Florida Regulations 67-25.014: Rental of Bond Financed Residences
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(1) No bond-financed residence shall be rented without the prior consent of the Corporation or a mortgage servicer designated by the Corporation to service the Qualified Mortgage Loan used to finance the residence.
(2) The Corporation’s designated servicer shall approve a request by an eligible borrower for rental of a bond-financed residence if an eligible borrower has occupied the residence for a period of 24 months or longer, and:
(a) The necessity of renting the residence is due to an obligatory temporary employment or military transfer and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, and after which the borrower will return to occupy the residence, or
(b) The necessity of renting the residence is due to a non-obligatory transfer to take advantage of better employment opportunities and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, or
(c) The necessity of renting the residence is due to difficulty encountered in attempting to sell the residence. For purposes of this section, difficulty in attempting to sell the residence shall be deemed to be the inability to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 3 months.
(d) The necessity of renting the residence is due to a demonstrated extreme economic hardship on the borrower.
(3) All requests for rental of a bond-financed residence by a borrower who has occupied the residence for less than 24 months must be submitted by the designated servicer to the Corporation. The Corporation shall authorize the designated servicer to consent to such request for the following reasons:
(a) The necessity of renting the residence is due to an obligatory temporary employment or military transfer and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, and after which the borrower will return to occupy the home, or
(b) The necessity of renting the residence is due to a non-obligatory transfer to take advantage of better employment opportunities and the distance required to commute as a result of such transfer would create an undue hardship on the borrower and good faith efforts to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 3 months have been unsuccessful, or
(c) The necessity of renting the residence is due to difficulty encountered in good faith efforts to sell the residence. For purposes of this subsection, difficulty encountered in good faith efforts to sell the residence shall be deemed to be the inability to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 6 months, or
(d) The necessity of renting the residence is due to a demonstrated extreme economic hardship on the borrower.
(4) Requests for rental of bond-financed residences which have never been occupied by the borrower shall not be granted except in the case of extreme economic hardship. Such request shall be considered by the Corporation.
(5) Requests for authorization to rent a bond-financed residence which are granted shall be granted for a certain period of time with extensions being granted only for a demonstrated good cause. For purposes of temporary relocation, authorization for rental shall be for no more than the length of time of the temporary transfer. For purposes of permanent relocation, no authorization shall exceed a period of 12 consecutive months with extensions being granted only upon a showing by the borrower of a continuous good faith effort to sell the residence at its appraised market value.
(6) Requests for authorization to rent a bond-financed residence on a permanent basis can be granted only by the Corporation and shall be granted only upon a showing of extreme economic hardship. Such requests shall be scheduled for consideration by the Corporation at a regularly scheduled Corporation meeting.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.502, 420.507, 420.508 FS. History-New 4-15-87, Amended 2-1-89, Formerly 9I-25.014, Amended 12-16-03, 2-2-05.
Terms Used In Florida Regulations 67-25.014
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) The necessity of renting the residence is due to an obligatory temporary employment or military transfer and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, and after which the borrower will return to occupy the residence, or
(b) The necessity of renting the residence is due to a non-obligatory transfer to take advantage of better employment opportunities and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, or
(c) The necessity of renting the residence is due to difficulty encountered in attempting to sell the residence. For purposes of this section, difficulty in attempting to sell the residence shall be deemed to be the inability to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 3 months.
(d) The necessity of renting the residence is due to a demonstrated extreme economic hardship on the borrower.
(3) All requests for rental of a bond-financed residence by a borrower who has occupied the residence for less than 24 months must be submitted by the designated servicer to the Corporation. The Corporation shall authorize the designated servicer to consent to such request for the following reasons:
(a) The necessity of renting the residence is due to an obligatory temporary employment or military transfer and the distance required to commute as a result of such transfer would create an undue hardship on the borrower, and after which the borrower will return to occupy the home, or
(b) The necessity of renting the residence is due to a non-obligatory transfer to take advantage of better employment opportunities and the distance required to commute as a result of such transfer would create an undue hardship on the borrower and good faith efforts to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 3 months have been unsuccessful, or
(c) The necessity of renting the residence is due to difficulty encountered in good faith efforts to sell the residence. For purposes of this subsection, difficulty encountered in good faith efforts to sell the residence shall be deemed to be the inability to sell the residence on the open market for a sales price which does not exceed the appraised fair market value of the residence, for a minimum period of 6 months, or
(d) The necessity of renting the residence is due to a demonstrated extreme economic hardship on the borrower.
(4) Requests for rental of bond-financed residences which have never been occupied by the borrower shall not be granted except in the case of extreme economic hardship. Such request shall be considered by the Corporation.
(5) Requests for authorization to rent a bond-financed residence which are granted shall be granted for a certain period of time with extensions being granted only for a demonstrated good cause. For purposes of temporary relocation, authorization for rental shall be for no more than the length of time of the temporary transfer. For purposes of permanent relocation, no authorization shall exceed a period of 12 consecutive months with extensions being granted only upon a showing by the borrower of a continuous good faith effort to sell the residence at its appraised market value.
(6) Requests for authorization to rent a bond-financed residence on a permanent basis can be granted only by the Corporation and shall be granted only upon a showing of extreme economic hardship. Such requests shall be scheduled for consideration by the Corporation at a regularly scheduled Corporation meeting.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented 420.502, 420.507, 420.508 FS. History-New 4-15-87, Amended 2-1-89, Formerly 9I-25.014, Amended 12-16-03, 2-2-05.