Fla. Admin. Code Ann. R. 67-59.050 - Form of Assistance
(1) Eligible
Applicants who have not been declined by their mortgage servicer will receive
assistance under the applicable Program(s) in the form of a forgivable loan.
Applicants must execute Hardest Hit Fund loan documents before any assistance
is provided. Assistance will be paid by Florida Housing directly to the
Applicant's mortgage servicer.
(2)
The assistance provided will be in the form of a 0% interest, non-recourse,
deferred payment, forgivable loan. The loan will be forgiven over a five year
period, starting at month 18, at a rate of 20% per year. If the home is sold or
refinanced prior to the maturity date and there are sufficient funds to the
Applicant out of the transaction, then the balance of the loan that has not
been forgiven must be repaid.
Notes
Rulemaking Authority 420.507(33) FS. Law Implemented 420.507(33) FS.
New 12-4-12.
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