Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing Finance Authority
Information
Requested Action
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MOTION TO ADOPT Resolution, the title of which is as follows:
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA, APPROVING A PLAN OF FINANCE INVOLVING THE ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (THE “HFA”) OF ITS SINGLE FAMILY MORTGAGE REVENUE BONDS (THE “SINGLE FAMILY BONDS”) IN AN AGGREGATE FACE AMOUNT OF NOT TO EXCEED $350,000,000 IN ONE OR MORE SERIES; APPROVAL OF THE SINGLE FAMILY BONDS AS REQUIRED BY SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; APPROVING THE MINUTES OF A PUBLIC HEARING HELD IN ACCORDANCE WITH SECTION 147(F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED; AUTHORIZING THE PROPER OFFICERS, THE EXECUTIVE DIRECTOR, AND THE EMPLOYEES AND AGENTS OF THE HFA TO DO ALL THINGS NECESSARY IN CONNECTION WITH THE PLAN OF FINANCE AND THE ISSUANCE OF SINGLE FAMILY BONDS; AND PROVIDING AN EFFECTIVE DATE FOR THIS RESOLUTION.
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Why Action is Necessary
Formal approval by the Board is necessary for the adoption of a Resolution and Board approval is required under the Internal Revenue Code of 1986.
What Action Accomplishes
Enables the adoption of the Resolution.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND THE HOUSING FINANCE AUTHORITY RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s Value of “ensuring residents have an affordable place to live by offering sustainable, compatible, innovative, accessible, affordable housing options for all income levels, including integrated, permanent supportive housing and zoning that helps residents build equity."
The Housing Finance Authority of Broward County, Florida (the “HFA”) is authorized to develop a plan of finance that states its intent to issue single family mortgage revenue bonds and explains how the bond proceeds will be used.
Under HFA Resolution No. 2025-010 (attached as Exhibit 2), the HFA intends to issue its single family mortgage revenue bonds (the “Single Family Bonds”) in one or more series, for a total amount not to exceed $350,000,000. This constitutes a “plan of finance” as defined in Section 147(f)(2)(C) of the Internal Revenue Code of 1986, as amended (the “Code”). The “plan of finance” adopted by the HFA also authorizes the HFA Executive Director to carry forward current year single family allocation as allocation for multifamily housing revenue bonds and/or single family mortgage revenue bonds.
The Single Family Bonds are considered “private activity bonds” under federal law. As a result, they are subject to the State of Florida’s allocation process for issuing such bonds. Before the HFA can request a state allocation, federal law requires that: (1) a public hearing (known as a “TEFRA Hearing”) be held in accordance with Section 147(f) of the Code, and (2) the issuance of the bonds be approved by the Broward County Board of County Commissioners (the “Board”).
The TEFRA Hearing was held on February 19, 2026. Proper notice of the hearing (the “TEFRA Notice”) was published by the HFA in the Sun Sentinel on February 6, 2026. The TEFRA Hearing minutes are attached as Exhibit 3.
The proposed Resolution (attached as Exhibit 1) approves the HFA’s plan of finance, authorizes the issuance of the Single Family Bonds, approves the minutes of the TEFRA Hearing, ratifies the HFA’s actions related to publishing the TEFRA Notice and conducting the TEFRA Hearing, and authorizes HFA officers and employees to take all necessary actions to carry out the plan of finance and issue the bonds.
Future HFA and Board approval are still required before any specific series of bonds is issued.
Source of Additional Information
Ralph Stone, Director, Housing Finance Authority Executive Director, (954) 357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.