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 Bonds will be used to provide funds to (i) refund certain outstanding obligations of the HFA, (ii) 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 (a) situated within Broward County, Florida, and (b) owned by persons or families of low, moderate or middle income, (iii) purchase securities from a master servicer evidencing interests in or backed by a pool of such mortgage loans, including, without limitation, securities issued by the federal government or agencies thereof, and/or (iv) be used in conjunction with a mortgage credit certificate (MCC) program (collectively, the “Plan of Financing”).
At its regular meeting on October 17, 2018, the HFA adopted Resolutions 2018-021 (Exhibit 2) and 2018-022 (Exhibit 3) authorizing the HFA to (i) issue the Bonds in an aggregate principal amount not to exceed $250,000,000, and (ii) hold a public hearing under the Tax Equity and Fiscal Responsibility Act, as required by Section 147(f) of the Code (“TEFRA Hearing”), respectively. Resolutions 2018-021 and 2018-022 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, 2019, as required by the Code, after proper notice was published on February 11, 2019 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, and b) ratifies the publication of notice of and minutes of the public hearing held on February 27, 2019, as required by the Code (Exhibit 3). It should be noted that any specific bonds issue utilizing these funds will be subject to the prior approval by the HFA and Board of County Commissioners.
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