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Florida Administrative Code (Last Updated: November 11, 2024) |
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67. Florida Housing Finance Corporation |
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D67. Departmental |
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67-21. Non-Competitive Affordable Multifamily Rental Housing Programs (Mmrb/Hc) |
1(1) The Corporation may sell Bonds for the purpose of financing a proposed Development through a negotiated sale, competitively bid sale or Private Placement. Prior to a competitively bid sale, the Board of Directors shall authorize a resolution specifying the method of sale.
44(2) Following receipt of the Credit Underwriting Report, staff shall provide the Corporation’s IRMA copies of such report for review and preparation of a written recommendation for the method of Bond sale.
76(3) In preparing a recommendation for the method of sale to the Board of Directors, the IRMA shall consider the following:
97(a) The anticipated credit and security structure of the transaction;
107(b) The proposed financing structure of the transaction;
115(c) The Corporation’s programmatic objectives; and,
121(d) Other factors identified by staff, counsel, or the Applicant.
131(4) The written recommendation shall include an identification of the Development, the recommended method of sale, and a summary statement as to why the particular method of sale is being recommended.
162(5) For those transactions that the Corporation’s IRMA recommends as candidates for a competitive sale, the Corporation shall engage a structuring agent. The Applicant may, at its sole expense, engage a financial advisor for the transaction. Any cost to the Applicant for the financial advisor engaged by the Applicant in excess of $18,000 must be paid out of the Developer Fee.
224(6) For those transactions that the Corporation’s IRMA recommends for a negotiated sale, the Corporation shall appoint an underwriter or placement agent.
246Rulemaking Authority 248420.507, 249420.508 FS. 251Law Implemented 253420.507(4), 254(13), (19), (20), 257420.508, 258420.509(12) FS. 260History–New 1-7-98, Formerly 9I-21.0045, Amended 1-26-99, Repromulgated 11-14-99, 2-11-01, Amended 3-17-02, Repromulgated 4-6-03, Amended 3-21-04, 2-7-05, Repromulgated 1-29-06, 4-1-07, 3-30-08, 8-6-09, 11-7-11, 7-16-13, Amended 2-2-15, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, Repromulgated 7-11-19, 6-23-20, 5-18-21, 7-6-22, 6-28-23.
