67-38.005. Application Evaluation and Award Guidelines  


Effective on Sunday, November 22, 2009
  • 1(1) PLP funding shall be available to Applicants whose Applications have met Threshold Requirements, on a first-come, first-served basis, pursuant to this rule chapter. Applications which propose to set-aside a minimum of 40% of the Development’s units for Farmworker residents shall receive priority over all other Applicants, provided the Applicant has also certified that they shall meet PLP minimum Set-Aside requirements.

    62(2) After the Application has been reviewed and determined to have met Threshold Requirements, using the factors specified in the Application Package and this rule chapter, staff shall determine whether sufficient funds are available to fund the PLP request.

    101(3) If the Application fails to meet Threshold Requirements or is missing important information, the Applicant shall be notified of the deficiencies in the Application and provided an opportunity to rectify any outstanding issues.

    135(4) If the Application is determined to have met Threshold Requirements; and,

    147(a) Funds are available, the Corporation shall issue an Invitation to Participate, or

    160(b) If funds are not available, Applicant will be placed on a waiting list, based on the date and time the Application was determined to have met Threshold Requirements until either;

    1911. Funds are available, at which time the Applicant will be issued an Invitation to Participate, or

    2082. Application is withdrawn.

    212(5) The Invitation to Participate letter shall be signed by the Applicant and returned to the Corporation within 20 calendar days from the date of the Invitation to Participate letter. If the executed Invitation to Participate letter is not received by the Corporation within 20 calendar days, the Invitation to Participate letter shall be withdrawn and the Applicant shall be so notified.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.

    291(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. 315In 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.

    386(7) The Technical Assistance Provider shall work with the Applicant to formulate a Development Plan and PLP budget. The Development Plan and PLP budget shall clearly set forth in detail the Applicant’s anticipated predevelopment tasks and activities, timeline, itemized budget, sources to fund all anticipated predevelopment expenses, including those in excess of the amounts to be requested under the Predevelopment Loan Program, and the anticipated sources and uses of construction and permanent financing. The anticipated activities and expenses shall be those necessary prior to closing on construction or permanent financing for the Development. The Development Plan shall also set forth the exact number of units to be set aside, including the number of units set-aside for Farmworkers if priority was given for meeting the Farmworker Set-Aside.

    512(8) The Applicant shall be given up to six months from the 524Technical Assistance Provider’s date of assignment 530to complete and submit the Development Plan and PLP budget unless prior written approval of an extension is received from the Corporation. The Invitation to Participate letter shall be canceled if the Development Plan and PLP budget are 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 and PLP budget in writing to the Corporation at least 30 calendar days prior to the end of the original six month period.

    634(9) The Technical Assistance Provider shall submit a written recommendation with the Development Plan to the Corporation. Such recommendation should clearly indicate the Technical Assistance Provider’s findings regarding the status of the Development Plan and the requested PLP Loan amount. The Corporation may request additional information and or documentation necessary for the Application to meet Threshold Requirements prior to approval of the Development Plan. If such revisions are requested prior to approval of the Development Plan, the Corporation shall provide a deadline by which the revisions to the Application shall be made and submitted with the approval of the Technical Assistance Provider to the Corporation.

    739(10) Following the TAP and Corporation staff’s approval of the Development Plan and PLP budget, the PLP Loan request shall be submitted to the Board for approval. Amendments to the Development Plan and PLP budget shall be allowed upon a favorable recommendation of the Technical Assistance Provider. 786Board approval shall not be required on PLP budget line item adjustments that do not exceed 10% of the approved non-site acquisition costs.

    809(11) If an increase to the PLP Loan is requested, Board approval is required. 823Any increase to the PLP Loan amount must comply with limits set forth in Section 83867-38.0026(3), 839F.A.C.

    840(12) If an Applicant or Developer change is requested after the Board approves a PLP Loan, the change shall be approved by the Board. Development name changes do not require Board approval.

    872(13) 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 days from the date of the commitment letter.

    928(14) 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.

    969(15) In the event the Development Plan receives approval and the Applicant is unable to proceed to completion of Predevelopment Loan Program activities or obtain permanent or construction financing, any commitment fees paid shall be retained by the Corporation.

    1008(16) Following receipt of the final commitment fee, 1016the Applicant shall be given up to six months from the date of the Commitment letter to execute such loan documents, as appropriate for such circumstances, including 1043a mortgage, loan agreement, promissory note, LURA and any other customary loan documentation as may be required by the Corporation and provided to the Applicant. 1068With the prior written approval of the Technical Assistance Provider, the Applicant may request a written extension on the loan closing to the Corporation at least 30 calendar days prior to the end of the original six-month period. The loan must close in the name of the entity that has site control of the Development. 1123Upon 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.

    1152(17) A positive Credit Underwriting Report is required for closing on any portion of the PLP Loan that has been approved by the Board for site acquisition costs including good faith deposits applied to the sales price. 1189The Applicant shall be given up to six months from the date of the second Commitment letter to execute a mortgage, loan agreement, promissory note, LURA and any other customary loan documentation provided to the Applicant. With the prior written approval of the Technical Assistance Provider, the Applicant may request a written extension on the site acquisition closing to the Corporation at least 30 calendar days prior to the end of the original six-month period. Upon execution of all loan documents by both the Applicant and the Corporation, funds will be available for disbursement for site acquisition activities as specified in this rule chapter.

    1293Rulemaking Authority 1295420.528 FS. 1297Law Implemented 1299420.507, 1300420.521-.529 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, 11-21-07, 11-22-09.

     

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