as of an Application Deadline in a competitive solicitation and
either originally received financing or are currently financed through one or
more of the following HUD or RD programs: Sections 202 of the Housing Act of
1959 (12 U.S.C. §
1701q), 236 of the National Housing Act
(12 U.S.C. §
1701), 514, 515, or 516 of the U.S. Housing
Act of 1949 (42 U.S.C.
§
1484), 811 of the U.S. Housing Act of
1937 (42 U.S.C. §
1437), or have PBRA; and new construction of
replacement structures on the same site maintaining at least the same number of
PBRA units, or
(b) With regard to
proposed Developments that involve demolition of public housing structures
currently or previously existing on a site with a Declaration of Trust are at
least 30 years old as of an Application Deadline in competitive solicitation
and that are assisted through ACC; and new construction of replacement
structures on the same site, providing at least 25 percent of the total new
units with PBRA, ACC, or both, after Redevelopment.
(100) "Rehabilitation" means, with respect to
the HOME and Housing Credit Program(s), the alteration, improvement or
modification of an existing structure where less than 50 percent of the
proposed construction work consists of new construction, as further described
in Rule 67-48.0075, F.A.C.
(101) "Review Committee" or "Committee" means
a committee established pursuant to rule Chapter 67-60, F.A.C.
(102) "SAIL" or "SAIL Program" means the
State Apartment Incentive Loan Program created pursuant to Sections
420.507(22) and
420.5087, F.S.
(103) "SAIL Development" means a residential
Development comprised of one (1) or more residential buildings proposed to be
constructed or rehabilitated with SAIL funds for Eligible Persons.
(104) "SAIL Minimum Set-Aside Requirement"
means the least number of set-aside units in a SAIL Development which must be
held for Very Low-Income persons or households pursuant to the category (i.e.,
Family, Elderly, Homeless, Persons with Special Needs, or Farmworker and
Commercial Fishing Worker) under which the Application has been made, as
further described in Rule
67-48.009, F.A.C.
(105) "SAIL Rent-Restricted Unit" means with
respect to a SAIL Development, a unit for which the gross monthly rent shall
not exceed 30 percent of the imputed income limitation applicable to such unit
as committed to by the Applicant in its Application and shall be determined in
a manner consistent with Section 42(g)(2) of the IRC.
(106) "Scattered Sites," unless otherwise
stated in a competitive solicitation, as applied to a single Development, means
a Development site that, when taken as a whole, is comprised of real property
that is not contiguous (each such non-contiguous site that contains, or will
contain upon completion of the Development, at least one residential building
within a Scattered Site Development, is considered to be a "Scattered Site").
For purposes of this definition "contiguous" means touching at a point or along
a boundary. Real property is contiguous if the only intervening real property
interest is an easement, provided the easement is not a roadway or street. All
of the Scattered Sites must be located in the same county.
(107) "Section 8 Eligible" means a Family
with an income which meets the income eligibility requirements of Section 8 of
the United States Housing Act of 1937.
(108) "Special Needs Household" means a
household consisting of a Family that is considered to be Homeless, a survivor
of Domestic Violence, a Person with a Disability, or Youth Aging Out of Foster
Care. These households require initial, intermittent or on-going supportive
services from one or more community based service providers to obtain and
retain stable, adequate and safe housing in their communities.
(109) "Special Needs Household Referral
Agency" means an organization that is designated and authorized by legislative
mandate or the responsible federal or state agency to plan, coordinate and
administer the provision of federal or state supportive services or long-term
care programs for at least one Special Needs Household population.
(110) "Sponsor" means Sponsor as defined in
Section 420.503, F.S.
(111) "State Office on Homelessness" means
the office created within the Department of Children and Family Services under
Section 420.622, F.S.
(112) "Substantial Rehabilitation" means,
with respect to the SAIL Program, to bring a Development back to its original
state with added improvements, where the value of such repairs or improvements
(excluding the costs of acquiring or moving a structure) exceeds 40 percent of
the appraised as is value (excluding land) of such Development before repair
and less than 50 percent of the proposed construction work consists of new
construction. For purposes of this definition, the value of the repairs or
improvements means the Development Cost. To be considered "Substantial
Rehabilitation," there must be at least the foundations remaining from the
previous structures, suitable to support the proposed construction.
(113) "Tax-Exempt Bond-Financed Development"
means a Development which has been financed by the issuance of tax-exempt bonds
subject to applicable volume cap pursuant to Section 42(h)(4) of the
IRC.
(114) "Total Development Cost"
means the total of all costs incurred in the completion of a Development, all
of which shall be subject to the review and approval by the Credit Underwriter
and the Corporation pursuant to this rule chapter, and as further described in
Rule 67-48.0075, F.A.C.
(115) "Treasury" means the United States
Department of Treasury or other agency or instrumentality created or chartered
by the United States to which the powers of the Department of Treasury have
been transferred.
(116) "Very
Low-Income" means:
(a) With respect to the
SAIL Program,
1. If using tax-exempt bond
financing for the first mortgage, income which meets the income eligibility
requirements of Section 8 of the United States Housing Act of 1937, as in
effect on the date of this rule chapter, or
2. If using taxable financing for the first
mortgage, total annual gross household income which does not exceed 50 percent
of the median income adjusted for family size, or 50 percent of the median
income adjusted for family size for households within the metropolitan
statistical area (MSA), within the county in which the Family resides, or
within the state of Florida, whichever is greater, or
3. If used in a Development using Housing
Credits, income which meets the income eligibility requirements of Section 42
of the IRC, or
(b) With
respect to the HOME Program, income which does not exceed 50 percent of the
median income for the area, as determined by HUD, with adjustments for family
size, except that HUD may establish income ceilings higher or lower than 50
percent of the median for the area on a basis of HUD findings that such
variations are necessary because of prevailing levels of construction costs or
fair market rents, or unusually high or low family incomes.
(117) "Website" means the Florida Housing
Finance Corporation's website, the Universal Resource Locator (URL) for which
is www.floridahousing.org.
(118)
"Youth Aging Out of Foster Care" means youth or young adults who are eligible
for services under Section
409.1451(2),
F.S.
(119) "Zero Bedroom Unit"
means a single person occupancy unit of at least 350 square feet that includes
a private full bathroom and a vertical closet for clothing. The unit shall
include a kitchen with a refrigerator, stove and sink.
Notes
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5087, 420.5089 (2) FS.
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