After the PLP Loan has successfully closed, the PLP Loan
shall be disbursed in partial payments by the Corporation to the Applicant,
title company or third party contractors subsequent to compliance with the
following conditions for either home ownership or rental Developments:
(1) Ten business days prior to each
anticipated disbursement request under the Loan, including any disbursements
anticipated at closing, the Applicant shall deliver to the Technical Assistance
Provider all documentation required as set forth below;
(2) All draw requests shall set forth the
Predevelopment activities and expenses which have been paid or will be paid to
the contractors, sub-contractors, professionals, and consultants. Draw requests
shall be accompanied by invoices, cancelled checks or other such documentation
to evidence the amount of the draw request and eligibile Predevelopment
activities. Additional draw requests shall not be processed until all required
documentation on previous draw disbursements is received by the
Corporation;
(3) Disbursements for
eligible activities, conducted prior to being awarded predevelopment financing,
qualify for reimbursement from PLP funds provided that the eligible
Predevelopment activities were performed or completed no earlier than twelve
months prior to the submission of the Application. Consideration of
expenditures that pre-date more than twelve months prior to the Application
submission date will be reviewed by Corporation staff on a case by case basis
and will require approval by the TAP and the Corporation. Reimbursement for
site acquisition which was completed prior to closing on the PLP loan shall not
be allowed as a PLP expense unless otherwise recommended by the TAP and
approved by Corporation staff and the Board.
(4) Before requests for disbursements under
the loan are processed, the Applicant shall provide verification to the
Technical Assistance Provider and the Corporation that the work for which
payment is being requested has been performed satisfactorily and on schedule or
that the expenses to be reimbursed have actually been incurred or will be
incurred.
(5) In the event that the
Applicant receives PLP funding, the Applicant shall provide a Mortgage on the
Development Site as collateral for the loan subject only to such encumbrances
approved by the Corporation; however, if the Applicant is offering a
subordinate Mortgage or other collateral for the PLP Loan, the same shall be
subject to a favorable recommendation of the Credit Underwriter and the
approval of the Corporation.
Notes
Fla. Admin. Code Ann. R. 67-38.014
Rulemaking Authority
420.528 FS. Law Implemented
420.507, 420.521-.529 FS.
New 3-23-93, Amended
1-16-96, 5-21-96 Formerly 9I-38.014, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05,
11-21-07, 11-22-09.
New 3-23-93, Amended 1-16-96, 5-21-96 Formerly 9I-38.014,
Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07,
11-22-09.
