Section 67-21.019 - Issuance of Bonds for Section 501(c)(3) Entities(1) The Corporation shall entertain requests, on a non-competitive basis, for it to serve as the issuer of Tax-exempt 501(c)(3) Bonds for the acquisition or construction of multifamily housing to be owned by a not-for-profit entity organized under section 501(c)(3) of the Internal Revenue Code.(2) In connection with all Bonds issued pursuant to this section, Applicants shall be required to comply with the applicable provisions of Rules 67-21.0045 through 67-21.018, F.A.C.; Florida Statutes; and the Internal Revenue Code, including all safe harbor provisions.(3) In addition, Applicant shall submit the following:(a) An initial Bond Counsel fee of $1,000 along with IRS Form 1023, and all attachments and correspondence to and from the IRS relative to section 501(c)(3) status of the Applicant; and,(b) An opinion from Applicant's counsel at Applicant's sole expense evidencing the Applicant's qualifications as a section 501(c)(3) entity and Applicant's authority to incur bond debt for multifamily housing; and,(c) If a Development to be acquired is intended to be exempt from ad valorem taxes, evidence that it has notified all local ad valorem taxing authorities of the acquisition of the proposed Development by a section 501(c)(3) entity.(d) The completed Non-Competitive Application in effect at the time the Applicant submits the Application. Applicants must meet all threshold requirements of the Application.Fla. Admin. Code Ann. R. 67-21.019
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.502, 420.507(14), (24), 420.508, 420.509 FS.
New 11-14-99, Amended 2-11-01, 3-17-02, Repromulgated 4-6-03, 3-21-04, 2-7-05, 1-29-06, Amended 4-1-07, Repromulgated 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.New 11-14-99, Amended 2-11-01, 3-17-02, Repromulgated 4-6-03, 3-21-04, 2-7-05, 1-29-06, Amended 4-1-07, Repromulgated 3-30-08, 8-6-09, Amended 11-7-11, 7-16-13, 2-2-15, Repromulgated 9-15-16, 5-24-17, 7-8-18, 7-11-19, 6-23-20, 5-18-21, 7-6-22, 6-28-23.