STATE APARTMENT INCENTIVE LOAN (SAIL) PROGRAM – CYCLE XX (2008) & SPECIAL GEOGRAPHIC DISTRIBUTION

NOTICE OF FUNDING AVAILABILITY (NOFA)

The Florida Housing Finance Corporation (Florida Housing) announces a funding cycle (Cycle XX) for the State Apartment Incentive Loan (SAIL) Program, pursuant to Section 420.5087, Florida Statutes, and Chapter 67-48, Florida Administrative Code (F.A.C.).

In accordance with Section 420.5087(1), Florida Statutes, program funds shall be distributed over successive 3-year periods in a manner that meets the need and demand for very low-income housing throughout the state. The need and demand must be determined by using the most recent statewide low-income rental housing market studies available at the beginning of each 3-year period. The percentages over the current 3-year period are as follows: 56% for Large County; 34% for Medium County; and 10% for Small County designation developments. This funding cycle is the first year of a 3-year period. Funding cannot be made at levels that would make it impossible to meet the statutory requirements over the 3-year period.

In accordance with Section 420.5087(3), Florida Statutes, for the six-month period beginning with the publication of this NOFA, program funds shall also be reserved by designated tenant group category at the percentages determined by using the most recent statewide low-income rental housing market studies available.

Program funds shall be distributed during this funding cycle at the following percentages per tenant group: 10% for Commercial Fishing Worker/Farmworker; 7% for Homeless; 24% for Elderly [Note: This amount is subject to a 10% reduction of the 24% set-aside amount, with the funds being made available to applicants for the Elderly Housing Community Loan Program]; and 59% for Family. The reservation of funds to any demographic category may not be less than 10% of the funds available at that time, except for persons who are homeless which reservation may not be less than 5% of the funds available.

Florida Housing currently anticipates the allocation of approximately $50,000,000 for Cycle XX (associated with funds collected in fiscal year 2007-2008) from funding sources as estimated below:

                $46,400,000 = DOC Stamp

                $3,600,000 = SAIL Fund

Geographic distribution will be set based upon an anticipated funding level of $50,000,000 for Cycle XX. This amount is subject to change and is dependent upon documentary stamp tax collections and/or projections and receipts within the SAIL fund. The anticipated geographic funding distribution is as follows:

              COUNTY DESIGNATION          FUNDING TARGET

              Large                                             $28,000,000

              Medium                                         $17,000,000

              Small                                             $5,000,000

For more information on opening and closing dates of the application cycle, or on how to obtain an Application, please access Florida Housing’s Website at www.floridahousing.org or contact Blake Carson at (850)488-4197. The Universal Application Package, when available, may be obtained at the Florida Housing web site or by submitting a written request accompanied by a $50 application package fee to: Florida Housing Finance Corporation, City Centre Building, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329, ATTN: Blake Carson – Application Request. If you are hearing or speech impaired please contact Florida Housing using the Dual Party Relay System at 1(800)955-8770 or 1(800)955-8771.

All applications must be submitted to: Florida Housing Finance Corporation, City Centre Building, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329 in accordance with the provisions of all applicable Florida Statutes, Chapter 67-48, F.A.C., and the application package.