The purpose of Rule Chapter 67-38, Florida Administrative Code (F.A.C.) is to establish the procedures by which the Florida Housing Finance Corporation shall administer the Predevelopment Loan Program (PLP) which helps to fund the initial and up ...

FLORIDA HOUSING FINANCE CORPORATION

RULE NO: RULE TITLE
67-38.002: Definitions
67-38.0026: General Program Requirements and Restrictions
67-38.003: Application Submission Procedures
67-38.004: Incomplete Applications and Rejection Criteria
67-38.005: Application Evaluation and Award Guidelines
67-38.007: Terms of the PLP Loan
67-38.008: Eligible Uses for the Loan
67-38.010: Credit Underwriting Procedures
67-38.011: Fees
67-38.014: Disbursement Procedures
PURPOSE AND EFFECT: The purpose of Rule Chapter 67-38, Florida Administrative Code (F.A.C.) is to establish the procedures by which the Florida Housing Finance Corporation shall administer the Predevelopment Loan Program (PLP) which helps to fund the initial and up front costs associated with the building or rehabilitation of affordable housing. These funds may be requested by any unit of government, public housing authority established pursuant to Chapter 421, F.S., community-based or not-for-profit organization, for-profit entity wholly owned by one or more qualified not-for-profit organizations, or limited partnership with the community-based or not-for-profit organization that holds at least 51% of the ownership not owned by a for-profit entity and must materially participate in the development and operation of the Development. Revisions to the Rule are required to implement technical and clarifying changes. The adoption of these revisions will increase the efficiency and effectiveness for program service delivery and will provide greater clarification of the program.
SUMMARY: The Corporation has reviewed the contents of this rule to ensure that the language contained herein is still in line with the Statute, current goals of the Corporation and reflects any material changes that have taken place within the structure or application process of the Predevelopment Loan Program.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 420.528 FS.
LAW IMPLEMENTED: 420.507, 420.521-.529 FS.
A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: August 27, 2007, 10:00 a.m.
PLACE: Florida Housing Finance Corporation, Seltzer Room, Sixth Floor, 227 North Bronough Street, Tallahassee, Florida 32301
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: Robert Dearduff [phone]. 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: Robert Dearduff, Special Programs Administrator, [phone]

THE FULL TEXT OF THE PROPOSED RULE IS:

67-38.002 Definitions.

(1) through (4) No change.

(5) “Application Package” means the forms and, instructions obtained from the Corporation at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329 or from the Corporation’s Website, which shall be completed and submitted to the Corporation in order to apply for a specific Corporation program. With respect to PLP, Form PLP 1115 (Rev 10/07) is hereby adopted and incorporated herein by reference. Copies of such may be obtained by contacting the Special Programs Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.

(6) through (15) No change.

(16) “Development Plan” or “Form TAP 1215” (Rev 02/05) means the written description of the proposed Development submitted to the Corporation by the Technical Assistance Provider, with the concurrence of the Applicant, in the form created and approved by Corporation. Form TAP 1215 is hereby adopted and incorporated herein by reference. Copies of such may be obtained by contacting the Special Programs Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32301-1329.

(17) through (21) No change.

(22) “Maturity Date” means the established date the loan is due for payment.

(23)(22) “Mortgage” means Mortgage as defined in Section 420.503, F.S.

(24) “Outstanding Loan” means a PLP Loan approved by the Board which has not been repaid or de-obligated by the developer.

(25) “Public Housing Authority” means a public housing authority established pursuant to Chapter 421, F.S.

(26)(23) “PLP” or “Predevelopment Loan Program” means the Predevelopment Loan Program established by the Act and this rule chapter.

(27)(24) “PLP Loan” means a direct loan from the Predevelopment Loan Program.

(28)(25) “Principal” means an Applicant, any general partner of an Applicant, and any officer, director, or any shareholder of any Applicant or shareholder of any general partner of an Applicant.

(29)(26) “Rehabilitation” means to bring a Development back to its original state, or to bring back to its original state with added improvements with limitations as specified by the program or programs which provide construction or permanent financing to the Development.

(30)(27) “Servicing and Compliance Monitoring Fees” means fees associated with the review and processing of requests for disbursement of funds, inspections and the monitoring of Developments.

(31)(28) “Set-Aside” means the percentage of units within a Development that shall be reserved as affordable at or below the specified AMI to income qualified persons or households throughout the Compliance Period as outlined herein.

(32)(29) “Technical Assistance Provider” or “TAP” means an independent contractor retained by the Corporation to provide technical assistance services.

(33)(30) “Technical Assistance” means assistance to Applicants via telephone, through on-site visits and by responses to oral and written inquiries from Applicants throughout the entire Predevelopment process and to provide such other services as agreed to by the Technical Assistance Provider and the Corporation.

(34)(31) “Threshold Requirements” means the requirements an Applicant shall meet as identified in the Application Package in order to receive an Invitation to Participate in the Predevelopment Loan Program.

(35)(32) “Website” means the Corporation’s website, the Universal Resource Locator (URL) for which is www.floridahousing.org.

Specific Authority 420.528 FS. Law Implemented 420.507, 420.521-.529 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.002, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,_______.

 

67-38.0026 General Program Requirements and Restrictions.

(1) An Applicant may only apply for funding through the Predevelopment Loan Program if it is a legally formed entity that is:

(a) No change.

(b) A Public local Hhousing Aauthority, established pursuant to Chapter 421, F.S.,

(c) No change.

(d) A for-profit entity wholly owned by one or more qualified Not-For-Profit Oorganizations, or

(e) No change.

(2) PLP Loans shall be limited to eligible predevelopment and site acquisition costs approved for the Development by the TAP and the Corporation and are limited to:

(a) $500,000 when no funds are being requested for site acquisition; or

(b) $750,000 when funds are being requested for site acquisition of which funds for the site acquisition cost (including good faith deposits applied to the sales price) shall be limited to $500,000;

(2) Loans shall be in an amount not to exceed $500,000, or the predevelopment and acquisition costs outlined in Rule 67-38.008, F.A.C., that were incurred prior to the closing of permanent or construction loan financing for the Development, whichever is less.

(3) All funds from the PLP loan shall be expended on the eligible expenses outlined in Rule 67-38.008, F.A.C.

(4) Site acquisition cost shall be subject to approval of an assigned Credit Underwriter.

(5) The Corporation may limit the PLP Loan to an amount which can be secured through a mortgage on the Development Site, the pledging of capital fund finance program funds as approved by HUD or other collateral approved by the Corporation.  Such determination shall require written recommendation by the TAP or Credit Underwriter and be based on the following: mortgages currently on the Development Site, or value of the Development Site as determined by appraisal dated within 12 months of receipt of the Application.

(6)(3) For rental Developments:

(a) No change.

(b) Must set-aside the units for the duration of the Compliance Period. If the Development does not obtain construction or permanent financing from Corporation and no Corporation funds remain in the Development, the Compliance Pperiod this shall be fifteen (15) years from the date the PLP Lloan is paid off. If the Development obtains construction or permanent financing from other Corporation programs, then the most restrictive compliance requirements of the other Corporation programs shall be in effect and compliance monitoring shall be performed through those programs. the Compliance Period shall be in effect for a period equal to the compliance period committed to by the Applicant under the particular Corporation program providing the additional funding.

(7)(4) For home ownership Developments:

(a) The Applicant must commit to sell a minimum of 50% 100% of completed housing units to persons or households whose income does not exceed 80% of the area median income, as determined by HUD and adjusted by household size, for the metropolitan statistical area or county in which the individual homes are located, and sell the remaining housing units to persons or households whose income does not exceed 120% of the area median income, and

(b) If the Development obtains construction or permanent financing from other Corporation programs, the Set-Aside(s) committed to by the Applicant under the particular Corporation program providing the additional funding shall be in effect.

(8)(5) Applicants are required to work with a Technical Assistance Provider (TAP) as assigned by the Corporation. The Corporation shall pay all fees required by the TAP.

(9)(6) If the Applicant is utilizing PLP funds to purchase the Development Site, including good faith deposits applied to the sales price of the land, Credit Underwriting will be required by a Credit Underwriter assigned by Corporation. The Applicant is responsible for paying the Credit Underwriting fee, which is an eligible PLP expense.

(10)(7) If awarded a PLP Loan, the proceeds of such may only be used for PLP eligible expenses as outlined in Rule 67-38.008, F.A.C.

(11)(8) The Development must be consistent with the purposes of the Predevelopment Loan Program and conform to the requirements specified in the Act or this rule chapter.

Specific Authority 420.528 FS. Law Implemented 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.003, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,________.

 

67-38.003 Application Submission Procedures.

(1) At any time during the year, Applicants may submit an Application to the Corporation for PLP funding. An Applicant, Affiliate, limited partnership, or general partner thereof shall may not have more than two (2) Outstanding Loans outstanding at any given time, without the prior written approval of the Corporation Board.  In order for an Applicant to be approved to have more than two Outstanding Loans, the Applicant shall submit a written request to the Corporation detailing the experience of all Developers and co-developers involved in the proposed Development(s) in producing affordable housing and a proposed plan for permanent or construction financing on the Development(s). For the purposes of this rule chapter, outstanding shall mean any PLP Loan that has not been fully repaid to the Corporation.

(2) through (6) No change.

Specific Authority 420.528 FS. Law Implemented 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.003, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,_________.

 

67-38.004 Incomplete Applications and Rejection Criteria.

(1) Each Application shall be reviewed by the Corporation to determine if the Application meets Threshold Requirements. If the Application fails to meet Threshold Requirements, the Corporation shall notify the Applicant of any additional or revised information or material that is required. The Applicant may continue to submit requested material until the Application is complete and meets Threshold Requirements.  The Application, however, shall not be placed in priority order or on a waiting list until such time that all information and documentation has been submitted and the Application is determined to have met Threshold Requirements.

(2) through (4) No change.

Specific Authority 420.528 FS. Law Implemented 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.004, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,________.

 

67-38.005 Application Evaluation and Award Guidelines.

(1) through (4) No change.

(5) The Invitation to Participate letter shall be signed by the Applicant and returned to the Corporation within 20  calendar 15 days from the date of the Invitation to Participate letter. of receipt by If the executed Invitation to Participate letter is not received by the Corporation within 20 calendar 15 days, the Invitation to Participate letter shall be withdrawn and the Applicant shall be so notified. The executed Invitation to Participate letter must be accompanied by an initial commitment fee as specified therein.

(6) Upon receipt of the executed Invitation to Participate letter and the Applicant’s initial commitment fee, the Corporation shall assign a Technical Assistance Provider. In the event that technical assistance has begun and it is determined that the initial commitment fee has not been paid or is returned for insufficient funds, Technical Assistance shall be discontinued until full payment is received and determined to be sufficient. If payment has not been received within seven days of notification to the Applicant, the Invitation to Participate letter shall be withdrawn and the Applicant shall be so notified.

(7) No change.

(8) The Applicant shall be given up to six months from the Applicant’s date of execution of the Corporation’s receipt of the executed signed Invitation to Participate letter to complete and submit the Development Plan unless prior written approval of an extension is received from the Corporation. The Invitation to Participate letter shall be canceled if the Development Plan is not submitted within the six-month period. All PLP Loan documents, if any, shall be cancelled. Any commitment fees paid shall be retained by the Corporation. With the prior approval of the TAP, the Applicant may request an extension for submitting the Development Plan in writing to the Corporation at least 30 calendar thirty days prior to the end of the original six month period.

(9) No change.

(10) Following the TAP and Corporation staff’s approval of the Development Plan, the PLP Loan request shall be submitted to the Board for approval. Amendments to the Development Plan shall be allowed upon a favorable recommendation of the Technical Assistance Provider. If an increase to the PLP Loan is requested, or an Applicant name change is requested, Board approval is required.

(11) Following approval of the PLP Loan, the Applicant will receive written notice of such approval in the form of a commitment letter issued by the Corporation. The Applicant shall submit the final commitment fee and return the executed acceptance of commitment to the Corporation within 20   calendar fifteen days from the date of the commitment letter of receipt of such notice.

(12) If the Board does not approve the PLP Loan request, no funds shall be disbursed other than for expenses incurred for services of the Technical Assistance Provider. Any commitment fees paid by the Applicant shall be retained by the Corporation.

(13) No change.

(14) Following receipt of the final commitment fee, a mortgage, a loan agreement, promissory note and any other customary loan documentation will be provided to the Applicant.  Upon execution of all loan documents by both the applicant and the Corporation, funds will be available for disbursement for eligible predevelopment activities as specified in this rule chapter.

(15) A positive Credit Underwriting Report is required for closing on any portion of the a PLP Loan that has been approved by the Board for site  the acquisition costs including good faith deposits applied to the sales price of the Development Site.

Specific Authority 420.528 FS. Law Implemented 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.005, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

 

67-38.007 Terms of the PLP Loan.

(1) If In the event that the Applicant entity is comprised of a 100% ownership interest by a Not-For Profit Organization, or a for-profit entity wholly-owned by one or more Not-For Profit Organizations, or if the Applicant is a Public Housing Authority, the PLP Lloan shall bear an interest rate of 1%. Otherwise, In the event that the Applicant entity has a for-profit partner with any ownership interest in the Development the PLP Loan shall bear an interest rate of 3%.

(2) No change.

(3) The PLP Loan shall be non-amortizing with principal and interest deferred until the Mmaturity Date. The Corporation is authorized to forgive such loan and thereby make a grant to the Applicant for any monies that are unable to be repaid due to the Applicant’s inability to obtain construction or permanent financing for the Development. The Corporation shall not forgive the portion of the PLP Loan, if any, which is collateralized secured by a mortgage, pledged capital funds or other collateral approved to the Corporation to the extent such loan could be repaid from the sale of the mortgaged property or from other collateral securing the loan.

(4) In the event PLP funds are used to purchase the Development Site, Tthe mortgage securing the PLP Loan shall be in a first or second lien position and shall not share priority with any other liens unless approved by the Board.

(5) With respect to rental Developments, the PLP Loan’s Maturity Date shall be mature on the earlier of:

(a) No change.

(b) Three years from the date of execution of the loan documents by the Corporation or other such extended loan Mmaturity Ddate approved by the Board.

(6) With respect to home ownership Developments, the PLP Loan’s Maturity Date shall be mature on the earlier of:

(a) On a prorated basis upon the sale of each home, upon the recommendation of the Credit Underwriter or Technical Assistance Provider and a partial release payment in an amount acceptable to the Credit Underwriter or Technical Assistance Provider and the Corporation; or

(b) No change.

(7) The Corporation shall extend the term of the PLP Loan for an additional period if extraordinary circumstances exist and if such extension would not jeopardize Corporation’s security interest. Submission of a request for an extension of the term of a PLP Loan shall be subject to the following:

(a) For an extension up to one year, the Developer shall submit, along with the TAP a written request detailing the progress of the Development, barriers to the Development’s progress and a revised timeline.

(b)(a) An additional extension of up to one year requested at the conclusion of the initial approved one year extension shall require tThe recommendation of the Credit Underwriter or the Technical Assistance Provider as directed by the Corporation that an extension of the PLP Loan is likely to result in the successful completion of the Development; and

(c)(b) No change.

(8) No change.

(9) The Corporation may renegotiate and extend the PLP Loan.  Such renegotiations shall be based upon:

(a) Documentation and certification by the Applicant that funds are not available to repay the Note upon maturity;

(b) A plan for the repayment of the loan at the new Maturity Date;

(c) Assurance that the security interest of the Corporation will not be jeopardized by the new term(s); and

(d) Industry standard terms which may include amortizing loans requiring regularly scheduled payments of principal and interest.

All loan renegotiation requests, including requests for extension, must be submitted in writing to the Director of Special Assets and contain the specific details of the renegotiation.

(10)(9) Upon determination by the Board that other remedies are ineffectual or non-existent and that the best interest of the Corporation is served by acceleration of the PLP Loan. The PLP Loan shall be accelerated if any of the following occurs:

(a) Proceeds of the PLP Loan are used for any purpose not specified in the Development Plan, the documents evidencing or securing the PLP Loan, the Act or this rule chapter; or

(b)(c) Sale, transfer, or conveyance of the Development without the prior written approval of the Corporation, as set forth in Rule 67-38.012, F.A.C.

(11)(10) The Applicant shall submit electronic progress reports evidencing successful completion of the requisite tasks and activities set forth in the Development Plan to the Technical Assistance Provider on not more than a quarterly basis as determined by the Corporation. The Technical Assistance Provider shall submit the reports to the Corporation. Reports are due to the Corporation by the 10th day of April, July, October, and January for so long as funds are outstanding.

(12)(11) The Corporation reserves the right to require an audit of Applicant’s accounts and records relating to the PLP Loan funds.  If the Applicant is required to perform an audit of its accounts and records, a copy of the same shall be delivered to the Corporation within ten (10) days of receipt of thereof by the Applicant.

(13)(12) The Applicant shall maintain all documents related to the Development, including copies of all contracts and performance bonds, during the term of the Loan and for three years following the maturity of the PLP Loan as the same may be extended pursuant to this rule chapter.

(14)(13) With respect to home ownership Developments, in order to assure that such Developments serve the target population, the Credit Underwriter or the Corporation shall, prior to release of an individual lot within the Development Ssite, review appropriate documentation as necessary to determine the unit is being sold to an eligible purchaser.

(15)(14) With respect to rental Developments, in order to assure that such Developments serve the target population and maintain the minimum Set-Aside requirements, in addition to the execution and recordation of the Land Use Restriction Agreement (LURA), all deeds conveying title to real estate that is improved with rental units shall contain restrictive covenants that encompass all of the units in the Development and that provide for the continued rental of the units to persons within the target population for the Compliance Period. For those Developments which have occupied units, or will have occupied units, prior to closing of the construction or permanent financing, the Servicer or the Corporation shall conduct a review and physical inspection prior to closing of the construction or permanent financing to assure that the Development meets the minimum Set-Aside requirements and provides the intended benefit to the target population pursuant to the Act. The Corporation reserves the right to monitor each Development funded under the Predevelopment Loan Program at any time after completion of the Development to assure continued compliance with the applicable provisions of this rule chapter.

(16)(15) The loan shall not be assumable upon the sale, transfer or refinancing of the Development without the prior approval from the Board, which approval shall be conditioned upon a positive recommendation by the Technical Assistance Provider or Credit Underwriter.

Specific Authority 420.528 FS. Law Implemented 420.526, 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.007, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

 

67-38.008 Eligible Uses for the Loan.

(1) No change.

(2) The Corporation shall monitor all predevelopment activity expenditures through the designated Technical Assistance Provider and shall deny disbursements which have not been approved by the Technical Assistance Provider prior to submission to Corporation. Draw requests shall not be processed without the Technical Assistance Provider’s written approval.

(3) Eligible predevelopment expenses shall include the following expenses if such expenses or services were required to be incurred or rendered prior to closing of construction or permanent financing:

(a) through (f) No change.

(g) Development Third party consultant fees. Consultant fees incurred in connection with the submission or preparation of the PLP Application or for any other activities which can be provided by the Technical Assistance Provider shall not be eligible predevelopment expenses. The consultant shall demonstrate appropriate experience in affordable housing Development projects and shall be approved by acceptable to the TAP. No person, corporation, partnership, or entity having an identity of interest in the Development, or the Applicant, may act as a third party consultant;

(h) No change.

(i) Customary, gGood faith or earnest money deposit for the acquisition of the related to Development Site;

(j) through (u) No change.

(4) If any of the requisite predevelopment activities to be completed are pending or have not been satisfactorily completed, Tthe Applicant shall be required to work with the Technical Assistance Provider to complete the predevelopment activities in a timely and satisfactory manner.

(5) No change.

Specific Authority 420.528 FS. Law Implemented 420.526, 420.527, 420.528 FS. History–New 3-23-93, Amended 1-16-96, 5-21-96. Formerly 9I-38.008, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

 

67-38.010 Credit Underwriting Procedures.

(1) If an Applicant requests funds for site acquisition or requests an extension of the term of the PLP Loan,. tThe Corporation will assign a Credit Underwriter to perform the Credit Underwriting Report.

(2) through (5) No change.

(6) The Credit Underwriter shall complete and submit make a written draft Credit Underwriting Report and recommendation to the Corporation within 80 calendar days from the date of assignment by the Corporation. The Technical Assistance Provider and the Applicant shall review the draft Report and provide written comments to the Corporation and Credit Underwriter within 72 hours of receipt. After the 72-hour review period, the Corporation shall provide comments on the draft Credit Underwriting Report and, as applicable, on the Applicant’s and Technical Assistance Provider’s comments, to the Credit Underwriter. The Credit Underwriter shall then review and consider the comments thereto and release the revised Report to the Corporation, the Technical Assistance Provider, and the Applicant. Any additional comments from the Applicant and Technical Assistance Provider shall be received by the Corporation and the Credit Underwriter within 72 hours of receipt of the revised Report. The Credit Underwriter shall provide to the Corporation a final Credit Underwriting Report which will address all comments made by the Applicant and the Technical Assistance Provider.

(7) No change.

Specific Authority 420.528 FS. Law Implemented 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.010, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

 

67-38.011 Fees.

(1) The following fees and charges pertaining to each Application shall be paid by the Applicant:

(a) through (b) No change.

(c) An initial commitment fee as identified in the Application Package shall be paid to the Corporation;

(d) Following approval an additional commitment fee shall be paid within 20 calendar 15 days of written notice to the Applicant that the Development Plan has been approved. In the event the Development Plan does not receive approval, the commitment fee paid at the time of acceptance of the Invitation to Participate letter shall be retained by the Corporation. In the event the Applicant successfully completes the Predevelopment Loan Program activities and obtains permanent or construction financing, the Applicant’s PLP Loan repayment amount will be reduced by the full commitment fees paid;

(e) Servicing and Compliance Monitoring Fees shall be paid for those multifamily rental Developments that obtain construction or permanent financing from sources other than Corporation programs. The total Servicing and Monitoring fee to be paid by the Applicant shall be submitted to the Corporation at the time of closing on the construction or permanent financing. The total Servicing and Monitoring fee is listed in the Application Package. For those Developments which obtain their construction or permanent financing from Corporation Programs, the Compliance Monitoring Fees shall be determined by the requirements of the particular program providing the financing in accordance with the rule chapter governing that particular program; and

(f)(g) All Credit Underwriting, Technical Assistance, Servicing and Compliance Monitoring Fees, extraordinary services and late fees shall be determined by contracts between the Corporation and the provider.

(2) through (3) No change.

Specific Authority 420.507(4) FS. Law Implemented 420.528 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.011, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

 

67-38.014 Disbursement Procedures.

After the PLP Loan has successfully closed, the PLP Loan shall be disbursed in partial payments by the Corporation to the Applicant, title company or third party contractors subsequent to compliance with the following conditions for either home ownership or rental Developments:

(1) through (2) No change.

(3) Disbursements for eligible activities, conducted prior to being awarded predevelopment financing, qualify for reimbursement from PLP funds provided that the eligible Predevelopment activities were performed or completed no earlier than twelve months prior to the submission of the Application. Consideration of expenditures that pre-date more than twelve months prior to the Application submission date will be reviewed by Corporation staff on a case by case basis and will require approval by the TAP and the Corporation.  Reimbursement for site acquisition which was completed prior to closing on the PLP loan shall not be allowed as a PLP expense unless otherwise recommended by the TAP and approved by Corporation staff and the Board.

(4) through (5) No change.

Specific Authority 420.528 FS. Law Implemented 420.528 FS. History–New 3-23-93, Amended 1-16-96, 5-21-96 Formerly 9I-38.014, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,__________.

NAME OF PERSON ORIGINATING PROPOSED RULE: Robert Dearduff, Special Programs Administrator and Amanda Franklin, Special Programs Manager
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Nancy Muller, Policy Director
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 16, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: March 30, 2007