Sec. 5P-10.001 - Definitions

§ 5P-10.001. Definitions

For the purposes of this chapter, the definitions in Section 500.81, F.S. and the following shall apply:

(1) Applicant means a for-profit entity, including a convenience store or a fueling station, or a not-for-profit entity, such as a sole proprietorship, partnership, limited liability company, corporation, cooperative, nonprofit organization, nonprofit community development entity, or private university.

(2) Contractor means a nonprofit organization or Florida-based, federally certified community development financial institution that meets the qualifications provided in Rule 5P-10.002, F.A.C., and enters into a contract with the department.

(3) Financially Sound means the ability to assume full financial risk for loans made under this initiative and having sufficient funds to pay debts and all obligations.

(4) Healthy Food Financing means coordinating the use of grants from any source, federal, state, and private loans from a governmental entity or institutions regulated by a governmental entity, federal tax credits, and other types of financial assistance for the construction, rehabilitation, or expansion of independent grocery stores, supermarkets, community facilities, or other structures to increase access to fresh produce and other nutritious food in underserved communities.

(5) Nonprofit means an organization exempt from income tax under 26 U.S.C. § 501(c)(3) of the Internal Revenue Code.

(6) Unused Funds means funds that have never been issued in the form of a loan, have not been leveraged with other resources for the issuance of a loan, or have not been obligated to a qualified project.

(Adopted by Florida Register Volume 43, Number 233, December 5, 2017 effective 12-19-17.)

Rulemaking Authority 500.81 (8), 570.07(23) FS. Law Implemented 500.81 FS.

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