Section 67-53.009 - Compliance and Monitoring for Homeownership Assistance Program (HAP) and Homeownership ProgramsFor 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.Fla. Admin. Code Ann. R. 67-53.009
Rulemaking Authority 420.507(12), (23) FS. Law Implemented 420.507(23), 420.5088, 420.5089 FS.
New 9-5-02, Formerly 67-50.100, Amended 8-20-09.New 9-5-02, Formerly 67-50.100, Amended 8-20-09.