Section 67-48.0075 - Miscellaneous Criteria(1) In addition to the alteration, improvement or modification of an existing structure, Rehabilitation or Preservation with respect to the HOME Program and Rehabilitation or Preservation with respect to the Housing Credit Program also includes:(a) For HOME Developments, moving an existing structure to a foundation constructed with HOME funds. Rehabilitation may include adding rooms outside the existing walls of a structure, but adding a housing unit is considered new construction.(b) For Competitive Housing Credit Developments, Rehabilitation or Preservation costs during any 24-month period must equal or exceed an average of $40,000 in hard rehabilitation costs per unit and are in addition to the 20% of the property's adjusted basis requirements and minimum qualified basis per low income unit set forth in Section 42(e)(3)(A)(ii) of the IRC. For purposes of this subsection, "hard rehabilitation costs" include site improvements, off-site improvements, rehabilitation costs for physical improvements to the property, and construction contingency and do not include general contractor fees or overhead, general requirements, architect and engineering fees, permit fees, financing or soft costs, or developer fees.(2) For purposes of this rule chapter, in accordance with Section 42 of the IRC, a for-profit entity wholly owned by one or more qualified non-profit organizations will constitute a Non-Profit entity. The purpose of the Non-Profit must be, in part, to foster low-income housing and such purpose must be reflected in the Articles of Incorporation of the Non-Profit entity. A Non-Profit entity shall own an interest in the Development, either directly or indirectly; shall not be affiliated with or controlled by a for-profit Corporation; and shall materially participate in the development and operation of the Development throughout the total affordability period as stated in the Land Use Restriction Agreement and the Extended Use Agreement.(3) Total Development Cost includes the following: (a) The cost of acquiring real property and any buildings thereon, including payment for options, deposits, or contracts to purchase properties, of which the total cost cannot exceed the appraised value of the real property as determined in the credit underwriting process.(b) The cost of site preparation, demolition, and development.(c) Any expenses relating to the issuance of tax-exempt bonds or taxable bonds related to the particular Development.(d) Fees in connection with the planning, execution, and financing of the Development, such as those of architects, engineers, attorneys, accountants, Developer Fee, and the Corporation. However, fees of the Applicant's or Developer's attorney(s) awarded in conjunction with litigation against the Corporation with respect to a Development shall not be included in Total Development Cost.(e) The cost of studies, surveys, plans, permits, insurance, interest, financing, tax and assessment costs, and other operating and carrying costs during construction, rehabilitation, or reconstruction of the Development.(f) The cost of the construction, rehabilitation, and equipping of the Development.(g) The cost of land improvements, such as landscaping and offsite improvements related to the Development, whether such costs are paid in cash, property, or services. However, offsite improvements are not eligible to be paid with HOME funds.(h) Expenses in connection with initial occupancy of the Development.(i) Allowances for contingency reserves and any anticipated operating reserves as recommended by the Credit Underwriter and approved by the Corporation.(j) The cost of such other items, including relocation costs, indemnity and surety bonds, premiums on insurance, and fees and expenses of trustees, depositories, and paying agents for the Corporation's bonds, for the construction or Rehabilitation/Moderate Rehabilitation/Substantial Rehabilitation of the Development.(4) 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 federal law;(b) Variations in circumstances in the different areas of the state;(c) Whether the determination is for rental housing; and(d) The need for family size adjustments to accomplish the purposes set forth in this rule chapter. With respect to the HC Program, an Eligible Person shall mean a Family having a combined income which meets the income eligibility requirements of the HC Program and Section 42 of the IRC.
(5) Financial Beneficiary and Affiliate, as defined in Rule 67-48.002, F.A.C., do not include third-party lenders, third-party management agents or companies, third-party service providers, Housing Credit Syndicators, credit enhancers regulated by a state or federal agency, or contractors whose total fees are within the limit described in Rule 67-48.0072, F.A.C.(6) For computing any period of time allowed by this rule chapter, 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.(7) The Corporation must approve, pursuant to rule Chapter 67-53, F.A.C., the Applicant's selection of a management company prior to the leasing of any units in the Development. The owner of a Development must notify the Corporation of an intended change in the management company prior to such company assuming responsibility for the Development.(8) Unless otherwise stated in a competitive solicitation, disclosure of the Principals of the Applicant must comply with the following:(a) The Applicant must disclose all of the Principals of the Applicant (first principal disclosure level). For Applicants seeking Housing Credits, the Housing Credit Syndicator/Housing Credit investor need only be disclosed at the first principal disclosure level and no other disclosure is required;(b) The Applicant must disclose all of the Principals of all the entities identified in paragraph (a) above (second principal disclosure level);(c) The Applicant must disclose all of the Principals of all of the entities identified in paragraph (b) above (third principal disclosure level). Unless the entity is a trust or a non-profit as defined in Section 42(h)(5)(C), subsection 501(c)(3) or subsection 501(c)(4) of the IRC, all of the Principals must be natural persons, A non-profit entity may be identified at the third principal disclosure level if the non-profit wholly owns a real estate development subsidiary identified at the second principal disclosure level; and(d) If any of the entities identified in paragraph (c) above are a trust or a non-profit, the Applicant must disclose all of the Principals of the trust or a non-profit (fourth principal disclosure level), all of whom must be natural persons.(9) Unless otherwise stated in a competitive solicitation, disclosure of the Principals of each Developer must comply with the following: (a) The Applicant must disclose all of the Principals of the Developer (first principal disclosure level); and(b) The Applicant must disclose all of the Principals of all the entities identified in paragraph (a) above (second principal disclosure level).(c) A competitive solicitation may require disclosure of a natural person Principal of the Developer to meet Developer experience requirements.Fla. Admin. Code Ann. R. 67-48.0075
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5087, 420.5089, 420.5099 FS.
New 2-7-05, Amended 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-22-11, 10-9-13, Amended by Florida Register Volume 40, Number 185, September 23, 2014 effective 10/8/2014, Amended by Florida Register Volume 42, Number 169, August 30, 2016 effective 9/15/2016, Repromulgated 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, Amended by Florida Register Volume 48, Number 120, June 21, 2022 effective 7/6/2022, Amended by Florida Register Volume 49, Number 114, June 13, 2023 effective 6/28/2023.New 2-7-05, Amended 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-22-11, 10-9-13, 10-8-14, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, 7-11-19, Repromulgated 6-23-20, 5-18-21, Amended 7-6-22, 6-28-23.