Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Resilient Environment Division: Housing Finance Division
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 Broward County Board of County Commissioners (“Board”) is necessary for the adoption of a Resolution and Board approval is required under the Internal Revenue Code of 1986, as amended.
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 RESILIENT ENVIRONMENT DEPARTMENT AND THE HOUSING FINANCE DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Goal of the Broward County Board of County Commissioner’s (“Board”) 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 (“HFA”) is authorized to develop a “plan of finance” providing the HFA’s intent to issue single family mortgage revenue bonds and describing the intended uses of the proceeds of such bonds.
In accordance with HFA Resolution No. 2024-016 (Exhibit 2), (and hereinafter referred to as the “HFA Resolution”), the HFA intends to issue its single family mortgage revenue bonds (“Single Family Bonds”), in one or more series, in an aggregate principal amount of not to exceed $350,000,000, which constitutes a plan of financing (“Plan of Finance”) within the meaning of Section 147(f)(2)(C) of the Internal Revenue Code of 1986, as amended (“Code”). The Single Family Bonds constitute “private activity bonds” and are therefore subject to the State of Florida’s (“State”) allocation procedure governing the issuance of such bonds. The State requires that prior to requesting the allocation for the Single Family Bonds, a public hearing must be held under Section 147(f) of the Code (“TEFRA Hearing”), and the issuance of the Single Family Bonds be approved by the Board.
The TEFRA Hearing was held on February 6, 2025, after proper notice was published by the HFA on January 24, 2025, in the Sun Sentinel newspaper (“TEFRA Notice”).
The proposed Resolution (Exhibit 1) approves the Plan of Finance, authorizes the issuance of the Single Family Bonds, approves the minutes of the TEFRA Hearing and ratifies the HFA’s actions in connection with publishing the TEFRA Notice and conducting the TEFRA Hearing, and authorizes and directs certain officers and employees of the HFA to complete all necessary actions to implement the Plan of Finance and to effectuate the issuance of the Single Family Bonds.
The TEFRA Hearing minutes are provided as Exhibit 3.
Future HFA and Board approval is still required before the HFA issues any specific series of bonds.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.