The purpose of this Rule is to establish the procedures by which the Corporation shall administer the return of funding or allocation awarded under the Multifamily Mortgage Revenue Bond (MMRB) Program authorized by Section 142 of the Code and ...

 

FLORIDA HOUSING FINANCE CORPORATION

RULE NO: RULE TITLE
67-21.003: Application and Selection Process for Developments
PURPOSE AND EFFECT: The purpose of this Rule is to establish the procedures by which the Corporation shall administer the return of funding or allocation awarded under the Multifamily Mortgage Revenue Bond (MMRB) Program authorized by Section 142 of the Code and Section 420.509, Florida Statutes.
The intent of this Rule is to govern the distribution of returned awards of funding.
SUMMARY: Under certain circumstances, an Affiliate, Financial Beneficiary or Principal of an Applicant will be ineligible for any award of funding available after final ranking in the current funding cycle and in the next funding cycle.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 420.507, 420.508 FS.
LAW IMPLEMENTED: 420.507, 420.508, 420.509 FS.
A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: August 1, 2008, 10:00 a.m.
PLACE: Florida Housing Finance Corporation, 227 North Bronough Street, 6th Floor Seltzer Room, Tallahassee, Florida 32301
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Jean Salmonsen. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Wayne Conner, Deputy Development Officer, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32031-1329, [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

67-21.003 Application and Selection Process for Developments.

(1) When submitting an Application, Applicants must utilize the Universal Application in effect at the Application Deadline.

(a) The Universal Application Package or UA1016 (Rev. 9-08 3-08) is adopted and incorporated herein by reference and consists of the forms and instructions, obtained from the Corporation, for a fee, at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329, or available, without charge, on the Corporation’s Website under the 2008 Universal Application link labeled Instructions and Application, which shall be completed and submitted to the Corporation in accordance with this rule chapter in order to apply for the MMRB Program.

(b) No change.

(2) through (29) No change.

Specific Authority 420.507(12), 420.508(3)(a) FS. Law Implemented 420.502, 420.507(4), (13), (14), (18), (19), (20), (21), (24), 420.508 FS. History–New 12-3-86, Amended 12-4-90, 11-23-94, 9-25-96, 1-7-98, Formerly 9I-21.003, Amended 1-26-99, 11-14-99, 2-11-01, 3-17-02, 4-6-03, 3-21-04, 2-7-05, 1-29-06, 4-1-07, 3-30-08,________.

 

The 2008 Universal Application Instructions beginning on page 98 will be amended to read as follows:

Ranking and Selection Criteria

A. No change.

B.1.a. through e.(5) No change.

(6) Funds available after the Board approves the final ranking will be allocated as follows:

(a) through (c) No change.

Notwithstanding the foregoing, an Affiliate, Financial Beneficiary or Principal of an Applicant will be ineligible for any award of funding available after final ranking in the current funding cycle if:

(i) The Applicant awarded full funding for the current funding cycle declined the invitation to enter credit underwriting prior to October 31, 2008; or

(ii) The Applicant awarded funding in the current funding cycle accepts the invitation to enter credit underwriting and returns the award of funding at any future date; or

(iii) The Applicant awarded funding in the current funding cycle accepts the invitation to enter credit underwriting but receives a negative recommendation from the Credit Underwriter as outlined in Rules 67-48.0072 and 67-21.014, F.A.C., regarding the proposed Development; or

(iv) The Applicant withdraws its Application from consideration during the period beginning 5:00 p.m., Eastern Time, 14 Calendar Days prior to the date the Board is scheduled to convene to consider approval of the final ranking of the Applications and ending October 31, 2008.

If funding is denied because of (i), (ii), (iii) or (iv) above, during the next funding cycle after such event occurs and prior to the selection of Applications within the Small, Medium, and Large County Geographic Set-Asides, all unfunded eligible Applications competing in the Geographic Set-Asides will be listed together. The Application(s) from an Affiliate, Financial Beneficiary or Principal of the Applicant involved in (i), (ii), (iii) or (iv) above with the lowest (best) lottery number in a number equal to the number of Applications involved in (i), (ii), (iii) or (iv) above will be ineligible for funding.  Once the equivalent number of Applications has been deemed ineligible, any remaining eligible Applications from said Affiliate, Financial Beneficiary or Principal of the Applicant will be considered for funding.

(d) No change.

NAME OF PERSON ORIGINATING PROPOSED RULE: Wayne Conner, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32031-1329, [phone]
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Stephen P. Auger, Executive Director, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32031-1329, [phone]
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 30, 2008
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: Vol. 34, No. 20, May 16, 2008