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Florida Administrative Code (Last Updated: September 2, 2024) |
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67. Florida Housing Finance Corporation |
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D67. Departmental |
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67-21. Non-Competitive Affordable Multifamily Rental Housing Programs (Mmrb/Hc) |
1(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.
46(2) In connection with all Bonds issued pursuant to this section, Applicants shall be required to comply with the applicable provisions of Rules 6967-21.0045 70through 7167-21.018, 72F.A.C.; Florida Statutes; and the Internal Revenue Code, including all safe harbor provisions.
85(3) In addition, Applicant shall submit the following:
93(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,
126(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,
156(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.
195(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.
219Rulemaking Authority 221420.507, 222420.508 FS. 224Law Implemented 226420.502, 227420.507(14), 228(24), 229420.508, 230420.509 FS. 232History–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.
