On September 11, 2023, the Florida Housing Finance Corporation issued an order granting the waiver from Rule 67-21.026(13)(e) Florida Administrative Code (2022) for 414 East Pine Street, 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 September 11, 2023, the Florida Housing Finance Corporation issued an order granting the waiver from paragraph 67-21.026(13)(e) Florida Administrative Code (2022) for 414 East Pine Street, LP, allowing the Development's general contractor to self-perform work exceeding the de minimis amount. No further workout is being proposed with this recommendation because the General Contractor's Fee is already below the maximum allowed amount, however, this waiver is conditioned upon the Petitioner's compliance with the following: (i) The general contractor has included no profit in the cost of the self-performed work. (ii) In addition to verifying the amount paid to the general contractor for the self-performed work based on the steps prescribed in the GCCC instructions, an independent CPA will also confirm/audit all labor and equipment hours and rates and material invoices for the self-performed work. (iii) As part of the cost certification process, in addition to confirming/auditing all self-performed work as noted in item 2, an independent CPA will confirm and/or 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 July 14, 2023, and notice of the receipt of petition was published on July 18, 2023, in Vol. 49, Number 138 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.