Current as of: Dec. 2011
(1) The following fees and charges pertaining to each Application shall be paid by the Applicant:
(a) A nonrefundable application fee as identified in the Application Package;
(b) If PLP funds are to be used for site acquisition and the Applicant requests an extension of the PLP Loan Maturity Date, a credit underwriting fee pursuant to the contract between the Corporation and the Credit Underwriter shall be paid. If a Development involves scattered sites, a single credit underwriting fee shall be charged for the first site. This fee may be paid from the PLP Loan proceeds;
(c) An initial commitment fee as identified in the Application Package shall be paid to the Corporation;
(d) Following approval an additional commitment fee shall be paid within 20 calendar days of written notice to the Applicant that the Development Plan has been approved. In the event the Development Plan does not receive approval, the commitment fee paid at the time of acceptance of the Invitation to Participate letter shall be retained by the Corporation. In the event the Applicant successfully completes the Predevelopment Loan Program activities and obtains permanent or construction financing, the Applicant’s PLP Loan repayment amount will be reduced by the full commitment fees paid provided the Applicant is in compliance with the PLP Rule;
(e) Servicing and Compliance Monitoring Fees shall be paid for multifamily rental Developments that obtain construction or permanent financing from sources other than Corporation programs. The total Servicing and Monitoring fee to be paid by the Applicant shall be submitted to the Corporation at the time of closing on the construction or permanent financing. The total Servicing and Monitoring fee is listed in the Application Package. For those Developments which obtain their construction or permanent financing from Corporation Programs, the Compliance Monitoring Fees shall be determined by the requirements of the particular program providing the financing in accordance with the rule chapter governing that particular program; and
(f) All Credit Underwriting, Technical Assistance, Servicing and Compliance Monitoring Fees, extraordinary services and late fees shall be determined by contracts between the Corporation and the provider.
(2) Fees associated with the PLP Loan are part of Development costs and shall be included in the Development cost pro forma, if approved by the Technical Assistance Provider and Florida Housing.
(3) Failure to remit any of the required fees when due shall cause the Application to be disqualified from the PLP.
Rulemaking Authority 420.528 FS. Law Implemented 420.507, 420.521-.529 FS. History–New 3-23-93, Amended 1-16-96, Formerly 9I-38.011, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07, 11-22-09.
Laws implemented by this Rule: Florida Statutes § 420.507, 420.521 to