§ 52.109. JHFA multi-family development loan criteria.

The Authority is authorized to disburse funds from the JHFA Loan Fund and the Local Government Support Revolving Fund referenced in Section 52.108 above for any of the purposes set forth in this Chapter, provided that any such multi-family development loan shall be made:

(1)

In response to a Notice of Availability of Funds issued by the Authority;

(2)

In conformance with a third-party credit underwriter's report prepared for the Authority or the Florida Housing Finance Corporation;

(3)

Subject to repayment; and

(4)

In compliance with the loan application program, the Council approved loan policies enacted pursuant to Ordinance 2014-185 (the "Loan Policies") and any additional policies and procedures adopted by the Authority not inconsistent with this Chapter and the Loan Policies.

Additionally, any single-family loan made by the Authority shall be in accordance with the eligibility criteria as authorized for the bond issue or existing single-family loan program pursuant to Ordinance 2012-683-E, as amended by Ordinance 2013-255-E, or new single-family loan program established by the Authority pursuant to this Chapter, except that the Authority may adjust the maximum loan amount to borrowers in said loan programs as necessary without further Council approval.

(Ord. 2014-185-E, § 2)