67-48.0205. Sale, Transfer or Refinancing of a HOME Development


Effective on Thursday, July 11, 2019
  • 1(1) The HOME loan shall be assumable upon Development sale, transfer or refinancing if the following conditions are met:

    20(a) The proposed transferee meets all specific Applicant identity criteria which were required as conditions of the original loan;

    39(b) The proposed transferee agrees to maintain all set-asides and other requirements of the HOME loan for the period originally specified;

    60(c) The proposed transferee agrees to pay all loan servicing and compliance monitoring fees through the end of the HOME LURA; and,

    82(d) The proposed transferee and Application receives a favorable recommendation from the Credit Underwriter and approval by the Corporation’s Board of Directors.

    104All assumption requests must be submitted in writing to the Director of Special Assets and contain the specific details of the transfer and assumption. In addition to any related professional fees, the Corporation shall charge a non-refundable assumption fee as 144of one-tenth of one percent of the HOME loan principal amount. The applicable fee will be determined by the rule in effect at the time of the assumption request173.

    174(2) If the Development is sold and the proposed transferee does not meet the criteria for assumption of the loan, the HOME loan shall be repaid from the proceeds of the sale. If there will be insufficient funds available from the proposed sale of the Development, the HOME loan shall not be satisfied until the Corporation has received:

    232(a) An appraisal prepared by an appraiser selected by the Corporation indicating that the purchase price for the Development is reasonable and consistent with existing market conditions;

    259(b) A certification from the Applicant that the purchase price reported is the actual price paid for the Development, as supported by a copy of the final executive purchase and sale agreement, and that no other consideration passed between the parties, as supported by a draft and final closing statement, and that the income reported to the Corporation during the term of the loan was true and accurate; and,

    328(c) A certification from the Applicant that there are no Development funds available to repay the loan and the Applicant knows of no source from which funds could or would be forthcoming to pay the loan.

    364(d) The proposed transferee will pay 370an 371a372m373ou374n375t 376e377q378u379al 380to 381t382h383e 384pr385e386s387e388n389t 390v391a392l393u394e 395o396f 397t398h399e 400annual 401c402o403m404p405lia406n407ce 408m409o410n411it412or413i414n415g 416f417ee for the 420years 421f422o423r 424w425h426ich 427t428h429e 430D431e432v433el434op435m436e437n438t 439w440ill 441h442a443v444e 445a 446s447e448t449-450a451s452i453d454e 455f456o457r 458Ve459r460y 461L462o463w464-I465n466c467o468m469e 470p471e472r473s474o475n476s 477o478r 479h480o481us482e483h484o485l486d487s 488b489e490y491o492n493d 494t495h496e 497r498e499p500a501y502m503e504n505t 506d507ate. 508S509u510ch 511a512m513o514un515t 516sh517a518ll 519b520e 521r522e523d524u525ced 526b527y 528t529h530e 531a532m533o534un535t 536o537f 538a539n540y 541c542o543m544p545li546a547n548ce 549m550o551n552i553t554or555i556n557g 558f559ees 560c561o562llected 563b564y 565t566h567e 568C569orpor570ati571o572n 573f574o575r 576t577h578e 579De580v581el582o583p584m585e586n587t for that period, 591pro592v593i594d595e596d:

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    1496All loan extension requests must be submitted in writing to the Director of Special Assets and contain the specific details of the extension. In addition to any related professional fees, the Corporation shall charge a non-refundable extension fee of one-tenth of one percent of the HOME loan principal amount. The applicable fee will be determined by the rule in effect at the time of the extension request.

    1563(4) The 1565Corporation will recommend that the 1570Board approve requests for mortgage loan refinancing only if Development cash flow is improved, the Development’s economic viability is maintained, the security interest of the Corporation is not adversely affected, and the Credit Underwriter provides a positive recommendation.

    1608(5) The 1610Corporation will recommend that the 1615Board deny any requests for mortgage loan refinancing which require extension of the HOME loan term or otherwise adversely affect the security interest of the Corporation unless the criteria outlined in subsection 164767-48.0205(3), 1648F.A.C., are met, the Credit Underwriter recommends that the approval of such a request is crucial to the economic survival of the Development or unless the Board determines that public policy will be better served by the extension as a result of the Applicant agreeing to further extend the Compliance Period or provide additional amenities or resident programs suitable for the resident population. Further, the 1713Corporation will recommend that the 1718Board limit any approved extension to a minimum term which makes the Development feasible and which does not exceed an industry standard term.

    1741All requests which only require subordination of the regulatory agreements must be submitted in writing to the Director of Special Assets and contain the specific details of the subordination. In addition to any related professional fees, the Corporation shall charge a non-refundable subordination fee of $1,000 for each regulatory agreement to be subordinated. The applicable fee will be determined by the rule in effect at the time of the subordination request.

    1813All requests which only require extension of the affordability period under the regulatory agreements must be submitted in writing to the Director of Special Assets and contain the specific details of the extension. In addition to any related professional fees, the Corporation shall charge a non-refundable extension fee of $1,000 for each extension of the regulatory agreement. The applicable fee will be determined by the rule in effect at the time of the extension request.

    1889Rulemaking Authority 1891420.507, 1892420.508 FS. 1894Law Implemented 1896420.5089(7), 1897(8), (9) FS. History–New 12-23-96, Amended 1-6-98, Formerly 9I-48.0205, Amended 11-9-98, Repromulgated 2-24-00, Amended 2-22-01, Repromulgated 3-17-02, 4-6-03, 3-21-04, 2-7-05, 1-29-06, Amended 4-1-07, Repromulgated 3-30-08, 8-6-09, 11-22-11, Amended 10-9-13, 10-8-14, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, Repromulgated 7-11-19.

     

Historical Versions(10)

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