Fla. Admin. Code R. 67-48 § 67-48.029

Extended Use Agreement

In Force
Verified 10/28/2026 · Next check 11/4/2026
effective 8/13/2026FloridaLIHTC (IRC §42)

Operative Text

Fla. Admin. Code R. 67-48 § 67-48.029
(1) Pursuant to Section 42(h)(6) of the IRC, the Applicant and the Corporation shall enter into an Extended Use Agreement. The purpose of the Extended Use Agreement is to set forth the Housing Credit Extended Use Period, the Compliance Period, and to evidence commitments made by the Applicant in the Application or subsequently agreed to by the Corporation.
(2) The following provisions shall be included in the Extended Use Agreement:
(a) The Applicable Fraction for Housing Credit Set-Aside units for each taxable year in the Housing Credit Extended Use Period shall not be less than the Applicable Fraction;
(b) Eligible Persons occupying set-aside units shall have the right to enforce in any state of Florida court the extended use requirement for set-aside units;
(c) The Extended Use Agreement shall be binding on all successors and assigns of the Applicant; and
(d) The Extended Use Agreement shall be executed prior to the issuance of a Final Housing Credit Allocation to an Applicant. Following execution, the Extended Use Agreement shall be recorded pursuant to Florida law as a restrictive covenant.
Source: Legislative text reproduced verbatim

Effective Timeline

Current
Aug 13, 2026
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Related Rules

§ 1.42-0
§ 1.42-0 Table of contents.
§ 1.42-0T
§ 1.42-0T Table of contents.
§ 1.42-1
§ 1.42-1 Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency.

Source Information

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Fetched:Oct 28, 2026, 02:38 PM UTC