On September 4, 2020, the Florida Housing Finance Corporation issued an order granting a waiver of Rules 67-21.003(1)(b), 67-21.026(13)(f) and 67-21.026(13)(h) Fla. Admin. Code for Platform 3750, LLP, allowing Petitioner's General Contractor to ...

 

FLORIDA HOUSING FINANCE CORPORATION

RULE NO.:RULE TITLE:

67-21.026HC Credit Underwriting Procedures

The Florida Housing Finance Corporation hereby gives notice: On September 4, 2020, the Florida Housing Finance Corporation issued an order granting a waiver of paragraphs 67-21.003(1)(b), 67-21.026(13)(f) and 67-21.026(13)(h) Fla. Admin. Code for Platform 3750, LLP, allowing Petitioner's General Contractor to contract with an affiliated company, CB Structures, Inc. to perform the shell work, to exceed the 31% limitation of the construction cost for a subcontract for the shell work, and to allow Petitioner to apply for the non-competitive housing credits early under the following conditions: A. All costs for the affiliated work attributable to the affordable units will be at cost with no profit or other fees built in; B. The General Contractor Fee on the affiliated costs attributable to affordable units will be capped at 10%; C. An independent CPA will confirm/audit all payments between the Affiliate entities and will verify 100% of the work performed by the Affiliate entity; and D. As part of the cost certification process, in addition to confirming/auditing all payments between the Affiliate entities, an independent CPA will confirm/verify an additional 40% of the Development's costs per the Final Cost Certification Application Package. 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 August 19, 2020 and notice of the receipt of petition was published on August 20, 2020 in Vol. 46, Number 163 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.