HOUSING CREDITS (HC) 1986 - U.S. – Enacted: Cycle: Housing Type: 1986 Annual Competitive Rental Regulation: Administrator: Primary Uses: Section 420.5099, FS Florida Housing Finance Corp. New Construction, Rule Chapter 67-48, Rehabilitation FAC Section 42 Internal Revenue Code The Housing Credit (HC) Program is governed by the U.S. Department of the Treasury and Florida’s allocation is administered by the Florida Housing Finance Corporation. Under the HC Program, successful applicants are provided with a dollar-for-dollar reduction in federal tax liability in exchange for the development or rehabilitation of units to be occupied by very low- and low- income households. Developers who cannot use the tax reduction may sell credits in exchange for equity to the development. MORTGAGE REVENUE BONDS FOR RENTAL HOUSING (MRB) Enacted: Cycle: Housing Type: 1986 Year Round with Preference in Rental Limited Cycle Regulation: Administrator: Primary Uses: Section 420.508(2), FS Florida Housing Finance Corp. New Construction, Rule Chapter 67-21, Rehabilitation, Acquisition FAC The Multifamily Bond Program utilizes funds generated from the sale of both taxable and tax exempt – bonds to make below-market interest rate loans to nonprofit and for-profit developers of rental housing. Developments that receive tax exempt financing also receive automatic four percent Housing Credits directly from the federal government. PRE-DEVELOPMENT LOAN PROGRAM (PLP)
HOUSING CREDITS (HC) 1986 – U.S. - Enacted: 1986 Cycle: Annual Competitive Housing Type: Rental Regulation: Section 420.5099, FS Rule Chapter 67-48, FAC Section 42 Internal Revenue Code Administrator: Florida Housing Finance Corp. Primary Uses: New Construction, Rehabilitation The Housing Credit (HC) Program is governed by the U.S. Department of the Treasury and Florida’s allocation is administered by the Florida Housing Finance Corporation. Under the HC Program, successful applicants are provided with a dollar-for-dollar reduction in federal tax liability in exchange for the development or rehabilitation of units to be occupied by very low- and low- income households. Developers who cannot use the tax reduction may sell credits in exchange for equity to the development. MORTGAGE REVENUE BONDS FOR RENTAL HOUSING (MRB) Enacted: 1986 Cycle: Year Round with Preference in Limited Cycle Housing Type: Rental Regulation: Section 420.508(2), FS Rule Chapter 67-21, FAC Administrator: Florida Housing Finance Corp. Primary Uses: New Construction, Rehabilitation, Acquisition The Multifamily Bond Program utilizes funds generated from the sale of both taxable and tax – exempt bonds to make below-market interest rate loans to nonprofit and for-profit developers of rental housing. Developments that receive tax exempt financing also receive automatic four percent Housing Credits directly from the federal government. PRE-DEVELOPMENT LOAN PROGRAM (PLP)