Compliance and Monitoring Procedures, Compliance Procedures, Compliance and Reporting Requirements, Forms

FLORIDA HOUSING FINANCE CORPORATION

RULE NO: RULE TITLE
67-53.006: Compliance and Monitoring Procedures
67-53.007: Compliance Procedures
67-53.008: Compliance and Reporting Requirements
67-53.010: Forms

NOTICE OF CHANGE

Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 35 No. 12, March 27, 2009 issue of the Florida Administrative Weekly.

67-53.006 Compliance and Monitoring Procedures for the Pre-Development Loan Program (PLP).

(1) through (4)(c) No change.

5. Tenant Income Certification Form, TIC-1, Rev. 02/06, which is hereby incorporated by reference, for each tenant. For developments participating in Section 8 and RD Programs, the HUD Forms 50058, or 50059, or RD (or FmHA) Form 1944-8, which are hereby incorporated by reference, may be used in lieu of Form TIC-1 as long as proper documentation is maintained in the tenant files.

(d) through (5) No change.

Rulemaking Specific Authority 420.528 FS. Law Implemented 420.528 FS. History–New 1-16-96, Formerly 9I-38.0145, Amended 3-26-98, 7-17-00, 7-21-03, Formerly 67-38.0145, Amended________.

 

67-53.007 Compliance Procedures.

Rulemaking Specific Authority 420.507 FS. Law Implemented 420.5087 FS., Chapter 93-186, Laws of Florida. History–New 1-25-94, Formerly 9I-43.011, 67-43.011, Repealed________.

 

67-53.008 Compliance and Reporting Requirements for State Apartment Incentive Loan (SAIL) Program, HOME Investment Partnerships (HOME) Rental Program, Multifamily Mortgage Revenue Bond (MMRB) Program, Housing Credit (HC) Program, Rental Recovery Loan Program (RRLP), and Elderly Housing Community Loan (EHCL) Program.

(1) through (6) No change.

(7) The Applicant shall submit Program Reports pursuant to the following:

(a) For those developments receiving competitive HC, the initial Florida Housing Finance Corporation Program Report, PR-1, Rev. 01/09, which is hereby incorporated by reference, shall be prepared as of the last day of the calendar month during which execution of the Carryover (as defined in Rule Chapter 67-48, F.A.C.) allocation agreement occurred, if the development is occupied; or the rental of the initial unit in the development occurred, whichever is. For those developments receiving an allocation of non-competitive HC without any Corporation-issued loans, the initial PR-1 shall be prepared as of the last day of the calendar month during which final housing credit allocation occurred. Subsequent PR-1’s shall be prepared as of the last day of the calendar month. PR-1’s are due no later than the 15th of each month throughout the regulatory period. Annually, on dates assigned by the Corporation. The monitoring agent’s copy of each PR-1 shall be accompanied by TIC-1 copies for ten (10) percent of the executed TIC-1’s that were effective during the reporting year. The Annual Owner’s Certificate (AOC) of Housing Credit Program Compliance, Rev. 1-2009, AOC-1, which is hereby incorporated by reference, shall be signed by the owner of the HC development, certifying that for the preceding 12 month period the HC development met its Housing Credit set-aside requirements (to be sent to the Corporation only). Forms PR-1 and AOC-1 shall be provided by the Corporation and shall be submitted for all HC developments receiving Housing Credit Allocations since January 1, 1990.

(b) No change.

(8) For HOME Investment Partnerships (“HOME”) Rental Program, as defined in Rule Chapter 67-48, F.A.C., the initial HOME PR-1 shall be prepared as of the last day of the calendar month during which the loan closing occurred, if the development is occupied;, or the rental of the initial unit in the development occurred, whichever is later. Subsequent HOME PR-1’s shall be prepared as of the last day of each calendar month. HOME PR-1’s are due no later than the 15th of each month throughout the regulatory period. Annually, on dates assigned by the Corporation, the monitoring agent’s copy of each PR-1 shall be accompanied by TIC-1 copies for ten (10) percent of the executed TIC-1’s that were effective during the reporting year. HOME PR-1’s shall confirm compliance as follows:

(a) If the development is not occupied at loan closing, the initial HOME PR-1 and all subsequent HOME PR-1 shall confirm compliance with the set-aside requirements and other development requirements, if any, as set forth in the LURA.

(b) If the development is occupied at loan closing, compliance with the set-aside requirements and other development requirements, if any, as set forth in the LURA, shall be confirmed by the first HOME PR-1 submitted 12 months following the expiration of the last then-existing tenant lease, without regard to any extension of the term of any then-existing tenant lease. The calculation of the above 12-month period shall begin with the date of the HOME loan closing.

(c) The failure of the initial or any subsequent HOME PR-1 to confirm compliance as required in this subsection, shall, upon written notice of such failure from the Corporation or its agent to the borrower, require correction of the failure within 90 days of such written notice. This shall be deemed the “correction period.” During the correction period:

1. through 2. No change.

(9) For State Apartment Incentive Loan (“SAIL”) Program developments, as defined in Rule Chapter 67-48, F.A.C. and Rental Recovery Loan Program (“RRLP”) as established in 67ER06-13 through 67ER06-24 and 67ER06-25 through 67ER06-41, the initial SAIL or RRLP PR-1 shall be prepared as of the last day of the calendar month during which loan closing occurred, if the SAIL or RRLP development is occupied; or the rental of the initial unit occurred, whichever is later. Subsequent SAIL or RRLP PR-1’s shall be prepared as of the last day of each calendar month. SAIL or RRLP PR-1’s are due no later than the 15th of each month throughout the regulatory period. Annually, on dates assigned by the Corporation, the monitoring agent’s copy of each SAIL or RRLP PR-1 shall be accompanied by TIC-1 copies for ten (10) percent of the executed TIC-1’s that were effective during the reporting year. SAIL or RRLP PR-1’s shall confirm compliance as follows:

(a) If the development is not occupied at loan closing, the initial SAIL or RRLP PR-1 and all subsequent SAIL or RRLP PR-1’s shall confirm compliance with the set-aside requirements and other SAIL development requirements, if any, as set forth in the regulatory agreement.

(b) If the SAIL or RRLP development is occupied at the time of loan closing, compliance with the set-aside requirements and other SAIL or RRLP development requirements, if any, as set forth in the regulatory agreement, shall be confirmed by the first SAIL or RRLP PR-1 submitted 12 months following the expiration of the last then-existing tenant lease, without regard to any extension of the term of any then-existing tenant leases. The calculation of the above 12-month period shall begin with the date of the loan closing.

(c) The failure of the initial or any subsequent SAIL or RRLP PR-1’s to confirm compliance as required in this subsection, shall, upon written notice of such failure from the Corporation or its agent to the borrower, require correction of the failure within 90 days of such written notice. This shall be deemed the “correction period.” During the correction period:

1. through 2. No change.

(10) For those developments receiving Multifamily Mortgage Revenue Bond Program (“MMRB”), as defined in Rule Chapter 67-21, F.A.C., funds from the Corporation, the initial MMRB PR-1 shall be prepared as of the last day of the calendar month during which bond closing occurred, if the MMRB development is occupied; or rental of the initial unit in the development occurred, whichever is later. Subsequent MMRB PR-1’s shall be prepared as of the last day of each calendar month. MMRB PR-1’s are due no later than the 15th of each month throughout the regulatory period. The monitoring agent’s and Trustee’s copy of each MMRB PR-1 shall be accompanied by the certificate of continuing program compliance. Annually, on dates assigned by Corporation, the monitoring agent’s and Trustee’s copy of the MMRB PR-1 shall be accompanied by TIC-1 copies for ten (10) percent of the executed TIC’s that were effective during the reporting year.

(a) The failure of the initial or any subsequent MMRB PR-1 to confirm compliance as required in this subsection, shall, upon written notice of such failure from the Corporation or its agent to the borrower, require correction of the failure within 90 days of such written notice. This shall be deemed the “correction period.” During the correction period:

(b) During the correction period a A borrower may request a 60-day extension of the correction period by submitting a written request to the Corporation’s Compliance Monitoring Administrator. Such written request must be received by the Compliance Monitoring Administrator at least 7 days prior to the expiration of the correction period.

(c) The Corporation shall consider the nature of the failure of compliance and the borrower’s past compliance history in determining whether to grant a 60-day extension of the correction period. The development shall not be deemed non-compliant prior to the expiration of the correction period. If the failure to comply is not, however, corrected within the correction period, or any extension of the correction period, such development shall then be deemed to be in non-compliance and be reported to the Board.

(11) through (13) No change.

(14) Any Applicant obtaining funding from SAIL, RRLP, or supplemental loan, as established in Rule Chapter 67-48, F.A.C. (“Group 1 Applicants”), shall provide the Corporation with an audited financial statement and a fully completed and executed Financial Reporting Form (SR-1), Rev. 02/09, (“Form SR-1”), incorporated by reference, annually by its submission deadline to the Corporation’s servicer. The submission deadline for Group 1 Applicants is May 31st of each year. A late fee of $500 will be assessed by the Corporation to any Group 1 Applicant for failure to submit these documents by the submission deadline of each year. Group 1 Applicants shall complete all Parts (Parts 1-5) of Form SR-1 prior to its submission to the Corporation’s servicer.

(15) through (16) No change.

Rulemaking Specific Authority 420.507 FS. Law Implemented 420.5087, 420.5089, 420.5099 FS. History–New 7-22-96, Amended 12-23-96, 1-6-98, Formerly 9I-48.006, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, 3-21-04, Formerly 67-48.00, Amended 1-17-05, Amended________.

 

67-53.009 No change.

67-53.010 Forms.

The following forms are hereby incorporated by reference. Copies are available on the Corporation’s Website at http://www.floridahousing.org/Home/PropertyOwnersManagers/Forms or may be obtained by contacting the Compliance Department, Florida Housing Finance Corporation at 227 North Bronough Street, Suite 5000, Tallahassee, Florida, 32301-1329:

AOC-1 – Annual Owner Compliance Certification Form

PR-1 – Program Report

TIC-1 – Tenant Income Certification

HUD Forms 50058 or 50059 or RD (or FmHA) Form 1944-8

Form SR-1 – Financial Reporting Form may be obtained from the Credit Underwriter acting as the assigned servicer or on the Corporation’s Website at http://www.floridahousing.org/Home/PropertyOwnersManagers/Forms.

Rulemaking Specific Authority 420.507 FS. Law Implemented 420.5087, 420.5089,420.509, 420.5099. 420.524, 420.9072 FS. History–New 1-17-05, Repealed_________.