Fla. Admin. Code Ann. R. 67-39.002 - Definitions

In addition to those terms defined below, capitalized terms shall have the meaning set forth in the Act.

(1) "Act" means Section 420.5092 (Florida Affordable Housing Guarantee Program), F.S.

(2) "Board" shall mean the Board of directors of the Corporation.

(3) "Credit Underwriter" means the independent third-party entity retained by the Qualified Lending Institution, subject to the prior approval of the Guarantor, to provide a recommendation regarding the credit-worthiness of a proposed financing of Eligible Housing and the Eligible Housing's ability to achieve satisfactory projected cash flows. Such services should include a comprehensive analysis of the financial condition of the Obligor, the real estate, the economics of the financing, the ability of the Obligor and the development team to proceed and complete the proposed project and the evidence of need for affordable housing. The Credit Underwriter should determine a recommended amount of the obligation.

(4) "Eligible Persons" means one or more persons or a family whose total annual adjusted household income is less than 120 percent of the median annual adjusted gross income for households within the state, or 120 percent of the median annual adjusted gross income for households within the applicable metropolitan statistical area (MSA) or, if not within an MSA, within the county in which the person or family resides, whichever is greater.

(5) "Feasibility Study" means a study conducted by an independent third party selected by the Corporation to determine a range of appropriate levels of fees and charges for Guarantees in relation to different degrees of risk, as contemplated by the Act.

(6) "Financial Advisor" shall mean the person or entity retained by the Corporation to render financial advice with respect to the Guarantee Program.

(7) "Guarantee" means an Affordable Housing Guarantee, within the meaning of the Act.

(8) "Guarantee Program" means the Affordable Housing Guarantee Program created pursuant to the Act.

(9) "Guarantor" means the Corporation, acting in its capacity as guarantor under the Guarantee Program.

(10) "Obligor" means the entity that is the original borrower under a Qualified Obligation, and any successors and assigns that are approved by the Guarantor.

(11) "Principal" means any individual acting in their individual capacity or acting as president, vice president, treasurer, secretary, member of the board of directors or the legal or beneficial owner of 10% or more of any class of stock of a corporation which is a general partner of a limited partnership Obligor; or the individual or entity that is a general partner of a limited partnership that is the general partner of a limited partnership Obligor, or is a partner in a general partnership or joint venture acting alone or as a part of another entity that is an Obligor. With respect to a limited liability company either acting alone or as a part of another entity that is an Obligor, each manager and each member is a Principal. With respect to a registered limited liability partnership either acting alone or as a member of another entity that is an Obligor, each partner is a Principal. With respect to a trust either acting alone or as a part of another entity that is an Obligor, any individual or entity owning 10% or more of the beneficial interest in the trust is a Principal. A general contractor, management agent, architect/engineer, attorney that is not in any way related to or under common ownership with the Obligor or any Principal thereof are not considered Principals of the Obligor entity.

(12) "Program Documents" means those documents establishing the Guarantee and evidencing the security supporting the Guarantee, as set forth in Rule 67-39.010, F.A.C.

(13) "Qualified Lending Institution" means any bank, trust company, national bank, savings bank, state or federal savings and loan association, state or federal credit union, insurance company, private or public pension fund, philanthropic institution, Florida local housing finance authority, the Florida Housing Finance Corporation, in its capacity as a lender, or any other entity approved by the Corporation.

(14) "Qualified Obligation" means a contractual obligation which is made or purchased by a Qualified Lending Institution, and secured by one or more of the following:

(a) Residential Property which will provide eligible Housing, or

(b) Such other collateral as recommended by the Credit Underwriter or Financial Advisor as necessary to secure such obligation.

(15) "Residential Property" means any building, structure, unit thereof or unimproved real property, which is used or occupied, or is intended to be used or occupied, wholly or partly, as the residence of one or more Eligible Persons, including use or intended use for housing for the homeless. For the purposes of this part, residential Property shall exclude property used or intended to be used as an assisted living facility, as defined in Section 400.402(6), F.S., and property located in non-contiguous sites.

(16) "Servicer" means the entity, selected by the Qualified Lending Institution and approved by the Guarantor, to service the Qualified Obligation.

(17) "Trustee" means the entity acting as trustee for the holders of bonds secured by a pledge of rights under a Qualified Obligation.

Notes

Fla. Admin. Code Ann. R. 67-39.002

Rulemaking Authority 420.507(25), 420.5092(4) FS. Law Implemented 420.5092 FS.

New 4-5-93, Amended 2-16-94, 2-6-97, Formerly 9I-39.002, Amended 10-21-99, 1-8-02.

New 4-5-93, Amended 2-16-94, 2-6-97, Formerly 9I-39.002, Amended 10-21-99, 1-8-02.