Fla. Admin. Code Ann. R. 67-53.006 - Compliance and Monitoring Procedures for the Pre-Development Loan Program (PLP)

(1) Units within the development that are occupied at the time of the Pre-Development Loan Program ("PLP") Loan closing as defined in Rule Chapter 67-38, F.A.C., shall meet development set-aside requirements at that time.

(2) For new construction or rehabilitation of rental units not occupied at the time of PLP Loan closing, the Applicant shall notify the Corporation prior to the leasing of any units in the development. The units shall be leased by income eligible tenants.

(3) For rental PLP developments which obtain subsequent construction or permanent financing from Corporation programs, the compliance and monitoring requirements of the program or programs under which funding is received shall apply.

(4) For rental PLP developments that obtain subsequent construction or permanent financing from sources other than Corporation programs and no Corporation funds remain in the development:

(a) Any duly authorized representative of the Corporation shall be permitted at any reasonable time to inspect and monitor the records and facilities of the PLP development for compliance with the following conditions:

1. For home ownership PLP developments: The Corporation and or its representative shall perform an initial review to determine home buyer eligibility and verify permanent residency.

2. For multifamily rental PLP developments: The Corporation or its representative shall monitor tenant records and facilities for compliance during the Compliance Period with the following conditions:

a. All tenant records shall be maintained by the Applicant within 50 miles of the PLP development site.

b. The Corporation or its representative shall conduct on-site PLP development inspections at least annually.

c. The Corporation must approve the Applicant's selection of a management company prior to the company assuming responsibility for the PLP development based upon the following criteria:

(I) Review of the company information including key management personnel, management experience and procedures,

(II) Review of company forms such as application for apartment residence, income verification forms, lease, etc.,

(III) Key management company representative attendance at a Corporation compliance workshop; and,

(IV) A meeting between Corporation compliance staff and the key management company representative after the compliance workshop.

(b) The Applicant or an authorized representative, if any, shall attend a compliance training workshop or meet with a representative from the Corporation or the monitoring agent for a compliance training conference prior to initial leasing of any units.

(c) The Applicant shall maintain complete and accurate income records pertaining to each tenant occupying a set-aside unit. Records for each occupied set-aside unit shall contain at least the following documentation:

1. The tenant's application which shall contain the name or names of each household member, employment and income information for each household member, and other information required by the Applicant,

2. A copy of the lease agreement listing the term of the tenancy and each tenant residing in the unit,

3. Verification of the income of each tenant as is acceptable to prove income under Section 8 of the U.S. Housing Act of 1937, as amended,

4. Information as to the assets owned by each tenant; and,

5. Tenant Income Certification Form, TIC-1, Rev. 02/06, which is hereby incorporated by reference, for each tenant. For Developments participating in Section 8 and RD Programs, the HUD Forms 50058, 50059, RD (or FmHA) Form 1944-8, which are hereby incorporated by reference, may be used in lieu of TIC-1 as long as proper documentation is maintained in the tenant files.

(d) With respect to rental PLP developments, program reports shall be submitted as follows:

1. Initial program reports for rehabilitation/acquisition PLP developments with units occupied at the time of the execution of the Invitation to Participate shall be submitted at the time of execution of the Invitation to Participate.

2. Initial program reports shall be submitted for developments with no units occupied at the time of the closing of the PLP Loan within 10 days following the end of the calendar quarter during which the leasing of any unit within the PLP development occurred.

3. Subsequent program reports shall be submitted each year during the compliance period and are due on the dates assigned by the Corporation according to an alphabetical breakdown by property.

(5) For homeownership PLP developments, the initial sale of all units shall be to income eligible purchasers.

Notes

Fla. Admin. Code Ann. R. 67-53.006

Rulemaking Authority 420.528 FS. Law Implemented 420.528 FS.

New 1-16-96, Formerly 9I-38.0145, Amended 3-26-98, 7-17-00, 7-21-03, Formerly 67-38.0145, Amended 8-20-09.

New 1-16-96, Formerly 9I-38.0145, Amended 3-26-98, 7-17-00, 7-21-03, Formerly 67-38.0145, Amended 8-20-09.