(1) The Corporation shall determine the length of the commitment period for its bond programs based on the size of the bond issue, market conditions and the best interest of the public. For purposes of this rule, commitment period shall mean the period during which participants may make loan commitments to eligible borrowers. At the end of such commitment period, the Corporation shall forfeit any remaining allocation of a participant which has failed to make commitments up to the amount of its allocation if it determines that it is in the best interest of the program and the public interest and shall make the remaining funds accessible to all Participating Lenders statewide on a first-come, first-served basis.
    (2) The Corporation shall determine the length of the origination period for its bond programs based on federal requirements as outlined in Internal Revenue Code, Section 143, hereby incorporated by reference, the size of the bond issue, market conditions and the best interest of the public. A copy of the Internal Revenue Code, Section 143, may be obtained by contacting the Single Family Bonds Program Administrator at 227 North Bronough Street, Suite 5000, Tallahassee, FL 32301-1329. For purposes of this rule, origination period shall mean the period during which participants may originate Qualified Mortgage Loans under a bond program.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.507, 420.508 FS. History-New 4-15-87, Formerly 9I-25.009, Amended 12-16-03.