The Florida Senate

420.527  Application procedure.--

(1)  Applications shall be submitted to the corporation in a form that it establishes by rule.

(2)  Applications that propose linkage of predevelopment funds with other financing offered through the corporation shall receive preference in funding.

(3)  The corporation shall publish a notice of fund availability in a publication of general circulation throughout the state. Such notice shall be published at least 60 days before the application deadline.

(4)  By rule, the corporation shall establish a review committee composed of representatives of the corporation and a scoring system for evaluating and ranking applications. The corporation board shall make the final ranking and shall decide which applicants become program participants based on the scores received in the ranking, further review of applications, and the recommendations of the review committee. The corporation board shall approve or reject applications for loans and grants and shall determine the tentative loan or grant amount available to each program participant. The actual loan or grant amount shall be determined pursuant to rule specifying credit underwriting procedures.

(5)  The criteria to be used to score applications shall include, but are not limited to, the following:

(a)  Income target objectives of the corporation.

(b)  Sponsor's agreement to reserve more than the minimum number of units for low-income households and very-low-income households.

(c)  Projects requiring the least amount of predevelopment funds compared to total predevelopment costs.

(d)  Sponsor's prior experience.

(e)  Commitments of other financing.

(f)  Sponsor's ability to proceed.

(g)  Project's consistency with the local government comprehensive plan.

History.--s. 13, ch. 88-376; s. 15, ch. 92-317; s. 17, ch. 93-181; s. 29, ch. 97-167.

Note.--Former s. 420.309.