Florida Statutes 159.8041 – Allocation of state volume limitation; recapture of unused amounts
Current as of: 2024 | Check for updates
|
Other versions
(1) The division shall annually determine the state volume limitation. The division shall make the state volume limitation information available upon request and shall publish such information on its website.
(2) On January 1 of each year, the division shall initially allocate the state volume limitation among the following pools:
(a) Fifty percent of the state volume limitation must initially be allocated among the affordable housing allocation pools established in s. 159.8061 for use as provided therein.
Terms Used In Florida Statutes 159.8041
- Carryforward confirmation: means a confirmation for a project that qualifies for a carryforward pursuant to…. 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
- 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.
- Corporation: means the Florida Housing Finance Corporation created by…. See Florida Statutes 159.803
- Division: means the Division of Bond Finance of the State Board of Administration. See Florida Statutes 159.803
- Issuance report: means the form containing the information described in…. 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
(b) Twenty-five percent of the state volume limitation must initially be allocated to the corporation pool established in s. 159.8062 for use as provided therein.
(c) Twenty-five percent of the state volume limitation must initially be allocated to the economic development allocation pool established in s. 159.8063 for use as provided therein.
(3) On October 1 of each year, any portion of each allocation of state volume limitation made to the affordable housing allocation pools or the economic development allocation pool pursuant to subsection (2) for which the division has not issued a confirmation must be added to the state allocation pool.
(4) On December 1 of each year, any portion of the allocation of state volume limitation made to the corporation pool pursuant to subsection (2) or the state allocation pool pursuant to subsection (3) for which the division has not issued a confirmation must be added to the carryforward allocation pool. Additionally, on December 1 of each year, any portion of the state volume limitation used to issue a confirmation which has not been used by an issuer for the issuance of bonds, as evidenced by receipt by the division of an issuance report, or which has not received a carryforward confirmation pursuant to s. 159.8101(2) or been converted for the issuance of mortgage credit certificates must be added to the carryforward allocation pool.