Fla. Admin. Code Ann. R. 67-25.015 - Interest Rate on Program Loans and Financing Programs
(1) The Corporation shall establish the
interest rate to be charged eligible borrowers for Qualified Mortgage Loans at
the time of sale of the bonds based on market conditions and the best interest
of the Corporation and the public. The interest rate established shall be no
more than the interest rate on the bonds issued by the Corporation plus such
arbitrage as is legally allowed without jeopardizing the Tax-Exempt status of
the bonds. The difference between the interest rate on the bonds and the
interest rate on the Qualified Mortgage Loans shall either be retained by the
Corporation or be utilized by the Corporation for any legal purpose pursuant to
the Act.
(2) Flexible mortgage
financing including but not limited to the use of graduated mortgage rates,
variable rate mortgages and mortgage buy-downs is authorized so long as the use
of such types of financing does not jeopardize the tax-exempt status of the
bonds, does not violate any applicable laws, or does not result in an average
interest cost that substantially deviates from the fixed interest rate
established by the Corporation at the time of the sale of the bonds and is
determined to serve an appropriate public purpose in light of market conditions
at the time of sale of the bonds. The parameters of such financing shall be
specifically set out in the program documents and by Corporation resolution for
each bond issue.
Notes
Rulemaking Authority 420.507(12) FS. Law Implemented 420.502, 420.507, 420.508, 420.509 FS.
New 4-15-87, Formerly 9I-25.015, Amended 12-16-03.
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