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Credit Underwriting

Assign​ment of Credit Underwriter

Once a proposed development has been selected and ranked in order of priority for SFCP financing, the HFA staff will assign a credit underwriter (the “Credit Underwriter”) to the ranked developments which are being considered for SFCP financing for the particular Application solicitation The Credit Underwriter will assess the feasibility and readiness of each particular development on behalf of the HFA. Unless specified otherwise within the Application, Developers of proposed developments will be solely responsible for the payment of any and all fees associated with the credit underwriting. The Credit Underwriter will review developments solely at the direction of and for the benefit of the HFA.

Assignment of SF​CP Counsel

The Broward County Attorney’s Office will, at its sole discretion, assign SFCP Counsel to the ranked developments. Notwithstanding, developers may request assignment of SFCP Counsel any time after a complete Application has been received by the HFA so preliminary discussions can begin regarding legal issues. The assigned SFCP Counsel will ultimately prepare all documentation and issue all opinions required by the HFA for financing provided within the SFCP. Developers are strictly not permitted to designate or otherwise retain counsel to provide the legal documentation or opinions provided by SFCP Counsel.

Credit Underwri​ting 

Upon assignment by the HFA of the Credit Underwriter to a proposed development, the developer is expected to work in a cooperative manner with such Credit Underwriter to facilitate its review of the development and the financing.
The Credit Underwriter will review all aspects of the development. The developer will be required to provide substantial information and documentation to the Credit Underwriter on a timely and expedited basis. Such information and documentation may include, but will not be limited to, the following:

  • Applicant Information -- information about the applicant entity; ownership structure; resumes, financial statements, previous experience of the principals; etc.
  • Property -- detailed information about the property, including general and legal description; applicable surveys; site plan; zoning; title; building plans and specifications; soil test reports; feasibility or market study, plan and cost review, engineering and property condition report, appraisal; etc.
  • Rehabilitation Developments – detailed information about the current status of the property, proposed improvements, etc.
  • Financial – detailed information regarding the financial status of the applicant, including each principal, general partner or managing member, general contractor, and credit enhancer or guarantor; detailed schedule of sources and uses of funds; homebuyer affordability analysis, etc.
  • construction – detailed information regarding projected construction costs including hard and soft construction estimates; construction draw schedule; proposed construction contract; resume, references, and financial information relating to the general contractor; architect’s contract; engineering contract, payment and performance bonds; insurance; etc.
Upon completion of its review, the Credit Underwriter will prepare a “Credit Underwriting Report” for the benefit of the HFA that provides, at a minimum:
  • an overview of the proposed development;
  • an overall assessment of the feasibility of the proposed development, including a recommendation regarding the amount of SFCP funding to be provided;
  • a list of items which must be provided prior to completion of the financing (“exceptions” which must be satisfied prior to closing); and,
  • an assessment of the readiness of the development to proceed with financing, including a list of any “deficiencies” which prevent such readiness.

As requested by the Credit Underwriter, the developer must furnish all information and documents in a timely fashion to ensure that the Credit Underwriting Report is timely submitted to the HFA.

The developer is responsible for resolving and curing any and all deficiencies cited in the Credit Underwriting Report and is responsible for ensuring that a final, completed Credit Underwriting Report is submitted to the HFA per the timeline specified by the HFA Board or referenced within the Application.​​