1(1) 2The corporation is authorized to make loans and grants from the Housing Predevelopment Fund to eligible sponsors when it determines that:23(a) 24A need for housing for the target population exists in the area described in the application; and
41(b) 42Federal, state, or local public funds or private funds are available or likely to be available to aid in the site acquisition, site development, construction, rehabilitation, maintenance, or support of the housing proposed in the application.
78(2) 79If a loan is made, the corporation is authorized to forgive such loan, and thereby make a grant to a sponsor for any moneys which are unable to be repaid due to the sponsor’s inability to obtain construction or permanent financing for the development. The corporation shall not forgive the portion of the loan, if any, which is secured by a mortgage to the extent such loan could be repaid from the sale of the mortgaged property.
156(3) 157Funds shall be made available under the program on a first-come, first-served basis, unless otherwise established by corporation rule. Sponsors of farmworker housing, if any, shall receive first priority under this program.
189(4) 190The activities of sponsors which are eligible for housing predevelopment loans and grants shall include, but not be limited to:210(a) 211Site acquisition.
213(b) 214Site development.
216(c) 217Fees for requisite services from architects, engineers, surveyors, attorneys, and other professionals.
229(d) 230Marketing expenses relating to advertisement.
235(e) 236Administrative expenses.
238(f) 239Market and feasibility studies.
243(g) 244Consulting fees.
246(5) 247Any funds paid out of the Housing Predevelopment Fund for activities under ss. 260420.521261-262420.529 263which are reimbursed to the sponsor from another source shall be repaid to the fund. 278(6) 279Terms and conditions of housing predevelopment loan agreements shall be established and shall include:293(a) 294Provision for interest, which shall be set at between 0 and 3 percent per year, as established by the corporation.
314(b) 315Provision of a schedule for the repayment of principal and interest for a term not to exceed 3 years or initiation of permanent financing, whichever event occurs first. However, the corporation may extend the term of a loan for an additional period if extraordinary circumstances exist and if such extension would not jeopardize the corporation’s security interest.
372(c) 373Provision of reasonable security for the housing predevelopment loan to ensure the repayment of the principal and any interest accrued within the term specified.
397(d) 398Provisions to ensure that the land acquired will be used for the development of housing and related services for the target population.
420(e) 421Provisions to ensure, to the extent possible, that any accrued savings in cost due to the availability of these funds will be passed on to the target population in the form of lower land prices. The corporation shall ensure that such savings in land prices shall be passed on in the form of lower prices or rents for dwellings constructed on such land.
484(f) 485Provisions to ensure that any land acquired through assistance under ss. 496420.521497-498420.529 499for housing for the target population shall not be disposed of or alienated in a manner that violates Title VII of the 1968 Civil Rights Act, which specifically prohibits discrimination based on race, sex, color, religion, or national origin or that violates other applicable federal or state laws. 547(7) 548No predevelopment loan made under this section shall exceed the lesser of:560(a) 561The development and acquisition costs for the project, as determined by rule of the corporation; or
577(b) 578Seven hundred and fifty thousand dollars.
584(8) 585Any real property or any portion thereof purchased or developed under ss. 597420.521598-599420.529 600may be disposed of by the eligible sponsor upon the terms and conditions established by rule of the corporation and consistent with ss. 623420.521624-625420.529, 626at a price not to exceed the actual prorated land costs, development costs, accrued taxes, and interest. 
