67-57.005. Definitions

(1) “Adjusted Income” means the gross income from wages or assets, cash or non-cash contributions, and any other resources and benefits determined to be income by HUD, adjusted for household size.

(2) “Affiliate” means any person or entity that (i) directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the Applicant or Member; (ii) serves as an officer or director of the Applicant or Member, or (iii) is the spouse, parent, child, sibling, or relative by marriage of a person described in (i) or (ii), above.

(3) “Agency means HUD’s Federal Housing Administration (FHA), the United States Department of Veterans Affairs (VA) or USDA/RD.

(4) “AMI” or “Area Median Income” means the median income for an area, with adjustments made for household size, as determined by HUD.

(5) “Applicant” means any person or legally formed entity that is seeking participation in one of the Corporation’s programs.

(6) “Appraisal” means an appraisal of a residence prepared by a Qualified Appraiser.

(7) “Area(s) of Critical State Concern” means the Florida Keys area of critical state concern.

(8) “Board” means the Board of Directors of Florida Housing Finance Corporation.

(9) “Calendar Days” means the seven (7) days of the week.

(10) “Corporation” means the Florida Housing Finance Corporation as defined in section 420.503, F.S.

(11) “Disabling Condition” means a diagnosable substance abuse disorder, serious mental illness, developmental disability, or chronic physical illness or disability, or the co-occurrence of two or more of these conditions, and a determination that the condition is:

(a) Expected to be of long continued and indefinite duration; and

(b) Not expected to impair the ability of the person with special needs to live independently with appropriate supports.

(12) “Development Cost” means all costs incurred to construct the Unit, excluding the cost of the land.

(13) “Eligible Homebuyer” means one or more natural persons, irrespective of race, creed, religion, national origin, or sex, determined by the Corporation to be fully qualified and who will utilize the Unit as their primary residence.

(14) “Eligible Properties” means newly constructed Units that are single family detached houses, Manufactured Homes, homes with shared-wall construction, condominiums or co-ops.

(15) “F.A.C.” means the Florida Administrative Code.

(16) “F.A.R.” means the Florida Administrative Register.

(17) “F.S.” means the Florida Statutes.

(18) “Financial Beneficiary” means any Member and its Principals who receives or will receive a financial benefit of 3% or more of the total development cost of the Unit.

(19) “First Mortgage” means the recorded mortgage which is superior to any other lien or encumbrance on the property.

(20) “GSE” means the Government Sponsored Enterprises which includes Fannie Mae and Freddie Mac.

(21) “HAP” means the Homeownership Assistance Program pursuant to Section 420.5088, F.S.

(22) “HOME” means the HOME Investment Partnerships Program administered by the Corporation pursuant to HUD Regulation 24 CFR §92 and Section 420.5089, F.S.

(23) “HOP” means the Homeownership Pool Program administered by the Corporation pursuant to HUD Regulation 24 CFR §92 and Sections 420.5088 and 420.5089, F.S.

(24) “HOP Loan” means a zero percent (0%) interest rate, non-amortizing mortgage loan made to an Eligible Homebuyer for the purpose of down payment in the amount necessary to reduce the purchase price to an affordable amount and closing costs assistance.

(25) “HOP Membership Application” means the forms and exhibits created by the Corporation for developers of affordable housing to apply for participation in the HOP program.

(26) “HUD” means the U.S. Department of Housing and Urban Development.

(27) “Living Space” means areas in a dwelling unit that are livable space. This does not include closets, crawl spaces, and other storage areas.

(28) “Loan Servicer” means the Corporation or the Corporation’s designee that reviews homebuyers for eligibility.

(29) “Loan Servicing” means the process by which the Corporation or Corporation’s designee reviews potential Eligible Homebuyers and services and monitors HOP Loans.

(30) “Maximum Purchase Price” means the maximum purchase price of a Unit in an area as determined by HUD.

(31) “Manufactured Home” means a single-family house constructed entirely in a controlled factory environment, built to the federal Manufactured Home Construction and Safety Standards administered by HUD. A manufactured house may be single- or multi-sectional and is transported to the site and installed on a permanent foundation.

(32) “Member” means a business entity, including non-profit and for-profit organizations and USDA-RD, which has been approved by the Corporation to participate in the HOP program.

(33) “Member Fee” means the fee earned by the Member on the construction of the Unit.

(34) “Mortgage” means Mortgage as defined in section 420.503, F.S.

(35) “Note” means a unilateral agreement containing an express and absolute promise to pay to the Corporation a principal sum of money on a specified date, which provides the interest rate, and is secured by a Mortgage.

(36) “Personal Assets” means cash held in savings accounts, checking accounts, safe deposit boxes; equity in rental property and other capital investments; cash value of stocks, bonds, Treasury bills, money market accounts; cash value of life insurance policies; personal property held as an investment; lump sum payments or one time receipts such as inheritance or insurance settlements; mortgages or deeds of trust held by homebuyer.

(37) “Principal” means any general partner of a Member, and any officer or director of any Member, or any officer or director of any general partner of a Member.

(38) “Qualified Appraiser” means an individual or firm that is licensed in Florida and is qualified as an appraiser by the society of real estate appraisers or the American Institute of Real Estate Appraisers, and acceptable or approved by an Agency or GSE or any private mortgage insurance provider to provide appraisal reports.

(39) “Retirement Assets” means individual retirement and Keogh accounts, retirement and pension funds.

(40) “Self Help” means a type of construction utilizing sweat equity operating under the guidelines of Habitat for Humanity International or USDA-RD.

(41) “Site” means the parcel of property on which an individual housing Unit will be located.

(42) “State” means the State of Florida.

(43) “Threshold” means the minimum criteria to be met for an Application to be considered complete, as required by this rule chapter and the HOP Membership Application.

(44) “Unit” means a residential unit used as a single family residence and the land appurtenant that is taxed as real property under State laws.

(45) “USDA-RD” means United States Department of Agriculture – Rural Development which includes Section 502 Direct Loans and Section 502 Self Help Loans.

(46) “Website” means the Florida Housing Finance Corporation website, the Universal Resource Locator (URL) of which is www.floridahousing.org.

Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, 7-2-19.