Pursuant to Florida Statutes Section 420.5087(3)(d), F.S., the Florida Housing Finance Corporation administers the Elderly Housing Community Loan (EHCL) Program. This program provides loans to sponsors of affordable rental housing for very low ...

 

FLORIDA HOUSING FINANCE CORPORATION
Departmental

RULE NO: RULE TITLE
67-32: ELDERLY HOUSING COMMUNITY LOAN PROGRAM
67-32.002: Definitions
67-32.005: Application Procedures
67-32.006: Terms and Conditions of Loan
PURPOSE, EFFECT AND SUMMARY: Pursuant to Florida Statutes Section 420.5087(3)(d), F.S., the Florida Housing Finance Corporation administers the Elderly Housing Community Loan (EHCL) Program. This program provides loans to sponsors of affordable rental housing for very low income elderly households. Chapter 67-32, F.A.C., provides the procedures for the administration of this loan program and criteria for receiving, evaluating, and competitively ranking all applications for loans under the EHCL program. The intent of this Rule is to provide loans to sponsors of housing for the elderly to make building preservation, health, or sanitation repairs or improvements which are required by federal, state, or local regulation or code, or life-safety or security-related repairs or improvements to such housing. Revisions to the Rule are required to implement technical and clarifying changes. The adoption of these revisions will increase the efficiency and effectiveness of local program service delivery and will provide greater clarification of the program.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COST: No statement of regulatory costs has been prepared.

Any person who wishes to provide information regarding the statement of estimated regulatory costs or to provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

SPECIFIC AUTHORITY: 420.5087 FS.

LAW IMPLEMENTED: 420.5087 FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: November 28, 2006, 1:00 p.m.

PLACE: Florida Housing Finance Corporation, 227 North Bronough Street, 6th Floor Seltzer Room, Tallahassee, Florida 32301-1329

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Derek Helms, EHCL Administrator, Florida Housing Finance Corporation,  227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Derek Helms, EHCL Administrator, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329

 

THE FULL TEXT OF THE PROPOSED RULE IS:

67-32.002 Definitions

(1) through (10) No change.

(11) “Review Committee” means a committee of Corporation staff and one Department of Community Affairs person who will make recommendations to the Corporation’s Board of Directors regarding EHCL Program participation.

Specific Authority 420.5087(3)(d) FS. Law Implemented 420.5087(3)(d) FS. History–New 10-2-89, Amended 2-25-96, Formerly 9I-32.002, Amended 11-9-98, 1-2-00, 12-31-00, 3-17-02, 5-5-03, 2-16-05,_________.

 

67-32.005 Application Procedures.

(1) The Corporation hereby adopts and incorporates by reference the EHCL Program Application Package EA0703 (12/06) (12/05).

(2) through (5) No change.

Specific Authority 420.5087(3)(d) FS. Law Implemented 420.5087(3)(d) FS. History–New 10-2-89, Amended 1-9-92, 2-25-96, Formerly 9I-32.005, Amended 11-9-98, 1-2-00, 12-31-00, 3-17-02, Repromulgated 5-5-03, Amended 2-16-05, 1-26-06, _______.

 

67-32.006 Terms and Conditions of Loan.

(1)(a) No change.

(b) Repayment of principle and interest may shall be deferred until maturity of the note, as determined by the credit underwriter based on the debt service coverage ratio for the EHCL Loan, including all superior mortgages not exceeding a 1.50 debt service coverage ratio.

(c) The loan term shall not exceed fifteen years but may be for a shorter period of time as recommended by the credit underwriter. However, if the lien of the Corporation’s encumbrance is subordinate to the lien of another mortgage, then the term may be made co-terminus with the longest term of the superior lien if requested by the Borrower and approved by the credit underwriter based on debt service coverage ratio, loan to value ratio, and other factors pertaining to the loan.

(d) through (7) No change.

Specific Authority 420.5087(3)(d) FS. Law Implemented 420.5087(3)(d) FS. History–New 10-2-89, Amended 1-9-92, 2-25-96, Formerly 9I-32.006, Amended 11-9-98, Repromulgated 1-2-00, Amended 12-31-00, 3-17-02, 5-5-03, 2-16-05, 1-26-06,________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jody Bedgood, Program Manager, Elderly Housing Community Loan (EHCL) Program, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329, [phone], extension 1112

NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Derek Helms, Program Administrator, Elderly Housing Community Loan (EHCL) Program, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329, [phone], extension 1218

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: September 8, 2006

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 29, 2006