Florida Regulations 67-50.010: Fees
Current as of: 2024 | Check for updates
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(1) The Corporation shall collect an Application fee from all Applicants when applying for HLP funding during any Application Period.
(2) Upon acceptance of the invitation to enter credit underwriting, the Applicant will be required to pay a commitment fee.
(3) With respect to HAP, the Applicant is responsible for the following fees, which are part of the Total Development Cost and must be included in the development cost pro forma:
(a) Credit Underwriting fee;
(b) Loan Servicing fees; and,
(c) Construction inspection fees.
(4) With respect to HOME, the fees referenced in subsection (3), above, are paid directly by the HOME Program.
(5) Penalty Fees: Applicants will be charged a penalty fee of $100 for each extension request, pursuant to Florida Statutes § 420.507(4), payable at the time of the request, for the following:
(a) Deadline to submit information to the Credit Underwriter;
(b) Loan Closing Date;
(c) Commencement of construction; and,
(d) Commitment expiration.
(6) Failure to pay any fee shall cause any commitment of funds to be terminated or shall constitute a default on the respective loan documents.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.507(19), 420.5088, 420.5089 FS. History-New 9-5-02, Amended 5-4-03, 12-28-04, 8-9-05.
Terms Used In Florida Regulations 67-50.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(3) With respect to HAP, the Applicant is responsible for the following fees, which are part of the Total Development Cost and must be included in the development cost pro forma:
(a) Credit Underwriting fee;
(b) Loan Servicing fees; and,
(c) Construction inspection fees.
(4) With respect to HOME, the fees referenced in subsection (3), above, are paid directly by the HOME Program.
(5) Penalty Fees: Applicants will be charged a penalty fee of $100 for each extension request, pursuant to Florida Statutes § 420.507(4), payable at the time of the request, for the following:
(a) Deadline to submit information to the Credit Underwriter;
(b) Loan Closing Date;
(c) Commencement of construction; and,
(d) Commitment expiration.
(6) Failure to pay any fee shall cause any commitment of funds to be terminated or shall constitute a default on the respective loan documents.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.507(19), 420.5088, 420.5089 FS. History-New 9-5-02, Amended 5-4-03, 12-28-04, 8-9-05.