Item J2
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: October 17-18,2001
Division: Monroe County Housing Finance Authority
Bulk Item: Yes X
No
Department: Special Programs Office (as MCHFA staff)
(Staff will be present at BOCC meeting for any questions)
AGENDA ITEM WORDING:
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
ST ATE BOARD OF ADMINISTRATION, DIVISION OF BOND FINANCE REGION 8 AS
RECOMMENDED AND APPROVED BY THE MONROE COUNTY HOUSING FINANCE
AUTHORITY.
ITEM BACKGROUND:
The Monroe County Housing Finance Authority participates in the issuance of private activity bonds
to finance affordable housing development within the State Board of Administration, Division of
Bond Finance, Region 8 which includes Sarasota, Lee, Charlotte, Hendry, Collier and Monroe Counties.
In order to facilitate the regular availability of targeted funds to projects in Monroe County the Monroe
County Housing Finance Authori ty has passed Resolution 01-01, adopting the Regional Allocation
Procedure and recommending the Monroe County Board of County Commissioners concur by the
adoption of said Regional Allocation Procedure.
I PREVIOUS RELEVANT BOCC ACTION:
None
I STAFF RECOMMENDATION:
Approval
TOTAL COST: $-0-
COST TO COUNTY: $-0-
APPROVED BY:
County Attny. _ OMB/Purchasing _ Risk Management _
C
---
DEPARTMENT APPROVAL:
DOCUMENTATION:
Included X
To Follow
Not Required _
DISPOSITION:
/- V- 02.-
RESOLUTION
- 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.
WHEREAS, Chapter 159, Part VI, Florida Statutes provides for State Board of Administration, Division
of Bond 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 of the 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 _ day of , A.D., 2001
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
Mayor Neugent
Mayor Pro Tern Williams
Commissioner Spehar
Commissioner Nelson
Commissioner McCoy
By:
Mayor/Chairman Neugent
SEAL
ATTEST:
Approved as to form and legal sufficiency:
Date:
18/83/2881 15:35
3854515898
WELLS FARGO
PAGE Ell
RESOLUTION NO. 01.01
A RESOLUTION OF THE MONROE COUNTY
HOUSING FINANCE AUTHORITY (MCHFA)
ADOPTING THE REGION 8 PRIVATE ACTIVITY
BOND ALLOCATION PROCEDURE AND
RECOMMEND SAME TO THE MONROE COUNTY
BOARD OF COUNTY COMMISSIONERS (80CC)
FOR THEIR ADOPTION.
\VHEREAS. the MCHFA and the other Region 8 counties have for the past
several years worked together to best utilize their proportionate share of the Region
allocation. and
WHEREAS, as in the past the particular needs of a County Of Counties will be:
considered and adjmtment$ made accordingly, and
WHEREAS. the MCHFA desires to continue the cooperative effort which exists
among the counties in serving the best interest or our resident"
NOW, THEREFORE, BE IT RESOLVED by the Board ofthe Monroe County
Housing financing Authority, as follows:
Section 1:
he{ebyadopted.
That the Rogional Allocation Procedure ~\t.(;bed as Exhibh A is
~fum.1: Recommend to th" Monroe County Board of County
Commissioners the adoption of a Resolution concurring with the MCHF A.
Passed and Adopted by the MCHF A. at a meeting held thi$ 271" day of Seplember
2001.
THE MONROE COUNTY HOtlSING
FINANCE AUTHORITY,
A Florida public body corporate and politic.
9Y'~
Roe H ert, Chalnii~~ "'
--
Date:
/tP L3/ 0/
( f
.
EXHIBIT A
.
.
Re2ional Allocation Procedure
.
E', .,
.1 Limits for Annual Multifamily Projects.
.
Th.: _'"'.;:~: of funds available to a particular County and the timing for when each County can elect a
mtt.::.:::::, Gr J single-family program would be guided by its proportionate share of the Regional
allL _ '.\' e could divide the Counties into two groups based on size. Group I would include Sarasota
am: "..: ;','rl1 hJving the largest populations) and Group 2 would include Hendry, Charlotte, Monroe and
Cu;: ,_
.
. ,roup 1. Sarasota and Lee would be eligible for a multifamily project (s) every year up
J ~-5 mIllion each or $15 million every other year. (No more than $15 million for these
~ :,)U[1[IC:S combined would be issued in anyone year).
.
.
0,'OUp Z. Charlotte, Hendry and Monroe (and possibly Collier) would be eligible for a
:'rJic'~t of up to $10 million every other year. No two Counties in this Group should issue
" : :ie' SJrne year in amounts that would exceed $10 million.
.
ThIS ....;:c.:::::1e:1t would be in effect for a three (3) year period. The maximum amount of multifamily
proJCC::o: 'JC: Issued would $25 million, plus $7.4 million for the Collier Authority, for a total of $32.4
mliilO:: :-:lc'se tigures would be reviewed annually and would be adjusted accordingly. This would leave
$10 171:,: :on JVJlbble for single family in 2002 and adjusted upward for the years 2003 and 2004.
.
The C:untlc:s wIll work together and take the needs of a particular County or Counties into consideration.
As ;'JS JC:::~ the case in the past, adjustments will be considered to enable a particular developer or
deve!o::-ers [0 use more funds than might be available to a particular County under this proposal. This
problc1 ',\;1S resolved in the past by the cooperative effort that has prevailed in the Region. Last and most
impor::::;r>:. this proposal does not address the individual wishes or desires of the Counties or their
respec::..e 30Jrds of County Commissioners.
.
.
Single Family Program.
.
All COtl:H!eS pJrticipating in the single family program could participate in the allocation with the goal of
giving e:.lcr: of them an amount equal to their proportionate share of the Region's allocation. This can
hope~..::>. he .1ccomplished with the use of recycled funds and taxable bonds, however, the use of taxable
bonds .\dl result in a higher interest rate for the ultimate homebuyer.
.
The C::untles will review the results of the Agreement annually and make whatever adjustments are
necess.::.. to make sure all Counties are receiving their fair share of the allocation.
.
.
.
.
.