Florida Statutes 159.80751 – Qualified mortgage credit certificates
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Florida Statutes 159.80751
- Affordable housing bonds: means multifamily affordable housing bonds and single-family affordable housing bonds. See Florida Statutes 159.803
- Carryforward confirmation: means a confirmation for a project that qualifies for a carryforward pursuant to…. See Florida Statutes 159.803
- Code: means the Internal Revenue Code of 1986, as amended, and the regulations and rulings issued thereunder. See Florida Statutes 159.803
- Confirmation: means the conditional allocation of a portion of the state volume limitation to an issuer, made pursuant to a timely filed notice of intent to issue, which is contingent upon the issuer's timely filing of an issuance report. See Florida Statutes 159.803
- Division: means the Division of Bond Finance of the State Board of Administration. See Florida Statutes 159.803
- Issuer: means the State of Florida, any governmental unit, a housing finance authority, an industrial development authority, or any other entity in this state authorized to issue private activity bonds. See Florida Statutes 159.803
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State volume limitation: means the maximum amount of private activity bonds which may be issued in this state during each calendar year as such limit is imposed by…. See Florida Statutes 159.803
- writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01
(1) On or before November 30 of each year, an issuer may elect in writing to the division to convert all or a portion of its allocation of state volume limitation for single-family affordable housing bonds to mortgage credit certificates, provided such election is made before the expiration date of the confirmation granting such allocation. Each issuer shall provide notice of any election made under this section to the governing body of the county for which the issuer was created. Such election is irrevocable.
(2) All mortgage credit certificates must be issued under a certification program that is designed to ensure that the requirements of s. 25 of the Code, specifically s. 25(f)(4), are complied with and that meets all requirements adopted by the United States Secretary of the Treasury as set out in applicable regulations. Any potential issuer of mortgage credit certificates must certify in writing to the division that the mortgage credit certification program is certified under s. 25 of the Code, specifically s. 25(f)(4).
(3) For that portion of the confirmation that an issuer has elected to use for mortgage credit certificates before the expiration thereof, the expiration dates in s. 159.8052(2) do not apply and any unissued mortgage credit certificates will automatically receive a carryforward confirmation.
(4) The election referenced in subsection (1) and the certification referenced in subsection (2) must be filed with the division in accordance with s. 159.814. The director of the division is the state official designated to make the certification required by Temporary Regulation 1.25-4T(d) under the Code.