Florida Regulations 67-38.014: Disbursement Procedures
Current as of: 2024 | Check for updates
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After the PLP Loan has successfully closed, the PLP Loan shall be disbursed in partial payments by the Corporation to the Applicant, title company or third party contractors subsequent to compliance with the following conditions for either home ownership or rental Developments:
(1) Ten business days prior to each anticipated disbursement request under the Loan, including any disbursements anticipated at closing, the Applicant shall deliver to the Technical Assistance Provider all documentation required as set forth below;
(2) All draw requests shall set forth the Predevelopment activities and expenses which have been paid or will be paid to the contractors, sub-contractors, professionals, and consultants. Draw requests shall be accompanied by invoices, cancelled checks or other such documentation to evidence the amount of the draw request and eligibile Predevelopment activities. Additional draw requests shall not be processed until all required documentation on previous draw disbursements is received by the Corporation;
(3) Disbursements for eligible activities, conducted prior to being awarded predevelopment financing, qualify for reimbursement from PLP funds provided that the eligible Predevelopment activities were performed or completed no earlier than twelve months prior to the submission of the Application. Consideration of expenditures that pre-date more than twelve months prior to the Application submission date will be reviewed by Corporation staff on a case by case basis and will require approval by the TAP and the Corporation. Reimbursement for site acquisition which was completed prior to closing on the PLP loan shall not be allowed as a PLP expense unless otherwise recommended by the TAP and approved by Corporation staff and the Board.
(4) Before requests for disbursements under the loan are processed, the Applicant shall provide verification to the Technical Assistance Provider and the Corporation that the work for which payment is being requested has been performed satisfactorily and on schedule or that the expenses to be reimbursed have actually been incurred or will be incurred.
(5) In the event that the Applicant receives PLP funding, the Applicant shall provide a Mortgage on the Development Site as collateral for the loan subject only to such encumbrances approved by the Corporation; however, if the Applicant is offering a subordinate Mortgage or other collateral for the PLP Loan, the same shall be subject to a favorable recommendation of the Credit Underwriter and the approval of the Corporation.
Rulemaking Authority 420.528 FS. Law Implemented 420.507, 420.521-.529 FS. History-New 3-23-93, Amended 1-16-96, 5-21-96 Formerly 9I-38.014, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07, 11-22-09.
Terms Used In Florida Regulations 67-38.014
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) All draw requests shall set forth the Predevelopment activities and expenses which have been paid or will be paid to the contractors, sub-contractors, professionals, and consultants. Draw requests shall be accompanied by invoices, cancelled checks or other such documentation to evidence the amount of the draw request and eligibile Predevelopment activities. Additional draw requests shall not be processed until all required documentation on previous draw disbursements is received by the Corporation;
(3) Disbursements for eligible activities, conducted prior to being awarded predevelopment financing, qualify for reimbursement from PLP funds provided that the eligible Predevelopment activities were performed or completed no earlier than twelve months prior to the submission of the Application. Consideration of expenditures that pre-date more than twelve months prior to the Application submission date will be reviewed by Corporation staff on a case by case basis and will require approval by the TAP and the Corporation. Reimbursement for site acquisition which was completed prior to closing on the PLP loan shall not be allowed as a PLP expense unless otherwise recommended by the TAP and approved by Corporation staff and the Board.
(4) Before requests for disbursements under the loan are processed, the Applicant shall provide verification to the Technical Assistance Provider and the Corporation that the work for which payment is being requested has been performed satisfactorily and on schedule or that the expenses to be reimbursed have actually been incurred or will be incurred.
(5) In the event that the Applicant receives PLP funding, the Applicant shall provide a Mortgage on the Development Site as collateral for the loan subject only to such encumbrances approved by the Corporation; however, if the Applicant is offering a subordinate Mortgage or other collateral for the PLP Loan, the same shall be subject to a favorable recommendation of the Credit Underwriter and the approval of the Corporation.
Rulemaking Authority 420.528 FS. Law Implemented 420.507, 420.521-.529 FS. History-New 3-23-93, Amended 1-16-96, 5-21-96 Formerly 9I-38.014, Amended 3-26-98, 7-17-00, 7-21-03, 2-3-05, 11-21-07, 11-22-09.