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File #: 20-1730   
Status: Agenda Ready
File created: 9/22/2020 In control: Environmental Protection - Housing Finance And Community Redevelopment Division
On agenda: 10/20/2020 Final action:
Title: MOTION TO ADOPT Resolution No. 2020-551 of the Board of County Commissioners of Broward County, Florida authorizing the implementation of a Mortgage Credit Certificate (MCC) program by the Housing Finance Authority of Broward County, Florida ("Authority"); authorizing the exchange of a not to exceed amount of $50,000,000 of single family private activity bond allocation for not to exceed $12,500,000 of Mortgage Credit Certificate authority; approving the form and authorizing the execution of the program administration guidelines; approving the form of and authorizing the execution and delivery of participation agreements between the authority and lending institutions desiring to participate in the MCC program; authorizing certain officials of the authority to take all actions necessary in connection with the implementation of the MCC program; providing certain other findings and details with respect thereto; and providing an effective date.
Indexes: Established Commission Goals
Attachments: 1. Exhibit 1 - County Resolution, 2. Exhibit 2 - HFA Resolution 2020-010
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Environmental Protection Division: Housing Finance & Comm. Redevelopment

Information
Requested Action
title
MOTION TO ADOPT Resolution No. 2020-551 of the Board of County Commissioners of Broward County, Florida authorizing the implementation of a Mortgage Credit Certificate (MCC) program by the Housing Finance Authority of Broward County, Florida ("Authority"); authorizing the exchange of a not to exceed amount of $50,000,000 of single family private activity bond allocation for not to exceed $12,500,000 of Mortgage Credit Certificate authority; approving the form and authorizing the execution of the program administration guidelines; approving the form of and authorizing the execution and delivery of participation agreements between the authority and lending institutions desiring to participate in the MCC program; authorizing certain officials of the authority to take all actions necessary in connection with the implementation of the MCC program; providing certain other findings and details with respect thereto; and providing an effective date.

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Why Action is Necessary
Broward County Ordinance No. 79-41, as amended, requires, that all bond issues and contracts of the Housing Finance Authority of Broward County be approved by the Board of County Commissioners.

What Action Accomplishes
This action will allow the Housing Finance Authority of Broward County to move forward with a 2021 Mortgage Credit Certificate program, to assist persons of low and moderate income to achieve homeownership.

Is this Action Goal Related
Yes

Previous Action Taken
No previous action.

Summary Explanation/Background
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 housin...

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