(1) The corporation shall establish the criteria for determining threshold compliance with corporation objectives. Final decisions regarding funding shall be approved by the corporation board. The corporation board shall determine the tentative loan or grant amount available to each program participant. The actual loan or grant amount shall be determined pursuant to rule specifying credit underwriting procedures.
(2) The criteria to be used to determine threshold compliance shall include, but are not limited to, the following:
(a) Income target objectives of the corporation.
(b) Sponsor’s agreement to reserve more than the minimum number of units for low-income households and very-low-income households.
(c) Projects requiring the least amount of predevelopment funds compared to total predevelopment costs.
(d) Sponsor’s prior experience.
(e) Commitments of other financing.
(f) Sponsor’s ability to proceed.
(g) Project’s consistency with the local government comprehensive plan.
History.—s. 13, ch. 88-376; s. 15, ch. 92-317; s. 17, ch. 93-181; s. 29, ch. 97-167; s. 6, ch. 2002-160; s. 33, ch. 2015-4.
Note.—Former s. 420.309.
Structure Florida Statutes
Part V - Florida Housing Finance Corporation (Ss. 420.501-420.55)
420.502 - Legislative findings.
420.504 - Public corporation; creation, membership, terms, expenses.
420.505 - Meetings; quorum; voting.
420.506 - Executive director; agents and employees; inspector general.
420.5061 - Transfer of agency assets and liabilities.
420.507 - Powers of the corporation.
420.508 - Special powers; multifamily and single-family projects.
420.5087 - State Apartment Incentive Loan Program.
420.5088 - Florida Homeownership Assistance Program.
420.5089 - HOME Investment Partnership Program; HOME Investment Partnership Fund.
420.5092 - Florida Affordable Housing Guarantee Program.
420.5093 - State Housing Tax Credit Program.
420.5095 - Community Workforce Housing Loan Program.
420.5099 - Allocation of the low-income housing tax credit.
420.51 - State and local government not liable on bonds or notes.
420.512 - Conflicts of interest.
420.513 - Exemption from taxes and eligibility as investment.
420.514 - Corporate existence.
420.515 - Inconsistent provisions of other laws superseded.
420.516 - Discrimination prohibited.
420.517 - Affordable housing and job training coordination.
420.518 - Fraudulent or material misrepresentation.
420.522 - Legislative findings.
420.524 - Definitions relating to Predevelopment Loan Program Act.
420.525 - Housing Predevelopment Fund.
420.526 - Predevelopment Loan Program; loans and grants authorized; activities eligible for support.
420.527 - Criteria for determining threshold compliance.
420.528 - Rules; summary required with annual report.