24303270, 67-21.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 24303270

Notice of Proposed Rule

Department:

FLORIDA HOUSING FINANCE CORPORATION

Chapter:

NON-COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS (MMRB/HC)

Overview

RULE:

67-21.001	Purpose and Intent
67-21.002	Definitions
67-21.0025	Miscellaneous Criteria
67-21.003	Application and Selection Process for Developments
67-21.004	Federal Set-Aside Requirements for MMRB Loans
67-21.0045	Determination of Method of Bond Sale
67-21.006	MMRB Development Requirements
67-21.007	MMRB Fees
67-21.008	Terms and Conditions of MMRB Loans
67-21.009	Interest Rate on Mortgage Loans
67-21.010	Issuance of Revenue Bonds
67-21.013	Non-Credit Enhanced Multifamily Mortgage Revenue Bonds
67-21.014	MMRB Credit Underwriting Procedures
67-21.015	Use of Bonds with Other Affordable Housing Finance Programs
67-21.017	Transfer of Ownership of a MMRB Development
67-21.018	Refundings and Troubled Development Review
67-21.019	Issuance of Bonds for Section 501(c)(3) Entities
67-21.025	HC Fees
67-21.026	HC Credit Underwriting Procedures
67-21.027	HC General Program Procedures and Requirements
67-21.028	HC with Tax-Exempt Bond-Financed Developments
67-21.029	HC Extended Use Agreement
67-21.030	Sale or Transfer of a Housing Credit Development
67-21.031	Qualified Contracts

PURPOSE:

The purpose of this Rule Chapter is to establish the procedures by which the Corporation shall:
(1) Administer the Application process, determine bond allocation amounts and implement the provisions of the Multifamily Mortgage Revenue Bond (MMRB) Program authorized by Section 142 of the Code and Section 420.509, F.S.; and
(2) Administer the Application process, determine Non-Competitive Housing Credit amounts, and implement the provisions of the Housing Credit (HC) Program authorized by Section 42 of the IRC and Section 420.5099, F.S.
The intent of this Rule Chapter is to encourage public-private partnerships to invest in residential housing; to stimulate the construction and rehabilitation of residential housing which in turn will stimulate the job market in the construction and related industries; and to increase and improve the supply of affordable housing in the State of Florida.

SUMMARY:

Prior to the opening of an Application process, the Corporation (1) researches the market need for affordable housing throughout the state of Florida and (2) evaluates prior Applications to determine what changes or additions should be added to the Rule and/or Application.  The proposed amendments to the Rule and adopted reference material include changes that will create a formulated process for selecting Developments that will apply for MMRB, Non-Competitive Housing Credits, or a combination of both.

RULEMAKING AUTHORITY:

420.507, 420.508, FS.

LAW:

420.507, 420.508, 420.509, 420.5099 FS.

PRINT PUBLISH DATE:

3/16/2021 Vol. 47/51

COMMENTS:

From 3/16/2021 To 4/6/2021 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-00469 Eligible Reserve for Replacement Items, Effective 10/15/2010
Ref-02833 Section 42 of the IRC
Ref-02834 Section 142 of the IRC
Ref-02835 Section 147 of the IRC
Ref-02836 Section 151 of the IRC
Ref-02837 Section 501 of the IRC
Ref-02846 Non-Competitive Application Package, NCA (Rev. 3-13)
Ref-02849 Financial Reporting Form (SR-1)(Rev. 02-13)
Ref-02850 Eligible Reserve for Replacement Items List, effective October 15, 2010
Ref-02851 Eligible Reserve for Replacement Items List, effective October 15, 2010
Ref-02855 HC Qualified Contract Package, Rev. 09-2012
Ref-02856 Final Cost Certification Application (FCCA), effective January 2013
Ref-04907 Financial Reporting Form (SR-1)(Rev. 05-14)
Ref-04908 Financial Reporting Form (SR-1)(Rev. 05-14)
Ref-07357 Part IIIA, Sections 401 through 408 and 410, Fannie Mae Multifamily Selling and Servicing Guide in effect as of June 10, 2015
Ref-12011 Non-Competitive Application Package, Rev. 04-2020
Ref-12012 Qualified Contract Package, Rev. 03-2020
Ref-12017 Final Cost Certification Application Package, Rev. 04-2020

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