THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s vision of offering sustainable, compatible, innovative housing options for all income-levels, including integrated supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state, county, and local levels; Goal 2: Strengthen stakeholder partnerships to increase the availability of affordable housing of all types (e.g. rental, purchase, supportive, etc.), county wide, in every community; and Goal 3: Develop, through effective community collaboration, neighborhoods and communities incorporating intermodal connectivity, while integrating energy efficiency ,community resilience, and other livability standards and initiatives.
The Single Family Mortgage Revenue Bonds (“SFMRB”) will be used to provide funds to (i) refund certain outstanding obligations of the Housing Finance Authority of Broward County (the “HFA”), (ii) to purchase federally insured or guaranteed mortgage loans originated by participating local lending institutions to finance or refinance the purchase of new or existing owner-occupied single-family residences for persons or families of low, moderate or middle income in Broward County, (iii) purchase securities from a master servicer evidencing interests in or backed by a pool of mortgage loans, and/or (iv) be used in conjunction with a Mortgage Credit Certificate program (collectively, the “Plan of Financing”).
At its regular Board meeting on October 18, 2017, the HFA approved two Resolutions: a) Resolution No. 2017-009 (Exhibit 2) (i) approving the Plan of Financing, and (ii) authorizing the HFA to hold a public hearing under the Tax Equity and Fiscal Responsibility Act ("TEFRA"), as required by Section 147 (f) of the Internal Revenue Code of 1986, as amended ("Code") ("TEFRA") with respect to the Plan of Financing, and b) Resolution No. 2017-010 (Exhibit 3) authorizing the issuance of the SFMRB in an aggregate principal amount not to exceed $250,000,000, and authorizing the HFA to hold a TEFRA Hearing as required by Section 147 (f) of the Code with respect to the Plan of Financing and the proposed issuance of the SFMRB. Resolutions 2017-009 and 2017-010 were prepared by Bond Counsel and approved as to form by the Office of the County Attorney.
The TEFRA Hearing was held on February 27, 2018, as required by the Code, after proper notice was published on February 13, 2018 in the Sun Sentinel Newspaper, for the purpose of giving all interested persons the opportunity to express their views in connection with approval of the issuance of the SFMRB.
Adoption of this Resolution: a) approves the issuance of the SFMRB in an aggregate principal amount not to exceed $250,000,000, as part of the Plan of Financing, and b) ratifies the publication of notice and minutes of the public hearing held on February 27, 2018, as required by the Code (Exhibit 3). It should be noted that any specific bond issuance (s) utilizing the proceeds of the SFMRB will be subject to the prior approval of the HFA and Board of County Commissioners. |