Section 67-58.060 - Loan Servicing(1) By May 31st of each year of the CWHIP loan term, the Borrower shall provide the Corporation with audited financial statements. The audited financial statements shall be due no later than May 31st following the end of the calendar year following the year in which the first unit is occupied.(2) The Corporation's servicer shall issue a monthly billing for the principal and interest due on the CWHIP loan.(3) The Borrower shall remit the principal and interest due to the Corporation's servicer no later than the 15th day of each month of the CWHIP loan term.(4) After maturity or acceleration, the note shall bear interest at the default interest rate from the due date until paid. Unless the Corporation has accelerated the CWHIP loan, the Borrower shall pay the Corporation a late charge of 5 percent of any required payment that is not received by the Corporation within 15 Calendar Days of the due date.(5) Any sale, conveyance, assignment, or other transfer of interest or the grant of a security interest in all or any part of the title to the Project other than a superior mortgage shall be subject to the Corporation's prior written approval. Such written approval shall be granted upon demonstration of compliance with the provisions of Rule 67-58.040, F.A.C.(6) The final billing for the purpose of payoff of the CWHIP loan shall also include a billing for compliance fees to cover monitoring of CWHIP requirements beyond the maturity date of the note. Such fees shall be computed by determining the present value of the annual compliance monitoring fee and multiplying that by the number of years for which the Project will have a set-aside for Eligible Persons beyond the repayment date. The present value discount rate shall be 2.75 percent per annum. Such amount shall be reduced by the amount of any compliance monitoring fees for other programs collected by the Corporation for the Project provided the compliance monitoring fee covers some or all of the period following the anticipated CWHIP loan repayment date.(7) CWHIP loans shall be serviced either directly by the Corporation or by the servicer on behalf of the Corporation.Fla. Admin. Code Ann. R. 67-58.060
Rulemaking Authority 420.5095 FS. Law Implemented 420.5095 FS.
New 12-17-06, Amended 12-23-07.New 12-17-06, Amended 12-23-07.