Resolution 416-2001
RESOLUTION 416
- 2001
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA ADOPTING THE REGIONAL ALLOCATION PROCEDURE
FOR DISTRIBUTION OF PRIVATE ACTIVITY BOND ALLOCATION CAP WITHIN
THE FLORIDA STATE BOARD OF ADMINISTRATION, DIVISION OF BOND
FINANCE REGION 8 AS RECOMMENDED AND APPROVED BY THE MONROE
COUNTY HOUSING FINANCE AUTHORITY.
WHEJ3-EAS, Chapter 159, Part VI, Florida Statutes provides for State Board of Administration, Division
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of BOl1d Finance to distribute the State of Florida's Private Activity Bond Allocation to Housing Finance
Authorities within multi-county regions within the State for the purpose of providing a financial vehicle
for the creation of affordable housing, and;
WHEREAS, Monroe County is part of the State Board of Administration, Division of Bond Finance,
Region 8 together with Sarasota, Lee, Charlotte, Hendry, Collier counties, and;
WHEREAS, developers proposing to create affordable housing within the region must compete within
the counties they propose development and county housing finance authorities must compete against
each other annually for the limited amount of Regional Bond Allocation Cap, and;
WHEREAS, the Monroe County Housing Finance Authority (MCHF A) unanimously approved
Resolution 01-01 adopting the Regional Allocation Procedure and recommending the Monroe County
Board of County Commissioners concur with MCHF A by the adoption of the Regional Allocation
Procedure, and;
WHEREAS, the Housing Finance Authorities within Region 8 are adopting a Regional Allocation
Procedure in an effort to equitably facilitate the periodic availability of Private Activity Bonds to
projects in each ofthe region's Counties.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County Commissioners of Monroe County,
Florida, that the County hereby:
Approves and adopts the Regional Allocation Procedure as proposed in attached Exhibit A and
approved by the Monroe County Housing Finance Authority.
PASSED AND ADOPTED, by the Board of County Commissioners of Monroe County, Florida at a
regular meeting on said Board on the 17th day ofbctober , A.D., 2001
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Approved as to form and legal sufficiency:
SUZANNE A. HUTTON
DATE 10,10 Vo,
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EXHIBIT A
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Re!!ional Allocation Procedure
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Establish Limits for Annual Multifamily Projects.
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The amount of funds available to a particular County and the timing for when each County can elect a
multifamily or a single-family program would be guided by its proportionate share of the Regional
allocation. We could divide the Counties into two groups based on size. Group I would include Sarasota
and Lee (both having the largest populations) and Group 2 would include Hendry, Charlotte, Monroe and
Collier.
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. Group 1. Sarasota and Lee would be eligible for a multifamily project (s) every year up
to $7.5 million each or $15 million every other year.. (No more than $15 million for these
2 counties combined would be issued in anyone year).
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Group 2. Charlotte, Hendry and Monroe (and possibly Collier) would be eligible for a
project of up to $10 million every other year. No two Counties in this Group should issue
in the same year in amounts that would exceed $10 million.
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This Agreement would be in effect for a three (3) year period. The maximum amount of multifamily
projects to be issued would $25 million, plus $7.4 million for the Collier Authority, for a total of $32.4
million. These figures would be reviewed annually and would be adjusted accordingly. This would leave
$10 million available for single family in 2002 and adjusted upward for the years 2003 and 2004.
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The Counties will work together and take the needs of a particular County or Counties into consideration.
As has been the case in the past, adjustments will be considered to enable a particular developer or
developers to use more funds than might be available to a particular County under this proposal. This
problem was resolved in the past by the cooperative effort that has prevailed in the Region. Last and most
importantly, this proposal does not address the individual wishes or desires of the Counties or their
respective Boards of County Commissioners.
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Single Family Program.
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All Counties participating in the single family program could participate in the allocation with the goal of
giving each of them an amount equal to their proportionate share of the Region's allocation. This can
hopefully be accomplished with the use of recycled funds and taxable bonds, however, the use of taxable
bonds will result in a higher interest rate for the ultimate homebuyer.
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The Counties will review the results of the Agreement annually and make whatever adjustments are
necessary to make sure all Counties are receiving their fair share of the allocation.
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