(1) “”Act”” means the Florida Housing Finance Corporation Act, Florida Statutes Chapter 420, Part V
    (2) “”Address”” means the address assigned by the U.S. Postal Service and must include address number, street name, city, state and zip code. If the address has not yet been assigned, include, at a minimum, street name and closest designated intersection and the city, state and zip code.
    (3) “”Adjusted Income”” means the gross income from wages or assets, cash or non-cash contributions, and any other resources and benefits determined to be income by the U.S. Department of Housing and Urban Development (HUD), adjusted for household size, as defined in 24 CFR §5.609, formerly known as Section 8, which is adopted and incorporated herein by reference and which is available at http://www.hud.gov/offices/cpd/affordablehousing/programs/home/index.cfm. For HAP, the 4-person income limit will be utilized for households of 1 to 4 persons with adjustments made for additional household members.
    (4) “”Affiliate”” means any person or entity that:
    (a) Directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Applicant;
    (b) Serves as an officer or director, agent, employee, or any business entity or person associated with the Applicant in the furtherance of a business venture for which the Applicant is applying for one of the Corporation’s programs, or
    (c) If the spouse, parent, child, sibling, or relative by marriage of a person described in paragraph (a) or (b), above.
    (5) “”AMI”” or “”Area Median Income”” means the median income for an area, with adjustments made for household size, as determined by the U.S. Department of Housing and Urban Development (HUD).
    (6) “”Applicant”” means any person or legally formed entity that is seeking a loan or funding from the Corporation by submitting an Application for one of the Corporation’s programs.
    (7) “”Application”” means the forms and exhibits created by the Corporation for the purpose of providing the means to apply for one or more of the Corporation’s programs. A completed Application may include additional supporting documentation provided by an Applicant.
    (8) “”Application Deadline”” means 5:00 p.m. (Eastern Time), on the final day of the Application Period.
    (9) “”Application Package”” means the forms and instructions obtained from the Corporation, at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329 and available on the Corporation’s website, which shall be completed and submitted to the Corporation in order to apply for a specific Corporation program.
    (10) “”Application Period”” means the period during which Applications shall be accepted.
    (11) “”Appraisal”” means an appraisal of a residence prepared by a Qualified Appraiser.
    (12) “”Board”” means the Board of Directors of Florida Housing Finance Corporation.
    (13) “”Calendar Days”” means, with respect to computing any period of time allowed by this rule, the day of the event from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included unless it is a Saturday, Sunday or legal holiday, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday or legal holiday.
    (14) “”CBO”” or “”Community Based Organization”” means a Community Based Organization as defined by Section 420.503 or 420.524, F.S.
    (15) “”CHDO”” or “”Community Housing Development Organization”” means an organization as defined in Florida Statutes § 420.503(7), and organized pursuant to 24 CFR §92, which is adopted and incorporated herein by reference and which is available at http://www.hud.gov/offices/cpd/affordablehousing/programs/home/index.cfm.
    (16) “”Code”” means the Internal Revenue Code of 1986.
    (17) “”Community Land Trust”” means a community housing development organization which acquires or develops parcels of land for the primary purpose of providing affordable housing in perpetuity through conveyance of the structural improvement subject to a long term ground lease which retains a preemptive option to purchase any such structural improvement at a price determined by a formula designed to ensure the improvement remains affordable in perpetuity.
    (18) “”Consolidated Plan”” means the plan prepared in accordance with HUD Regulations, 24 CFR §91, which describes needs, resources, priorities and proposed activities to be undertaken with respect to certain HUD programs, including the HOME Program.
    (19) “”Construction Loan”” means a loan made available to a Developer, which utilizes either HAP or HOME funds for construction purposes.
    (20) “”Contact Person”” means the person with whom the Corporation will correspond concerning the Application and the Development. This person cannot be a third party consultant.
    (21) “”Contractor”” means a person or entity duly licensed by the State of Florida who provides services in accordance with Florida Statutes Chapter 489
    (22) “”Corporation”” means the Florida Housing Finance Corporation as defined in Florida Statutes § 420.503
    (23) “”Credit Underwriter”” means the independent contractor under contract with the Corporation having the responsibility for providing credit underwriting services.
    (24) “”Credit Underwriting”” means an in-depth analysis by the Credit Underwriter of all documents submitted in connection with an Application.
    (25) “”Credit Underwriting Report”” means a report that is a product of Credit Underwriting.
    (26) “”DCA”” or “”Department”” means the Department of Community Affairs as defined in Florida Statutes § 420.503
    (27) “”DDA”” or “”Difficult to Develop Areas”” means any area designated by the Secretary of Housing and Urban Development as having high construction, land, and utility costs relative to area median gross income in accordance with Section 42(d)(5) of the Code.
    (28) “”Default”” means the failure to make required payments on a financial loan secured by a first mortgage which leads to foreclosure and loss of property ownership.
    (29) “”Developer”” means an individual, association, corporation, joint venturer, or partnership, which possesses the requisite skill, experience, and credit worthiness to successfully produce affordable housing.
    (30) “”Developer Fee”” means the fee earned by the Developer.
    (31) “”Development”” means Project as it is defined in Florida Statutes § 420.503
    (32) “”Development Cost”” means the total of all costs incurred in the completion of a Development excluding Developer Fee, acquisition cost of existing developments, and total land cost as shown in the development cost line item on the development cost pro forma within the Application.
    (33) “”Document”” means a written, electronic media, 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 item on which information is recorded.
    (34) “”Draw”” means the disbursement of funds to a Development.
    (35) “”Elderly”” means elderly as defined in Florida Statutes § 420.503(15)
    (36) “”Eligible Homebuyer”” means one or more natural persons or a household, irrespective of race, creed, religion, national origin, or sex, determined by the Corporation to be of very low or low to moderate income and who will utilize the home as their primary residence. In determining the income standards of eligible persons for its various programs, the Corporation shall take into account the following factors:
    (a) Requirements mandated by state and federal law;
    (b) Targeted areas of special need in the state; and,
    (c) The need for household size adjustments to accomplish the purposes set forth in this rule chapter.
    (37) “”Entitlement Area”” means a unit of general Local Government that has been designated by HUD to receive an allocation of HOME funds.
    (38) “”Executive Director”” means the Executive Director of the Florida Housing Finance Corporation.
    (39) “”F.A.C.”” means the Florida Administrative Code.
    (40) “”FAR”” means the Florida Administrative Register.
    (41) “”FHA”” means the Federal Housing Administration of the U.S. Department of Housing and Urban Development or other Agency or instrumentality created or chartered by the United States government to which the powers of the Federal Housing Administration have been transferred.
    (42) “”F.S.”” means the Florida Statutes.
    (43) “”FannieMae”” means the Federal National Mortgage Association, a corporation organized and existing under the Federal National Mortgage Association Charter Act, 12 U.S.C. § 1716 et seq.
    (44) “”Farmworker”” means Farmworker as defined in Florida Statutes § 420.503(18)
    (45) “”Farmworker Household”” means a household of one or more persons wherein at least one member of the household is a Farmworker at time of initial occupancy.
    (46) “”Financial Institution”” means a state or federal association, bank, trust company, international bank agency, representative office or international administrative office, or credit union.
    (47) “”First Mortgage”” means the recorded mortgage which is superior to any other lien or encumbrance on the property.
    (48) “”Florida Keys Area”” means all lands in Monroe County, except:
    (a) That portion of Monroe County included within the designated exterior boundaries of the Everglades National Park and areas north of said Park;
    (b) All lands more than 250 feet seaward of the mean high water line owned by local, state, or federal governments; and,
    (c) Federal properties.
    (49) “”Funding Cycle”” means the period of time commencing with the Notice of Funding Availability or Notice of Credit Availability pursuant to this rule chapter and concluding with the issuance of Allocations or loans to Applicants who applied during a given Application Period.
    (50) “”HAP”” or “”HAP Program”” means the Florida Homeownership Assistance Program created under Florida Statutes § 420.5088
    (51) “”HAP Development”” means any Development which receives financial assistance from the Corporation under the HAP Program.
    (52) “”HLP”” or “”Homeownership Loan Program”” means the rule and Application that incorporates the HAP and HOME Programs. These programs provide funding for either construction or purchase assistance.
    (53) “”HOME”” or “”HOME Program”” means the HOME Investment Partnerships Program administered by the Corporation, pursuant to HUD Regulation 24 CFR §92.
    (54) “”HOME-Assisted Units”” means the specific units that are funded with HOME funds, pursuant to 24 CFR §92.254.
    (55) “”HOME Development”” means any Development which receives financial assistance from the Corporation under the HOME Program.
    (56) “”HUD”” means the U.S. Department of Housing and Urban Development.
    (57) “”HUD Regulations”” means the regulations of HUD in 24 CFR §92.
    (58) “”Loan Closing Date”” means the actual closing date of the loan for developments using HLP funding for construction or the date the firm commitment is issued for developments using funding for purchase assistance for homebuyers.
    (59) “”Local Government”” means a unit of local general-purpose government as defined in Florida Statutes § 218.31(2)
    (60) “”Low Income”” means the Adjusted Income for persons or households that does not exceed eighty percent (80%) AMI.
    (61) “”LURA”” or “”Land Use Restriction Agreement”” means the agreement between the Corporation and the Applicant which sets forth the Set-Aside requirements and other Development requirements under a Corporation program.
    (62) “”Match”” means non-federal contributions to a HOME Development that are eligible pursuant to the HUD Regulations.
    (63) “”Maximum Purchase Price”” means:
    (a) With respect to HAP, the maximum purchase price of a house in an area as determined by the Single Family Mortgage Revenue Bond Program (SFMRB) at the time of the beginning of the construction of the house; and,
    (b) With respect to HOME, the maximum purchase price of a house in an area as determined by HUD at the beginning of the construction of the house.
    (64) “”Moderate Income”” means the Adjusted Income for persons or households that does not exceed one hundred fifty percent (150%) AMI.
    (65) “”Mortgage”” means Mortgage as defined in Florida Statutes § 420.503
    (66) “”Mortgage Loan”” means Mortgage loan as defined in Florida Statutes § 420.503
    (67) “”Non-Entitlement Area”” means a unit of general local government that has not been designated by HUD to receive HOME assistance.
    (68) “”Non-Profit”” means a qualified non-profit entity as defined in Section 42(h)(5)(C), subsection 501(c)(3) or 501(c)(4) of the Code, and organized under Florida Statutes Chapter 617, if a Florida Corporation, or under similar state law if organized in a jurisdiction other than Florida, to provide low-income housing and other services on a not-for-profit basis, which owns at least fifty one percent (51%) of the ownership interest in the Development held by the general partner entity and which entity is acceptable to federal and state agencies and financial institutions as a Sponsor for housing.
    (69) “”Non-Profit Sponsor”” means, with respect to the HAP Program, a unit of local government or public housing authority, established pursuant to Florida Statutes Chapter 421, or a Community Based Organization, as defined in subsection 67-50.005(15), F.A.C., which has agreed to sponsor an Eligible Development utilizing either a Non-Profit or for-profit Developer.
    (70) “”Note”” means a unilateral agreement containing an express and absolute promise to pay to the Corporation a principal sum of money on a specified date, which provides the interest rate, and is secured by a mortgage.
    (71) “”PLP”” or “”Predevelopment Loan Program”” means the Predevelopment Loan Program established by the Act.
    (72) “”PLP Loan”” means a direct loan from Predevelopment Loan Program.
    (73) “”Preliminary Allocation”” means a non-binding reservation of HAP or HOME funds issued to a Development prior to the credit underwriting process.
    (74) “”Principal”” means an Applicant, any general partner of an Applicant, and any officer, or director of any Applicant or of any general partner of an Applicant.
    (75) “”Project”” or “”Property”” means Project as defined under Florida Statutes § 420.503
    (76) “”Purchase Assistance Loan”” or “”Permanent Loan”” means a zero percent (0%) interest rate, non-amortizing second mortgage loan made to an Eligible Homebuyer, who has an Adjusted Income that does not exceed eighty percent (80%) AMI.
    (77) “”QCT”” or “”Qualified Census Tract”” means any census tract that is designated by the Secretary of HUD as having either fifty percent (50%) or more of the households at an income that is less than sixty percent (60%) AMI or a poverty rate of at least twenty five percent (25%), in accordance with Section 42(d)(5)(C) of the Code.
    (78) “”Qualified Appraiser”” means an individual or firm that is qualified as an appraiser by the society of real estate appraisers or the American Institute of Real Estate Appraisers and acceptable or approved by FHA, VA, FannieMae, Freddie Mac or any private mortgage insurance provider to provide appraisal reports.
    (79) “”RD”” or “”Rural Development”” means Rural Development Services (formerly the Farmer’s Home Administration) of the U.S. Department of Agriculture.
    (80) “”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.
    (81) “”Review Committee”” means a committee of Corporation staff appointed by the Executive Directors or assignee who will make recommendations to the Board regarding Program participation.
    (82) “”Rural Area”” means an area that is eligible to receive assistance from the U.S. Department of Agriculture – Rural Development.
    (83) “”Scattered Sites”” means an individual action on a project of five (5) or more housing units developed on scattered sites when the sites are more than 2,000 feet apart and there are not more than four (4) housing units on any one site.
    (84) “”Second Mortgage”” means the recorded mortgage securing the HAP or HOME Construction Loan or the HAP or HOME Purchase Assistance Loan which is subordinate only to the First Mortgage unless otherwise approved by the Board.
    (85) “”Servicer”” means the entity, and any subcontractors, under contract with the Corporation to provide loan servicing, including administration and compliance monitoring.
    (86) “”Servicing and Compliance Monitoring Fees”” means fees associated with the review and processing of requests for disbursement of funds, inspections and the monitoring of Developments.
    (87) “”Set-Aside”” means the occupancy requirements or restrictions for Developments financed by the Corporation.
    (88) “”SFMRB”” or “”Single Family Bond Program”” means the Corporation’s Single-Family Mortgage Revenue Bond Program, pursuant to Rule Fl. Admin. Code Chapter 67-25
    (89) “”SHIP”” or “”SHIP Program”” means the State Housing Initiatives Partnership Program created pursuant to the State Housing Initiative Partnership Act, Sections 420.907-.9079, F.S.
    (90) “”Sponsor”” means sponsor as defined in Florida Statutes § 420.503
    (91) “”State”” means the State of Florida.
    (92) “”Threshold”” means the minimum criteria to be met for an Application to be considered complete, as required by this rule chapter and the Application Package.
    (93) “”Total Development Cost”” means the total of all costs incurred in the construction of a Development, all of which shall be subject to the approval by the Credit Underwriter and the Corporation as reasonable and necessary.
    (94) “”Treasury”” means the U.S. Department of Treasury or other agency or instrumentality created or chartered by the United States to which the powers of the Department of Treasury have been transferred.
    (95) “”Unit”” means a residential unit used as a single family residence and the land appurtenant that is taxed as real property under state laws, not including a two, three or four household residence, unless each unit is owner-occupied.
    (96) “”Urban In-Fill Development”” means a Development (i) in a site or area that is targeted for in-fill housing or neighborhood revitalization by the local, county, state or federal government as evidenced by its inclusion in a HUD Empowerment/Enterprise Zone, a HUD-approved Neighborhood Revitalization Strategy, Florida Enterprise Zone, area designated under a Community Development Block Grant (CDBG), an area designated as a HOPE VI or Front Porch Florida Community, or a Community Redevelopment Area as described and defined in the Florida Community Redevelopment Act of 1969, or the proposed Development is located in a Qualified Census Tract and the development of which contributes to a concerted community revitalization plan; and (ii) in a site which is located in an area that is already developed and part of an incorporated area or existing urban service area.
    (97) “”Very Low-Income”” means the Adjusted Income of persons or households that does not exceed fifty percent (50%) AMI.
    (98) “”Website”” means the Florida Housing Finance Corporation website, the Universal Resource Locator (URL) of which is www.floridahousing.org.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.507(23), 420.5088, 420.5089 FS. History-New 9-5-02, Amended 5-4-03, 12-28-04, 8-9-05.