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Florida Administrative Code (Last Updated: March 13, 2024) |
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67. Florida Housing Finance Corporation |
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D67. Departmental |
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67-39. Florida Affordable Housing Guarantee Program |
1(1) The Guarantor shall charge premiums and rates for the issuance of a Guarantee in amounts not less than that established in the applicable Feasibility Study.
27(2) An application fee of .1 percent (.0010) of the total proposed qualified mortgage amount shall be paid by or on behalf of the Qualified Lending Institution at the time a proposed loan is submitted to the Guarantor for consideration for a Guarantee.
70(3) A good faith deposit in the amount of $15,000 shall be required to be paid by the Obligor to the Guarantor prior to the earlier to occur of the distribution by counsel to the Guarantor of Guarantee documents or the approval of a proposed Guarantee by the Corporation’s Board of Directors. Such good faith deposit shall be applied at closing to pay a portion of the fees due counsel to the Guarantor and the initial Guarantee fee. In the event the proposed financing does not close, such deposit shall be applied toward the amount of the accrued but unpaid fee of Guarantor’s counsel and any other unpaid expenses of the Guarantee Program associated with such proposed Guarantee, and the remainder shall be returned to the applicant.
198(4) A commitment fee of not less than .2 percent (.0020) of the stated principal amount of the Qualified Obligation shall be paid by or on behalf of the Qualified Lending Institution when a commitment to guarantee is issued by the Guarantor.
240(5) The Qualified Lending Institution or the Obligor or Principals shall pay all expenses incurred in the course of processing a request for a Guarantee, regardless of whether a Guarantee is ever issued.
273Rulemaking 274Authority 402.507(25), 276420.5092(4) FS. 278Law Implemented 280420.5092 FS. 282History–New 4-5-93, Amended 2-16-94, 12-26-95, 2-6-97, Formerly 9I-39.005, Amended 10-21-99, 1-8-02.
