Florida Regulations 67-25.012: Eligible Persons
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In determining the maximum annual family income of eligible persons under a single-family bond program, the Corporation shall take into consideration the following:
(1) The amount of total income and assets which are available for housing needs of such persons or families. The income to be taken into account in determining the gross monthly income is the income of the mortgagor (or mortgagors) and any other person who is expected to principally and permanently reside in the residence being financed;
(2) The size of the family;
(3) The cost and condition of available housing facilities;
(4) The ability of such persons or families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and,
(5) The standards established for various federal programs determining eligibility based on income of such persons or families.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.502, 420.507(14), 420.507(21) FS. History-New 4-15-87, Formerly 9I-25.012, Amended 12-16-03.
Terms Used In Florida Regulations 67-25.012
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
(2) The size of the family;
(3) The cost and condition of available housing facilities;
(4) The ability of such persons or families to compete successfully in the normal private housing market and to pay the amounts at which private enterprise is providing decent, safe and sanitary housing; and,
(5) The standards established for various federal programs determining eligibility based on income of such persons or families.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.502, 420.507(14), 420.507(21) FS. History-New 4-15-87, Formerly 9I-25.012, Amended 12-16-03.