Fla. Admin. Code Ann. R. 67-54.002 - Definitions

(1) "Acquisition Price" means the cost of acquiring a single-family residence from the seller as a completed residential unit.

(2) "Annualized Current Income" means the mortgagor's annualized current gross income. Annualized current gross income is current gross monthly income multiplied by twelve (12). Current gross monthly income is the sum of monthly gross pay; any additional income from overtime, part-time employment, bonuses, dividends, interest royalties, pensions, Veterans Administration (VA) compensation, net rental income, etc.; and other income (such as alimony, child support, public assistance, sick pay, social security benefits, unemployment compensation, income received from trusts, and income received from business activities or investments).

(3) "Applicant" means an individual or individuals who apply for a MCC.

(4) "Certified Indebtedness Amount" means the amount of indebtedness that is incurred by the MCC Eligible Borrower to acquire a Principal Residence.

(5) "Code" means the Internal Revenue Code of 1986.

(6) "Conventional Mortgage Loan" means a Mortgage Loan other than an FHA Insured Mortgage Loan, USDA-RD Guaranteed Mortgage Loan, VA Guaranteed Mortgage Loan or HUD Section 184 Guaranteed Mortgage Loan, satisfying the requirements of Freddie Mac, Fannie Mae or a private mortgage insurance provider.

(7) "Corporation" means the Florida Housing Finance Corporation whose Tax Identification Number is 59-3451366.

(8) "Eligible Properties" means a residence located in Florida and is eligible for insurance under the FHA, VA, USDA, and Private Mortgage Insurance (PMI) guidelines.

(9) "Existing Home" means any residential dwelling which has been occupied and is not considered new construction.

(10) "FHA" means the Federal Housing Administration of the U.S. Department of Housing and Urban Development.

(11) "First Time Home Buyer" means eligible persons or families, except eligible persons or families acquiring a single-family residence in a MCC Targeted Area, who have not had an ownership interest in a principal single-family residence at any time during the preceding 3-year period prior to the date the mortgage is executed, other than a construction period loan, a bridge loan or other similar temporary initial financing with a term generally not exceeding 24 months with respect to the single-family residence.

(12) "IRS" means Internal Revenue Service.

(13) "Issuer" means the Florida Housing Finance Corporation, a public politic authorized to issue bonds or MCC.

(14) "Maximum Acquisition Price" means the maximum purchase price of a Single Family Residence, as prescribed in the IRS Revenue Procedures 2004-24, hereby incorporated by reference. The Maximum Acquisition Price Limits, "2004 Single Family Mortgage Revenue Bond Program Sales Price Limits, " (09/14/04) are hereby incorporated by reference. Copies of these documents may be obtained by contacting the Single Family Bonds Program Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, FL 32301-1329.

(15) "Maximum Annual Family Income" means, with respect to Mortgage Loans originated on new and existing Single Family Residences, the annual family income may not exceed 115% (or 140% in MCC Targeted Areas) of the state or local median income, whichever is greater as required by federal law.

(16) "MCC" means Mortgage Credit Certificate, which shall not exceed 50% of the Eligible Person's annual mortgage interest paid, not to exceed $2, 000.

(17) "MCC Eligible Borrower" means a person or persons or family or families:

(a) Whose total annual family income does not exceed the appropriate maximum annual family income established by the Corporation under the Single-Family Mortgage Revenue Bond program; and,

(b) To the extent required by federal law with respect to each person who purchases a single-family residence not located within a MCC Targeted Area, each such person who is executing the mortgage is a First Time Home Buyer.

(18) "MCC Participating Lender" means any commercial bank, savings and loan association, savings bank, credit union, mortgage company or other lender lawfully able to transact business in the State of Florida and who enters into a Lender Participation Agreement with the Issuer to participate in the MCC Program.

(19) "MCC Program" means Florida Housing's MCC Program established as a qualified mortgage credit certificate program within the meaning of Section 25 of the Code.

(20) "MCC Targeted Area" means a census tract in which 70% or more of the households have an income which is 80% or less of the statewide median family income. Borrowers purchasing home in these areas are not subject to the prior home ownership restriction. A copy of the listing of such areas can be obtained by contacting the Single Family Bonds Program Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, FL 32301-1329.

(21) "New Construction" means a residential dwelling unit which has not previously been occupied.

(22) "Origination Agreement" means an agreement describing the mortgage originator's rights and responsibilities made between the Corporation and MCC Participating Lenders.

(23) "Origination Guide" means the guide which sets forth the parameters for the MCC Program.

(24) "Principal Residence" means housing that the MCC Eligible Borrower will occupy as a primary residence and that will not have more than 15% of the square footage used in a trade or business, or that will not be used as investment property.

(25) "VA" means the Department of Veterans Affairs, an agency of the United States of America.

Notes

Fla. Admin. Code Ann. R. 67-54.002

Rulemaking Authority 420.507(12), (24) FS. Law Implemented 420.5099 FS.

New 1-3-05.

New 1-3-05.