Section 67-25.007 - Allocation of Proceeds(1) The Corporation shall determine if funds will be made available statewide for Qualified Lending Institutions on a first-come, first-served basis or via allocations to Qualified Lending Institutions based upon the amount of the bond issue, prior origination history and current market conditions. In the event that the Corporation does not make funds available on a first-come, first-served basis, the Corporation shall review all Invitations and Applications to Participate and designate those qualified lending institutions that shall receive allocations of the bond proceeds for purchasing Qualified Mortgage Loans and the amount of allocation that each institution will be allocated. Participating Lenders will be notified of their acceptance via the Notice of Acceptance.(2) In determining the allocations the Corporation shall consider: (a) The ability of the Qualified Lending Institution to originate, process and service program loans.(b) The location of the Qualified Lending Institution.(c) The financial stability, origination and servicing experience of the Qualified Lending Institution.(d) The overall origination history of the Qualified Lending Institution.(e) The origination history of the Qualified Lending Institution under Corporation programs.(f) The availability of decent, safe and sanitary housing to persons or families of low, moderate, or middle income in the geographic area for which the funds have been requested.(g) The availability, cost and stability of a supply of adequate funds for housing financing in the areas and categories for which funds have been requested.(h) The effect of the allocation on the marketability of the funds.(i) The requirements of state and federal law regarding the use of the proceeds.(j) The effect of the allocation on creating a stable and viable source of funding for housing financed throughout the state of Florida.Fla. Admin. Code Ann. R. 67-25.007
Rulemaking Authority 420.507(12) FS. Law Implemented 420.507(14), 420.508 FS.
New 4-15-87, Formerly 9I-25.007, Amended 12-16-03.New 4-15-87, Formerly 9I-25.007, Amended 12-16-03.