For those developments who received funding from the Corporation’s Homeownership Assistance Program (“HAP”), as established by Rule Chapter 67-45, F.A.C., and Homeownership Programs, as established by Rule Chapter 67-50, F.A.C.:
- (1) The Servicer shall inspect and monitor the development’s construction site and records, as necessary, with inspections occurring during regular business hours.
- (2) The Servicer shall monitor the sale of houses and determine homebuyer eligibility at initial purchase. Failure to comply with the agreed upon set-aside requirements shall result in a retroactive interest rate adjustment from the HAP or HOME Construction Loan interest rate to the current market rate.
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.507(23), 420.5088, 420.5089 FS. History–New 9-5-02, Formerly 67-50.100, Amended 8-20-09.