Laserfiche WebLink
DOCK .1 Z) FAGS ►� � <br />SUMMARY OF THE <br />STATE APARTMENT INCENTIVE LOAN (SAIL) PROGRAM <br />ADMINISTRATION OF <br />Rule 9I-48, Florida Administrative Code, and Section 420.5087. <br />PROGRAM <br />Florida Statutes. <br />ELIGIBLE APPLICANTS <br />Any person or public entity, public or private, for-profit or not-for- <br />profit, proposing to build or rehabilitate affordable rental housing. <br />HOW TO APPLY <br />Submit Combined Cycle Application for SAIL/HOME/LIHTC. <br />FUNDS AVAILABLE <br />Anticipated preliminary amount of 518,525,000 in fiscal year <br />1997-98. " <br />TARGETING OF FUNDS <br />SAIL Program generally has one funding cycle a year and is open for <br />a minimum of 60 days. Each year funds are offered to applicants in <br />the following categories: family, elderly and commercial fishing and <br />farm workers in the large-, medium-, and small -sized counties. <br />TYPE OF <br />CONSTRUCTION <br />New construction, substantial rehabilitation or combination of <br />acquisition and substantial rehabilitation. <br />MAA'I11IUM REQUEST <br />the SAIL loan cannot exceed 25% of the total <br />Fmost, <br />project <br />e not-for-profit and public sponsors and sponsors <br />occupancy of a minimum of 80% of qualified <br />ishing workers and farmworkers may be eligible to <br />mit, as specified in Rule 91-48, F.A.C. <br />TERMS OF THE LOAN <br />SAIL loans are secured by low-interest second mortgages and in <br />some cases first mortgages. The loans are typically for IS years, but <br />can be extended under some circumstances. SAIL loans are non - <br />amortized with the following interest rates: <br />(a) Three percent interest on loans to projects that maintain an 80% <br />occupancy of residents qualifying as commercial fishing workers or <br />farmworker over the life of the loan. Payment of the three'pereent <br />loan shall be based upon the actual project cash flow and may be <br />deferred as set forth in Rule 91-48, F.A.C. <br />(b) Nine percent simple interest with a mandatory <br />payment of the <br />three percent base and the remaining six percent based upon the <br />actual project cash flow and may be deferred as set forth in Rule 9I- <br />48, F.A.C. <br />4INIMUM SET-ASIDE <br />MQUIREMENT <br />20% of the units at 50% of the area or state median income, adjusted <br />for family size; however, projects using Low Income Housing Tax <br />Credits may use a minimum set-aside requirement of 40% of the <br />units at 60% of area median income. <br />?INIIVIUM TERM OF <br />15 years, but sponsors usually commit to 50 years. <br />ET -ASIDE <br />ITHER <br />SAIL Loan Program can be used in conjunction with other state and <br />federal programs. <br />26 <br />Februar 27, 1997 <br />