Fla. Admin. Code Ann. R. 67-58.002 - Definitions

(1) "Accessory Dwelling Unit" means an ancillary or secondary living unit, that has a separate kitchen, bathroom, and sleeping area, existing either within the same structure, or on the same lot, as the primary dwelling unit.

(2) "Address" means the address assigned by the United States Postal Service and must include address number, street name, city, state and zip code. If address has not yet been assigned, include, at a minimum, street name and closest designated intersection, city, state and zip code.

(3) "Affiliate" means any person 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 of the Applicant or of any Affiliate of the Applicant, or (iii) is the spouse, parent, child, sibling, or relative by marriage of a person described in (i) or (ii), above.

(4) "Affordability Period" means the period of time the unit must remain affordable.

(5) "AMI" or "Area Median Income" means the median income for an area, with adjustments made for household size, as determined by the United States Department of Housing and Urban Development (HUD).

(6) "Applicant" means an entity seeking a loan from Florida Housing for the New Construction or Rehabilitation of housing under CWHIP which is a party to the Public-Private Partnership and has been designated by the Public-Private Partnership as having financial responsibility and which will execute all loan documents and will have the authority at closing to encumber the Project.

(7) "Application" means the forms and exhibits created by the Corporation for the purpose of providing the means to apply for CWHIP funding. A completed Application may include additional supporting documentation.

(8) "Application Deadline" means 5:00 p.m., Eastern Time, on the final day of the Application Period.

(9) "Application Period" means a period during which Applications shall be accepted and with a deadline no less than thirty days from the beginning of the Application Deadline.

(10) "Area(s) of Critical State Concern" means the Florida Keys area of critical state concern, pursuant to Section 420.5095, F.S.

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

(12) "Borrower" means an Applicant that has obtained a CWHIP loan.

(13) "Calendar Days" means the seven (7) days of the week.

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

(15) "Contributions" means land, cash or other valuable consideration contributed to the Project.

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

(17) "CWHIP" or "CWHIP Program" means the Community Workforce Housing Innovation Pilot Program as defined in Section 420.5095, F.S.

(18) "Developer" means any individual, association, corporation, joint venturer, or partnership which possesses the requisite skill, experience, and credit worthiness to successfully produce Workforce Housing as required in the Application.

(19) "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.

(20) "Draw" means the disbursement of funds to a Project.

(21) "Eligible Persons" mean persons or families qualified under this rule chapter to live in Workforce Housing whose total annual household income does not exceed 140 percent AMI, adjusted for household size, or 150 percent AMI, adjusted for household size, in Areas of Critical State Concern.

(22) "FHFC" or "Florida Housing" or "Corporation" means the Florida Housing Finance Corporation, a public corporation and public body corporate and politic created by Section 420.504, F.S.

(23) "Financial Beneficiary" means any Developer and its principals or Principals of the Applicant entity who receives or will receive a financial benefit as outlined in paragraphs (a) and (b), below, and as further described in subsection 67-58.003(3), F.A.C.:

(a) 3 percent or more of Total Project Cost if Total Project Cost is $5 million or less, or

(b) 3 percent of the first $5 million and 1 percent of any costs over $5 million if Total Project Cost is greater than $5 million.

(24) "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 units required in the Application.

(25) "High Cost" means counties where the disparity between AMI and median sales prices for a single family home are more than the disparity between the state of Florida's AMI and median sales price for a single family home.

(26) "High Growth" means counties where population growth as a percentage rate of increase is more than the state of Florida's population growth as a percentage rate increase.

(27) "Innovation" means utilization of construction, design, financing, development, land use, or regulatory practices which have not previously been in common use, using existing practices in innovative ways, such as green building, storm-resistant construction, or other elements that reduce long-term costs relating to maintenance, utilities, or insurance.

(28) "Lease Purchase Unit" means where the primary purpose is the eventual purchase of the housing unit by an Eligible Person within 36 months from the initial execution of a lease agreement or within 36 months of the applicable fiscal year, whichever occurs first.

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

(30) "New Construction" means units that are yet to be built or that are in the early stages of building where at the most the foundation for the unit has been completed but there has been no vertical construction started as of the issuance of the CWHIP loan commitment and otherwise meet the requirements of CWHIP.

(31) "Principal" means any member of the Private-Public Partnership, any general partner of any member of the Private-Public Partnership, and any officer, director, or any shareholder of any member of the Private-Public Partnership or shareholder of any general partner of a member of the Private-Public Partnership.

(32) "Project" consistent with Section 420.503(32), F.S., means any work or improvement located or to be located in any one county 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 or the acquisition and the remodeling, improvement, or Rehabilitation, of existing structures, together with such related non-housing facilities as the Corporation determines to be necessary, convenient, or desirable.

(33) "Project Cost" means the total of all costs incurred in the completion of a Project excluding developer fee and total land cost as shown in the Project Cost line item on the Project Cost pro forma within the Application.

(34) "Received" as it relates to delivery of a document by a specified deadline means, unless otherwise indicated, delivery by hand, U.S. Postal Service or other courier service, in the office of the Corporation no later than 5:00 p.m. (Eastern Time), on the deadline date.

(35) "Rehabilitation" means the alteration, improvement or modification of an existing structure, bringing the units up to state building code with a minimum expenditure of:

(a) For rental units, $20, 000 per unit;

(b) For homeownership units, 25 percent of the before rehabilitation appraised value.

(36) "Rent-Restricted Unit" means a unit for which the gross rent does not exceed 30 percent of the applicable income limitation imputed for unit type.

(37) "Scattered Sites" for a single rental Project means a Project consisting of real property in the same county (i) any part of which is not contiguous ("non-contiguous parts") or (ii) any part of which is divided by a street or easement ("divided parts") and (iii) it is readily apparent from the proximity of the non-contiguous parts or the divided parts of the real property, chain of title, or other information available to the Corporation that the non-contiguous parts or the divided parts of the real property are part of a common or related scheme of the Project. For a homeownership Project, "Scattered Sites" means a Project developed on non-contiguous sites.

(38) "Total Project Cost" means the total of all residential costs incurred in the completion of a Project, all of which shall be subject to the review and approval by the Credit Underwriter and the Corporation, as further detailed in Rule 67-58.010, F.A.C.

(39) "Website" means the Florida Housing Finance Corporation's website, the Universal Resource Locator (URL) of which is http://www.floridahousing.org/.

Notes

Fla. Admin. Code Ann. R. 67-58.002

Rulemaking Authority 420.5095 FS. Law Implemented 420.5095 FS.

New 12-17-06, Amended 12-23-07.

New 12-17-06, Amended 12-23-07.