Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-21 - NON-COMPETITIVE AFFORDABLE MULTIFAMILY RENTAL HOUSING PROGRAMS (MMRB/HC) › Part II - MULTIFAMILY MORTGAGE REVENUE BOND PROGRAM › Section 67-21.007 - MMRB Fees

Current through Reg. 50, No. 138; July 16, 2024
In addition to the fees specified in the Non-Competitive
					 Application Package, or competitive solicitation, as applicable, the
					 Corporation shall collect the following fees and charges in conjunction with
					 the MMRB Program:
(1) Refundable Fees
				  and Charges:
(a) Good faith deposit means a
				  total deposit equal to one percent of the loan amount reflected in the loan
				  commitment paid by the Applicant to the Corporation. The Applicant shall pay a
				  total deposit equal to one percent of the aggregate principal amount of
				  proposed Taxable and Tax-exempt Bonds, or $75, 000, whichever is greater, to
				  the Corporation, which deposit may be applied toward the Cost of Issuance Fee.
				  The maximum good faith deposit required is $175, 000. The good faith deposit is
				  payable in one (1) installment and is due within 14 Calendar Days of the date
				  the Board of Directors approves the Credit Underwriting Report. If the good
				  faith deposit is exhausted, the Applicant shall be required to pay, within
				  three (3) business days of notice, an additional deposit to ensure payment of
				  the expenses associated with the processing of the Application, the sale of the
				  Bonds, including document production and the securitization of the loan. The
				  good faith deposit shall be remitted by certified check or wire transfer. In
				  the event the MMRB Loan does not close, the unused portion of the good faith
				  deposit shall be refunded to the Applicant. Notwithstanding the foregoing, the
				  Applicant is responsible for all expenses incurred in preparation for loan
				  closing. Any and all costs of the Corporation will be deducted from the good
				  faith deposit prior to refunding any unused funds to the Applicant. In the
				  event that additional invoices are received by the Corporation subsequent to a
				  determination that the MMRB Loan will not close and refunding any unused funds
				  to the Applicant, which invoices related to costs incurred prior to such
				  determination and refunding, Applicant shall be responsible for payment of the
				  balance due as invoiced.
(b) Cost
				  of Issuance Fee: the Corporation shall require Applicants or participating
				  Qualified Lending Institutions selected for participation in the program, to
				  deliver to the Corporation, or, at the request of the Corporation, directly to
				  the Trustee, before the date of delivery of the Bonds, a Cost of Issuance Fee
				  in an amount determined by the Corporation to be sufficient to pay the costs
				  and expenses relating to issuance of the Bonds, which amount shall be deposited
				  into an account to be held by the Trustee. The Corporation shall provide the
				  Applicant with a good faith estimate of the Cost of Issuance Fee prior to
				  closing. The Applicant shall pay all costs and expenses incurred by the
				  Corporation in connection with the issuance of the Bonds, the expenditure of
				  the MMRB Loan proceeds, and provision of Credit Enhancement, if any, even if
				  such costs and expenses exceed the Cost of Issuance Fee. Any amounts remaining
				  in this account at the time the balance is transferred and the account closed
				  pursuant to the trust indenture shall be returned to the
				  Applicant.