Fla. Admin. Code Ann. R. 67-38.002 - Definitions

(1) "Act" means the Florida Housing Finance Corporation Act as found in Chapter 420 Part V, F.S.

(2) "Affiliate" means any person or entity that, (i) directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Applicant, (ii) serves as an officer or director, agent, employee, or any business entity or person associated with the Applicant in the furtherance of a business venture for which the Applicant is applying for one or more of the Corporation's programs, or (iii) is the spouse, parent, child, sibling, or relative by marriage of a person or entity described in (i) or (ii), above.

(3) "Applicant" means any person or legally formed entity that is seeking a loan or funding from the Corporation by submitting an Application for one or more of the Corporation's programs.

(4) "Application" means the forms and exhibits created by Florida Housing for the purpose of providing the means to apply for one or more of the Corporation's programs.

(5) "Application Package" means the forms and instructions obtained from the Corporation at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329 or from the Corporation's website, which shall be completed and submitted to the Corporation in order to apply for a specific Florida Housing program. With respect to PLP, Form PLP 1115 (Rev 11/09) is hereby adopted and incorporated herein by reference. Copies of such may be obtained by contacting the Special Programs Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.

(6) "Board of Directors" or "Board" means the Board of Directors of the Corporation.

(7) "Community-Based Organization" or "Not-For-Profit Organization" means any group incorporated under Chapter 617, F.S., to provide housing and other services on a not-for-profit basis, and which is acceptable to federal and state agencies and financial institutions as a provider of affordable housing.

(8) "Compliance Period" means the period of time that the Development shall conform to all set-aside requirements as described in this rule chapter and agreed to by the Applicant in the Application.

(9) "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.

(10) "Corporation" or "Florida Housing" means the Florida Housing Finance Corporation.

(11) "Credit Underwriter" means the independent contractor under contract with the Corporation having the responsibility of providing stated credit underwriting services.

(12) "Credit Underwriting" means an in-depth analysis by the Credit Underwriter of all documents submitted in connection with an Application.

(13) "Credit Underwriting Report" means a report that is a product of Credit Underwriting.

(14) "Developer" means an individual, association, corporation, joint venture, or partnership which possesses the requisite skill, experience and credit worthiness to successfully produce affordable housing.

(15) "Development" means any work or improvement located in the state, including real property, buildings, and any other real and personal property, designed and intended for the primary purpose of providing decent, safe, and sanitary residential housing for persons or families, whether new construction, the acquisition of existing residential housing, or the remodeling, improvement, rehabilitation, or reconstruction of existing houses, together with such related non-housing facilities as the Corporation determines to be necessary, convenient and desirable.

(16) "Development Plan" or "Form TAP 1215" (Rev 11/09) means the written description of the proposed Development submitted to the Corporation by the Technical Assistance Provider, with the concurrence of the Applicant, in the form created and approved by the Corporation. Form TAP 1215 is hereby adopted and incorporated herein by reference. Copies of such may be obtained by contacting the Special Programs Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.

(17) "Development Site" means the land for the Development, as defined by the legal description in the Development Plan and the documents evidencing or securing the Loan.

(18) "Farmworker" means a laborer who is employed on a seasonal, temporary, or permanent basis in the planting, cultivating, harvesting, or processing of agricultural or aquacultural products and who derived at least 50% of her or his income in the immediately preceding 12 months from such employment. "Farmworker" also includes a person who is retired as a laborer due to age, disability, or illness. In order to be considered retired as a farmworker due to age under this rule chapter, a person must be 50 years of age or older and must have been employed for a minimum of 5 years as a farmworker before retirement. In order to be considered retired as a farmworker due to disability or illness, a person must (i) establish medically that she or he is unable to be employed as a farmworker due to that disability or illness and (ii) establish that she or he was previously employed as a farmworker.

(19) "HUD" means the United States Department of Housing and Urban Development.

(20) "Invitation to Participate" means a letter sent to the Applicant indicating the Development has been selected to receive technical assistance which shall be signed and returned with the initial commitment fee prior to receiving technical assistance.

(21) "LURA" or "Land Use Restriction Agreement" means an agreement between the Corporation and the Applicant which sets forth the set-aside requirements and other Development requirements under a Corporation program.

(22) "Maturity Date" means the established date the loan is due for payment.

(23) "Mortgage" means Mortgage as defined in Section 420.503, F.S.

(24) "Outstanding Loan" means a PLP Loan approved by the Board which has not been repaid or de-obligated by the Developer.

(25) "Public Housing Authority" means a public housing authority established pursuant to Chapter 421, F.S.

(26) "PLP" or "Predevelopment Loan Program" means the Predevelopment Loan Program established by the Act and this rule chapter.

(27) "PLP Loan" means a direct loan from the Predevelopment Loan Program.

(28) "Principal" means an Applicant, any general partner of an Applicant, and any officer, director, or any shareholder of any Applicant or shareholder of any general partner of an Applicant.

(29) "Rehabilitation" means to bring a Development back to its original state, or to bring back to its original state with added improvements with limitations as specified by the program or programs which provide construction or permanent financing to the Development.

(30) "Servicing and Compliance Monitoring Fees" means fees associated with the review and processing of requests for disbursement of funds, inspections and the monitoring of Developments.

(31) "Set-Aside" means the percentage of units within a Development that shall be reserved as affordable at or below the specified AMI to income qualified persons or households throughout the Compliance Period as outlined herein.

(32) "Technical Assistance Provider" or "TAP" means an independent contractor retained by the Corporation to provide technical assistance services.

(33) "Technical Assistance" means assistance to Applicants via telephone, through on-site visits and by responses to oral and written inquiries from Applicants throughout the entire Predevelopment process and to provide such other services as agreed to by the Technical Assistance Provider and the Corporation.

(34) "Threshold Requirements" means the requirements an Applicant shall meet as identified in the Application Package in order to receive an Invitation to Participate in the Predevelopment Loan Program.

(35) "Website" means the Corporation's website, the Universal Resource Locator (URL) for which is www.floridahousing.org.

Notes

Fla. Admin. Code Ann. R. 67-38.002

Rulemaking Authority 420.528 FS. Law Implemented 420.507, 420.521-.529 FS.

New 3-23-93, Amended 1-16-96, Formerly 9I-38.002, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07, 11-22-09.

New 3-23-93, Amended 1-16-96, Formerly 9I-38.002, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07, 11-22-09.