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Florida Administrative Code (Last Updated: April 18, 2024) |
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67. Florida Housing Finance Corporation |
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D67. Departmental |
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67-50. Florida Housing Finance Corporation Homeownership Loan Program |
1(1) HAP funding shall be made available for either the construction of or purchase assistance to the homebuyer on affordable housing Developments, as defined in subsection 2767-50.005(30), 28F.A.C. Funding shall also be made available for land acquisition, predevelopment expenses and infrastructure; however, in no event shall the funds be used solely for these purposes.
55(2) A Non-Profit organization must have control of the Development and materially participate in the development and sale of the property through the construction period.
80(3) Non-Profit Sponsor Applicants must:
85(a) Have been in existence for at least one (1) year prior to applying for HAP funds; and,
103(b) Own the property or have a valid contract for purchase of the property and utilize the services of either a Non-Profit or for-profit Developer who has a proven record of providing similar housing.
137(4) The interest rate for a HAP Construction Loan is zero percent (0%).
150(5) The Land Use Restriction Agreement (LURA) shall contain restrictive covenants to ensure that the Development maintains the minimum set-aside requirements for HAP, pursuant to Section 176420.5088, F.S., 178as well as the specific amenities and set-asides the Applicant committed to in the Application.
193(6) The terms of the HAP Purchase Assistance Loan made to an Eligible Homebuyer are as follows:
210(a) A HAP Purchase Assistance Loan shall be made available to an Eligible Homebuyer who purchases a home built by a Developer participating in HLP under HAP.
237(b) The Eligible Homebuyer must have an Adjusted Income that does not exceed eighty percent (80%) AMI at the time of the loan closing.
261(c) A HAP Purchase Assistance Loan is limited to the lesser of twenty five percent (25%) of the purchase price of the house or the amount necessary to enable the purchaser to meet credit underwriting criteria.
297(d) Repayment of the HAP Purchase Assistance Loan is due upon the first to occur of the maturity of the first mortgage loan or upon the sale, transfer, refinancing, or rental of the secured property.
332(e) The combined loan-to-value ratio cannot exceed one hundred five percent (105%) of the appraised value of the home. In the one hundred five percent (105%) 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.
392(f) The HAP Purchase Assistance Loan shall be underwritten by the first mortgage lender and reviewed by the Corporation’s designated Servicer.
413(g) The purchase price of the house cannot exceed the appraised value or the maximum purchase price, as determined by the SFMRB Program at the time of the beginning of the construction of the house.
448Rulemaking Authority 450420.507(12), 451(23) FS. Law Implemented 455420.507(23), 456420.5088 FS. 458History–New 9-5-02, Amended 5-4-03, 12-28-04, 8-9-05.
