Florida Regulations 67-48.007: Fees
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The Corporation, the Credit Underwriter or the environmental provider shall collect via check, money order, or as otherwise provided in a competitive solicitation the following non-refundable fees and charges in conjunction with the SAIL, HOME, and HC Programs, as outlined in the competitive solicitation, the invitation to enter credit underwriting, the Preliminary Allocation, the preliminary commitment, the firm commitment, the Binding Commitment, the Carryover Allocation Agreement, or this rule chapter, as applicable:
(1) Application fee.
(2) Credit Underwriting fees.
(3) Administrative fees.
(4) Commitment fees.
(5) Compliance monitoring fees.
(6) Loan servicing fees.
(7) Construction inspection fees.
(8) Financial monitoring fees.
(9) Tax-exempt mortgage financing fees.
(10) HUD environmental fees.
(11) Qualified Contract Package fees.
(12) Assumption/Renegotiation fees.
(13) Loan closing extension fees.
(14) Processing fees.
(15) Preliminary Recommendation Letter (PRL) fee.
All of the fees set forth above with respect to the SAIL Program are part of Development Cost and can be included in the Development Cost pro forma and paid with SAIL loan proceeds. Failure to pay any fee associated with any applicable loan program shall cause the firm loan commitment under any such loan program(s) to be terminated or shall constitute a default on the respective loan documents. Failure to pay any fee associated with a Housing Credit Allocation shall cause the Housing Credit Allocation to be rescinded. Where a Development has been awarded funding under a loan program(s) and a Housing Credit Allocation, failure to pay any fee associated with either the loan(s) or Housing Credits, or both, shall result in both the termination or default, as applicable, of the loan(s) and rescission of the Housing Credit Allocation.
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5087, 420.5099 FS. History-New 7-22-96, Amended 12-23-96, 1-6-98, Formerly 9I-48.007, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, Repromulgated 3-21-04, Amended 2-7-05, 1-29-06, 4-1-07, Repromulgated 3-30-08, Amended 8-6-09, 11-22-11, 10-9-13, 10-8-14, Repromulgated 9-15-16, 5-24-17, 7-8-18, 7-11-19, 6-23-20, 5-18-21, Amended 7-6-22, Repromulgated 6-28-23
Terms Used In Florida Regulations 67-48.007
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
(2) Credit Underwriting fees.
(3) Administrative fees.
(4) Commitment fees.
(5) Compliance monitoring fees.
(6) Loan servicing fees.
(7) Construction inspection fees.
(8) Financial monitoring fees.
(9) Tax-exempt mortgage financing fees.
(10) HUD environmental fees.
(11) Qualified Contract Package fees.
(12) Assumption/Renegotiation fees.
(13) Loan closing extension fees.
(14) Processing fees.
(15) Preliminary Recommendation Letter (PRL) fee.
All of the fees set forth above with respect to the SAIL Program are part of Development Cost and can be included in the Development Cost pro forma and paid with SAIL loan proceeds. Failure to pay any fee associated with any applicable loan program shall cause the firm loan commitment under any such loan program(s) to be terminated or shall constitute a default on the respective loan documents. Failure to pay any fee associated with a Housing Credit Allocation shall cause the Housing Credit Allocation to be rescinded. Where a Development has been awarded funding under a loan program(s) and a Housing Credit Allocation, failure to pay any fee associated with either the loan(s) or Housing Credits, or both, shall result in both the termination or default, as applicable, of the loan(s) and rescission of the Housing Credit Allocation.
Rulemaking Authority 420.507, 420.508 FS. Law Implemented 420.5087, 420.5099 FS. History-New 7-22-96, Amended 12-23-96, 1-6-98, Formerly 9I-48.007, Amended 11-9-98, 2-24-00, 2-22-01, 3-17-02, 4-6-03, Repromulgated 3-21-04, Amended 2-7-05, 1-29-06, 4-1-07, Repromulgated 3-30-08, Amended 8-6-09, 11-22-11, 10-9-13, 10-8-14, Repromulgated 9-15-16, 5-24-17, 7-8-18, 7-11-19, 6-23-20, 5-18-21, Amended 7-6-22, Repromulgated 6-28-23