Waiver of subsection 67-48.010(8), F.A.C., from Spring Lake Cove, L.L.L.P. The petition is seeking a waiver of that portion of subsection 67-48.010(8), F.A.C., which allows accrued and unpaid interest payments due annually on the State Apartment ...

FLORIDA HOUSING FINANCE CORPORATION

Rule No.: RULE TITLE
67-48.010: Terms and Conditions of SAIL Loans

NOTICE IS HEREBY GIVEN that on July 07, 2010, the Florida Housing Finance Corporation, received a petition for Waiver of subsection 67-48.010(8), F.A.C., from Spring Lake Cove, L.L.L.P. The petition is seeking a waiver of that portion of subsection 67-48.010(8), F.A.C., which allows accrued and unpaid interest payments due annually on the State Apartment Incentive Loan (“SAIL”) Programs loans to be deferred to the extent “Development Cash flow” as defined under subsection 67-48.002(30), F.A.C., is insufficient and as such, require that the annual interest payment of the SAIL loan to be “hard pay” without such payment of interest being contingent on available Development Cash Flow.
A copy of the Petition for Variance or Waiver may be obtained by contacting: Della Harrell, Corporation Clerk, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32399-1329. The Petition has also been posted on Florida Housing’s website: floridahousing.org. Florida Housing will accept comments concerning the Petition for 14 days from the date of publication of this notice. To be considered, comments must be received on or before 5:00 p.m. (Eastern Standard Time), on the 14th day after publication of this notice at Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32399-1329.