1. (1) Eligible Applicants are:

   1. (a) With respect to the HAP Program, is a Non-Profit Developer, or a Non-Profit Sponsor, local government, or public housing authority proposing to build affordable homeownership housing; and,
   2. (b) With respect to the HOME Program, is a Community Housing Development Organization (CHDO), a public housing authority, a local government, a Non-Profit organization, or a private for-profit organization (including a corporation, limited partnership, limited liability company, partnership and a sole proprietorship) proposing to build affordable homeownership housing.

2. (2) Funds may be used for the following eligible costs:

   1. (a) Hard costs as they directly relate to the identified assisted units to meet local and State building codes and the Model Energy Code.

   2. (b) Soft costs as they relate to the identified assisted units must be reasonable and necessary, as determined by the Corporation and Credit Underwriter, and associated with the financing, development, or both, including:

      1. Architectural, engineering or related professional services required to prepare plans, drawings, specifications or work write-ups,

      2. Costs to process and close the financing for a Development, such as credit reports, fees for evidence of title, recordation, building permits, attorney fees, cost certifications, and estimates,

      3. Developer Fees, including administrative overhead, are limited to sixteen percent (16%) of the Total Development Cost and Contractor fees are limited to fourteen percent (14%) of the actual construction cost. The Developer Fee cannot increase over the life of the Development,

      4. Impact fees,

      5. Costs of Development audits required by the Corporation or compliance monitoring agent,

      6. Affirmative marketing and fair housing costs; and,

      7. Temporary relocation costs, as required for the HOME Program.

3. (3) Funds may be used to construct one (1) speculative unit or model home for up to ten (10) units in the Development, up to two (2) speculative units or model homes for eleven (11) to twenty (20) units in the Development and a maximum of three (3) speculative units or model homes for a Development with over twenty (20) units. Funds will be disbursed on a pro-rata basis with other funding sources.
4. (4) Prepayment of the loan is permitted without penalty.
5. (5) The Corporation shall make individual homebuyer Permanent Loans under the SFMRB Program utilizing HAP or HOME funding in accordance with the SFMRB documents and Rule Chapters 67-25 and 67-45, F.A.C. If HAP or HOME funding is used in conjunction with the SFMRB Program, the homebuyer may not utilize more than one down payment assistance program sponsored by the Corporation.

Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.5088, 420.5089 FS. History–New 9-5-02, Amended 5-4-03, 12-28-04, 8-9-05.