Item Coversheet
ITEM 2.
PUBLIC HEARING - 9:30 AM

AGENDA ITEM REPORT

DATE:March  5, 2019 
DEPARTMENT:Community Development
REQUESTER:David Loveland 
TITLE:Adopt Resolution Allowing the Housing Finance Authority to Issue 2019 Mortgage Revenue Bonds 
I.MOTION REQUESTED
 Adopt a Resolution approving the issuance of Multi-Family Mortgage Revenue Bonds Series 2019 by the Housing Finance Authority of Lee County.
II.ITEM SUMMARY
 Adoption of the Resolution will allow the Housing Finance Authority of Lee County (which provides affordable housing financing opportunities for low, moderate and middle income families) to issue its Mortgage Revenue Bonds in the amount not to exceed $12,480,000.00 for the Vista Palms Apartments, a multi-family project in Lehigh Acres.  Ratification of such action by Lee County BOCC is required under Chapter 159, F.S.  There are no financial or administrative costs to Lee County BOCC.
III.BACKGROUND AND IMPLICATIONS OF ACTION
 A)Board Action and Other History
  

Purpose of the Housing Finance Authority of Lee County (“HFA”): The HFA was created in 1981 by the Lee County Board of County Commissioners in response to the shortage of affordable housing and deficiency in capital investment in such housing. The HFA encourages private investment and stimulation of construction and rehabilitation of housing through the use of public financing and provision of low-cost loans to purchase affordable housing. The BOCC has “oversight” of the HFA only as a result of their appointment of the HFA Board members. The appointed Board members operate the HFA.

 

HFA Funding Sources: The HFA is self-financed from fees generated by issuance of bonds and earnings from its invested funds.  Lee County BOCC has not provided funding to the HFA and will not be providing funding as the result of this action. Bonds issued by the HFA do not constitute a debt to the County nor is the County liable by reason of their issuance.

 

Requested Action:  On October 25, 2018, the Housing Finance Authority of Lee County adopted a Resolution approving the issuance of its Multi-Family Mortgage Revenue Bonds Series 2019 up to $12,480,000.00 for Vista Palms Apartments, a multi-family project located at 10276 Stratford Creek Court, Lehigh Acres.

 

The Lee County Board of County Commissioners must adopt a resolution in order for the bonds to be issued by the Authority pursuant to CH. 159 F.S., and Section 147(f) of the Internal Revenue Code of 1986. The Resolution must provide the following:

 

  1. Approves the election by the Authority for the issuance of the Multi-Family Mortgage Revenue Bonds Series 2019 not to exceed $12,480,000.00.

     

  2. Ratifies the actions of the HFA, including conducting the Tax Equity Fiscal Responsibility Act (TEFRA) Public Hearing held on November 16, 2018.

     

  3. Approves the use of private activity allocation in the program.

     

    In accordance with 159.612(4) F.S. “The bonds issued pursuant to the provisions hereof, and the bonds shall so state on their face, shall not be a debt of the county or the state, or any political subdivision thereof; and neither the county, nor any state or political subdivision thereof, shall be liable thereon; nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the housing finance authority.”

     

    Attachments:

    a.  Proposed Resolution by the Board of County Commissioners.

    b.  Resolution No. 18-04 of the HFA, dated October 25, 2018.

    c.  Minutes of the HFA, dated October 25, 2018, authorizing the proposed issuance of its Multi-Family Mortgage Revenue Bonds series 2019.

    d.  Minutes of Public Hearing (TEFRA) held on November 16, 2018.

    e. Affidavit of Publication for Public Hearing held on November 16, 2018.


 B)Policy Issues
  
 C)BoCC Goals
  
 D)Analysis
  
 E)Options
  
IV.FINANCIAL INFORMATION   
 A)Current year dollar amount of item:
No funding required.
 B)Is this item approved in the current budget?N/A
 C)Is this a revenue or expense item?N/A
 D)Is this Discretionary or Mandatory?Mandatory  Required by Ch. 159 Florida Statute 
 E)Will this item impact future budgets?
If yes, please include reasons in III(D) above.
No
 F)Fund:
Program:
Project:
Account Strings:  
 G) Fund Type?N/A   
 H)Comments:
 
V.RECOMMENDATION
 Approve  
VI.TIMING/IMPLEMENTATION
 
VII.FOLLOW UP
 
ATTACHMENTS:
DescriptionUpload DateType
11O4089-HFA Draft Resolution Vista Pal2/7/2019Resolution
Resolution 18-04 HFA 10-25-181/28/2019Backup Material
Minutes of HFA 10-25-181/28/2019Backup Material
HFA 11-16-18 PH Minutes1/28/2019Backup Material
TEFRA 11-16-181/28/2019Backup Material
REVIEWERS:
DepartmentReviewerActionDate
Community DevelopmentLoveland, David Approved1/31/2019 - 10:24 AM
Budget ServicesHenkel, Anne Approved2/4/2019 - 4:05 PM
Budget ServicesWinton, PeterApproved2/4/2019 - 4:07 PM
County AttorneySwindle, AmandaApproved2/7/2019 - 11:51 AM
County ManagerWinton, PeterApproved2/7/2019 - 1:01 PM