On October 31, 2019, the Florida Housing Finance Corporation issued an order granting Arbours at Hester Lake, LLC a waiver of Rule 67-48.0072(17)(h) F.A.C., allowing Petitioner’s General Contractor, Arlington, to use Affiliated subcontractors, PBS ...  

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    FLORIDA HOUSING FINANCE CORPORATION

    RULE NO.:RULE TITLE:

    67-48.0072Credit Underwriting and Loan Procedures

    The Florida Housing Finance Corporation hereby gives notice: On October 31, 2019, the Florida Housing Finance Corporation issued an order granting Arbours at Hester Lake, LLC a waiver of paragraph 67-48.0072(17)(h) F.A.C., allowing Petitioner’s General Contractor, Arlington, to use Affiliated subcontractors, PBS and CW, provided that: 1) the General Contractor fee is limited to 12.36%, 2) all labor and all materials provided by the Affiliated entities will be at cost with no profit built into those items, 3) the credit underwriter will monitor the construction activities, 4) an independent CPA will confirm/audit all payments to the Affiliates and verify one hundred percent of the work performed by the Affiliates, 5) in addition to confirming/auditing all payments to the Affiliates, an independent CPA will confirm and/or verify an additional forty percent 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 October 8, 2019 and notice of the receipt of petition was published on October 9, 2019 in Vol. 45, Number 197, 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.

Document Information

Contact:
Ana McGlamory, Corporation Clerk, Florida Housing Finance Corporation, 227 N. Bronough St., Ste. 5000, Tallahassee, FL 32301-1329.
Related Rules: (1)
67-48.0072. Credit Underwriting and Loan Procedures