67-48.0205. Sale, Transfer or Refinancing of a HOME Development


Effective on Wednesday, June 28, 2023
  • 1(1) The HOME loan shall be assumable upon Development sale, transfer or refinancing if the following conditions are met:

    20(a) The proposed transferee meets all specific Applicant identity criteria which were required as conditions of the original loan;

    39(b) The proposed transferee agrees to maintain all set-asides and other requirements of the HOME loan for the period originally specified;

    60(c) The proposed transferee agrees to pay all loan servicing and compliance monitoring fees through the end of the HOME LURA; and,

    82(d) The proposed transferee and Application receives a favorable recommendation from the Credit Underwriter and approval by the Corporation’s Board of Directors.

    104All assumption requests must be submitted in writing to the Special Assets Director and contain the specific details of the transfer and assumption. In addition to any related professional fees, the Corporation shall charge a non-refundable assumption fee as 143of one-tenth of one percent of the HOME loan principal amount. The applicable fee will be determined by the rule in effect at the time of the assumption request172.

    173(2) If the Development is sold and the proposed transferee does not meet the criteria for assumption of the loan, the HOME loan shall be repaid from the proceeds of the sale. If there will be insufficient funds available from the proposed sale of the Development, the HOME loan shall not be satisfied until the Corporation has received:

    231(a) An appraisal prepared by an appraiser selected by the Corporation indicating that the purchase price for the Development is reasonable and consistent with existing market conditions;

    258(b) A certification from the Applicant that the purchase price reported is the actual price paid for the Development, as supported by a copy of the final executive purchase and sale agreement, and that no other consideration passed between the parties, as supported by a draft and final closing statement, and that the income reported to the Corporation during the term of the loan was true and accurate; and,

    327(c) A certification from the Applicant that there are no Development funds available to repay the loan and the Applicant knows of no source from which funds could or would be forthcoming to pay the loan.

    363(d) The proposed transferee will pay 369an 370a371m372ou373n374t 375e376q377u378al 379to 380t381h382e 383pr384e385s386e387n388t 389v390a391l392u393e 394o395f 396t397h398e 399annual 400c401o402m403p404lia405n406ce 407m408o409n410it411or412i413n414g 415f416ee for the 419years 420f421o422r 423w424h425ich 426t427h428e 429D430e431v432el433op434m435e436n437t 438w439ill 440h441a442v443e 444a 445s446e447t448-449a450s451i452d453e 454f455o456r 457Ve458r459y 460L461o462w463-I464n465c466o467m468e 469p470e471r472s473o474n475s 476o477r 478h479o480us481e482h483o484l485d486s 487b488e489y490o491n492d 493t494h495e 496r497e498p499a500y501m502e503n504t 505d506ate. 507S508u509ch 510a511m512o513un514t 515sh516a517ll 518b519e 520r521e522d523u524ced 525b526y 527t528h529e 530a531m532o533un534t 535o536f 537a538n539y 540c541o542m543p544li545a546n547ce 548m549o550n551i552t553or554i555n556g 557f558ees 559c560o561llected 562b563y 564t565h566e 567C568orpor569ati570o571n 572f573o574r 575t576h577e 578De579v580el581o582p583m584e585n586t for that period, 590pro591v592i593d594e595d:

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    1489All loan extension requests must be submitted in writing to the Special Assets 1502Director 1503and contain the specific details of the extension. In addition to any related professional fees, the Corporation shall charge a non-refundable extension fee of one-tenth of one percent of the HOME loan principal amount. The applicable fee will be determined by the rule in effect at the time of the extension request.

    1555(4) The 1557Corporation will recommend that the 1562Board approve requests for mortgage loan refinancing only if Development cash flow is improved, the Development’s economic viability is maintained, the security interest of the Corporation is not adversely affected, and the Credit Underwriter provides a positive recommendation.

    1600(5) The 1602Corporation will recommend that the 1607Board deny any requests for mortgage loan refinancing which require extension of the HOME loan term or otherwise adversely affect the security interest of the Corporation unless the criteria outlined in subsection 163967-48.0205(3), 1640F.A.C., are met, the Credit Underwriter recommends that the approval of such a request is crucial to the economic survival of the Development or unless the Board determines that public policy will be better served by the extension as a result of the Applicant agreeing to further extend the Compliance Period or provide additional amenities or resident programs suitable for the resident population. Further, the 1705Corporation will recommend that the 1710Board limit any approved extension to a minimum term which makes the Development feasible and which does not exceed an industry standard term.

    1733All requests which only require subordination of the regulatory agreements must be submitted in writing to the Special Assets 1752Director 1753and contain the specific details of the subordination. In addition to any related professional fees, the Corporation shall charge a non-refundable subordination fee of $1,000 for each regulatory agreement to be subordinated. The applicable fee will be determined by the rule in effect at the time of the subordination request.

    1804All requests which only require extension of the affordability period under the regulatory agreements must be submitted in writing to the Special Assets 1827Director 1828and contain the specific details of the extension. In addition to any related professional fees, the Corporation shall charge a non-refundable extension fee of $1,000 for each extension of the regulatory agreement. The applicable fee will be determined by the rule in effect at the time of the extension request.

    1879Rulemaking Authority 1881420.507, 1882420.508 FS. 1884Law Implemented 1886420.5089(7), 1887(8), (9) FS. History–New 12-23-96, Amended 1-6-98, Formerly 9I-48.0205, Amended 11-9-98, Repromulgated 2-24-00, Amended 2-22-01, Repromulgated 3-17-02, 4-6-03, 3-21-04, 2-7-05, 1-29-06, Amended 4-1-07, Repromulgated 3-30-08, 8-6-09, 11-22-11, Amended 10-9-13, 10-8-14, 9-15-16, Repromulgated 5-24-17, Amended 7-8-18, Repromulgated 7-11-19, 6-23-20, 5-18-21, Amended 7-6-22, Repromulgated 6-28-23.

     

Historical Versions(14)

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