Florida Statutes 420.527 – Criteria for determining threshold compliance
Current as of: 2024 | Check for updates
|
Other versions
(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.
Terms Used In Florida Statutes 420.527
- 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. See Florida Statutes 420.503
- Local government: means a unit of local general-purpose government as defined in…. See Florida Statutes 420.503
(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.