Purpose and Intent , Fees, Property Standards, HOP Program Restrictions, Eligible Homebuyer Requirements, Homebuyer Loan Process, HOME Regulations
FLORIDA HOUSING FINANCE CORPORATION
RULE NO.:RULE TITLE:
67-57.001Purpose and Intent
67-57.010Fees
67-57.040Property Standards
67-57.050HOP Program Restrictions
67-57.060Eligible Homebuyer Requirements
67-57.070Homebuyer Loan Process
67-57.080HOME Regulations
NOTICE 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. 45 No. 59, March 26, 2019 issue of the Florida Administrative Register.
67-57.001 Purpose and Intent.
The purpose of this rule chapter is to establish the Homeownership Pool (“HOP”) Program procedures by which the Corporation shall administer the Aapplication process, determine loan amounts, service loans, and provide down payment assistance to Eligible Homebuyers for the purchase of Eligible Properties under HAP as authorized by Section 420.5088, F.S., and HOME as authorized by Section 420.5089, F.S., and HUD regulations, 24 CFR §92 (4/1/2018), which is adopted and incorporated into this rule chapter by reference and which is available on our Website https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/related-references-and-links
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, ___________.
67-57.010 Fees.
(1) through (3) No change.
(4) The Member Fee shall be limited to 16% of the Development Cost of the Unit.
(5) No change.
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, ________.
67-57.040 Property Standards.
(1) through (6) No change.
(7) Manufactured Housing. Manufactured Homes must meet or exceed the following standards, which are adopted and incorporated herein by reference and are available at: https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/related-references-and-links, unless superseded by State or local building codes:
(a) Meet the Manufactured Home Construction and Safety Standards (MHCSS) pursuant to 24 CFR Part 3280 (4/1/2018);
(b) Be sited on a permanent foundation in accordance with the Permanent Foundation Guide for Manufactured Housing (HUD-007487) (09/1996);
(c) through (e) No change.
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, ________.
67-57.050 HOP Program Restrictions.
(1) through (7) No change.
(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 twenty 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.
(9) thorugh (10) No change.
(11) A Unit shall qualify as affordable housing if:
(a) No change.
(b) The purchase price of the property after construction must not exceed the appraised value of the property.;
(12) No change.
(13) Homebuyer reservations will be denied or cancelled 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 non-compliance has ended.
(14) No change.
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, ________.
67-57.060 Eligible Homebuyer Requirements.
(1) through (3) No change.
(4) The Corporation will consider resubordinating its HOP Loan to a First Mortgage loan when a refinancing occurs. In making a determination, the Corporation will review the following terms of the new transaction: loan type, term of the loan, fixed interest rate percentage, principal balance of the loan, reason for the request and whether or not the terms of the new loan are beneficial to the homebuyer.
(a) The homebuyer is subject to the following:
1. The homebuyer must have resided in the property for at least one year,
2. No additional debt can be refinanced into the new First Mortgage, with the exception of Unit repairs or improvements which require that these funds be escrowed, and
3. The homebuyer cannot receive any cash out as a result of the refinancing.;
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, ________.
67-57.070 Homebuyer Loan Process.
(1) through (4) No change.
(5) At least four (4) weeks prior to the HOP Loan closing, the Member shall submit to the Loan Servicer a borrower analysis package, which shall include:
(a) Borrower Aanalysis Wworksheet (“HOPANALYSIS401 (4/1/19)”), which is adopted and incorporated herein by reference and is available on the Corporation’s Website at https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms with all required documentation;
(b) through (f) No change.
(g) Copy of approval page generated from the HUD Income Calculator, which can be found at HUD’s website https://www.hudexchange.info/incomecalculator.
(6) No change
(7) A minimum of five (5) Calendar Days prior to closing, the Member shall provide the loan closing package, which shall include:
(a) Requisition of Funds/Loan Detail Report (“HOPROF501 (4/1/19)”), which is adopted and incorporated herein by reference and is available on the Corporation’s Website at https://www.floridahousing.org/programs/homebuyer-loan-program-wizards/homeownership-pool-(hop)-program/program-forms and all required documents;
(b) through (e) No change.
(8) No change.
Rulemaking Authority 420.507(12), (14) FS. Law Implemented 420.507(23), 420.5088, 420.5089(2) FS. History–New 6-26-06, Amended 10-14-07, 6-17-08, ________.
67-57.080 HOME Regulations.
All Members, homebuyers, and Units must conform to the following federal requirements, as applicable, which are adopted and incorporated herein by reference, available at http://www.floridahousing.org/Home/ Developers/HomeownershipPrograms/HOP:
(1) Annual Income as enumerated in 24 CFR §5.609 (4/1/2018);
(2) Affirmative Marketing as enumerated in 24 CFR §92.351 (4/1/2018);
(3) Affordability Requirements, pursuant to 24 CFR §92.254 (4/1/2018);
(4) Conflict of Interest as enumerated in 2 CFR §200.317 (1/1/2018), 2 CFR§200.318 (1/1/2018) and 24 CFR §92.356 (4/1/2018);
(5) Debarment and Suspension as enumerated in 24 CFR §24 (4/1/2018);
(6) Displacement, Relocation, and Acquisition as enumerated in 24 CFR §92.353 (4/1/2018), 42 U.S.C. 4601-4655 (1/12/2018), 49 CFR §24 (10/1/2018), 24 CFR §42 (Subpart C) (4/1/2018);
(7) Economic Opportunity as enumerated in 24 CFR §135 (4/1/2018);
(8) Environmental Review as enumerated in 24 CFR §58.35 (4/1/2018), 24 CFR §92.352 (4/1/2018), and National Environmental Policy Act of 1969 (1/12/2018);
(9) Equal Opportunity and Fair Housing as enumerated in 24 CFR §92.202 (4/1/2018) and 92.251 (4/1/2018), Title VI of the Civil Rights Act of 1964 (42 U.S.C. §2000d et seq.) (1/12/2018), Fair Housing Act (42 U.S.C. §§3601-3619) (1/12/2018), Age Discrimination Act of 1975, as amended (42 U.S.C. §6101) (1/12/2018), Executive Order 11063 (amended by Executive Order 12259) (12/31/1980), and 24 CFR §5.105(a) (4/1/2018);
(10) Equal Opportunity Employment as enumerated in 41 CFR §60 (7/1/2018);
(11) Flood Insurance as enumerated in Flood Disaster Protection Act of 1973 (42 U.S.C. 4106) (1/12/2018);
(12) Handicapped Accessibility as enumerated in Section 504 of the Rehabilitation Act of 1973 (implemented in 24 CFR Part 8) (4/1/2018) and 24 CFR §100.205 (4/1/2018);
(13) Labor Standards as enumerated in 24 CFR §92.354 (4/1/2018) and 40 U.S.C. 3142-3144, 3146 & 3147 (Davis-Bacon Act) (1/12/2018), and 24 CFR §70 (volunteers) (4/1/2018);
(14) Maximum Per Unit Subsidy Limits as enumerated in 24 CFR §92.250 (4/1/2018);
(15) Minority/Women Employment as enumerated in 2 CFR §200.321 (1/1/2018) and Executive Orders 11625 (10/13/1971), 12432 (7/14/1983), and 12138 (5/18/1979);
(16) Property Standards as enumerated in 24 CFR §92.251 (4/1/2018);
(17) Recapture provisions as enumerated in 24 CFR §92.254 (4/1/2018); and,
(18) Record keeping requirements as enumerated in 24 CFR §92.508 (4/1/2018); and,
(19) Site and Neighborhood Standards as enumerated in 24 CFR §92.202 (4/1/2018).
