Purpose, Definitions, Programs, Eligibility for UMAP or UMAP/MLRP, Eligibility for MLRP Only, Application, Form of Assistance, Partial Payment, Quarterly Reviews
FLORIDA HOUSING FINANCE CORPORATION
RULE NO.: RULE TITLE:
67-59.001: Purpose
67-59.005: Definitions
67-59.010: Programs
67-59.020: Eligibility for UMAP or UMAP/MLRP
67-59.030: Eligibility for MLRP Only
67-59.040: Application
67-59.050: Form of Assistance
67-59.060: Partial Payment
67-59.070: Quarterly ReviewsNOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 38 No. 33, August 17, 2012 issue of the Florida Administrative Register.
These changes are in response to comments submitted by the Joint Administrative Procedures Committee in a letter dated August 22, 2012. The changes are as follows:
67-59.001 Purpose and Intent.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.005 Definitions.
(1) No change.
(2) “Florida Housing” means the Florida Housing Finance Corporation as enacted in section 420.504(1) defined in section 420.503, Florida Statutes.
(3) through (6) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.010 Programs.
(1) The following Programs are available under the Hardest Hit Fund:
(a) Unemployment Mortgage Assistance Program (UMAP) will provide up to the lesser of 12 months or $24,000 in payments to the mortgage servicer to assist eligible unemployed or underemployed Applicants with their first mortgage. During the term of assistance, should a homeowner become re-employed at a level where their mortgage payment is now 31% or less of their household income, UMAP assistance will cease. until they can resume payments on their own.
(b) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.020 Eligibility for UMAP or UMAP/MLRP.
(1) through (5) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.030 Eligibility for MLRP Only.
(1) through (5) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.040 Application.
(1) through (4) No change.
(5) Upon confirmation of the preliminary determination that an Applicant has met the eligibility criteria, Florida Housing will offer to make payments to the Applicant’s mortgage servicer pursuant to the terms of the applicable Program. Should the Applicant’s mortgage servicer decline to participate in the Hardest Hit Fund Programs or decline to accept payments on the Applicant’s loan, then Florida Housing will be unable to provide any assistance to the Applicant. Applicants will be notified if they have been declined by their mortgage servicer.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.050 Form of Assistance.
(1) through (2) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.060 Partial Payment.
(1) Eligible Applicants who receive assistance under the UMAP Program will be required to make a partial monthly payment of 25% of their monthly household income towards their mortgage during the period of assistance.
(2) Applicants must have an active deposit account that is capable of being electronically debited by Florida Housing for the partial payment amount. Applicants must execute the documents allowing for such debit at the time of their Hardest Hit Fund loan closing.
(3) Should Applicant fail to make the partial payment as required, Florida Housing will terminate Applicant’s participation in the Program.
Rulemaking Authority 420.507(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
67-59.060070 Quarterly Reviews.
(1) through (2) No change.
Rulemaking Authority 420.507(12)(33) FS. Law Implemented 420.507(33) FS. History–New ____________.
THE PERSON TO BE CONTACTED REGARDING THE CHANGE IS: David R. Westcott, Florida Housing Finance Corporation, 227 North Bronough Street, Suite 5000, Tallahassee, Florida 32031-1329, (850) 488-4197.
