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 $250,000,000 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
Board approval is required under the Internal Revenue Code of 1986, as amended (the “Code”).
What Action Accomplishes
Allows the Housing Finance Authority to issue its Single Family Mortgage Revenue Bonds in one or more series in an aggregate principal amount not to exceed $250,000,000 as part of a Plan of Financing and ratifies the public hearing, as required by Section 147(f) of the Code.
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 Single Family Mortgage Revenue Bonds (“Single Family Bonds”) will be used to provide funds to (i) refund certain outstanding obligations of the Housing Finance Authority of Broward County (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 located within Broward County, and 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 mortgage loans; and/or (iv) issue mortgage credit certificates in lieu of Single Family Bonds (collectively, the “Plan of Finance”).
On October 18, 2023, the HFA adopted Resolution No. 2023-020 (Exhibit 2) (the “HFA Resolution”), approving the issuance of Single Family Bonds in an aggregate principal amount not to exceed $250,000,000, as part of a Plan of Finance and hold a public hearing (the “TEFRA 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 (the “Code”). The HFA Resolution was prepared and approved as to form by Bond Counsel.
Pursuant to the HFA Resolution, the TEFRA Hearing was held on February 6, 2024, after proper notice was published on January 26, 2024, in the Sun Sentinel newspaper (the “TEFRA Notice”), for the purpose of giving all interested persons the opportunity to express their views in connection with the approval of the issuance of the Single Family Bonds and the Plan of Finance.
Adoption of this Resolution: (i) approves the Plan of Finance and the issuance of the Single Family Bonds in an aggregate principal amount not to exceed $250,000,000; (ii) approves the minutes of the TEFRA Hearing (the “Hearing Minutes”) and ratifies the HFA’s actions in connection with publishing the TEFRA Notice and conducting the TEFRA Hearing (see Hearing Minutes attached as Exhibit 3); and (iii) authorizes the proper officers, the Executive Director, and employees, and agents of the HFA to do all things necessary in connection with the Plan of Finance and the issuance of the Singe Family Bonds.
Any specific bond issuance(s) utilizing the proceeds of the Single Family Bonds approved herein are still subject to the prior approval of the HFA and the Board of County Commissioners.
Source of Additional Information
Ralph Stone, Director, Housing Finance Division, 954-357-5320.
Fiscal Impact
Fiscal Impact/Cost Summary
No fiscal impact.