Terms Used In Florida Statutes 420.5099

  • Agency: means the 1Florida Housing Finance Agency as it exists before January 1, 1998, and thereafter as previously existing under state law. See Florida Statutes 420.503
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Bona fide contract: means a certain and unambiguous offer to purchase the development for an amount equaling or exceeding the qualified contract purchase price which is made in good faith by a qualified purchaser with the intent that such offer result in the execution of an enforceable, valid, and binding contract to purchase and which includes:
    (a) A requirement for the purchaser to make an initial nonrefundable earnest money deposit of at least $50,000, to be placed in escrow, unless waived in writing by the owner; and
    (b) A requirement for the purchaser to make a second nonrefundable earnest money deposit equal to 3 percent of the qualified contract price within 15 business days after the end of the due diligence period, unless waived in writing by the owner and subject to any rights reserved by the purchaser in the event of the owner's failure to deliver insurable title or in the event of the owner's default. See Florida Statutes 420.503
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means the contract between the Secretary of Economic Opportunity and the corporation for provision of housing services referenced in…. See Florida Statutes 420.503
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: means the Florida Housing Finance Corporation. See Florida Statutes 420.503
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Project: means any work or improvement located or to be located 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, the acquisition of existing residential housing, or the remodeling, improvement, rehabilitation, or reconstruction of existing housing, together with such related nonhousing facilities as the corporation determines to be necessary, convenient, or desirable. See Florida Statutes 420.503
  • Services: means the professional services normally provided by the service provider. See Florida Statutes 420.503
  • State: means the State of Florida. See Florida Statutes 420.503

(1) The Florida Housing Finance Corporation is designated the housing credit agency for the state within the meaning of s. 42(h)(7)(A) of the Internal Revenue Code of 1986 and shall have the responsibility and authority to establish procedures necessary for proper allocation and distribution of low-income housing tax credits and shall exercise all powers necessary to administer the allocation of such credits.
(2) The corporation shall adopt allocation procedures that will ensure the maximum use of available tax credits in order to encourage development of low-income housing in the state, taking into consideration the timeliness of the application, the location of the proposed housing project, the relative need in the area for low-income housing and the availability of such housing, the economic feasibility of the project, and the ability of the applicant to proceed to completion of the project in the calendar year for which the credit is sought.
(3) The corporation may request such information from applicants as will enable it to make the allocations according to the guidelines set forth in subsection (2), including, but not limited to, the information required to be provided the corporation by chapter 67, Florida Administrative Code.
(4) The executive director of the corporation shall administer the allocation procedures and determine allocations on behalf of the corporation. Any applicant disputing the amount of an allocation or the denial of a request for an allocation may request an appeal to the board of directors of the corporation.
(5) For purposes of implementing this program in Florida and in assessing the property for ad valorem taxation under s. 193.011, neither the tax credits, nor financing generated by tax credits, shall be considered as income to the property, and the actual rental income from rent restricted units in a low-income tax credit development shall be recognized by the property appraiser. In considering or using the market or cost approaches under s. 193.011, neither the costs paid for by tax credits nor the costs paid for by additional financing proceeds received because the property is in the program shall be included in the valuation.
(6) For the further purpose of implementing this program in Florida and in assessing the property for ad valorem taxation under s. 193.011, any extended low income housing agreement and all amendments and supplements thereto which are recorded and filed in the official public records of the county where the property is located shall be deemed a land use regulation during the term of any such agreement, amendment, or supplement.
(7) For the further purpose of implementing this program in this state, if a qualified contract does not close due to a default of the owner, the termination by the owner due to a reason other than the purchaser’s default, or as otherwise provided for in the bona fide contract, the development must remain subject to the extended use agreement, and the owner is deemed to have waived any right or option to submit another qualified contract request for the development. If a qualified contract does not close for any other reason, the corporation must continue to seek offers at the qualified contract price through the end of the 1-year period, and the owner’s obligation to cooperate in the marketing of the project must continue. If no other qualified contract is presented to the owner during the 1-year period, the project must be treated as if no qualified contract had been presented, and the extended use period is terminated.
(8) The corporation is authorized to expend fees received in conjunction with the allocation of low-income housing tax credits only for the purpose of administration of the program, including private legal services which relate to interpretation of s. 42 of the Internal Revenue Code of 1986, as amended.