On December 18, 2023, the Florida Housing Finance Corporation issued an order granting the waiver from Rule 67-21.026(13)(e) Florida Administrative Code (2022) for Homestead Portfolio, LP, allowing the Development's general ....

 

FLORIDA HOUSING FINANCE CORPORATION

RULE NO.:RULE TITLE:

67-21.026HC Credit Underwriting Procedures

The Florida Housing Finance Corporation hereby gives notice: On December 18, 2023, the Florida Housing Finance Corporation issued an order granting the waiver from paragraph 67-21.026(13)(e) Florida Administrative Code (2022) for Homestead Portfolio, LP, allowing the Development's general contractor to self-perform work exceeding the de minimis amount. This waiver is conditioned upon the Petitioner's compliance with the following: (1) The general contractor has included no profit or admin fee in the cost of the self-performed work. (2) The General Contractor's fee for the self-performed work is limited to 14% of the cost of work for the first $350,000 and 10% for any self-performed work in excess of $350,000. (3) In addition to verifying the amount paid to the general contractor for the self-performed work based on the steps prescribed in the General Contractor Cost Certification instructions, an independent CPA will also confirm/audit all labor and equipment hours and rates and material invoices for the self-performed work. And, (4) As part of the cost certification process, in addition to confirming/auditing all self-performed work as noted above, an independent CPA will confirm and/or verify an additional 40% of the development's costs per the Final Cost Certification Application Package. (5) Upon FHFC's receipt of the Final Cost Certification Application Package, FHFC will engage the credit underwriter to provide a recommendation that the costs incurred by the General Contractor for the self-performed work are reasonable. Florida Housing determined that the Petitioner had demonstrated that it would suffer a substantial hardship if the waiver was not granted. The petition was filed on November 13, 2023, and notice of the receipt of petition was published on November 14, 2023 in Vol. 49, Number 221 F.A.R.

A copy of the Order or additional information may be obtained by contacting: Ana McGlamory, Corporation Clerk, Florida Housing Finance Corporation, 227 N. Bronough St., Ste. 5000, Tallahassee, FL 32301-1329.