67-57.050. HOP Program Restrictions  

Effective on Tuesday, July 2, 2019
  • 1(1) All Units must be new construction which have not been previously occupied.

    14(2) At no time shall the HOP Loan exceed the Maximum Per Unit Subsidy Limits pursuant to 3124 CFR §92.250.

    34(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.

    92(4) A Member may not be a Financial Beneficiary of another Member.

    104(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.

    131(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.

    156(7) 157The 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.

    205(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.

    284(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.

    326(10) All Units must undergo any inspections required under 33524 C.F.R. §92.251(a).

    338(11) A Unit shall qualify as affordable housing if:

    347(a) The value or initial purchase price of the property after construction does not exceed the Maximum Purchase Price; and

    367(b) The purchase price of the property after construction must not exceed the appraised value of the property.

    385(12) Members are responsible for providing the Loan Servicer with completed documentation of the homebuyer.

    400(13) Homebuyer reservations will be denied or canceled if a Member or any Principal, or Affiliate of a Member has any existing developments participating in any Corporation programs that remain in non-compliance with the Code, the applicable Florida Statutes and rule chapters, loan documents, or any loan commitment after any applicable cure period granted for correcting such noncompliance has ended.

    460(14) An Applicant/Member shall be ineligible for funding or allocation in any program administered by the Corporation for a period of time as determined in paragraph (c), below, if:

    489(a) The Board determines that the Applicant/Member or any Principal, Financial Beneficiary, or Affiliate of the Applicant/Member has made a material misrepresentation or engaged in fraudulent actions in connection with any Application for a Corporation program. For purposes of this subsection, there is a rebuttable presumption that an Applicant/Member has engaged in fraudulent actions if the ApplicantMember or any Principal, Financial Beneficiary or Affiliate of the Applicant/Member:

    5561. Has been convicted of fraud, theft or misappropriation of funds,

    5672. Has been excluded from federal or Florida procurement programs for any reason,

    5803. Has been convicted of a felony in connection with any Corporation program, or

    5944. Has offered or given consideration with respect to a local contribution as set forth in subsection (7), below.

    613(b) Before any such determination can be final or effective, the Corporation must serve an administrative complaint that affords reasonable notice to the Applicant/Member of the facts or conduct that warrant the intended action, specifies a proposed duration of ineligibility, and advises the Applicant/Member of the opportunity to request a proceeding pursuant to sections 667120.569 668and 669120.57, F.S. 671Upon service of such complaint, all pending transactions under any program administered by the Corporation involving the Applicant/Member, or any Principal, Financial Beneficiary or Affiliate of the Applicant/Member shall be suspended until a final order is issued or the administrative complaint is dismissed.

    714(c) The administrative complaint will include a proposed duration of ineligibility, which may be either a specific period of time or permanent in nature. With regard to establishing the duration, the Board shall consider the facts and circumstances, inclusive of each Applicant/Member’s compliance history, the type of misrepresentation or fraud committed, and the degree of harm to the Corporation’s programs that has been or may be done.

    781Rulemaking 782Authority 783420.507(12), 784(14) FS. Law Implemented 788420.507(23), 789420.5088, 790420.5089(2) FS. 792History–New 6-26-06, Amended 10-14-07, 6-17-08, 7-2-19.