Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-50 - FLORIDA HOUSING FINANCE CORPORATION HOMEOWNERSHIP LOAN PROGRAM › Section 67-50.080 - Credit Underwriting Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				Each Applicant shall undergo credit underwriting to determine the financial
				stability, capacity and experience of the Applicant and the economic and
				financial feasibility of the Development. The Applicant will be subject to
				credit underwriting as prescribed by the Corporation's Credit
				Underwriter.
(2) Applicants
				utilizing HLP funding for construction shall undergo an in-depth underwriting
				analysis consisting of items on the checklist provided by the Credit
				Underwriter.
(3) Applicants
				utilizing HLP funding for purchase assistance shall undergo an analytical
				review consisting of components on the checklist provided by the Credit
				Underwriter.
(4) The Applicant
				shall submit all the required information to the Credit Underwriter within
				sixty (60) days of the date of the notification letter. If an extension is
				needed, a written request substantiating the need for the extension must be
				provided to the Corporation prior to the sixty (60) day initial deadline,
				subject to approval by the Credit Underwriter and the Corporation. Applicants
				will be charged a penalty fee of $100 for each extension request, pursuant to
				Section 420.507(4),
				F.S., payable at the time of the request. In the event the time limitation
				expires, the Corporation will request that the Applicant relinquish the
				preliminary allocation and it will be made available to the next ranked
				Applicant.
(5) The Credit
				Underwriter shall verify all information in the Application, including
				information relative to the Applicant, Developer, Contractor and other members
				of the Development team. The Corporation shall provide the draft underwriting
				report to the Applicant for review and comment. The Credit Underwriter will
				provide a final report to the Corporation, which will address comments made by
				the Applicant, as deemed appropriate.
(6) The Credit Underwriter shall request the
				following information:
(a) For Principals and
				guarantors, audited financial statements or financial statements compiled or
				reviewed in accordance with Statement on Standards for Accounting and Review
				Services (SSARS) No. 1, which is adopted and incorporated herein by reference
				and which can be obtained from the Corporation, at 227 North Bronough Street,
				Suite 500, Tallahassee, Florida 32301-1329, for the most recent fiscal year
				ended, credit check, banking and trade references, and deposit verifications.
				If audited financial statements or financial statement compiled or reviewed in
				accordance with SSARS No. 1 are not available, unaudited financial statements
				prepared within the last 90 days and reviewed by the Credit Underwriter and the
				two most recent year's tax returns.
(b) For the Applicant and general partner,
				audited financial statements or financial statements compiled or reviewed in
				accordance with SSARS No. 1, for the most recent fiscal year ended, credit
				check, banking and trade references, and deposit verifications. If the entities
				are newly formed (less than 18 months in existence as of the date that the
				credit underwriting information is requested), a copy of any and all tax
				returns with related supporting notes and schedules.