4435342, 67-38.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 4435342

Notice of Proposed Rule

Department:

FLORIDA HOUSING FINANCE CORPORATION

Chapter:

PREDEVELOPMENT LOAN PROGRAM

Overview

RULE:

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:

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.

RULEMAKING AUTHORITY:

420.528 FS.

LAW:

420.507, 420.521-.529 FS.

PRINT PUBLISH DATE:

8/3/2007 Vol. 33/31

COMMENTS:

From 8/3/2007 To 8/24/2007 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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