"Is this a Self-Sourced deal that actually kept its Qualified Contract right — or one of the large majority that waived it at application?"
Compliance monitoring is a contracted third-party function
Every Housing Credit development in Florida is monitored by FHFC or its appointee under Rule Chapter 67-53, F.A.C. — onsite review of tenant files, administrative procedures, and physical inspection, carried out by third-party compliance monitors under contract with FHFC. Seltzer Management Group publicly describes performing this role for FHFC-administered programs; this session did not confirm a complete current roster of FHFC's contracted compliance monitors, so treat any specific firm assignment as deal-specific rather than assumed.
Qualified Contract rights are the exception in current Florida practice, not the default
Under the current RFA structure, most Applicants affirmatively and irrevocably waive the right to ever request a Qualified Contract at application. A "Self-Sourced Applicant" — a defined concept tied to how the deal is financed — has retained that right by default in some RFA lineages (RFA 2020-205/2021-205/2023-211), but this session found the Compliance Period section of the mainline competitive RFA family this guide otherwise cites (the RFA 2024-201/2026-201 lineage) requiring all Applicants, without a visible Self-Sourced carve-out, to waive QC after Year 14 as a condition of the 50-year set-aside — treat the Self-Sourced carve-out as real but RFA-specific, and confirm it against the exact RFA an application was filed under rather than assuming it as a universal current-cycle default. Where the right does exist and is exercised, §420.5099(7), F.S. sets a specific process: FHFC must keep seeking offers at the qualified contract price through the end of a full 1-year period. If a bona fide contract fails to close because of the owner's own default, the owner waives any right to submit another Qualified Contract request. If it fails to close for any other reason, FHFC keeps marketing through the year's end — and if nothing else materializes, the project is treated as if no Qualified Contract had ever been presented, and the extended use period is terminated. This is the actual exit mechanism the Qualified Contract right exists to provide; federal law separately holds the property to a 3-year tenant-protection period afterward under IRC §42(h)(6)(E)(ii) regardless.
The affordability tail's actual length is instrument-specific, not a fixed statewide number
§420.5099 itself never states a duration for the extended use period, and this session did not independently confirm a single statewide default beyond the federal minimum 15-year compliance period plus 15-year extended use period every LIHTC deal carries nationally. What is confirmed is that some FHFC funding types have required considerably longer commitments — a 50-year set-aside period paired with a post-Year-14 Qualified Contract waiver has appeared in at least one Viability/construction-inflation-response RFA's terms. Treat the actual duration as a fact to read off the specific deal's recorded LURA/Extended Use Agreement, not something this guide — or any secondary source — can state as a single Florida-wide default.
Where this goes wrong
- Assuming every Florida LIHTC deal retains standard Qualified Contract rights — the current RFA-era default is an affirmative waiver at application; only defined "Self-Sourced" applicants retain the right.
- Assuming a Qualified Contract request, once submitted, is a fast exit — FHFC's statutory process runs a full 1-year marketing period, and a failed closing due to owner default forfeits the right to ever request another QC.
- Treating the Missing Middle property-tax exemption's 2059 sunset (Phase 7) as unrelated to Year 15+ planning — a deal placed in service late in the exemption's life needs its long-term pro forma to model the exemption's actual remaining term.
- Assuming a single statewide extended-use-period length applies to every FHFC-funded deal — some funding types have required a 50-year set-aside with a post-Year-14 QC waiver, materially longer than a standard federal structure; the applicable term is instrument-specific.
- Not confirming which third-party firm is actually FHFC's contracted compliance monitor for a specific deal before building a compliance workflow around a single assumed vendor.
- Relying on this guide — or any secondary source — for the exact default extended-use-period length rather than the deal's own recorded LURA/Extended Use Agreement; §420.5099 itself is silent on the duration, and no single statewide default figure was confirmed this session.
- HUD
- LIHTC
- State QAPs
- IRS § 42
- Housing Finance Agencies