Fla. Admin. Code R. 67-21.004

Current through Reg. 50, No. 124; June 25, 2024

Section 67-21.004 - Federal Set-Aside Requirements for MMRB Loans

Each Application shall designate one of the following minimum federal set-aside requirements that the Development shall meet commencing with the first day on which at least 10 percent of the units in the property are occupied:

(1) Twenty percent of the residential units in the Development shall be occupied by or reserved for occupancy by a Family whose Annual Household Income does not exceed 50 percent of the area median income limits adjusted for Family size (the 20/50 set-aside), or

(2) Forty percent of the residential units in the Development shall be occupied by or reserved for occupancy by a Family whose Annual Household Income does not exceed 60 percent of the area median income limits adjusted for Family size (the 40/60 set-aside).

(3) For Developments financed solely through the issuance of Taxable Bonds or refundings of Tax-exempt Bonds originally issued under section 103(b)(4)(A) of the Internal Revenue Code of 1954, as amended, 20 percent of the residential units in the Development shall be occupied by or reserved for occupancy by a Family whose Annual Household Income does not exceed 80 percent of the area median income limits adjusted for Family size (the 20/80 set-aside).

Fla. Admin. Code Ann. R. 67-21.004

Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.502, 420.507, 420.508, 420.509 FS.

New 12-3-86, Amended 2-22-89, 12-4-90, 11-23-94, 9-25-96, 2-6-97, 1-7-98, Formerly 9I-21.004, Amended 1-26-99, 11-14-99, 2-11-01, 3-17-02, Repromulgated 4-6-03, 3-21-04, Amended 2-7-05, 1-29-06, Repromulgated 4-1-07, 3-30-08, 8-6-09, Amended 11-7-11, 7-16-13, Amended by Florida Register Volume 41, Number 012, January 20, effective 2/2/2015, Repromulgated Repromulgated by Florida Register Volume 42, Number 169, August 30, 2016 effective 9/15/2016, Amended by Florida Register Volume 43, Number 090, May 9, 2017 effective 5/24/2017, Amended by Florida Register Volume 44, Number 124, June 26, 2018 effective 7/8/2018, Amended by Florida Register Volume 45, Number 123, June 25, 2019 effective 7/11/2019, Amended by Florida Register Volume 46, Number 112, June 9, 2020 effective 6/23/2020, Repromulgated by Florida Register Volume 47, Number 086, May 4, 2021 effective 5/18/2021, Repromulgated by Florida Register Volume 48, Number 120, June 21, 2022 effective 7/6/2022, Repromulgated by Florida Register Volume 49, Number 114, June 13, 2023 effective 6/28/2023.