Fla. Admin. Code Ann. R. 67-21.002 - Definitions
(1) "ACC" or "Annual Contribution 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)
"Acknowledgment Resolution" means the official action taken by the Corporation
to reflect its intent to finance a Development provided that the requirements
of the Corporation, the terms of the MMRB Loan Commitment, and the terms of the
Credit Underwriting Report are met.
(3) "Act" means the Florida Housing Finance
Corporation Act, Chapter 420, Part V, F.S.
(4) "Address" means the address number,
street name and city or, at a minimum, 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.
(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
67-21.0025, 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) "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.
(7) "Annual Household Income" means the gross
income of a person, together with the gross income of all persons who intend to
permanently reside with such person in the Development to be financed by the
Corporation, as of the date of occupancy shown on the income certification
promulgated by the Corporation.
(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 Rule
67-21.031, 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 forms and
exhibits created by the Corporation for the purpose of providing the means to
apply for Non-Competitive Housing Credits only, or both MMRB and
Non-Competitive Housing Credits, as outlined in subsection
67-21.003(1),
F.A.C. A completed Application may include additional supporting documentation
provided by an Applicant.
(11)
"Board" or "Board of Directors" means the Board of Directors of the
Corporation.
(12) "Bond Counsel"
means the attorney or law firm retained by the Corporation to provide the
specialized services generally described in the industry as the role of bond
counsel.
(13) "Bond" or "Bonds"
means Bond as defined in Section
420.503, F.S.
(14) "Bond Trustee" or "Trustee" means a
financial institution with trust powers which acts in a fiduciary capacity for
the benefit of the bond holders, and in some instances the Corporation, in
enforcing the terms of the Program Documents.
(15) "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.
(16) "Calendar Days" means the seven (7) days
of the week.
(17) "Commercial
Fishing Worker" means Commercial fishing worker as defined in Section
420.503, F.S.
(18) "Competitive Housing Credits" or
"Competitive HC" means those Housing Credits which come from the Corporation's
annual Allocation Authority.
(19)
"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.
(20) "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.
(21) "Corporation" means the Florida Housing
Finance Corporation as defined in Section
420.503, F.S.
(22) "Cost of Issuance Fee" means the fee
charged by the Corporation to the Applicant for the payment of the costs and
expenses associated with the sale of Bonds and the loaning of the proceeds,
including a fee for the Corporation.
(23) "Credit Enhancement" means a letter of
credit, third party guarantee, insurance contract or other collateral or
security pledged to the Corporation or its Trustee for a minimum of ten years
by a third party Credit Enhancer or financial institution securing, insuring or
guaranteeing the repayment of the Mortgage Loan or Bonds under the MMRB
Program.
(24) "Credit Enhancer"
means a financial institution, insurer or other third party which provides a
Credit Enhancement or guarantee instrument acceptable to the Corporation
securing repayment of the Mortgage Loan or Bonds issued pursuant to the MMRB
Program.
(25) "Credit Underwriter"
means the independent contractor under contract with the Corporation having the
responsibility for providing Credit Underwriting services.
(26) "Credit Underwriting" means an in-depth
analysis by the Credit Underwriter of all documents submitted in connection
with an Application.
(27) "Credit
Underwriting Report" means the report that is a product of Credit
Underwriting.
(28)
"Cross-collateralization" means the pledging of the security of one Development
to the obligations of another Development.
(29) "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.
(30) "Developer" means the
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.
(31) "Developer Fee" means the fee earned by
the Developer.
(32) "Development"
means Project as defined in Section
420.503, F.S.
(33) "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.
(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) "Disclosure Counsel" means the Special
Counsel designated by the Corporation to be responsible for the drafting and
delivery of the Corporation's disclosure documents such as preliminary official
statements, official statements, re-offering memorandums or private placement
memorandums and continuing disclosure agreements.
(36) "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.
(37)
"Elderly" means Elderly as defined in Section
420.503, F.S.
(38) "Elderly Housing" means housing or a
unit being occupied or reserved for qualified persons pursuant to the Federal
Fair Housing Act and Section
760.29(4),
F.S.
(39) "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.
(40) "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.
(41) "Executive Director" means the Executive
Director of the Corporation.
(42)
"Family" means a household composed of one or more persons.
(43) "Farmworker" means Farmworker as defined
in Section 420.503, F.S.
(44) "Farmworker Development" means a
Development:
(a) Of not greater than 80 units,
at least 40 percent of the total residential units of which are occupied or
reserved for Farmworker Households; and,
(b) For which independent market analysis
demonstrates a local need for such housing.
(45) "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.
(46) "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 Application Package pursuant to Rule
67-21.027, F.A.C.
(47) "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 67-21.0025, F.A.C.
(48) "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.
(49)
"Freddie Mac Multifamily Targeted Affordable Housing Lender" means any entity
that (a) has been approved and designated by the Federal Home Loan Mortgage
Corporation ("Freddie Mac") to act as a lender and seller-servicer for Freddie
Mac multifamily targeted affordable housing transactions (including those under
Freddie Mac's Tax-Exempt Loan Program) and (b) has accepted a written
commitment from Freddie Mac to purchase Bonds under Freddie Mac's Tax-Exempt
Loan Program pursuant to the terms and conditions of said commitment.
(50) "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 Rules
67-21.014 and
67-21.026, F.A.C.
(51) "HC" or "Housing Credit Program" means
the rental housing program administered by the Corporation in accordance with
section 42 of the Internal Revenue Code 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 Internal
Revenue Code;
(b) This rule chapter
regarding Non-Competitive Housing Credits; and,
(c) Rule Chapter 67-48, F.A.C., regarding
Competitive Housing Credits.
(52) "Homeless" means Homeless as defined in
Section 420.621, F.S.
(53) "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 Non-Competitive Housing Credits; and,
(c) The provisions of rule Chapter 67-48,
F.A.C., regarding Competitive Housing Credits.
(54) "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.
(55) "Housing Credit
Development" means the proposed or existing rental housing Development(s) for
which Housing Credits have been applied or received.
(56) "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.
(57) "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.
(58) "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.
(59) "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 or in
response to a competitive solicitation, if applicable.
(60) "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.
(61) "HUD" means the United States Department
of Housing and Urban Development.
(62) "HUD Risk Sharing Program" means the
program authorized by section 542(c) of the Housing and Community Development
Act of 1992.
(63) "Identity of
Interest" means, for the purpose of the HUD Risk Sharing Program, any person or
entity that has a one percent or more financial interest in the Development and
in any entity providing services for a fee to the Development.
(64) "Investment Banker" means, with respect
to an issue of Bonds, an underwriter, placement agent or structuring agent who
is under contract with the Corporation and whose primary purpose is to either:
(a) In the case of an underwriter, acquire
the Bonds in a commercial arm's length transaction for resale to investors,
or
(b) In the case of a placement
agent or structuring agent, arrange for the sale of Bonds.
In either case, the underwriter, placement agent or structuring agent assists on matters pertinent to the Bond issue, such as structure, timing, marketing, terms, Bond ratings and cash flows.
(65) "IRC" or "Internal Revenue Code" means
26 CFR Sections 42,
142,
147,
151, and
501 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.
(66) "IRMA" or "Independent Registered
Municipal Advisor" means a professional who is under contract with the
Corporation to provide advice with respect to the issuance of municipal
securities, which advice may include, among other things, the determination of
the method of sale for one or more series of Bonds. The IRMA owes the
Corporation a fiduciary duty and is obligated to place the interest of the
Corporation ahead of its own and may not engage in self-dealing.
(67) "Local Government" means Local
government as defined in Section
420.503, F.S.
(68) "Local Public Fact Finding Hearing"
means a public hearing requested by any person residing in the county or
municipality in which the proposed Development is located and which is
conducted by the Corporation for the purpose of receiving public comment or
input regarding the financing of a proposed Development with Bonds by the
Corporation.
(69) "Low Income"
means the adjusted income for a Family which does not exceed 80 percent of the
area median income.
(70) "Lower
Income Residents" means Families whose annual income does not exceed either 50
percent or 60 percent depending on the minimum set-aside elected of the area
median income as determined by HUD with adjustments for household size. In no
event shall occupants of a Development unit be considered to be Lower Income
Residents if all the occupants of a unit are students as defined in section
151(c)(4) of the Internal
Revenue Code or if the residents do not comply with the provisions of the
Internal Revenue Code defining Lower Income Residents. (See section
142 of the Internal Revenue Code.)
(71) "MMRB" or "MMRB Program" means the
Corporation's Multifamily Mortgage Revenue Bond Program.
(72) "MMRB LURA" or "MMRB Land Use
Restriction Agreement" means an agreement among the Corporation, the Bond
Trustee and the Applicant which sets forth certain set-aside requirements and
other Development requirements under rule Chapter 67-21, F.A.C.
(73) "MMRB Loan" means the loan made by the
Corporation to the Applicant from the proceeds of the Bonds issued by the
Corporation.
(74) "MMRB Loan
Agreement" means the Program Documents or Loan Documents wherein the
Corporation and the Applicant agree to the terms and conditions of the MMRB
Loan, including the repayment of the MMRB Loan.
(75) "MMRB Loan Commitment" means the loan
commitment executed by the Corporation and the Applicant after the issuance of
a favorable Credit Underwriting Report that defines the conditions under which
the Corporation agrees to make the MMRB Loan to the Applicant for the purpose
of financing a Development.
(76)
"Mortgage" means Mortgage as defined in Section
420.503, F.S.
(77) "Mortgage Loan" means Mortgage loan as
defined in Section 420.503, F.S.
(78) "Non-Competitive Housing Credits" or
"Non-Competitive HC" means those Housing Credits which qualify to be used with
Tax-Exempt Bond-Financed Developments and do not come from the Corporation's
annual Allocation Authority.
(79)
"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 67-21.0025, F.A.C.
(80) "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.
(81)
"PBRA" or "Project-Based Rental Assistance" means a rental subsidy through a
contract with HUD or RD for a property.
(82) "Persons with Special Needs" means
Person with special needs as defined in Section
420.0004(13),
F.S.
(83) "PHA" or "Public Housing
Authority" means a housing authority under Chapter 421, F.S.
(84) "Preliminary Determination" means an
initial determination by the Corporation of the amount of Housing Credits
outside the Allocation Authority needed from the Treasury to make a Tax-Exempt
Bond-Financed Development financially feasible and viable.
(85) "Preservation" means rehabilitation of
an existing development that is at least 20 years old as of the date the
Application is submitted to the Corporation 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), or 811 of the U.S. Housing Act
of 1937 (42 USC §
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 when the Application is submitted to the Corporation where the budget
was at least $10,000 per unit for rehabilitation in any year.
(86) "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.
(87) "Private
Placement" means the sale of the Corporation Bonds directly or through an
Investment Banker to 35 or fewer initial purchasers who are not purchasing the
Bonds with the intent to offer the Bonds for retail sale and who are Qualified
Institutional Buyers.
(88) "Program
Documents" or "Loan Documents" means the MMRB Loan Commitment, MMRB Loan
Agreement, Note, Mortgage, Credit Enhancement, MMRB Land Use Restriction
Agreement, trust indenture, preliminary and final official statements,
intercreditor agreement, assignments, bond purchase agreement, compliance
monitoring agreement, mortgage servicing agreement and such other ordinary and
customary documents necessary to issue and secure repayment of the Bonds and
the MMRB Loan sufficient to protect the interests of the Bond owners and the
Corporation.
(89) "QAP" or
"Qualified Allocation Plan" means, with respect to the HC Program, the 2024
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-16736.
(90) "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 Internal
Revenue Code.
(91) "Qualified
Institutional Buyer" is sometimes called a "sophisticated investor" and
specifically includes the following:
(a) Any
of the following entities, acting for its own account or the accounts of other
Qualified Institutional Buyers that, in the aggregate, own and invest on a
discretionary basis at least $100 million in securities of issuers that are not
affiliated with the entity:
1. Any insurance
company as defined in section 2(13) of the Securities Act of 1933,
2. Any investment company registered under
the Investment Company Act of 1940 or any business development company as
defined in section 80a-2(a)(48) of that Act,
3. Any Small Business Investment Company
licensed by the U.S. Small Business Administration under section 301(c) or (d)
of the Small Business Investment Act of 1958,
4. Any plan established and maintained by a
state or state agency or any of its political subdivisions, on behalf of their
employees,
5. Any employee benefit
plan within the meaning of Title I of the Employee Retirement Income Security
Act of 1974,
6. Trust funds of
various types, except for trust funds that include participants' individual
retirement accounts or H.R. 10 plans,
7. Any business development company as
defined in section 80b-2(a)(22) of the Investment Advisors Act of
1940,
8. Any organization described
in section 501(c)(3) of the Internal
Revenue Code, corporation (except a bank or savings and loan defined in section
3(a)(2) or 3(a)(5)(A) of the Securities Act of 1933, or a foreign bank or
savings and loan or similar institution), partnership, Massachusetts or similar
business trust, or any investment adviser registered under the Investment
Advisors Act.
(b) Any
dealer registered under section 15 of the Securities Exchange Act of 1934,
acting on its own behalf or on the behalf of other Qualified Institutional
Buyers who in the aggregate own and invest at least $10 million of securities
of issuers not affiliated with the dealer (not including securities held
pending public offering).
(c) Any
dealer registered under section 15 of the Securities Exchange Act of 1934
acting in a riskless principal transaction on behalf of a Qualified
Institutional Buyer.
(d) Any
investment company registered under the Investment Company Act that is part of
a family of investment companies that together own at least $100 million in
securities of issuers, other than companies with which the investment company
or family of investment companies is affiliated.
(e) Any entity, all of whose equity owners
are Qualified Institutional Buyers.
(f) Any bank or savings and loan defined in
section 3(a)(2) or 3(a)(5)(A) of the Securities Act of 1933 or foreign bank or
savings and loan or similar institution that, in aggregate with the other
Qualified Institutional Buyers, owns and invests in at least $100 million in
securities of affiliates that are not affiliated with it and that has an
audited net worth of at least $25 million as demonstrated during the 16 to 18
months prior to the sale.
(92) "Qualified Lending Institution" means
any lending institution designated by the Corporation.
(93) "Qualified Project Period" means
Qualified Project Period as defined in Section
142(d) of the Internal
Revenue Code.
(94) "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.
(95) "Redevelopment" 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 the date the
Application is submitted to the Corporation 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 USC §
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 that are
at least 30 years old as of the date the Application is submitted to the
Corporation 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.
(96) "Rehabilitation" means, with
respect to the Housing Credit Program, 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 67-21.0025, F.A.C.
(97) "Rehabilitation Expenditures," with
respect to the MMRB Program, has the meaning set forth in section
147(d)(3) of the Internal
Revenue Code.
(98) "Scattered
Sites," 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.
(99) "Special Counsel" means any attorney or
law firm retained by the Corporation, pursuant to a Request for Qualifications
(RFQ), to serve as counsel to the Corporation, including Disclosure
Counsel.
(100) "State Bond
Allocation" means the allocation of the state private activity bond volume
limitation pursuant to Chapter 159, Part VI, F.S., administered by the Division
of Bond Finance and allocated to the Corporation for the issuance of Tax-exempt
Bonds by either the Single Family Mortgage Revenue Bonds or MMRB
Programs.
(101) "Taxable Bonds"
means those Bonds on which the interest earned is included in gross income of
the owner for federal income tax purposes pursuant to the Internal Revenue
Code.
(102) "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 Internal
Revenue Code.
(103) "Tax-exempt
Bonds" means those Bonds on which all or part of the interest earned is
excluded from gross income of the owner for federal income tax purposes
pursuant to the Internal Revenue Code.
(104) "TEFRA Hearing" means a public hearing
held pursuant to the requirements of the Internal Revenue Code and in
accordance with the Tax Equity and Fiscal Responsibility Act (TEFRA), section
147(f) of the Internal
Revenue Code, at which members of the public or interested persons are provided
an opportunity to present evidence or written statements or make comments
regarding a requested application for Tax-exempt Bond financing of a
Development by the Corporation.
(105) "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
67-21.0025, F.A.C.
(106) "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.
(107) "Website"
means the Florida Housing Finance Corporation's website, the Universal Resource
Locator (URL) of which is www.floridahousing.org.
Notes
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.502, 420.503, 420.503(4), 420.507, 420.508, 420.509, 420.5099 FS.
New 12-3-86, Amended 2-22-89, 12-4-90, 11-23-94, 2-6-97, 1-7-98, Formerly 9I-21.002, Amended 1-26-99, 11-14-99, 2-11-01, 3-17-02, 4-6-03, 10-5-03, 3-21-04, 2-7-05, 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-7-11, 7-16-13, 2-2-15, 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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