Florida Statutes 420.635 – Loans to qualified buyers
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 420.635
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Department: means the Department of Commerce. See Florida Statutes 420.602
Contingent upon an appropriation, the Department of Commerce, in consultation with the Office of Urban Opportunity, shall provide loans to qualified buyers who are required to pay the pro rata portion of the bonded debt on single-family housing pursuant to s. 420.634. Loans provided under this section shall be made at a rate of interest which does not exceed the qualified loan rate. A buyer must maintain the qualifications specified in s. 420.633 for the full term of the loan. The loan agreement may contain additional terms and conditions as determined by the department.