reglab/statecodes huggingface dataset:
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-53 - COMPLIANCE PROCEDURES › Section 67-53.006 - Compliance and Monitoring Procedures for the Pre-Development Loan Program (PLP)

Current through Reg. 50, No. 138; July 16, 2024
(1) Units within the
				development that are occupied at the time of the Pre-Development Loan Program
				("PLP") Loan closing as defined in Rule Chapter 67-38, F.A.C., shall meet
				development set-aside requirements at that time.
(2) For new construction or rehabilitation of
				rental units not occupied at the time of PLP Loan closing, the Applicant shall
				notify the Corporation prior to the leasing of any units in the development.
				The units shall be leased by income eligible tenants.
(3) For rental PLP developments which obtain
				subsequent construction or permanent financing from Corporation programs, the
				compliance and monitoring requirements of the program or programs under which
				funding is received shall apply.
(4) For rental PLP developments that obtain
				subsequent construction or permanent financing from sources other than
				Corporation programs and no Corporation funds remain in the development:
(a) Any duly authorized representative of the
				Corporation shall be permitted at any reasonable time to inspect and monitor
				the records and facilities of the PLP development for compliance with the
				following conditions:
1. For home ownership
				PLP developments: The Corporation and or its representative shall perform an
				initial review to determine home buyer eligibility and verify permanent
				residency.
2. For multifamily
				rental PLP developments: The Corporation or its representative shall monitor
				tenant records and facilities for compliance during the Compliance Period with
				the following conditions:
a. All tenant
				records shall be maintained by the Applicant within 50 miles of the PLP
				development site.
b. The
				Corporation or its representative shall conduct on-site PLP development
				inspections at least annually.
c.
				The Corporation must approve the Applicant's selection of a management company
				prior to the company assuming responsibility for the PLP development based upon
				the following criteria:
(I) Review of the
				company information including key management personnel, management experience
				and procedures,
(II) Review of
				company forms such as application for apartment residence, income verification
				forms, lease, etc.,
(III) Key
				management company representative attendance at a Corporation compliance
				workshop; and,
(IV) A meeting
				between Corporation compliance staff and the key management company
				representative after the compliance
				workshop.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-53 - COMPLIANCE PROCEDURES › Section 67-53.007 - Compliance Procedures (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087 FS., Chapter 93-186,
					 Laws of Florida.
New 1-25-94, Formerly 9I-43.011, 67-43.011, Repealed
					 8-20-09.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-53 - COMPLIANCE PROCEDURES › Section 67-53.008 - Compliance and Reporting Requirements for State Apartment Incentive Loan (SAIL) Program, HOME Investment Partnerships (HOME) Rental Program, Multifamily Mortgage Revenue Bond (MMRB) Program, Housing Credit (HC) Program, Rental Recovery Loan Program (RRLP), and Elderly Housing Community Loan Program (EHCL)

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation
				shall monitor compliance of all terms and conditions of the Loans and of
				regulatory agreements, which regulatory agreements shall be recorded in the
				public records of the county wherein the development is located. Violation of
				any term or condition of the documents evidencing or securing the Loans shall
				constitute a default during the term of the Loans. The Corporation shall take
				legal action to effect compliance if a violation of any term or condition
				relative to the set-aside of units for qualified households is discovered
				during the course of compliance monitoring or by any other means. Any duly
				authorized representative of the Corporation shall be permitted at any time
				during normal business hours to inspect and monitor the construction or
				rehabilitation of any development that has received funding from the
				Corporation. Any duly authorized representative of the Corporation or the
				Treasury shall be permitted at any time during normal business hours to inspect
				and monitor development and resident records and facilities. All resident
				records shall be maintained by the owner of the development within 50 miles of
				the development site.
(2) Onsite
				inspections for Housing Credit ("HC") developments, as defined in Rule Chapter
				67-48, F.A.C.:
(a) An authorized
				representative of the Corporation will, at the Applicant's expense, conduct
				four on-site construction inspections during the construction or rehabilitation
				of any competitive HC development. Any required re-inspection due to a finding
				of non-compliance will be at the Applicant's expense.
(b) An authorized representative of the
				Corporation will, at the Applicant's expense, conduct a minimum of one onsite
				construction inspection of a non-competitive HC development which has not
				received any other Corporation financing. Any required reinspection due to a
				finding of non-compliance will be at the Applicant's
				expense.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-53 - COMPLIANCE PROCEDURES › Section 67-53.009 - Compliance and Monitoring for Homeownership Assistance Program (HAP) and Homeownership Programs

Current through Reg. 50, No. 138; July 16, 2024
For those developments who received funding from the
				  Corporation's Homeownership Assistance Program ("HAP"), as established by Rule
				  Chapter 67-45, F.A.C., and Homeownership Programs, as established by Rule
				  Chapter 67-50, F.A.C.:
(1) The
				Servicer shall inspect and monitor the development's construction site and
				records, as necessary, with inspections occurring during regular business
				hours.
(2) The Servicer shall
				monitor the sale of houses and determine homebuyer eligibility at initial
				purchase. Failure to comply with the agreed upon set-aside requirements shall
				result in a retroactive interest rate adjustment from the HAP or HOME
				Construction Loan interest rate to the current market
				rate.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.507(23),
					 420.5088,
					 420.5089
					 FS.
New 9-5-02, Formerly 67-50.100, Amended
					 8-20-09.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-53 - COMPLIANCE PROCEDURES › Section 67-53.010 - Forms (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority
					 420.507 FS. Law Implemented
					 420.5087,
					 420.5089,
					 420.509,
					 420.5099,
					 420.524,
					 420.9072
					 FS.
New 1-17-05, Repealed
					 8-20-09.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.003 - Notice of Program and Invitation and Application to Participate

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation shall publish a notice in
				the Florida Administrative Weekly and local newspapers announcing its intention
				to issue MCC and inviting potential MCC Participating Lenders to submit offers
				to originate to the Corporation at least 90 days prior to selection.
(2) Invitations to Participate are hereby
				incorporated by reference. Copies may be obtained by contacting the Single
				Family Bonds Administrator at 227 North Bronough Street, Suite 5000,
				Tallahassee, FL 32301-1397 or visiting
www.floridahousing.org
.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.004 - Program Documents

Current through Reg. 50, No. 138; July 16, 2024
The following program documents will identify the respective
				  roles of the Corporation, the MCC Participating Lender, and the MCC Eligible
				  Borrower:
(1) Origination Agreement.
				The Origination Agreement is hereby incorporated by reference. A copy of this
				document may be obtained by contacting the Single Family Bonds Administrator at
				227 North Bronough Street, Suite 5000, Tallahassee, FL 32301-1397; and,
(2) Origination Guide. The
				Origination Guide is hereby incorporated by reference. A copy of this document
				may be obtained by contacting the Single Family Bonds Administrator at 227
				North Bronough Street, Suite 5000, Tallahassee, FL
				32301-1397.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.005 - Issuance of Certificates

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				Corporation shall determine when MCC shall be made available statewide for MCC
				Eligible Borrowers. The Corporation shall review all offers to originate and
				designate those lenders that shall originate MCC. MCC Participating Lenders
				will be notified of their acceptance via the Notice of Acceptance.
(2) Twenty percent (20%) of the allocation
				shall be reserved for at least 1 year after the date on which the certificates
				are first made available with respect to MCC Targeted Area
				residences.
Rulemaking Authority
					 159.81 FS. Law Implemented
					 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.006 - Loan Processing

Current through Reg. 50, No. 138; July 16, 2024
(1) Any financing
				provided from the proceeds of a qualified mortgage revenue bond is
				prohibited.
(2) All applicants for
				MCC are processed by the MCC Participating Lenders in accordance with the
				Conventional Mortgage Loan standard underwriting criteria. The closed loan
				documents shall be presented to the Corporation or its designee for compliance
				review and issuance of a mortgage credit certificate pursuant to guidelines set
				forth in the Origination Guide.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.007 - Eligible Borrowers

Current through Reg. 50, No. 138; July 16, 2024
The MCC Eligible Borrowers under MCC program:
(1) Must possess an ownership interest and
				occupy the residence as a principal residence within sixty days after loan
				closing. The Eligible Borrower must notify the MCC Participating Lender and the
				Corporation if he/she ceases to occupy the property as the primary residence.
				At that time, the MCC will be revoked and the Eligible Borrower must stop using
				the MCC Credit;
(2) Must not have
				owned a principal residence, including a mobile home (whether or not on a
				permanent foundation), located within or outside the State of Florida during
				the three-year period ending on the date the mortgage is executed, unless the
				residence is being purchased in a MCC Targeted Area;
(3) Must meet household income limits for the
				MCC Program. MCC Participating Lenders must calculate income by using the
				procedures outlined in the Origination Guide.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.008 - Eligible Properties

Current through Reg. 50, No. 138; July 16, 2024
(1) The residence
				must be located in the State of Florida and must be eligible for insurance
				under the FHA, VA, USDA, Conventional and MI Insurer.
(2) The property must be a single family
				detached house, condominium or townhouse or a manufactured home eligible for
				FHA, VA, USDA, Conventional or PMI insurer mortgage insurance under a land-home
				transaction; 30 year amortization, fixed to a permanent foundation.
(3) No more than 15% of the total area of the
				principal residence can be used for the principal place of business for, or in
				connection with, any trade or business on an exclusive and regular
				basis.
(4) The Acquisition Price
				may not exceed the limits prescribed in the Origination Guide.
(5) Manufactured homes shall have a minimum
				of 400 square feet of living space and a minimum width in excess of 102
				inches.
Rulemaking Authority
					 420.507(12) FS.
					 Law Implemented 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.009 - Reporting Requirements

Current through Reg. 50, No. 138; July 16, 2024
The Corporation shall report the following information to MCC
				  Participating Lenders and the IRS as prescribed in IRC Section 25:
(1) The name, address, and social security
				number of the MCC Eligible Borrower; and,
(2) The certificate's issue, date of issue,
				Certified Indebtedness Amount, and certificate credit
				rate.
Rulemaking Authority
					 420.507(12),
					 (24) FS. Law Implemented
					 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-54 - MORTGAGE CREDIT CERTIFICATES PROGRAM › Section 67-54.010 - Fees

Current through Reg. 50, No. 138; July 16, 2024
In connection with the origination of a MCC, the Corporation
				  shall collect from the MCC Eligible Borrower a reservation fee, payable at the
				  time of application as identified in the Origination Guide. A copy of this
				  document may be obtained by contacting the Single Family Bonds Administrator at
				  227 North Bronough Street, Suite 5000, Tallahassee, FL
				  32301-1397.
Rulemaking Authority 420.507(4), (12), (24) Law Implemented
					 420.5099
					 FS.
New 1-3-05.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.001 - Purpose and Intent

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this rule chapter is to establish the
				  Homeownership Pool ("HOP") Program procedures by which the Corporation shall
				  administer the application process, determine loan amounts, service loans, and
				  provide down payment assistance to Eligible Homebuyers for the purchase of
				  Eligible Properties HAP as authorized by section
				  420.5088, F.S., and HOME as
				  authorized by section
				  420.5089, F.S., and HUD
				  regulations, 24 CFR §92 (4/1/2018), which is adopted and incorporated into
				  this rule chapter by reference and which is available on our Website
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/related-references-and-links
or from
https://www.flrules.org/Gateway/reference.asp?No=Ref-10683
.
Rulemaking Authority
					 420.507(12),
					 (14) FS. Law Implemented
					 420.507(23),
					 420.5088,
					 420.5089(2)
					 FS.
New 6-26-06, Amended 10-14-07,
					 7-2-19.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.005 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Adjusted Income" means the gross income
				from wages or assets, cash or non-cash contributions, and any other resources
				and benefits determined to be income by HUD, adjusted for household
				size.
(2) "Affiliate" means any
				person or entity that (i) directly or indirectly, through one or more
				intermediaries, controls, is controlled by, or is under common control with the
				Applicant or Member; (ii) serves as an officer or director of the Applicant or
				Member, or (iii) is the spouse, parent, child, sibling, or relative by marriage
				of a person described in (i) or (ii), above.
(3) "Agency means HUD's Federal Housing
				Administration (FHA), the United States Department of Veterans Affairs (VA) or
				USDA/RD.
(4) "AMI" or "Area Median
				Income" means the median income for an area, with adjustments made for
				household size, as determined by HUD.
(5) "Applicant" means any person or legally
				formed entity that is seeking participation in one of the Corporation's
				programs.
(6) "Appraisal" means an
				appraisal of a residence prepared by a Qualified Appraiser.
(7) "Area(s) of Critical State Concern" means
				the Florida Keys area of critical state concern.
(8) "Board" means the Board of Directors of
				Florida Housing Finance Corporation.
(9) "Calendar Days" means the seven (7) days
				of the week.
(10) "Corporation"
				means the Florida Housing Finance Corporation as defined in section
				420.503, F.S.
(11) "Disabling Condition" means a
				diagnosable substance abuse disorder, serious mental illness, developmental
				disability, or chronic physical illness or disability, or the co-occurrence of
				two or more of these conditions, and a determination that the condition is:
(a) Expected to be of long continued and
				indefinite duration; and
(b) Not
				expected to impair the ability of the person with special needs to live
				independently with appropriate supports.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.010 - Fees

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation shall collect a HOP
				Membership Application fee of $500 from all entities when applying to become a
				Member of the pool for the HOP program.
(2) Member shall pay a non-refundable Loan
				Servicing fee upon submission of each loan package to the Loan Servicer. Member
				may be reimbursed for this fee out of closing.
(3) Any fees associated with inspections
				required under 24 CFR §92.251(a) are the Member's
				responsibility.
(4) The Member Fee
				shall be limited to 16% of the Development Cost of the Unit.
(5) Member shall be charged a failed
				inspection fee of $500 for all homes inspected by the Corporation that have
				been determined to not have been built in compliance with HOP Property
				Standards per rule 67-57.040, F.A.C. Non-compliant
				home(s) must be brought into compliance and the assessed fee must be paid
				before the HOP Loan will close. This fee cannot be passed on to the Eligible
				Homebuyer.
Rulemaking Authority
					 420.507(12),
					 (14) FS. Law Implemented
					 420.507(23),
					 420.5088,
					 420.5089(2)
					 FS.
New 6-26-06, Amended 10-14-07, 6-17-08,
					 7-2-19.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.020 - Notice of funding Availability (NOFA)

Current through Reg. 50, No. 138; July 16, 2024
(1) The Corporation shall post NOFAs, which
				advise of the availability and set-asides of HOP funding, on the Corporation's
				Website at
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/important-announcements
and publish in the F.A.R.
(2)
				Funding will be made available in the form of reservations for Eligible
				Homebuyers on a first-come, first-served basis.
Rulemaking Authority
					 420.507(12),
					 (23) FS. Law Implemented
					 420.507(23),
					 420.5088,
					 420.5089
					 FS.
New 6-26-06, Repromulgated 10-14-07,
					 7-2-19.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.030 - Membership Application Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				In order to participate in the HOP program, the Applicant must first apply to
				become a Member by meeting the requirements of the HOP Membership Application
				("HOPMBR101 (4/1/19)"), which is adopted and incorporated herein by reference
				and is available on the Corporation's Website at
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms
or from
https://www.flrules.org/Gateway/reference.asp?No=Ref-10684
.
(2) Corporation staff shall review the
				Applicant's qualifications and experience, and upon verification that the
				Threshold requirements have been met, Applicants shall be notified and provided
				a Member number.
(3) Members must
				notify the Corporation of any changes to the development team or organization
				structure within 30 days of such change.
(4) Failure to advise of any changes to the
				development team or organization structure will result in the inactivation of
				the membership of the Member.
Rulemaking Authority
					 420.507(12),
					 (14) FS. Law Implemented
					 420.507(23),
					 420.5088,
					 420.5089(2)
					 FS.
New 6-26-06, Amended 10-14-07, 6-17-08,
					 7-2-19.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.040 - Property Standards

Current through Reg. 50, No. 138; July 16, 2024
(1) Construction
				Standards. All Units must meet the more stringent of the State or local
				building code requirements as applicable. At a minimum, all construction shall
				fully comply with the Florida Building Code - Residential (currently adopted
				edition).
(2)
Required Basic
				Features.
All Units must contain at a minimum:
(a) Range and oven;
(b) Washer and dryer hookups;
(c) Telephone hook-ups, with electrical
				outlet located within 12'' of each telephone jack (minimum of 2);
(d) Cable or satellite TV hookups (minimum of
				2) located within 12'' of an electrical outlet;
(e) All Living Space must be equipped with
				overhead lighting;
(f) Provide a
				home maintenance manual that includes information on basic home maintenance;
				manuals for all installed appliances, and information on how to use and
				maintain the green features of the home.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.050 - HOP Program Restrictions

Current through Reg. 50, No. 138; July 16, 2024
(1) All Units
				must be new construction which have not been previously occupied.
(2) At no time shall the HOP Loan exceed the
				Maximum Per Unit Subsidy Limits pursuant to 24 CFR §92.250.
(3) The maximum per-unit subsidy of HOP
				funding is limited to $25, 000, or the amount necessary to meet the borrower
				analysis criteria, with the exception of Eligible Homebuyers with a Disabling
				Condition and those at fifty percent (50%) AMI or below, which shall not exceed
				$35, 000, or the amount necessary to meet the borrower analysis
				criteria.
(4) A Member may not be a
				Financial Beneficiary of another Member.
(5) Members shall be limited to a maximum of
				60 Units per calendar year and no more than 10 Units in the reservation system
				at a time.
(6) The HOP Loan shall
				be evidenced by a properly executed Note and secured by a properly executed and
				recorded Mortgage provided by the Corporation.
(7) The HOP Loan should not be in lower than
				a second lien position; however, it may occupy a lien position lower than
				second if another source of down payment assistance from a local government is
				provided to the Eligible Homebuyer in an amount that exceeds the HOP
				Loan.
(8) The combined
				loan-to-value ratio cannot exceed one hundred five percent (105%) of the after
				construction or appraised value of the Unit with the exception of Eligible
				Homebuyers with a Disabling Condition for which the ratio cannot exceed one
				hundred ten percent (110%). In the loan-to-value calculation, the Corporation
				will not include any subsidy that contains forgivable terms within a five (5)
				year period or any portion of a subsidy that is forgivable within a five (5)
				year period.
(9) When HOP funds are
				used with other Corporation programs, the more stringent borrower analysis
				criteria will apply as it relates to eligibility requirements; however, in no
				instance can the HOP Loan be combined with any other Corporation down payment
				assistance funds.
(10) All Units
				must undergo any inspections required under 24 C.F.R.
				§92.251(a).
(11) A Unit shall
				qualify as affordable housing if:
(a) The
				value or initial purchase price of the property after construction does not
				exceed the Maximum Purchase Price; and
(b) The purchase price of the property after
				construction must not exceed the appraised value of the
				property.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.060 - Eligible Homebuyer Requirements

Current through Reg. 50, No. 138; July 16, 2024
(1)
				In order to receive a HOP Loan under the HOP program, the Eligible Homebuyer
				must:
(a) Have an Adjusted Income that does
				not exceed eighty percent (80%) AMI;
(b) Qualify as an Eligible Homebuyer at the
				time of the execution of the purchase contract;
(c) Occupy the Unit as their principal
				residence;
(d) Provide a minimum
				down payment of $500, except when participating in a Self-Help
				program;
(e) Not have Personal
				Assets in excess of $30, 000 and Retirement Assets in excess of $100, 000,
				excluding equity contributions toward the Unit;
(f) Completed pre-purchase homebuyer
				education course, which includes face-to-face homebuyer education if provided
				by a HUD-approved counseling agency, a unit of local government that provides
				pre-purchase homebuyer education in Florida, or a counseling agency designated
				by a unit of local government to provide homebuyer education on their behalf.
				Online courses are permitted if provided by a HUD-approved agency, a unit of
				local government that provides pre-purchase homebuyer education in Florida, a
				mortgage insurance provider, or an Agency or GSE sponsored course. Certificates
				of Completion are acceptable for 2 years from the date of completion;
				and,
(g) Comply with the HOP
				Homebuyer Underwriting Guidelines (4/1/19), which are adopted and incorporated
				herein by reference and available at
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/related-references-and-links
or from
https://www.flrules.org/Gateway/reference.asp?No=Ref-10688
.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-57 - HOMEOWNERSHIP POOL PROGRAM › Section 67-57.070 - Homebuyer Loan Process

Current through Reg. 50, No. 138; July 16, 2024
(1) Once
				construction on the Unit has begun, Members shall reserve HOP funds, on a
				loan-by-loan basis.
(2) Within
				fourteen (14) Calendar Days of making the reservation, unless a Member is
				subject to subsection (8) below, Members must submit to the Corporation a copy
				of the building permit and the Corporation must approve the completed
				Environmental Checklist ("HOPENV301 (4/1/19)"), which is adopted and
				incorporated into this rule chapter by reference and which is available on our
				website at
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms
or from
https://www.flrules.org/Gateway/reference.asp?No=Ref-10689
or the reservation will be canceled.
(3) Funds shall be reserved for a maximum of
				one hundred eighty (180) Calendar Days. If the funds for the Eligible Homebuyer
				are not drawn within that period, the reservation of funds shall be canceled
				and the Member must submit a new reservation.
(4) Existing reservations in counties
				affected by a newly designated Presidentially declared or State declared
				disaster area shall be granted an automatic ninety (90) Calendar Day extension
				of the reservation. If additional time is needed, Members must submit a request
				for an extension which requires Board approval. Reservations without Board
				approved extensions will be canceled.
(5) At least four (4) weeks prior to the HOP
				Loan closing, the Member shall submit to the Loan Servicer a borrower analysis
				package, which shall include:
(a) Borrower
				Analysis Worksheet ("HOPANALYSIS401 (4/1/19)"), which is adopted and
				incorporated herein by reference and is available on the Corporation's Website
				at
https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms
or from
https://www.flrules.org/Gateway/reference.asp?No=Ref-10690
with all required documentation;
(b) Certification or evidence of pre-purchase
				homebuyer education;
(c) Copy of
				First Mortgage lender's approval letter;
(d) Third party documentation of household
				income and Personal Assets;
(e)
				Copy of as-built property Appraisal;
(f) Copy of purchase contract and any
				addendums; and,
(g) Copy of
				approval page generated from the HUD Income Calculator, which can be found at
				HUD's website at
https://www.hudexchange.info/incomecalculator/
.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.001 - Purpose and Intent

Current through Reg. 50, No. 138; July 16, 2024
The purpose of this rule chapter is to establish the
				  procedures by which the Corporation shall administer the Application process,
				  credit underwriting and loan servicing of the Community Workforce Housing
				  Innovation Pilot (CWHIP) Program pursuant to Section
				  420.5095, F.S.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-17-06, Amended
					 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.003 - Application and Selection Procedures for Projects

Current through Reg. 50, No. 138; July 16, 2024
(1) When submitting an Application,
				Applicants must utilize the Community Workforce Innovation Pilot (CWHIP)
				Program Application in effect at the Application Deadline.
(a) The CWHIP Application Package ("CWHIP-816
				(11/26/07)")) is adopted and incorporated by reference herein, and consists of
				the forms and instructions obtained from the Corporation, for a fee, at 227
				North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329 or
				available, without charge, on the Corporation's website under the Workforce
				Housing link labeled 2007 CWHIP, which shall be completed and submitted to the
				Corporation in accordance with this rule chapter in order to apply for the
				CWHIP Program.
(b) All Applications
				must be complete, legible and timely when submitted, except as described below.
				Corporation staff may not assist any Applicant or party to the Public-Private
				Partnership by copying, collating, or adding documents to an Application nor
				shall any Applicant or party to the Public-Private Partnership be permitted to
				use the Corporation's facilities or equipment for purposes of compiling or
				completing an Application.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.005 - Fees

Current through Reg. 50, No. 138; July 16, 2024
(1) The Applicant shall be responsible for
				the payment of any required credit underwriting, legal, and loan servicing fees
				for the term of the loan and compliance monitoring fees for the term of the
				Affordability Period.
(2) The
				Applicant shall be responsible for the payment of any necessary extension fees,
				as further described in subsections
				67-58.020(6),
				67-58.020(26),
				67-58.070(6)
				and 67-58.070(23),
				F.A.C.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-17-06, Amended
					 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.006 - General Program Procedures and Restrictions

Current through Reg. 50, No. 138; July 16, 2024
(1) Loans, excluding loans made pursuant to
				Rule 67-58.015, F.A.C., shall be in
				an amount not to exceed 50 percent of the Total Project Cost attributable to
				the units set aside for Workforce Housing, or the minimum amount required to
				make the Project economically feasible, whichever is less, as determined by the
				Credit Underwriter.
(2) An
				Applicant is not eligible to apply for or receive CWHIP Program funding if any
				of the following pertain to the proposed Project:
(a) The proposed Project is utilizing State
				Apartment Incentive Loan (SAIL) or HOME Rental funding from the
				Corporation.
(b) The Applicant has
				accepted a preliminary commitment of CWHIP funding from a prior cycle for the
				proposed Project unless the Applicant has provided written notice to the
				Corporation prior to the Application Deadline for the current cycle that it is
				withdrawing its acceptance and returning its funding.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.010 - Total Project Cost

Current through Reg. 50, No. 138; July 16, 2024
The Total Project Cost includes the following:
(1) The cost of acquiring real property and
				any buildings thereon, including payment for options, deposits, or contracts to
				purchase properties.
(2) The cost
				of site preparation, demolition, and development.
(3) Any expenses relating to the issuance of
				tax-exempt bonds or taxable bonds, if any, related to the particular
				Project.
(4) Fees in connection
				with the planning, execution, and financing of the Project, such as those of
				architects, engineers, attorneys, accountants, Developer fee, and the
				Corporation.
(5) The cost of
				studies, surveys, plans, permits, insurance, interest, financing, tax and
				assessment costs, and other operating and carrying costs during New
				Construction or Rehabilitation of the Project.
(6) The cost of the New Construction,
				Rehabilitation, and equipping of the Project.
(7) The cost of land improvements, such as
				landscaping and offsite improvements related to the Project, whether such costs
				are paid in cash, property, or services.
(8) Expenses in connection with initial
				occupancy of the Project.
(9)
				Allowances for working capital, contingency reserves, and reserves for any
				anticipated operating deficits during the first two (2) years after completion
				of the Project.
(10) The cost of
				such other items, including relocation costs, indemnity and surety bonds,
				insurance premiums, trustees fees and expenses, depositories, and agent's fees
				for the Corporation's bonds, for the New Construction or Rehabilitation of the
				Project.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-17-06, Amended
					 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.015 - Supplemental Loans for Green Building

Current through Reg. 50, No. 138; July 16, 2024
A supplemental loan is available to Applicants who have been
				  awarded CWHIP funds under this application cycle and have committed to the
				  requirements contained in Part III. C.3. b. and c. of the Application
				  instructions. The supplemental loan is forgiven on a per set-aside unit basis
				  as the certification is received for each set-aside unit. If certification is
				  not obtained, the pro-rata supplemental loan amount attributed to that
				  set-aside unit that did not receive certification becomes due and payable
				  immediately with a penalty of 18 percent of the pro-rata
				  amount.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.020 - Credit Underwriting and Loan Procedures

Current through Reg. 50, No. 138; July 16, 2024
The credit underwriting review shall include a comprehensive
				  analysis of the Applicant; the real estate; the economic viability of the
				  Project; the ability of the Applicant and the Project team to proceed; the
				  evidence of need for Workforce Housing in order to determine that the Project
				  meets the CWHIP Program requirements; and the determination of a recommended
				  CWHIP loan amount.
(1) After the
				rankings are approved by the Board, the Corporation shall offer all Applicants
				within the funding range an invitation to enter credit underwriting. The
				Corporation shall select the Credit Underwriter for each Project.
(2) The invitation to enter credit
				underwriting constitutes a preliminary commitment.
(3) A response to the invitation to enter
				credit underwriting must be received by the Corporation and the Credit
				Underwriter no later than seven (7) Calendar Days after the date of the letter
				of invitation.
(4) If the
				invitation to enter credit underwriting is accepted:
(a) The Applicant shall submit the credit
				underwriting fee to the Credit Underwriter within 30 Calendar Days of the date
				of the letter of invitation.
(b)
				Failure to submit the required credit underwriting fee by the specified
				deadline shall result in withdrawal of the invitation.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.030 - Terms and Conditions of Loans

Current through Reg. 50, No. 138; July 16, 2024
(1) The
				proceeds of all loans shall be used for New Construction or Rehabilitation of
				affordable, decent, safe and sanitary housing units.
(2) The CWHIP loan shall be in a first,
				second or other subordinated lien position. For purposes of this rule,
				mortgages securing a letter of credit as credit enhancement for the bonds
				financing the first mortgage shall be considered a contingent liability and
				part of the first mortgage lien, provided that the Borrower's counsel furnishes
				an opinion regarding the contingent nature of such mortgage satisfactory to the
				Corporation and its counsel.
(3)
				The loans to Applicants shall have interest rates as follows:
(a) One percent simple interest per annum,
				non-amortizing, will accrue on loans to Projects where long term affordability
				of 50 years is provided and when at least 80 percent of the units are set aside
				for Workforce Housing and at least 50 percent of the units are set aside for
				Essential Services Personnel. Such loans, including interest, shall be forgiven
				upon successful completion of the Compliance Period.
(b) For CWHIP loans not eligible for
				forgiveness, 3 percent fully amortized loans to Projects other than those
				identified in paragraph (a), above.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.040 - Sale or Transfer of a Project

Current through Reg. 50, No. 138; July 16, 2024
The CWHIP loan shall be assumable upon sale or transfer of
				  the Project if the following conditions are met:
(1) The proposed transferee agrees to
				maintain all set-asides and other requirements of the CWHIP loan for the period
				originally specified or longer; and,
(2) The proposed transferee and release of
				transferor receives a favorable recommendation from the Credit Underwriter as
				satisfying the criteria stated in the Credit Underwriter's report; meeting the
				stated purposes of the Corporation; complying with all legal requirements of
				the Corporation; and subject to approval by the Board.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-17-06, Amended
					 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.050 - Construction Disbursements

Current through Reg. 50, No. 138; July 16, 2024
(1) CWHIP loan
				proceeds, including loans made pursuant to Rule
				67-58.015, F.A.C., shall be
				disbursed during the construction phase in an amount per Draw which does not
				exceed the ratio of the CWHIP loan to the Total Project Cost unless approved by
				the Credit Underwriter.
(2) Ten
				business days prior to each Draw, the Borrower shall supply the Corporation's
				servicer, as agent for the Corporation, with a written request executed by the
				Borrower for a Draw. The request shall set forth the amount to be paid and
				shall be accompanied by documentation specified by the Corporation's servicer
				including claims for labor and materials to date of the last
				inspection.
(3) The Corporation and
				its servicer shall review the request for a Draw, and the servicer shall
				provide the Corporation with approval of the request or an alternative
				recommendation, after the title insurer provides an endorsement to the policy
				of title insurance updating the policy to the date of the current Draw and
				increasing the insurance coverage to an amount equal to the sum of all prior
				Draws and the current Draw, without additional exceptions, except those
				specifically approved in writing by the Corporation.
(4) The Corporation shall disburse
				construction Draws through an Automated Clearing House (ACH). The Borrower may
				request disbursement of construction Draws via a wire transfer. The Borrower
				will be charged a fee of $10 for each wire transfer requested. This charge will
				be netted against the Draw amount.
(5) The Corporation shall elect to withhold
				any Draw or portion of any Draw, notwithstanding any documentation submitted by
				the Borrower in connection with the request for a Draw, if:
(a) The Corporation or the Corporation's
				servicer determines at any time that the actual cost budget or progress of
				construction differs from that as shown on the loan documents;
(b) The percentage of progress of
				construction of the improvements differs from that shown on the request for a
				Draw, or
(c) If an Applicant or any
				Principal, Affiliate or Financial Beneficiary of an Applicant or a Developer is
				in arrears for any financial obligation it has to the Corporation or any agent
				or assignee of the Corporation.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.060 - Loan Servicing

Current through Reg. 50, No. 138; July 16, 2024
(1) By May 31st of
				each year of the CWHIP loan term, the Borrower shall provide the Corporation
				with audited financial statements. The audited financial statements shall be
				due no later than May 31st following the end of the calendar year following the
				year in which the first unit is occupied.
(2) The Corporation's servicer shall issue a
				monthly billing for the principal and interest due on the CWHIP loan.
(3) The Borrower shall remit the principal
				and interest due to the Corporation's servicer no later than the 15th day of
				each month of the CWHIP loan term.
(4) After maturity or acceleration, the note
				shall bear interest at the default interest rate from the due date until paid.
				Unless the Corporation has accelerated the CWHIP loan, the Borrower shall pay
				the Corporation a late charge of 5 percent of any required payment that is not
				received by the Corporation within 15 Calendar Days of the due date.
(5) Any sale, conveyance, assignment, or
				other transfer of interest or the grant of a security interest in all or any
				part of the title to the Project other than a superior mortgage shall be
				subject to the Corporation's prior written approval. Such written approval
				shall be granted upon demonstration of compliance with the provisions of Rule
				67-58.040, F.A.C.
(6) The final billing for the purpose of
				payoff of the CWHIP loan shall also include a billing for compliance fees to
				cover monitoring of CWHIP requirements beyond the maturity date of the note.
				Such fees shall be computed by determining the present value of the annual
				compliance monitoring fee and multiplying that by the number of years for which
				the Project will have a set-aside for Eligible Persons beyond the repayment
				date. The present value discount rate shall be 2.75 percent per annum. Such
				amount shall be reduced by the amount of any compliance monitoring fees for
				other programs collected by the Corporation for the Project provided the
				compliance monitoring fee covers some or all of the period following the
				anticipated CWHIP loan repayment date.
(7) CWHIP loans shall be serviced either
				directly by the Corporation or by the servicer on behalf of the
				Corporation.
Rulemaking Authority
					 420.5095 FS. Law Implemented
					 420.5095
					 FS.
New 12-17-06, Amended
					 12-23-07.
Florida Administrative Code › 67 - FLORIDA HOUSING FINANCE CORPORATION › 67 - Departmental › Chapter 67-58 - COMMUNITY WORKFORCE HOUSING INNOVATION PILOT PROGRAM (CWHIP) › Section 67-58.070 - Credit Underwriting

Current through Reg. 50, No. 138; July 16, 2024
The credit underwriting review shall include a comprehensive
				  analysis of the Applicant; the real estate; the economic viability of the
				  Project; the ability of the Applicant and the Project team to proceed; the
				  evidence of need for Workforce Housing, in order to determine that the Project
				  meets the Program requirements; and the determination of a recommended CWHIP
				  loan amount.
(1) After the rankings
				are approved by the Board, the Corporation shall offer all Applicants within
				the funding range an invitation to enter credit underwriting. The Corporation
				shall select the Credit Underwriter for each Project.
(2) The invitation to enter credit
				underwriting constitutes a preliminary commitment.
(3) A response to the invitation to enter
				credit underwriting must be received by the Corporation and the Credit
				Underwriter no later than seven (7) Calendar Days after the date of the letter
				of invitation.
(4) If the
				invitation to enter credit underwriting is accepted:
(a) The Applicant shall submit the credit
				underwriting fee to the Credit Underwriter within 30 Calendar Days of the date
				of the letter of invitation.
(b)
				Failure to submit the required credit underwriting fee by the specified
				deadline shall result in withdrawal of the invitation.