To ensure consideration for 4th quarter Credit Swaps, recording of EUAs, and issuance of 8609s by Dec. 31, 2022, all requests, final site inspections, approved final cost certifications and/or other applicable required documentation must be received by program staff no later than Dec. 1, 2022. If Florida Housing receives a large influx of requests at the beginning of December, or if requests are received after this date, requests will be completed in order of receipt and may not be finalized by year end.
The CHIRP CUR deadline is Dec. 15, 2022 and there is a possibility that staff will still be issuing carryovers the last two weeks of the year as 2022 credit developments that requested CHIRP finalize their Credit Underwriting Reports. Florida Housing will prioritize CURs, carryovers, EUAs, 8609s and cost certifications in this order. All requests will be handled on a first, first-serve basis. It is prudent to make any requests as early in the fourth quarter as possible to ensure adequate time for processing.
For Developments that have requested CHIRP funding who are targeting the Quick Close Incentive:
- As the Nov. 10, 2022 quick close incentive deadline approaches, Florida Housing will review Credit Underwriting Reports on a first-come, first-serve basis. If there is a large influx of Credit Underwriting Reports submitted shortly before this deadline, staff cannot guarantee that there will be capacity to review them all prior to the quick close incentive deadline. If you are targeting the quick close incentive deadline, please work with your credit underwriter to ensure all questions are answered in a timely manner and follow-up documentation is submitted expediently.
- After you close on your construction financing, you will need to send your executed Limited Partnership Agreement to your program manager to ensure the tracking spreadsheet is updated appropriately.
For 2022 Credit Developments that have requested CHIRP funding:
- Florida Housing cannot issue the Carryover Allocation Agreement until your Credit Underwriting Report is complete. If the Credit Underwriting Report is not completed until mid-December, that gives staff a short time to get the Credit Underwriting Report completed in time to issue the Carryover Allocation Agreement before the end of the year. Please keep this in mind and strive to get the Credit Underwriting Report completed with your credit underwriter well before the December 15th deadline. If your Credit Underwriting Report is not submitted until mid-December, there is a possibility that we may have to issue a 2022 Carryover Allocation Agreement reflecting only the amount of the original award and issue a 2023 Carryover Allocation Agreement that would include the CHIRP funding in early 2023, after staff can review the Credit Underwriting Report.
- If your Credit Underwriting Report is not completed until sometime in December, be ready to receive and quickly turnaround the Carryover Allocation Agreement in a short time frame.
- If you plan on closing on your Limited Partnership Agreement prior to Oct. 31, 2022 (in lieu of meeting the Dec. 15, 2022 CUR deadline), you will need to submit your Limited Partnership Agreement to your program manager prior to this date. At the time of receipt of the Limited Partnership Agreement, and upon satisfactory completion of the Preliminary Recommendation Letter, staff will issue a 2022 Carryover Allocation Agreement for the original credit request amount and a new Carryover Allocation Agreement will be issued once the CHIRP credits are sized in credit underwriting.