Florida Regulations 67-37.002: Definitions
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As used in this rule chapter, the following definitions shall apply:
(1) “”Administrative Expenditures”” means those expenditures directly related to implementation of the Local Housing Assistance Plans.
(2) “”Annual Gross Income”” means Annual Gross Income as defined in Florida Statutes § 420.9071(4)
(3) “”Annual Report”” means a report required to be completed and submitted to the Corporation by September 15 of each year pursuant to Florida Statutes § 420.9075(10)
(4) “”Assisted Housing”” or “”Assisted Housing Development”” means Assisted Housing as defined in Florida Statutes § 420.9071(29)
(5) “”Catalyst”” means the Affordable Housing Catalyst Program as described in Florida Statutes § 420.531
(6) “”Debt Service”” means the amount required in any fiscal year to pay the principal of, redemption premium, if any, and interest on bonds and any amounts required by the terms of the documents authorizing, securing, or providing liquidity for bonds necessary to maintain in effect any such liquidity or security arrangements.
(7) “”Default”” means the failure to make required payments on a financial loan secured by a mortgage that may lead to foreclosure and loss of property ownership.
(8) “”Deferred Payment Loan”” means funds provided to a borrower under terms that calls for repayment to be delayed for a certain length of time, until certain circumstances change, or a certain threshold is met.
(9) “”Eligible Housing”” means as defined in Florida Statutes § 420.9071(8)
(10) “”Encumbered”” means that deposits made to the local affordable housing trust fund have been committed by contract, or purchase order, letter of commitment or award in a manner that obligates the county, eligible municipality, or interlocal entity to expend the amount upon delivery of goods, the rendering of services, or the conveyance of real property by a vendor, supplier, contractor, or owner.
(11) “”Essential Service Personnel”” means persons in need of affordable housing who are employed in occupations or professions in which they are considered essential service personnel, as defined by each county and eligible municipality within its respective local housing assistance plan pursuant to Section 420.9075(3)(a), F.S.
(12) “”Expended”” means the affordable housing activity is complete and funds deposited to the local affordable housing trust fund have been transferred from the local housing assistance trust fund account to pay for the cost of the activity.
(13) “”Extremely Low Income Household”” or “”ELI”” means one or more natural persons or a family that has a total annual gross household income that does not exceed 30 percent of the area median income adjusted for family size for households within the metropolitan statistical area, the county, or the non-metropolitan median for the state, whichever is greatest.
(14) “”Foreclosure”” means the legal action by a mortgage holder to require repayment of a Loan through the sale of the subject property.
(15) “”Forgivable Loan”” means a loan with no repayment obligation if requirements of the loan are met for a specified period of time.
(16) “”Grant”” means Grant as defined in Florida Statutes § 420.9071(12)
(17) “”Home Ownership Activities”” means the use of the local affordable housing trust fund moneys for the purpose of providing owner-occupied housing. Such uses include construction, rehabilitation, purchase, and lease-purchase financing where the primary purpose is the eventual purchase of the housing by the occupant within twenty-four months from initial execution of a lease agreement or within twenty-four (24) months of the applicable fiscal year, whichever occurs first.
(18) “”Interlocal Entity”” means an entity created pursuant to the provisions of Florida Statutes Chapter 163, Part I, for the purpose of establishing a joint local housing assistance plan between two or more SHIP eligible local governments pursuant to the provisions of Florida Statutes § 420.9072(5)
(19) “”Loan”” means Loan as defined in Florida Statutes § 420.9071(13)
(20) “”Local Housing Incentive Strategies”” means Local Housing Incentive Strategies as defined in Florida Statutes § 420.9071(16)
(21) “”Persons With Special Needs”” means Persons with Special Needs as defined in Florida Statutes § 420.0004(13)
(22) “”Preservation”” means Preservation as defined in Florida Statutes § 420.9071(30)
(23) “”Program Income”” means Program Income as defined in Florida Statutes § 420.9071(24)
(24) “”Project Delivery Costs”” means those costs related to the delivery of housing related services to an eligible applicant that are not included as part of Administrative Expenditures.
(25) “”Recaptured Funds”” means Recaptured Funds as defined in Florida Statutes § 420.9071(25)
(26) “”Rehabilitation”” means repairs or improvements which are needed for safe or sanitary habitation, correction of substantial code violations, or the creation of additional living space.
(27) “”Review Committee”” means the committee established pursuant to Section 420.9072(3)(a), F.S.
(28) “”SHIP”” or “”SHIP Program”” means the State Housing Initiatives Partnership Program created pursuant to the State Housing Initiative Partnership Act, Sections 420.907-.9079, F.S.
(29) “”Sponsor”” means eligible sponsor as defined in Florida Statutes § 420.9071(11)
(30) “”State”” means the State of Florida.
(31) “”Sub-Recipient”” means a person or organization contracted by a SHIP eligible local government that is compensated with SHIP funds to provide administration of any portion of the SHIP program.
(32) “”Welfare Transition Program”” means a program pursuant to the provisions of Florida Statutes § 445.006
Rulemaking Authority Florida Statutes § 420.9072(9). Law Implemented Florida Statutes § 420.9072. History-New 11-26-92, Amended 2-9-94, 12-28-94, 1-6-98, Formerly 9I-37.002, Amended 12-26-99, 9-22-03, 1-30-05, 11-5-06, 2-24-08, 11-22-09, 5-23-17.
Terms Used In Florida Regulations 67-37.002
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) “”Annual Gross Income”” means Annual Gross Income as defined in Florida Statutes § 420.9071(4)
(3) “”Annual Report”” means a report required to be completed and submitted to the Corporation by September 15 of each year pursuant to Florida Statutes § 420.9075(10)
(4) “”Assisted Housing”” or “”Assisted Housing Development”” means Assisted Housing as defined in Florida Statutes § 420.9071(29)
(5) “”Catalyst”” means the Affordable Housing Catalyst Program as described in Florida Statutes § 420.531
(6) “”Debt Service”” means the amount required in any fiscal year to pay the principal of, redemption premium, if any, and interest on bonds and any amounts required by the terms of the documents authorizing, securing, or providing liquidity for bonds necessary to maintain in effect any such liquidity or security arrangements.
(7) “”Default”” means the failure to make required payments on a financial loan secured by a mortgage that may lead to foreclosure and loss of property ownership.
(8) “”Deferred Payment Loan”” means funds provided to a borrower under terms that calls for repayment to be delayed for a certain length of time, until certain circumstances change, or a certain threshold is met.
(9) “”Eligible Housing”” means as defined in Florida Statutes § 420.9071(8)
(10) “”Encumbered”” means that deposits made to the local affordable housing trust fund have been committed by contract, or purchase order, letter of commitment or award in a manner that obligates the county, eligible municipality, or interlocal entity to expend the amount upon delivery of goods, the rendering of services, or the conveyance of real property by a vendor, supplier, contractor, or owner.
(11) “”Essential Service Personnel”” means persons in need of affordable housing who are employed in occupations or professions in which they are considered essential service personnel, as defined by each county and eligible municipality within its respective local housing assistance plan pursuant to Section 420.9075(3)(a), F.S.
(12) “”Expended”” means the affordable housing activity is complete and funds deposited to the local affordable housing trust fund have been transferred from the local housing assistance trust fund account to pay for the cost of the activity.
(13) “”Extremely Low Income Household”” or “”ELI”” means one or more natural persons or a family that has a total annual gross household income that does not exceed 30 percent of the area median income adjusted for family size for households within the metropolitan statistical area, the county, or the non-metropolitan median for the state, whichever is greatest.
(14) “”Foreclosure”” means the legal action by a mortgage holder to require repayment of a Loan through the sale of the subject property.
(15) “”Forgivable Loan”” means a loan with no repayment obligation if requirements of the loan are met for a specified period of time.
(16) “”Grant”” means Grant as defined in Florida Statutes § 420.9071(12)
(17) “”Home Ownership Activities”” means the use of the local affordable housing trust fund moneys for the purpose of providing owner-occupied housing. Such uses include construction, rehabilitation, purchase, and lease-purchase financing where the primary purpose is the eventual purchase of the housing by the occupant within twenty-four months from initial execution of a lease agreement or within twenty-four (24) months of the applicable fiscal year, whichever occurs first.
(18) “”Interlocal Entity”” means an entity created pursuant to the provisions of Florida Statutes Chapter 163, Part I, for the purpose of establishing a joint local housing assistance plan between two or more SHIP eligible local governments pursuant to the provisions of Florida Statutes § 420.9072(5)
(19) “”Loan”” means Loan as defined in Florida Statutes § 420.9071(13)
(20) “”Local Housing Incentive Strategies”” means Local Housing Incentive Strategies as defined in Florida Statutes § 420.9071(16)
(21) “”Persons With Special Needs”” means Persons with Special Needs as defined in Florida Statutes § 420.0004(13)
(22) “”Preservation”” means Preservation as defined in Florida Statutes § 420.9071(30)
(23) “”Program Income”” means Program Income as defined in Florida Statutes § 420.9071(24)
(24) “”Project Delivery Costs”” means those costs related to the delivery of housing related services to an eligible applicant that are not included as part of Administrative Expenditures.
(25) “”Recaptured Funds”” means Recaptured Funds as defined in Florida Statutes § 420.9071(25)
(26) “”Rehabilitation”” means repairs or improvements which are needed for safe or sanitary habitation, correction of substantial code violations, or the creation of additional living space.
(27) “”Review Committee”” means the committee established pursuant to Section 420.9072(3)(a), F.S.
(28) “”SHIP”” or “”SHIP Program”” means the State Housing Initiatives Partnership Program created pursuant to the State Housing Initiative Partnership Act, Sections 420.907-.9079, F.S.
(29) “”Sponsor”” means eligible sponsor as defined in Florida Statutes § 420.9071(11)
(30) “”State”” means the State of Florida.
(31) “”Sub-Recipient”” means a person or organization contracted by a SHIP eligible local government that is compensated with SHIP funds to provide administration of any portion of the SHIP program.
(32) “”Welfare Transition Program”” means a program pursuant to the provisions of Florida Statutes § 445.006
Rulemaking Authority Florida Statutes § 420.9072(9). Law Implemented Florida Statutes § 420.9072. History-New 11-26-92, Amended 2-9-94, 12-28-94, 1-6-98, Formerly 9I-37.002, Amended 12-26-99, 9-22-03, 1-30-05, 11-5-06, 2-24-08, 11-22-09, 5-23-17.