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BOARD PACKAGE
Meeting
JANUARY 16, 2019
PLAQUE PRESENTATION – COLLEEN LAPLANT
Housing Finance Authority of Broward County
Board of Directors
On behalf of the entire Agency, the Board of
Directors wishes to express its sincere appreciation to
Colleen LaPlant
for her tenure as Chair for 2018
Presented: January 16, 2019
JAN 2018 – DEC 2018
110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301
Tel: 954.357.4900Fax: 954.357.8221
www.Broward.org/HFA
REGULAR MEETING
A regular meeting of the Housing Finance Authority of Broward County (the “HFA), Florida,
will be held on Wednesday, January 16, 2019, at 5:30 p.m., in the 2nd Floor Conference
Room, located at 110 N.E. 3rd Street, Fort Lauderdale, Florida.
CALLING OF THE ROLL
PLAQUE PRESENTATION
Colleen LaPlant
CONSENT AGENDA ITEMS (1 through 4)
1. Approval of December 19, 2018, Regular Meeting Minutes
2. Executive Director’s (December Operational Report)
3 Investment Portfolio Committee
MOTION TO APPROVE the appointment of Angela Bauldree, Business Manager of
the Housing Finance and Community Redevelopment Division to the Housing Finance
Authority Investment Portfolio Committee.
4. Zomermaand Financial Advisory Services, LLC – Financial Advisory Services
Agreement - RLI #20190414-FAS-2
MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward
County, Florida (“Housing Finance Authority”), approving and authorizing execution of
the agreement between Housing Financing Authority and Zomermaand Financial
Advisory Services, L.L.C. for Financial Advisory Services (RLI #20190414-FAS2)
(“agreement”); authorizing the proper Officers of the Housing Finance Authority to
execute all other documents and do all things necessary or advisable in connection with
entering into the agreement; and providing for severability and an effective date
Chair: Milette Manos • Vice Chair: Donna Jarrett-Mays • Secretary: Daniel D. Reynolds • Assistant Secretary: Ruth T. Cyrus Members: Colleen LaPlant • Jose “Pepe” Lopez • John G. Primeau
REGULAR AGENDA
5. Financial Reports Monthly Overview – Ms. Linda Dufresne
MOTION TO APPROVE the Housing Finance Authority monthly financial reports for
the month of December 31, 2018.
6. Multifamily Bond Application for 2019 (Public Notice)
MOTION TO DIRECT Staff to publish a notice that the HFA will be soliciting
proposals from Multifamily Developers interested in utilizing private activity bond
allocation; and provide an open application cycle for applications received to the extent
private activity bond allocation is available or may become available to fund such
developments.
7. MATTERS OF HFA MEMBERS
8. MATTERS FROM THE FLOOR
9. NEXT BOARD MEETING
February 20, 2019
10. ADJOURNMENT
2
110 Northeast 3rd Street, Suite 300Fort Lauderdale, FL 33301
Phone: 954.357.4900Fax: 954.357.8221
www.broward.org/HFA
MINUTES
BOARD MEETING
Wednesday, December 19, 2018
A regular Board Meeting of the Housing Finance Authority (“HFA”) of Broward County was held on Wednesday, December 19, 2018, at 5:30 p.m., in the 2nd Floor Conference Room, located at 110 Northeast 3rd Street, Fort Lauderdale, Florida.
The Chair, Colleen LaPlant, called the meeting to order at 5:30 p.m.
CALLING OF THE ROLL
A Roll Call was taken by Sonia Isme.
Board Members Present
Colleen LaPlant, Chair – Donna Jarrett-Mays, Secretary – Daniel D. Reynolds, Asst. Secretary
Ruth T. Cyrus, Member – Jose Lopez, Member – John G. Primeau, Member
Board Members Absent
Milette Manos, Vice Chair
Staff Also Present
Norman Howard, Manager Deborah Zomermaand, Financial Advisory Svcs
Sonia Isme, Secretary Linda Dufresne, Dufresne CPA Services, P.A.
Annika Ashton, Sr. Asst. County Attorney Brian Carter, Mauldin & Jenkins, LLC
Alicia Lobeiras, Asst. County Attorney Daniel Anderson, Mauldin & Jenkins, LLC
Wade Sansbury, Mauldin & Jenkins, LLC
Anthony Brunson, Anthony Brunson, P.A.
Adrian Liburd, Anthony Brunson, P.A.
Audrey Robinson, Anthony Brunson, P.A.
Ruben Joseph, Anthony Brunson, P.A.
Shaun Davis, S. Davis & Associates. P.A.
Tanya Davis, S. Davis & Associates, P.A.
Kevin Adderley, S. Davis & Associates, P.A.
Marie Philippe, S. Davis & Associates, P.A.
Chair: Colleen LaPlant • Vice Chair: Milette Manos • Secretary: Donna Jarrett-Mays • Assistant Secretary: Daniel D. ReynoldsMembers: Ruth T. Cyrus • Jose “Pepe” Lopez • John G. Primeau
Ms. LaPlant asked were there any objections to item #7 being moved to the consent agenda.There were no objections made.
MOTION was made by John G. Primeau, seconded by Ruth T. Cyrus, to approve the move of item #7 to the Consent Agenda. The motion carried unanimously.
CONSENT AGENDA ITEMS 1, 2, 3, 4, and 7
1. Approval of October 17, 2018, Regular Meeting Minutes2. Executive Director’s (November) Operational Report3. Broward County Community Development Corporation d/b/a Broward Housing Solutions
(Mortgage Agreement and Promissory Note) 4. Dufresne CPA Services, PA – (Accounting Services Agreement - RLI #20190630- AS3)7. Praxis at Deerfield Beach Project
MOTION TO APPROVE the Consent Agenda Items 1, 2, 3, 4 and 7.
MOTION was made by Daniel D. Reynolds, seconded by John G. Primeau, to approve Consent Agenda Items 1, 2, 3, 4 and 7. The motion carried unanimously.
5. Certified Public Accounting Firms – RLI #20190930-AS3 for Audit Services
Mr. Howard provided a brief introduction acknowledging three firms (Anthony Brunson, P.A., Mauldin & Jenkins, LLC and S. Davis & Associates, P.A.) in attendance to present to the board a presentation of the audit services provided. Mr. Howard explained the procedures on the ranking of each firm from a scale of 1-3; whereas the top ranked firm would be ranked 1, the second ranked firm would be ranked 2, and the third ranked firm would be ranked 3. The firm scored the lowest would be the awarded participant.
Mr. Howard explained the presentation methods to each firm prior to the start each presentation to allow sufficient time for Q&A’s.
Presentation 1: Anthony Brunson, P.A. (“ABPA”)
Mr. Anthony Brunson introduced himself as the Managing Partner of ABPA along with team of professionals in attendance. He highlighted various aspects of the agencies goals and the approach in providing professional product and service.
Mr. Brunson explained the information provided in the presentation handout and the firms experience in doing business with the HFA’s daily operational needs on audit services. The team of professionals (Audrey Robinson, Quality Control Manager, Adrian Liburd, Audit Supervisorand Ruben Joseph, Audit Staff) provided an introductory speech on the years of experience working within the auditing field and their engaging roles in audit services.
In closing of the presentation, Mr. Brunson thanked the board for the opportunity for the years of service to the HFA. The board commended Anthony Brunson, P.A. on a job well done.
HFA Board Meeting Minutes – December 19, 2018
Page 2 of 5
Presentation 2: Mauldin & Jenkins, LLC
Mr. Brian Carter introduced himself as the Proposed Engagement Partner of the firm as well as his experience and involvement serving as a chairman/board member with various agencies.
Mr. Wade Sansbury, Quality Review Partner provided a brief history on his experience with audit services and the responsibilities of his role in audit services.
Mr. Daniel Anderson, Audit Manager provided brief history on 10 years of experience in governmental and audit services and his engagement role to the HFA.
Mr. Carter provided an overview of the agenda and a brief history on the establishment of the firm; and the firms dedication to providing and improving public trust. He pointed out attributes of the firms’ experiences with governmental entities, HUD based organizations and those related to housing revenue bonds.
In closing of the presentation, Mr. Carter thanked the board for the opportunity to present the firms qualifications. The board commended Mauldin & Jenkins, LLC on a job well done.
Presentation 3: S. Davis & Associates, P.A. (“SDA”)
Mr. Shaun Davis introduced himself as the Engagement Partner of SDA along with team of professionals in attendance. He highlighted that the professional team are returning engagement staff experienced in the HFA’s auditing spectrum.
Mr. Davis spoke on the firms’ dedication attaining personal and professional standards in all services and agency goals on quality. He expressed the firm’s ability to serve the HFA based on the length of services in prior years.
Mr. Kevin Adderley introduced himself as the Engagement Manager and provided a brief overview of his career. Mr. Adderley spoke on the firms’ goals and the approach in providing excellence in services to the HFA.
Ms. Tanya Davis, Quality Review Partner spoke on the firms’ ability in exceeding the HFA’s expectations on services based on the involvement and experience with HFA audits.
A question from board member Ruth T. Cyrus was asked regarding the total number of staff employed with the firm to which the indicated response was 21-employed staff with S. Davis & Associates, P.A.
A question from board chair Colleen LaPlant was asked regarding two attachments not included in the firms’ proposal and the indicated response was the firm has only one Broward County contract ending the current fiscal year.
In closing of the presentation, Ms. Davis thanked the board for the opportunity to present the firms’ qualifications. The board commended S. Davis & Associates, P.A. on a job well done.
HFA Board Meeting Minutes – December 19, 2018
Page 3 of 5
All presentations were completed, and the board submitted their individual ranking forms for final tabulations. The tabulated sheet with final scores was announced by the Chair in the presence of all in attendance including the firms. The ranking was announced as read:
The top ranked firm was Anthony Brunson, P.A. scoring an eight (8), the second ranked firm was S. Davis & Associates, P.A. scoring a ten (10), and the third ranked firm was Mauldin & Jenkins, LLC scoring an eighteen (18).
Mr. Reynolds mentioned in the event the negotiation becomes unsuccessful then the next ranked firm would be selected.
Motion was made by Daniel D. Reynolds and seconded by Ruth T. Cyrus to approve final ranking of the qualified Accounting Firms for Request for Letters of Interest (RLI) No. 20190930-AS3; audit services in relation to the HFA Single and Multi-Family Mortgage Revenue Bonds, and authorize staff and County Attorney to proceed with negotiations. The motion carried unanimously.
6. Financial Reports Monthly Overview (October 31st & November 30, 2018) Ms. Linda Dufresne
Ms. Dufresne provided an overview of the Monthly Financial Reports covering the month of October and November. She explained that October had a significant difference in Attachment 3, Page 4 consisting of prior month and current month calculations. The month of November had no outstanding items. Also, draft statements were provided to the auditors, and are awaiting from the auditors the pension report to make adjustments on the reporting of pensions.
Mr. Howard added that the audit should be completed by the end of January, and at thattime should return with the report by the February or March HFA board meeting.
Motion was made by Daniel D. Reynolds and seconded by John G. Primeau to approve the Housing Finance Authority monthly financial reports for the month of October 31st, and November 30, 2018. The motion carried unanimously.
8. HFA Investment Policy and Investment Portfolio Committee
Mr. Howard explained that Staff requested to amend the investment policy to modify the composition of the board. Per the Executive Director, Ralph Stone recommendation to amend the investment policy replacing the Financial Advisor and appointing the Housing Finance Community Redevelopment Division’s Business Manager, Angela Bauldree to the new position. The reason for the request was to allow the Financial Advisor the ability to communicate with staff on investment procedures and financial advisory all together; in accordance to the preclusion in the Sunshine law.
Ms. Annika Ashton reminded the board that the motion was to approve amending the policy, and a motion to appoint the new appointee would follow at the next HFA Board meeting.
Motion was made by Daniel D. Reynolds and seconded by John G. Primeau to approve Resolution of the Housing Finance Authority of Broward County, Florida, amending the investment policy to modify the composition of the investment portfolio committee; and providing for severability and an effective date. The motion carried unanimously.
HFA Board Meeting Minutes – December 19, 2018
Page 4 of 5
9. MATTERS OF HFA MEMBERS
The Chair reminded the board of the two vacant positions needing to be filled, and shouldanyone know of someone to refer them to the Broward County District Commissioner for the vacant positions.
10. MATTERS FROM THE FLOOR
None.
11. NEXT BOARD MEETING
January 16, 2019
12. ADJOURNMENT
The Chair, Colleen LaPlant hearing no further comments, questions or discussions
adjourned the meeting at 6 26 p.m.
HFA Board Meeting Minutes – December 19, 2018
Page 5 of 5
110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301
Tel: 954.357.4900Fax: 954.357.8221
www.broward.org/HFA
M E M O R A N D U M
Date: January 8, 2019
To: Housing Finance Authority Board Members
Through: Ralph Stone, Executive Director
From: Norman Howard, Manager
Subject: December Operational Report
INVESTMENT COMMITTEE
An Investment Committee (IC) quarterly meeting will be held on January 16, 2019Wednesday, at 4:00 p.m., at 110 N.E. 3rd Street, 3rd Floor, Suite 201, Fort Lauderdale, Florida. The next quarterly meeting is April 17, 2019.
SINGLE-FAMILY
Information listed below is the foreclosure/bankruptcy report received from CitiMortgage for the months of October 2018 and November 2018. The report for the month of December 2018 has not been received from CitiMortgage to date.
Bankruptcy – October 2018
Loan Count Total 1st Lien 2nd Lien 1st Mort./Total 2nd Mort./Total
0 $0 0 0 $0 $0
Foreclosure (180+ days) – October 2018
Loan Total 1st Lien 2nd 1st Mort./Total 2nd Mort./Total
Count Lien
9 $1,310,620 6 3 $1,203,436 $107,184
HFA Executive Report (December 2018)
Page 1 of 3
Bankruptcy –November 2018
Loan Count Total 1st Lien 2nd Lien 1st Mort./Total 2nd Mort/Total
0 $0 0 0 $0 $0
Foreclosure (180+ days) – November 2018
Loan Count Total 1st Lien 2nd Lien 1st Mort./Total 2nd Mort./Total
13 $1,357,172 10 3 $1,249,988 $107,184
Foreclosure (180+ days) – comparison between November 2017 to November 2018
1st Mortgage 2nd Mortgage Comparison Foreclosures Total balance balanceYear
November-17 15 $1,395,767 $144,336* $1,540,103
13November-18 $1,249,988 $107,184** $1,357,172
Difference(+/-) 2 $145,779 $37,152 $182,931
Note: * FY17 contain 15 foreclosures, 3 is a second mortgage.** FY 18 contain 13 foreclosures, 3 are second mortgages.
MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM
2016/2017 MCC Program (ended date December 31, 2018)
The 2016/2017 MCC program closed on December 31, 2018, staff issued 148 MCC’s totaling
$7,690,768. Total program income equaled $25,900. Nineteen (19) lenders participated in the MCC Program.
The MCC Program totals to date are as follows:
Commitments Issued Cancelled/ExpiredMCC’s by Lender
Academy Mortgage Corporation10 10 0
America’s Mortgage Professionals, LLC10 10 0
Bank of America, N.A.10 6 0
Banking Mortgage Services Corp0 0 0
Centennial Bank0 0 0
Christensen Financial, Inc 3 1 0
CMG Financial, Inc.0 0 0
Cornerstone Home Lending3 2 0
HFA Executive Report (December 2018)
Page 2 of 3
Commitments Issued Cancelled/ExpiredMCC’s by Lender
Florida State Mortgage Group, Inc1 0 0
Gold Star Mtg. Financial Group13 11 0
GSF Mortgage Corporation0 0 0
Gulf Atlantic Funding Group, Inc.0 0 0
Hamilton Funding Group46 41 2
Home Mortgage Alliance Corp 1 0 0
Loan Depot, LLC1 0 0
Paramount Residential Mortgage Group
(PRMG) 75 60 0
Plaza Home Mortgage, Inc4 0 0
The Mortgage Firm7 7 0
United Shores/United Wholesale
Mortgage 1 0 0
Totals185 148 2
Income to date (Y2017): $25,900
MULTIFAMILY HOUSING BOND TRANSACTIONS
2019 Multifamily housing transactions update for the month of January (Attachment 1).
MULTI-FAMILY COMPLIANCE MONITORING
Multifamily compliance monitoring; reporting period October 21, 2018, to November 20, 2018.
Monthly ComplianceReview of this month’s bond reports shows all properties are following their respective Land Use Restriction Agreements (LURAs) except for Northwest Gardens V and Residences at Crystal Lake. The initial bond reports for Northwest Gardens V and Residences at Crystal Lake were submitted during this reporting period.
Occupancy Report
The HFA Rental Occupancy Report for period October 21, 2018, to November 20, 2018, is included (Attachment 2).
Annual Management Review and Inspections
There were no reviews or inspections completed during the reporting period of October21, 2018 to November 20, 2018.
HFA Executive Report (December 2018)
Page 3 of 3
ATTACHMENT 1
2019 MULTIFAMILY HOUSING BOND TRANSACTIONS – JANUARY UPDATE
HFA RANKING 1 2 3
PROJECT NAME Regency Gardens Marquis Apartments Praxis of Deerfield Beach
PROJECT LOCATION
1525 Northwest 17th Avenue
Pompano Beach, FL 33069-1691
NW 9th Street; NW Corner of 9th Street
and Dr. B.J. McCormick Ave.
Pompano Beach, FL
1450 FAU Research Park Blvd.
Deerfield Beach, FL 33441
DEVELOPER Pompano Beach Leased Housing
Associates, II, LLLP
Cornerstone Group Partners, LLC MRK Partners Inc.
PROFESSIONAL TEAM
• Lead Underwriter • RBC • TBD • Raymond James
• Bond Counsel • Nabors, Giblin & Nickerson • Nabors, Giblin & Nickerson • Nabors, Giblin & Nickerson
• Credit Underwriter (“CU”) • TBD • TBD • First Housing
BOND AMOUNTS
• Bond Amount/Original Req. • $15,000,000 • $12,000,000 • $25,000,000
• Revised Request • • •
• CU Recommendation • • •
TEFRA & Inducement
• TEFRA/Inducement Amount • $15,000,000 (Inducement) • • $25,000,000 (Inducement)
• Date of HFA Inducement • September 19, 2018 (Approved) • • December 19, 2018
• Date of TEFRA Hearing • • •
• Date of HFA Approval • • •
• Date of BOCC App. TEFRA • • •
• Date of BOCC Approval Cust.
Agreement (If Applicable)
• N/A • N/A • N/A
ALLOCATION
• Allocation Approved by HFA $15,000,000 $25,000,000
•TRANSACTION STATUS See Note #1 See Note #2 See Note #3
Note #1
Application to fund Regency Gardens in the 2018 allocation cycle was submitted to the HFA on August 24, 2018. The financing is expected to fund
the acquisition and rehabilitation of 94 units of affordable housing in Pompano Beach. On September 19, 2018, the HFA approved and induced the
project, such approval will effectively rank the development to receive tax-exempt bond allocation and/or carryforward in 2018. The total bond
amount is estimated to be $15,000,000. The transaction is expected to close 2nd quarter 2019.
Note #2:
Application to fund Marquis Apartments in the 2018 allocation cycle was submitted to the HFA on October 10, 2018. The financing is expected to
fund the new construction of 100 units of affordable housing in Pompano Beach. The requested bond amount is $12,000,000. The transaction is
expected to close 2nd quarter 2019.
Note #3:
Application to fund Praxis of Deerfield Beach in the 2018 allocation cycle was submitted to the HFA on November 14, 2018. On December 18,
2018, the HFA approved and induced the project, such approval will effectively rank the development to receive tax-exempt bond allocation and/or
carryforward in 2018. The financing is expected to fund the rehabilitation of 224 units of affordable housing in Deerfield Beach. The requested
bond amount is $25,000,000. The transaction is expected to close 2nd quarter 2019.
ATTACHMENT 2
Housing Finance Authority of Broward County
Rental Occupancy Report
Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J
Property
Total
Number of
Units
From Mgmt
Number of
Units
Occupied
% of Units
Occupied
Previous
month % of
Lower Units
Occupied
October
From Mgmt
Low Income
Units
Occupied
% Occupied
by Low
Income
LURA
Low Income
Requirement
Certificate of
Compliance
rec'd
November
Vacant
Units
Banyan Bay 416 396 95.2 44% 171 43.2 20% 12/10/2018 20
Chaves Lakes 238 238 100.0 88% 209 87.8 40% 11/30/2018 0
Colonial Park 160 159 99.4 100% 159 100.0 99% 11/20/2018 1
Cypress Grove/Sandalgrove 814 772 94.8 100% 772 100.0 40% 11/30/2018 42
Golden Villas 120 120 100.0 99% 119 99.2 40% 12/6/2018 0
Golf View Gardens 160 155 96.9 100% 155 100.0 100% 11/26/2018 5
Harbour Cove 212 210 99.1 85% 178 84.8 40% 11/28/2018 2
Heron Pointe 200 197 98.5 98% 192 97.5 40% 11/30/2018 3
Laguna Pointe 188 188 100.0 92% 172 91.5 40% 11/30/2018 0
Lake Vista (fka Ashlar/Pier Club) 480 454 94.6 21% 93 20.5 20% 11/30/2018 26
Landings at Coconut Creek 268 229 85.4 23% 54 23.6 20% 12/3/2018 39
Lauderhill Point (fka Driftwood Terr) 176 171 97.2 100% 171 100.0 100% 12/7/2018 5
Los Prados 444 418 94.1 31% 133 31.8 20% 11/29/2018 26
Mar Lago Village 216 200 92.6 43% 85 42.5 40% 12/12/2018 16
Meridian 160 159 99.4 100% 159 100.0 99% 11/20/2018 1
Northwest Gardens V 200 193 96.5 10% 20 10.4 40% 12/7/2018 7
Palms of Deerfield 56 53 94.6 100% 53 100.0 100% 12/10/2018 3
Pembroke Park 244 242 99.2 83% 199 82.2 40% 11/30/2018 2
Pinnacle Village 148 146 98.6 99% 145 99.3 40% 12/6/2018 2
Prospect Park 125 123 98.4 100% 123 100.0 40% 12/10/2018 2
Residences at Crystal Lake 92 91 98.9 6% 91 100.0 40% 12/10/2018 1
Sailboat Bend 37 36 97.3 100% 36 100.0 100% 12/17/2018 1
San Tropez (fka Pembroke Village) 480 464 96.7 21% 95 20.5 20% 12/6/2018 16
Sanctuary Cove 292 291 99.7 99% 289 99.3 40% 11/30/2018 1
Stanley Terrace 96 96 100.0 100% 96 100.0 40% 12/10/2018 0
St Croix 246 246 100.0 98% 241 98.0 40% 12/5/2018 0
Summerlake 108 105 97.2 100% 105 100.0 40% 12/5/2018 3
Woodsdale Oaks 172 171 99.4 100% 171 100.0 70% 11/29/2018 1
Totals 6,548 6,323 4,486 225
* Figures in red show properties that are less than 90% occupied
Total % rate of occupancy for all properties 97%
Item 2 - Attachment 2 (Rental Occupancy Report) 1/28/2019; 10:32 AM
MULTI-FAMILY BOND RENTAL OCCUPANCY REPORT KEY
The Rental Occupancy Report was prepared by staff from Certifications of Continuing
Compliance reports received from Multi Family property management.
Column B represents the total number of units the property has.
Column C represents the number of units occupied during the reporting period.
Column D represents the percentage of units occupied versus the total number.
Column E represents the percentage of total units that were lower income occupied during the
month of October, 2017.
Column F represents the number of lower income units occupied.
Column G represents the percentage of lower income units occupied versus the total number
of units available.
Column H represents the lower income requirement per the Land Use Restriction Agreement.
Column I represents the date the Certificate of Compliance was received by Housing Finance
Authority. Dates may vary from the 22nd of the previous month to the 14th of the following
month since bond reports are submitted according to the time frame set in the LURA.
Column J represents the number of units vacant for each property.
Columns that are blank represent no report was received from property management.
Housing Finance Authority of Broward CountyJanuary 16, 2019 – Board Meeting
HFA Investment Policy and Portfolio Committee
Approve the appointment of Angela Bauldree, Business Manager of the Housing Finance and Community Redevelopment Division, to the HFA Investment Portfolio Committee.
Background
At the HFA meeting on December 19, 2018, the HFA approved Resolution 2018-025 amending the Investment Policy to modify the composition of the investment portfolio committee, replacing the HFA Finance Advisor as a member of the Investment Portfolio Committee with another individual appointed by the HFA Board that has experience in the area of finance. The Executive Director recommends that the Housing Division Business Manager be appointed to the new position.
Recommendation
Approve the appointment of Angela Bauldree, Business Manager of the Housing Finance and Community Redevelopment Division, to the HFA Investment Portfolio Committee.
Attachment
1. HFA Resolution 2018-025Exhibit A - Amended Investment Policy
ATTACHMENT 1
EXHIBIT A
HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA
INVESTMENT POLICY
1. SCOPE. This Investment Policy shall apply to the surplus funds of the Housing Finance
Authority of Broward County, Florida (“Authority”) in excess of amounts needed to meet current
short term expenses. This Investment Policy shall not apply to proceeds from the issuance of bonds
or other debts or other funds held with respect thereto where there are indentures or agreements by
the Authority relating to the investment of said funds. Nor shall this Investment Policy apply to
the investment or application of funds in the furtherance or implementation of the housing
programs of the Authority.
2. INVESTMENT OBJECTIVES. The first objective of all investments shall be the preservation
of the capital of the Authority. The second objective of all investments shall be the liquidity of
Authority funds. The third objective of all investments shall be investment income to the
Authority.
3. PERFORMANCE MEASUREMENT. In order to assist in the evaluation of the investments
made pursuant to this Investment Policy, the Investment Portfolio Committee (as defined in Article
13) shall, at least quarterly, (1) compare the rate of return on its investments to the rate of return
on the Local Government Surplus Trust Fund or any intergovernmental investment pool authorized
pursuant to the Florida Interlocal Cooperation Act, as provided for in Section 163.01, Florida
Statutes, and established in Section 218.405, Florida Statutes; and (2) include that rate comparison
in the quarterly report described in Article 13 herein.
4. PRUDENT PERSON RULE. Investments should be made with judgment and care, under
circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in
the management of their own affairs, not for speculation, but for investment, considering the
probable safety of their capital and liquidity requirements, as well as the probable income to be
derived from the investment.
5. ETHICAL STANDARDS. Persons involved in the investment process shall refrain from
personal business activity that may conflict with the proper execution of the investment program,
or which impair their ability to make impartial investment decisions. Also, persons involved in the
investment process shall disclose to the Authority any material financial interests in financial
institutions that conduct business with the Authority, and they shall further disclose any material
financial/investment positions that could be related to the performance of the Authority's portfolio.
6. AUTHORIZED INVESTMENTS AND PORTFOLIO COMPOSITION. Funds in the
investment portfolio shall be limited to the following eligible securities. Marginable accounts,
short sales (where the Authority does not own the underlying security), and investments in any
derivative securities (including interest only or principal only and inverse floaters investments)
are prohibited unless specifically designated below:
a. Direct obligations, or obligations, of the United States Government, the principal
and interest of which are unconditionally guaranteed by the United States
1
EXHIBIT A
Government, including bonds, notes, and other obligations. Such securities will
include, but not be limited to, the following:
1. Cash Management Bills.
2. Treasury Bills.
3. Treasury Notes.
4. Treasury Bonds.
b. Bonds, notes, and other obligations of any federal agency whose obligations
represent the full faith and credit of the United States Government. Such securities
will include, but not be limited to, the following:
1. Farmers Home Administration—Certificate of beneficial ownership.
2. Federal Housing Administration Debentures.
3. United States Department of Housing and Urban Development Project notes and
local authority bonds.
4. Government National Mortgage Association (GNMA or "Ginnie Mae").
5. Department of Veterans Affairs (VA).
c. Bonds, debentures, or notes issued by Government Sponsored Enterprises (GSEs),
which carry the implicit backing of the United States Government, but are not direct
obligations of the United States Government. Such securities will include issuances
from, but not be limited to, the following:
1. Federal Home Loan Bank System (FHLB)—Senior debt obligations.
2. Federal Farm Credit Bank (FFCB).
3. Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac")—
Participation certificates, senior debt obligations.
4. Federal National Mortgage Corporation (FNMA or "Fannie Mae")—Participation
certificates, senior debt obligations.
5. Federal Agricultural Mortgage Corporation (FRM or "Farmer Mac")—
Participation certificates, senior debt obligations.
d. The Local Government Surplus Trust Fund ("Florida PRIME") or any
intergovernmental investment pool authorized pursuant to the Florida Interlocal
Cooperation Act, as provided for in Section 163.01, Florida Statutes, and established
in Section 218.405, Florida Statutes. In addition, a thorough investigation of the pool
is required prior to investing and on a continual basis. Areas of consideration shall
include a review of the Investment Policy, the types of securities allowed, the fund's
risk profile, operational requirements, and calculations relating to interest, gains and
losses, and distributions.
2
EXHIBIT A
e. Repurchase agreements with Primary Dealers, as defined by the Federal Reserve
Bank of New York, and a custodian bank acting as a tri-party agent, provided such
agreements are (i) in writing; and (ii) fully secured by securities unconditionally
guaranteed by the United States Government, and provided further that:
1. Any such collateral is held by the Authority or the tri-party agent acting for the
Authority during the full term of such agreements;
2. Any such collateral may only be substituted for same credit quality or better;
3. Any such collateral is not subject to liens or claims of third parties;
4. Any such collateral has a market value (determined at least every seven (7) days)
at least equal to one hundred two percent (102%) of the amount invested in such
agreement;
5. The Authority has a perfected first security interest in such collateral;
6. A Master Repurchase Agreement has been executed with all counterparties
pursuant to Article 9 of this Investment Policy;
7. The Master Repurchase Agreement provides that the failure to maintain such
collateral at the level required by clause (4) above will require the Authority or
the tri-party agent to liquidate the investments; and
8. Term of the repurchase agreements cannot exceed ninety (90) days from date of
purchase.
f. Commercial paper rated in one of the two highest rating categories by at least two
(2) nationally recognized rating agencies, or commercial paper backed by a letter of
credit or line of credit rated in one of the two highest rating categories.
g. Bonds, notes, or obligations of the State of Florida, or of any municipality, political
subdivision, or agency or authority of the State of Florida, if such obligations are
rated by at least two (2) nationally recognized rating services in any one of the two
highest classifications.
h. Bank time deposits evidenced by certificates of deposit, or other evidences of
deposit, issued by any bank, savings and loan association, trust company, or national
banking association, which are (a) fully insured by the Federal Deposit Insurance
Corporation and are governed by Florida Statutes or (b) to the extent not so insured,
secured by government obligations provided (i) the institution is designated by the
Chief Financial Officer of the State of Florida as a qualified public depository, as
defined in Section 280.02, and such obligations shall be in the physical possession
of the State of Florida or a bank or trust of its choosing as directed by the Chief
Financial Officer of the State of Florida, and (ii) such obligations must continuously
have a market value at least equal to the amount so invested.
3
EXHIBIT A
i. Securities of, or other interest in, any open-end or closed-end management type,
investment company, or investment trust registered under the Investment Company
Act of 1940, 15 U.S.C. § 80a-1 et seq., as amended from time to time, provided the
portfolio of such investment company or investment trust is limited to United States
Government obligations and the repurchase agreements fully collateralized by such
United States Government obligations and provided such an investment company or
investment trust takes delivery of such collateral either directly or through an
authorized custodian. In addition, a thorough review shall take place as described in
item d., above.
j. Collateralized Mortgage Obligations ("CMOs") which are bank eligible and pass a
three-pronged test for CMO safety at purchase based on the following:
1. The Weighted Average Life ("WAL") does not exceed five (5) years;
2. The expected WAL does not extend for more than two (2) years nor shorten by
more than three (3) years assuming an immediate and sustained parallel shift in
the yield curve of plus or minus three hundred (300) basis points; and
3. The estimated change in price is not more than ten percent (10%) assuming an
immediate and sustained parallel shift in the yield curve of plus or minus three
hundred (300) basis points.
k. World Bank notes, Bonds, or Discount Notes, rated AAA or equivalent by Moody's
Investor Service or Standard and Poors Corporation.
l. Obligations of the Tennessee Valley Authority.
m. Reverse repurchase agreements which shall be used only for liquidity purposes and
cannot be longer than thirty (30) days in duration and must have the approval of the
CFO.
n. Securities and Exchange Commission registered money market funds with the
highest credit quality rating from a nationally recognized rating agency.
7. MATURITY AND LIQUIDITY REQUIREMENTS. To the extent possible, an attempt will
be made to match investment maturities with known cash needs and anticipated cash-flow
requirements. The investment portfolio shall be structured in such a manner as to provide sufficient
liquidity to pay obligations as they come due.
8. THIRD PARTY CUSTODIAL AGREEMENTS. Securities should be held with a third
party; and all securities purchased by, and all collateral obtained by, the Authority should be
properly designated as an asset of the Authority. No withdrawal of securities, in whole or in part,
shall be made from safekeeping, except by an authorized representative of the Authority. Security
transactions between a broker-dealer and the custodian involving purchase or sale of securities by
transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to
4
EXHIBIT A
ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion
of the transaction.
9. MASTER REPURCHASE AGREEMENT. All approved institutions and dealers transacting
repurchase agreements shall execute and perform as stated in a Master Repurchase Agreement,
when and if adopted by the Authority. All repurchase agreement transactions shall adhere to the
requirements of the Master Repurchase Agreement, when and if adopted by the Authority.
10. BID REQUIREMENT. The Authority or its authorized representative shall determine the
approximate maturity date based on cash-flow needs and market conditions, analyze and select
one or more optimal types of investment, and competitively bid the security in question when
feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the
Investment Objectives specified in Article 2, above, must be selected.
11. INTERNAL CONTROLS. The Authority shall establish a series of internal controls and
operating procedures to protect the Authority's assets and ensure proper accounting and reporting
of the transactions related thereto. No person may engage in an investment transaction except as
authorized under the terms of this policy. Internal controls shall include, but are not limited to:
(a) Transfers of funds from the HFA to the State Board of Administration may be made by
wire transfer or EFT (by Executive Director or Authority Board Chair or other
Authority Board member serving on the Investment Portfolio Committee), or by check
with one signature (by Executive Director or Authority Board Chair or other Authority
Board member serving on the Investment Portfolio Committee).
(b) Funds may be deposited in the Authority's checking account by the Executive Director
or Authority Board Chair or other Authority Board member serving on the Investment
Portfolio Committee, without further approvals.
(c) Transfers by wire transfer or EFT to money market funds meeting the requirements of
this Investment Policy may be made by the Executive Director with the prior written
approval of the Authority Board Chair or other Authority Board member serving on
the Investment Portfolio Committee.
(d) Transfers to banks for investment in certificates of deposit meeting the requirements of
this Investment Policy may be made by the Executive Director (utilizing wires or the
EFT system) with prior written approval by the Authority Board Chair or other
Authority Board member serving on the Investment Portfolio Committee.
(e) Monthly reconciliations of all accounts affected by investment transactions must be
performed by parties other than those who have the authority to approve or execute
such transactions under this Investment Policy.
Such internal controls shall be reviewed by independent auditors as a normal part of the annual
financial audit of the Authority.
5
EXHIBIT A
12. REPORTING. The Authority's certified public accountant shall monthly, as part of its
normal financial statement report, list the securities in the investment portfolio by class or type,
book value, income earned, and market value as of the report date.
13. INVESTMENT PORTFOLIO COMMITTEE. An Investment Portfolio Committee
(“Committee”), comprised of Authority’s Executive Director, two Authority Board Members (one
of which shall be the Authority Board Chair), Authority's Financial Advisor, and an Investment
Coordinator from the Broward County Finance and Administrative Services Department, and an
individual appointed by the Authority’s Board that has experience in the area of finance, shall be
established to manage and monitor the performance and composition of the Authority’s
investments in accordance with this Investment Policy. The Committee shall (1) meet at least
quarterly; (2) review the monthly statements of the funds, investments, and securities of the
Authority to determine the performance and status of said funds, investments, and securities. (3)
provide quarterly reports regarding the status of the Authority’s investment portfolio to the
Authority Board; and (4) recommend necessary or desirable modifications to this Investment
Policy for the Authority Board’s consideration.
14. CONTINUING EDUCATION. All members of the Investment Portfolio Committee
established pursuant to Article 13 hereof shall annually complete at least eight hours of continuing
education in subjects or courses of study related to investment practices and products.
15. AMENDMENTS; WAIVERS. The Authority, by action specifically taken with a quorum
present and voting at a public meeting thereof, may amend or waive provisions of this Investment
Policy to the extent authorized by law.
16. ADOPTION. This Investment Policy shall become effective upon its adoption by resolution
of the Authority Board.
6
Housing Finance Authority of Broward County January 16, 2019 – Board Meeting
Agreement for Zomermaand Financial Advisory Services – Consent Agenda
MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), approving and authorizing execution of the agreement between Housing Financing Authority and Zomermaand Financial Advisory Services, L.L.C. for Financial Advisory Services (RLI #20190414-FAS2) (“agreement”); authorizing the proper Officers of the Housing Finance Authority to execute all other documents and do all things necessary or advisable in connection with entering into the agreement; and providing for severability and an effective date Background
On February 21, 2018, the board approved the Request for Letters Interest (RLI) No. 20190414-FAS2 to provide the HFA with Financial Advisory Services in the area of housing tax exempt and/or taxable private activity bonds. In addition, the Financial Advisor will assist HFA and staff with capital and strategic planning. One firm submitted a proposal in response to the RLI deadline dated June 15, 2018.
Present Situation
The HFA Board approved a previous version of this Agreement on October 17, 2018. The Agreement attached incorporates a substantive change to the Scope of Services and several non-substantive clarifying changes, as compared to the version that was previously presented to the HFA Board for approval. The substantive change to the Scope of Services reflects the removal of the Financial Advisor from the HFA’s Investment Portfolio Committee, in accordance with the Resolution adopted by the HFA Board on December 19, 2018 (Agenda Item No. 8).
2019 – 2022 Compensation Plan
Monthly fee of $5,600 will remain unchanged from the current Agreement for the initial term of three (3) years. The HFA shall have the option to renew this Agreement for two (2) additional one (1) year term for a monthly fee of $6,100 per month for each extension term.
Article 5. Compensation Direct Issuance, Conduit Financing and Mortgage Credit Certificate
compensation fees are the same as those currently in effect.
Recommendation
Approve HFA Resolution authorizing the execution of the attached Agreement with Zomermaand Financial Advisory Services, LLC for a three-year term with the option to extend the Agreement for two one-year extensions at the HFA’s sole discretion. This agreement will cover the financial advisory services for the HFA from April 14, 2019 to April 13, 2022, and if the two one-year extension options are exercised by the HFA, April 14, 2022 through April 13, 2024.
The approval of the Broward County Board of Commissioners is required for the HFA to enter into this agreement.
Attachment
1. HFA Resolution Exhibit A (Agreement)
ATTACHMENT 1
RESOLUTION 2019 - 001
A meeting of the Housing Finance Authority of Broward County, Florida
was held at 5:30 p.m. on January 16, 2019, at 110 Northeast Third Street, Suite 201,
Fort Lauderdale, Florida.
Presiding:
Present:
Absent:
Thereupon, Milette Manos, Chair of the Board of the Housing Finance
Authority, introduced the following resolution, which was read:
A RESOLUTION OF THE HOUSING FINANCE
AUTHORITY OF BROWARD COUNTY, FLORIDA
(“HOUSING FINANCE AUTHORITY”), APPROVING
AND AUTHORIZING EXECUTION OF THE AGREEMENT
BETWEEN HOUSING FINANCING AUTHORITY AND
ZOMERMAAND FINANCIAL ADVISORY SERVICES,
L.L.C. FOR FINANCIAL ADVISORY SERVICES
(RLI # 20190414-FAS2) (“AGREEMENT”); AUTHORIZING
THE PROPER OFFICERS OF THE HOUSING FINANCE
AUTHORITY TO EXECUTE ALL OTHER DOCUMENTS
AND DO ALL THINGS NECESSARY OR ADVISABLE IN
CONNECTION WITH ENTERING INTO THE
AGREEMENT; AND PROVIDING FOR SEVERABILITY
AND AN EFFECTIVE DATE.
WHEREAS, on February 21, 2018, the Housing Finance Authority of Broward
County, Florida (“Housing Finance Authority”), approved the Request for Letters of
Interest (“RLI”) # 20190414-FAS2 to provide the Housing Finance Authority with
financial advisory services in the area of housing tax exempt and/or taxable private
S-1
activity bonds, and to assist the Housing Finance Authority with capital and strategic
planning.
WHEREAS, on August 15, 2018, the Housing Finance Authority approved the
final ranking of the qualified financial advisory firm for RLI # 20190414-FAS2 and
selected Zomermaand Financial Advisory Services, L.L.C. (“Zomermaand”), as the
provider of the desired financial advisory services; and
WHEREAS, the Board has determined that it is in the best interest of the
Housing Finance Authority to enter into an agreement with Zomermaand for the
provision of the desired financial advisory services. NOW, THEREFORE,
BE IT RESOLVED BY THE BOARD OF THE HOUSING FINANCE AUTHORITY
OF BROWARD COUNTY, FLORIDA:
Section 1. The recitals set forth in the preamble to this Resolution are true,
accurate, and deemed as being incorporated herein by this reference as though set forth
in full hereunder.
Section 2. The Board hereby approves and authorizes the execution of the
Agreement between the Housing Finance Authority and Zomermaand for Financial
Advisory Services (RLI # 20190414-FAS2) (“Agreement”), by the Chair or Vice-Chair of
the Housing Finance Authority as presented at this meeting and attached hereto as
Exhibit A.
Section 3. The officers, agents, and employees of the Housing Finance
Authority are hereby authorized and directed to do all acts and things required of them
by the Agreement and this Resolution and to execute and deliver any and all additional
documents, instruments, certificates, and affidavits necessary or advisable to effectuate
the foregoing.
Section 4. Severability.
If any portion of this Resolution is determined by any court to be invalid, the
invalid portion will be stricken, and such striking will not affect the validity of the
remainder of this Resolution. If any court determines that this Resolution, in whole or in
part, cannot be legally applied to any individual, group, entity, property, or
circumstance, such determination will not affect the applicability of this Resolution to
any other individual, group, entity, property, or circumstance.
Section 5. Effective Date.
This Resolution is effective upon adoption.
ADOPTED THIS 16th day of January, 2019.
Upon motion of _______________________ , seconded by ___________________ _
the foregoing Resolution was adopted by the following votes:
AYES: ___ _____
NAYS: _________
S-3
STATE OF FLORIDA )
)ss:
COUNTY OF BROWARD )
I, DANIEL D. REYNOLDS, Secretary of the Housing Finance Authority of
Broward County, Florida, DO HEREBY CERTIFY that the foregoing is an accurate copy
of the Resolution of the Housing Finance Authority adopted at a meeting held on
January 16, 2019, as set forth in the official minutes of the Housing Finance Authority,
related to the approval and authorization of the Agreement between the Housing
Finance Authority and Zomermaand for Financial Advisory Services
(RLI # 20190414-FAS2).
I DO HEREBY FURTHER CERTIFY that said meeting was duly called and held
in accordance with Chapter 286, Florida Statutes.
WITNESS my hand and the corporate seal of said Housing Finance Authority,
this 16th day of January, 2019.
HOUSING FINANCE AUTHORITY OF
BROWARD COUNTY, FLORIDA
(SEAL)
B y : D A N I E L D . R E Y N O L D S ,
Secretary
EXHIBIT A
AGREEMENT
S-1
1
Housing Finance Authority of Broward County
Dufresne CPA Services, PA – Overview of the December 2018 Financial Reports
The following are items considered to be of note regarding the financial reports for the month of Dec 2018:
1. Balance sheets (Attachments 1 and 2) changes relate primarily to individual cash and investment account activity, including funds released from the indemnification fund for return of good faith deposits in excess of related expenses, residual balances transferred to the HFA as a result of bond retirements and the transfer of investments from the US Bank Custody Account to the BNY Mellon Custody Account.
a. During fiscal 2017, the Authority’s lot valued at $31,400 entitled “HFA Land Inventory For Homes” was granted to the homeowner who purchased the Franklin Park home which was built on the lot. The result of recording the transaction to reflect removal of the lot from the Authority’s internal records appears as a difference in Attachment 2 on page 3.
b. The whole loan mortgages that had served as security for the 06AB, 07ABC and 07E single family bonds became an asset of the HFA when those bond issues were retired in June, 2018. The transaction was recorded in August and appears as a difference in Attachment 2 on page 3.
Cash vs Accrual Basis for P&L Budget to Actual comparison (Attachment 4)
On a monthly basis the process to prepare the financial statements includes:
a. Budgetary column – Cumulative 1/12 of the budgeted revenues and expenses are reported
b. Actual column – Significant known revenue and expense items are accrued
a. Authority fees receivable are adjusted to correct accrual basis balance
b. Cumulative 1/12 of budgeted Personnel and Other Expenses due to BOCC are adjusted to correct accrual basis balance
c. Expenses for all invoices submitted to the HFA prior to month end are paid and recorded in the financial statements.
d. Bank and account management fees that are reported on the monthly bank statements are recorded as expense in the applicable month.
Index to Attachments
Attachment 1, Page 2: Balance Sheet (Flux Report – Dec 2018 comparison to Nov 2018) Attachment 2, Page 3: Balance Sheet (Flux Report – Dec 2018 comparison to Dec 2017) Attachment 3, Page 4: P&L (Flux Report – Dec 2018 comparison to Nov 2018) Attachment 4, Page 5: P&L (Flux Report – Dec 2018 comparison to Dec 2017) Attachment 5, Page 6: P&L (Flux Report – Budget to Actual) Attachment 6, Page 7: Aged Receivables Report Attachment 7, Page 8: Wells Fargo Bank Reconciliation Report – Operating Attachment 8, Page 9: Professional Fees Detail Attachment 9, Page 10: Cumulative Net Change in Investment Value Attachment 10, Pages 11-17: BNY Mellon Custody Account Statement of Assets Held at 12/31/2018
ATTACHMENT(S)
Dec-18 Nov-18 $ Difference % DifferenceExplanation
(See criteria below)
AssetsCash-Wells Fargo 330,542$ 896,649$ (566,107) -171% 2Cash- LOC 6,247 6,235 12 0.2%Indemnification Fund -BNY 354,058 353,522 536 0.2%Cash-BNY Mellon Custody Account 2,348,096 739,594 1,608,502 69% 3
Total Cash 3,038,943 1,996,000
Investments-BNY Mellon Custody Account 10,304,794 11,322,617 (1,017,823) -9.9% 2,3Note Receivable-DPA 340,000 340,000 - NAAuthority Fees Receivable 58,474 13,005 45,469 78% 1Interest Receivable 31,800 56,972 (25,172) -79% 1Notes Receivable-CDC 200,000 200,000 - NANotes Receivable - Mt. Olive 216,156 221,156 (5,000) -2%HFA Mortgage Receivables 9,145 9,180 (35) -0.4%Whole Loan Mortgages Receivable 423,917 463,005 (39,088) -9%Allowance for Doubtful Whole Loan Mortgages (107,184) (143,687) 36,503 -34% 4Due from Artspace 548,817 548,817 - NAUtility Deposit 1,925 1,925 - NAHFA Land 621,704 621,704 - NAHFA Buildings 1,036,000 1,036,000 - NAEquipment 90,258 90,258 - NACapital Assets BOCC (Tagged) 127,474 127,474 - NAAccumulated Depreciation -BOCC (127,474) (127,474) - NAAccumulated Depreciation, HFA (679,771) (679,771) - NA
Total Assets 16,134,980 16,097,183
Deferred Outflows
Deferred outflows related to pension 209,589 209,589 - NA
Total Assets and Deferred outflows 16,344,569$ 16,306,772$
Accrued Sick/Vacation, ST 43,000$ 43,000$ - NADue to BOCC - Exp reimb 195,483 156,654 38,829 20% 1Due to BOCC - Artspace project 428,070 428,070 - NADue to BOCC - Artspace Interest 120,747 120,747 - NANet Pension Liability 423,522 423,522 - NAAccrued Sick/Vacation, LT 51,000 51,000 - NA
Total Liabilities 1,261,822 1,222,993
Deferred Inflows
Deferred inflows related to pension 34,578 34,578 - NA
Equity
Beginning of year 15,045,950 15,024,498
Current Year Earnings 2,220 24,704
Total Equity 15,048,170 15,049,202 Total Liabilities, Deferred Inflows and Equity 16,344,569$ 16,306,772$
Criteria to determine if explanations are required:
Cash account fluctuation explanations provided for >=$100,000 variance
Remaining items explanations are provided for >=10% and >=$5,000 varianceNA No change as compared to prior month
1 Timing of receipts/payments and accruals based on budget2 Cash transferred from Cash-Wells Fargo to Investments-BNY Mellon Custody Account3 Maturing T-Note in Investments-BNY Mellon Custody Account used to purchase Treasury Portfolio4 Change in balance of delinquent second mortgages
12/31/2018
Attachment 1The Housing Finance Authority of Broward County
110 NE Third Street, #300Fort Lauderdale, FL 33301
Balance Sheet (Flux Report)
2
Dec-18 Dec-17 $ Difference % DifferenceExplanation
(See criteria below)
AssetsCash-Wells Fargo 330,542$ 767,462$ (436,920) -57% 6Cash- LOC 6,247 6,139 108 2%Indemnification Fund -BNY 354,058 289,064 64,994 22% 4Cash-BNY Mellon Custody Account 2,348,096 5,035,347 (2,687,251) 100% 5
Total Cash 3,038,943 6,098,012
Investments-BNY Mellon Custody Account 10,304,794 5,759,946 4,544,848 100% 5,6Note Receivable-DPA 340,000 387,125 (47,125) -12% 1Authority Fees Receivable 58,474 10,530 47,944 455% 2Interest Receivable 31,800 27,492 4,308 16%Notes Receivable-CDC 200,000 200,000 - NANotes Receivable - Mt. Olive 216,156 236,156 (20,000) -8%HFA Mortgage Receivables 9,145 9,553 (408) -4%Prepaid Expense - 12,460 (12,460) -100% 2Whole Loan Mortgages Receivable 423,917 - 423,917 100% 8Allowance for Doubtful Whole Loan Mortgages (107,184) - (107,184) 100% 8Due from Artspace 548,817 548,817 - NAUtility Deposit 1,925 1,925 - NAHFA Land 621,704 621,704 - NAHFA Land Inventory For Homes - 31,400 (31,400) -100% 7HFA Buildings 1,036,000 1,038,181 (2,181) -0.2%Equipment 90,258 90,258 - NACapital Assets BOCC (Tagged) 127,474 127,474 - NAAccumulated Depreciation -BOCC (127,474) (131,553) 4,079 -3%Accumulated Depreciation, HFA (679,771) (675,692) (4,079) 1%
Total Assets 16,134,980 14,393,787
Deferred Outflows
Deferred outflows related to pension 209,589 118,022 91,567 100% 3
Total Assets and Deferred outflows 16,344,569$ 14,511,809$
LiabilitiesAccrued Sick/Vacation, ST 43,000$ 37,000$ 6,000 16% 3Due to BOCC - Exp reimb 195,483 184,290 11,193 6%Due to BOCC - Artspace project 428,070 428,070 - NADue to BOCC - Artspace Interest 120,747 120,747 - NANet Pension Liability 423,522 374,636 48,886 100% 3Accrued Sick/Vacation, LT 51,000 57,000 (6,000) -11% 3
Total Liabilities 1,261,822 1,201,743
Deferred Inflows
Deferred inflows related to pension 34,578 8,510 26,068 306% 3
EquityBeginning of year 15,045,950 13,242,028Current Year Earnings 2,220 59,528
Total Equity 15,048,170 13,301,556Total Liabilities, Deferred Inflows and Equity 16,344,569$ 14,511,809$
Criteria to determine if explanations are required:
Cash account fluctuation explanations provided for >=$100,000 variance
Remaining items explanations are provided for >=10% and >=$5,000 varianceNA No change as compared to prior year
1 DPA loan payoffs in fiscal 20182 Timing of receipts/payments and accruals based on budget3 Audit adjustments recorded based on BOCC reports4 Indemnity deposits in Jan 2018 and Sept 20185 Cash-BNY Mellon Custody Account used to purchase Investments-BNY Mellon Custody Account6 Cash transferred from Cash-Wells Fargo to Investments-BNY Mellon Custody Account7 Land donated by HFA to Franklin park project8 Whole loan mortgages from retired Single Family 2006 and 2007 bonds
12/31/2018
Attachment 2The Housing Finance Authority of Broward County
110 NE Third Street, #300Fort Lauderdale, FL 33301
Balance Sheet (Flux Report)
3
Dec-18 Nov-18 $ Difference% Difference
to Prior Month *Explanation
Income
Bond Authority Fees 128,259$ 82,790$ 45,469 55% 1
Bond redemption & other income 43,986 43,986 - 0%
Application, TEFRA and Closing Fees 2,500 2,500 - 0%
MCC and Lender Program Income 3,736 2,861 875 31%
Interest Income, Mortgages 157 105 52 50%
** Interest Income, BNY Mellon/US Bank 95,114 65,696 29,418 45% 1
* Net Change in Investment Value 24,560 (10,232) 34,792 -340% 1
* Interest Income, FHLB LOC 34 22 12 55%
Parking Rent Income 3,000 2,000 1,000 50%
Total Income 301,346$ 189,728$
Personnel Services, Broward Co 149,057$ 99,372$ (49,685) -50% 1
Other Expenses, Broward County 46,425 30,950 (15,475) -50% 1
Professional Fees 74,469 14,450 (60,019) -415% 1
Bank Management Fees 1,969 1,011 (958) -95%
Advertising/Marketing 328 328 - 0%
Dues and Membership Fees 2,395 2,395 - 0%
Building/Land Maintenance 13,228 8,227 (5,001) -61% 1
Utilities 5,600 4,316 (1,284) -30%
Capital Outlay Expense 5,655 3,975 1,680 42%
Total Expenses 299,126$ 165,024$
2,220$ 24,704$
Explanations provided for >=10% and >= $5,000 variance
1 Timing of receipts/payments and accruals based on budget
* Please note that to more accurately reflect the components of interest income certain line descriptions were changed
** BNY Mellon was combined with USBank because the USBank assets were transferred to BNY Mellon.
"%Actual to Budget" Column Legend
100% - No amount reported in either of the two months
0% - Current month amount is equal to prior month amount
Expenses
Net Profit/(Loss)
Attachment 3
The Housing Finance Authority of Broward County
110 NE Third Street, #300
Fort Lauderdale, FL 33301
Profit & Loss (Flux Report)
12/31/2018
4
Dec-18 Dec-17 $ Difference% Difference to Prior Year *Explanation
Income
Bond Authority Fees 128,259$ 160,017$ (31,758) -20% 2
Bond redemption & other income 43,986 15,679 28,307 181% 2
Application, TEFRA and Closing Fees 2,500 175,500 (173,000) -99% 2
MCC and Lender Program Income 3,736 4,669 (933) -20%
Interest Income, Mortgages 157 164 (7) -4%
Interest Income, Wells Fargo - 485 (485) 100%
** Interest Income, BNY Mellon/US Bank 95,114 20,722 74,392 359% 1
* Net Change in Investment Value 24,560 (19,999) 44,559 -223% 1
* Interest Income, FHLB LOC 34 15 19 127%
Parking Rent Income 3,000 3,000 - 0%
Total Income 301,346$ 360,252$
Personnel Services, Broward Co 149,057$ 137,523$ (11,534) -8%
Other Expenses, Broward County 46,425 46,767 342 1%
Professional Fees 74,469 60,296 (14,173) -24% 2
Bank Management Fees 1,969 1,849 (120) -6%
Advertising/Marketing 328 286 (42) 100%
Dues and Membership Fees 2,395 2,220 (175) 100%
Conference and Travel Expense - 1,000 1,000 100%
Depreciation Expense - 29,979 29,979 100% 2
Building/Land Maintenance 13,228 15,495 2,267 15%
Utilities 5,600 5,134 (466) -9%
Miscellaneous Expense - 175 (175) 100%
Capital Outlay Expense 5,655 - 5,655 -100% 2
Total Expenses 299,126$ 300,725$
2,220$ 59,528$
Explanations provided for >=10% and >= $5,000 variance
1 Gain/Loss related to current market conditions and increased balance in Investments-BNY Mellon Custody Account
2 Timing of receipts/payments and accruals based on budget
* Please note that to more accurately reflect the components of interest income certain line descriptions were changed
** BNY Mellon was combined with USBank because the USBank assets were transferred to BNY Mellon.
"%Actual to Budget" Column Legend
100% - No amount reported in either of the two years
0% - Current year amount is equal to prior year amount
Attachment 4
Net Profit/(Loss)
The Housing Finance Authority of Broward County
110 NE Third Street, #300
Fort Lauderdale, FL 33301
Profit & Loss (Flux Report)
12/31/2018
Expenses
5
Selected PeriodBudget for
Selected Period $ Difference% Difference
to budget *ExplanationTotal Annual
Budget Amount
Income
Bond Authority Fees 128,259$ 111,750$ 16,509 15% 1 446,998$
Bond redemption & other income 43,986 47,570 (3,584) -8% 190,282
Application, TEFRA and Closing Fees 2,500 - 2,500 NA -
MCC and Lender Program Income 3,736 5,000 (1,264) -25% 20,000
Interest Income, Mortgages 157 - 157 NA -
Interest Income, BNY Mellon/US Bank 95,114 75,000 20,114 27% 1 300,000
Net Change in Investment Value 24,560 - 24,560 NA -
Interest Income, FHLB LOC 34 - 34 NA -
Rent Income - 30,263 (30,263) -100% 1 121,050
Parking Rent Income 3,000 - 3,000 NA -
Liquidation of Investments - 12,500 (12,500) 100% 1 50,000
Total Income 301,346$ 282,083$ 1,128,330$
Expenses
Personnel Services, Broward Co 149,057$ 149,057$ - 0% 596,230$
Other Expenses, Broward County 46,425 46,425 - 0% 185,700
Professional Fees 74,469 47,750 26,719 56% 1 191,000
Audit Expense (BOCC) - 3,300 (3,300) 100% 13,200
Bank Management Fees 1,969 1,000 969 97% 4,000
Advertising/Marketing 328 1,250 (922) -74% 5,000
Dues and Membership Fees 2,395 1,500 895 60% 6,000
Conference and Travel Expense - 5,750 (5,750) -100% 1 23,000
Postage/FedEx - 50 (50) 100% 200
Building/Land Maintenance 13,228 15,750 (2,522) -16% 63,000
Utilities 5,600 5,250 350 7% 21,000
Capital Outlay Expense 5,655 5,000 655 13% 20,000
Total Expenses 299,126$ 282,083$ 1,128,330$
Net Profit/(Loss) 2,220$ -$ -$
* Explanations provided for >=10% and >= $5,000 variance
1 Timing of receipts/payments and accruals based on budget
NA - No Budget amount
100% - Actual is zero
Year to Date As of December 2018
Attachment 5
The Housing Finance Authority of Broward County
110 NE Third Street, #300
Fort Lauderdale, FL 33301
Profit & Loss (Flux Report) Budget to Actual
6
Authority fee receivable Total Due 0 - 30 31 - 60 61 - 90 90+
2002 COLONIAL PARK 5,869 5,869
2003 SANTUARY COVE 13,005 13,005
2011 Mar lago 39,600 39,600
Total Authority Fee Receivable 58,474$ 45,469$ 13,005$ -$ -$
NOTE: No receivables over 60 days
12/31/2018
Attachment 6The Housing Finance Authority of Broward County
110 NE Third Street, #300Fort Lauderdale, FL 33301
Aged Receivables
7
2784 Broward Housing Finance Authority110 NE Third Street #300Fort Lauderdale, FL 33301
Reconciliation Report1/7/20199:58:18 AM
Page 1
ID# Date Memo/Payee Deposit Withdrawal
Checking Account: 1-1000 Cash-Wells FargoDate of Bank Statement: 12/31/2018
Last Reconciled: 11/30/2018Last Reconciled Balance: $904,855.83
Cleared Checks
4937 11/29/2018 Holmes Lawn Services $335.004938 11/29/2018 Zomermaand Financial Advisor $5,600.004939 11/29/2018 NALHFA $2,220.004940 11/29/2018 TECO Peoples Gas $51.45GJ000206 12/4/2018 From WF Chckng to BNY Cust $500,000.00SC123118 12/11/2018 WF Client Anlys Srvc Chrg Dec $204.084941 12/13/2018 L&B Janitorial Services $4,044.004942 12/13/2018 Dufresne CPA Services, PA $1,426.004943 12/13/2018 TECO Peoples Gas $47.42GJ000216 12/27/2018 Utility debits from WF Chckng $1,284.25
Total:
$0.00
$515,212.20
Cleared Deposits
GJ000219 12/7/2018 Dental Rent and 1 MCC $1,175.00GJ000218 12/19/2018 "Mt Olive, 2 MCCs, 2nd Mtg P& $5,436.84GJ000217 12/26/2018 2 MCC's deposited $350.00
Total:
$6,961.84
$0.00
Outstanding Checks
4944 12/27/2018 Holmes Lawn Services $910.004945 12/27/2018 Zomermaand Financial Advisor $15,832.724946 12/27/2018 Dufresne CPA Services, PA $17,760.004947 12/27/2018 Broward County Board of Coun $4,880.704948 12/27/2018 Nabors Giblin & Nickerson P.A. $25,000.004949 12/27/2018 Bauer Construction Corporatio $1,680.00
Total:
$0.00
$66,063.42
Reconciliation
AccountEdge Pro Balance on 12/31/2018: $330,542.05
Add: Outstanding Checks: $66,063.42
Subtotal: $396,605.47
Deduct: Outstanding Deposits: $0.00
Expected Balance on Statement: $396,605.47
Attachment 8
Professional Fees DetailOctober 1, 2018 - December 31, 2018
10/5/2018 Dufresne CPA Services, PA 1,426.00$ 10/25/2018 Zomermaand Financial Advisory, LLC 5,872.36 11/9/2018 Dufresne CPA Services, PA 1,552.00 11/29/2018 Zomermaand Financial Advisory, LLC 5,600.00 12/13/2018 Dufresne CPA Services, PA 1,426.00 12/27/2018 Zomermaand Financial Advisory, LLC 15,832.72 12/27/2018 Dufresne CPA Services, PA 17,760.00 12/27/2018 Nabors Giblin & Nickerson P.A. 25,000.00
74,469.08$
Grouped by payee
10/5/2018 Dufresne CPA Services, PA 1,426.00$ 11/9/2018 Dufresne CPA Services, PA 1,552.00 12/13/2018 Dufresne CPA Services, PA 1,426.00 12/27/2018 Dufresne CPA Services, PA 17,760.00
22,164.00$ 12/27/2018 Nabors Giblin & Nickerson P.A. 25,000.00
25,000.00 10/25/2018 Zomermaand Financial Advisory, LLC 5,872.36 11/29/2018 Zomermaand Financial Advisory, LLC 5,600.00 12/27/2018 Zomermaand Financial Advisory, LLC 15,832.72
27,305.08 74,469.08$ 74,469.08$
9
Attachment 9Cumulative Net Change in Investment ValuePrior Year-to-Date Comparison to Current Year-to-Date
12/31/2017 12/31/2018
BNY Mellon Custody Acct - New Account 11/17 -$ 24,560$ US Bank Custody Acct (19,999)
(19,999)$ 24,560$
Cumulative Net Change in Investment Value 44,559$
10
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Housing Finance Authority of Broward CountyJanuary 16, 2019
Multifamily Family – Action Item
Request authorization to: 1) publish a notice stating that the HFA is soliciting proposals from multifamily developers interested in utilizing private activity bond allocation available to the HFA in 2019 and 2) have an open application cycle for applications received afterthe solicitation referenced above, to the extent private activity bond allocation is available or may be available to fund such developments.
Background
1. The HFA has three multifamily developments within its pipeline totaling $52,000,000. A fourth transaction is anticipated for a development which is utilizing a Broward County land lease.
2. Currently the HFA has $133,674,911 in multifamily carry forward allocation.
3. Over the past several years various initiatives have been introduced which were intended to facilitate the construction, rehabilitation, or preservation of affordable housing. To date much of the non-traditional funding has been allocated via the Florida Housing Finance Corporation (“FHFC”).
Present Situation
1. As new awards and initiatives are announced or as markets improve, tax-exempt bond transactions may become more financially feasible.
2. HFA staff and members of the professional team have received inquiries regarding the availability of private activity bond allocation.
3. To the extent HFA Board authorization is received to solicit additional multifamily applications, responses will be presented at the March 2019 meeting unless directed otherwise by the Board.
Recommendation
1. Request authorization to publish a notice stating that the HFA is soliciting proposals from multifamily developers interested in utilizing private activity bond allocation available to the HFA in 2019.
2. Request authorization to have an open application cycle for applications received after the solicitation referenced above, to the extent private activity bond allocation is available or may be available to fund such developments.
AttachmentsI. 2019 Private Activity Bond Allocation – TimelineII. Form of Public Notice
III. 2019 Multifamily Housing Bond Transactions – January UpdateIV. Private Activity Bond Allocation – Allocation Matrix
ATTACHMENT 1
2019 Allocation - TimelinesFor the Public Notices, HFA & BOCC Agendas
And Allocation Submissions to the State
Jan - First Week Receive confirmation of current year allocation requests and prior year’s carry forward.
Jan. Request Board approval to publish a notice stating that the HFA is soliciting proposals from multifamily developers interested in utilizing private activity bond allocation available to the HFA in 2019 and to authorize an open application process thereafter.(Tentative Date– January 29, 2019 & January 30, 2019)
Feb. Receive Board approval of the Plan of Finance and authorization to hold a single family TEFRA Hearing.(Authorization Received – October 17, 2018)
Hold single family TEFRA Hearing. (Tentative Date –February 20, 2019)
March – Prior to March 19th BOCC ratification of the single family TEFRA Hearing.(Tentative Date – March 19, 2019)
Jan. – May Implement timeline for multifamily applications received outside of the normal application cycle and outline the process if an exchange of allocation is necessary within the current year due to insufficient multifamily carry forward for anticipated applications.(Based on the available multifamily carryforward an exchange of allocation is not anticipated within 2019.)
March 20, 2019 Board direction regarding multi-family applications received and authorization to publish development specific Public Notices, if requested by Applicant.
March to April Finalize Public Notices with multi-family Applicants; Provide Sun-Sentinel with final version Public Notices; Provide Notice to Cities/Municipalities impacted by the Public Notice.
March to April Publish Notice on or before this date. (At least 14 days prior to the April HFA Board Meeting.)
April - Early Prepare BOCC Agenda Report.
April – HFA Meeting HFA Meeting: Hold TEFRA Hearings and Board Consideration of Inducement Resolutions
April – Mid BOCC Agenda with the Department. May - Early Applicants are to provide written direction regarding
the amount of allocation to request from the State. May - Mid BOCC Approval of TEFRA Hearings and Inducement
Resolutions. May – Mid Submit applications to the State for multi-family
allocation (including exchange of single family allocation if applicable as referenced below).
May - Mid Submit wait list multi-family applications to the State
for inclusion within the Pending list.
May – Late Exchange single family allocation as necessary to award allocation to multifamily applications.
September – HFA Meeting HFA Meeting – Request HFA authorization to submit a
validation request for single family and multifamily allocation commitments that have not closed, thereby allowing for preservation of allocation to the end of the year. (This action will not be applicable to allocation commitments in excess of $50,000,000.)
September - Mid Submit validation requests to the State. (Such action is
not anticipated for 2019.) September –HFA Meeting Request HFA Board authorization to: 1) take any
action necessary to carry forward 2019 Private Activity Bond (“PAB”) allocation specifying if allocation is for multifamily or single family, 2) request 2019 PAB from the State, 3) accept a 3-year single family Plan of Finance if applicable, and 4) Publish TEFRA Notice and to hold TEFRA hearings for single family transactions if necessary. (Note the current three-year Plan of Finance expires September 2019.) (If validation requests are not necessary; Tentative Date – September 19, 2019/HFA Board Meeting.)
December Submit single family and multifamily carry forward
requests to the State for single family and multifamily developments that have not closed.
ATTACHMENT 2
PUBLIC NOTICE
FEBRUARY __, 2019 SUBMITTAL DATE FOR
HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA
MULTI-FAMILY RENTAL HOUSING REVENUE BOND FINANCING
APPLICATIONS
The Housing Finance Authority of Broward County, Florida (the “HFA”) is accepting
Multi-Family Bond Program applications from applicants who are interested in utilizing
the HFA’s tax exempt and/or taxable private activity bond allocation for the acquisition,
construction, and/or rehabilitation of multi-family rental housing developments which
satisfy the goals and requirements of the HFA and comply with applicable federal and
state law. All completed Applications received by February __, 2019 will be considered
simultamously by the HFA in accordance with the HFA’s evaluation criteria contained in
Article III, C.1 of the HFA’s Policies and Procedures. In the event there is not sufficient
tax-exempt bond allocation to fully fund all applications, preference will be given to an
applicant that commits to abide by the Broward County’s County Business Enterprise
(CBE) subcontract requirements to the extent there is a tied ranking between one or more
applications. Access the website http://www.broward.org/smallbusiness for additional
information.
Presently the HFA has $133,674,911.00 of available multi-family allocation. Additional
allocation may become available if received from the State of Florida or if developments
with current commitments do not close.
Submittals for this Application will be received at the Housing Finance Authority at
110 NE 3rd Street, Suite 300, Fort Lauderdale, Florida until 5:00PM February __,
2019 and must include the application fee as outlined within the HFA’s Policies and
Procedures for Multi-Family Housing Bond Program. To obtain a copy of the HFA’s
Policies and Procedures for Multi-Family Housing Bond Program and application, access
the web site http://www.broward.org/housing or call the Housing Finance Authority at
(954) 357-4925 or its Financial Advisor Deborah A. Zomermaand at (813) 250-9356.
Broward County has enacted a Cone of Silence which generally prohibits
communications with anyone serving on a Selection/Negotiation Committee or anyone
who evaluates or recommends selection in the procurement process. Said prohibition
begins upon short listing and terminates upon award. In its sole discretion, the HFA may
withdraw this Notice before or after receiving submittals, may accept or reject submittals,
and may accept submittals which deviate as it deems necessary.
Two Days, Tuesday, January 29, 2019 and Wednesday, January 30, 2019
SUN SENTINEL
Account No. HFA of Broward County
ATTACHMENT 3
2019 MULTIFAMILY HOUSING BOND TRANSACTIONS – JANUARY UPDATE
HFA RANKING 1 2 3
PROJECT NAME Regency Gardens Marquis Apartments Praxis of Deerfield Beach
PROJECT LOCATION
1525 Northwest 17th Avenue
Pompano Beach, FL 33069-1691
NW 9th Street; NW Corner of 9th Street
and Dr. B.J. McCormick Ave.
Pompano Beach, FL
1450 FAU Research Park Blvd.
Deerfield Beach, FL 33441
DEVELOPER Pompano Beach Leased Housing
Associates, II, LLLP
Cornerstone Group Partners, LLC MRK Partners Inc.
PROFESSIONAL TEAM
• Lead Underwriter • RBC • TBD • Raymond James
• Bond Counsel • Nabors, Giblin & Nickerson • Nabors, Giblin & Nickerson • Nabors, Giblin & Nickerson
• Credit Underwriter (“CU”) • TBD • TBD • First Housing
BOND AMOUNTS
• Bond Amount/Original Req. • $15,000,000 • $12,000,000 • $25,000,000
• Revised Request • • •
• CU Recommendation • • •
TEFRA & Inducement
• TEFRA/Inducement Amount • $15,000,000 (Inducement) • • $25,000,000 (Inducement)
• Date of HFA Inducement • September 19, 2018 (Approved) • • December 19, 2018
• Date of TEFRA Hearing • • •
• Date of HFA Approval • • •
• Date of BOCC App. TEFRA • • •
• Date of BOCC Approval Cust.
Agreement (If Applicable)
• N/A • N/A • N/A
ALLOCATION
• Allocation Approved by HFA $15,000,000 $25,000,000
•TRANSACTION STATUS See Note #1 See Note #2 See Note #3
ATTACHMENT 4
Note #1:
Application to fund Regency Gardens in the 2018 allocation cycle was submitted to the HFA on August 24, 2018. The financing is expected to fund
the acquisition and rehabilitation of 94 units of affordable housing in Pompano Beach. On September 19, 2018, the HFA approved and induced the
project, such approval will effectively rank the development to receive tax exempt bond allocation and/or carryforward in 2018. The total bond
amount is estimated to be $15,000,000. The transaction is expected to close 2nd quarter 2019.
Note #2:
Application to fund Marquis Apartments in the 2018 allocation cycle was submitted to the HFA on October 10, 2018. The financing is expected to
fund the new construction of 100 units of affordable housing in Pompano Beach. The requested bond amount is $12,000,000. The transaction is
expected to close 2nd quarter 2019.
Note #3:
Application to fund Praxis of Deerfield Beach in the 2018 allocation cycle was submitted to the HFA on November 14, 2018. On December 18,
2018, the HFA approved and induced the project, such approval will effectively rank the development to receive tax-exempt bond allocation and/or
carryforward in 2018. The financing is expected to fund the rehabilitation of 224 units of affordable housing in Deerfield Beach. The requested
bond amount is $25,000,000. The transaction is expected to close 2nd quarter 2019.
Sources of Allocation Carry Forward & Current Year Allocation
Year Multifamily Single Family Total Description Description Description Description Description Description Description Balance2016 88,975,637.00 0.00 88,975,637.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 88,975,637.002017 40,372,999.00 0.00 40,372,999.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40,372,999.002018 56,326,275.00 50,000,000.00 106,326,275.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 106,326,275.00
2019 - Pending 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00November 16th Allocation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Line of Credit 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2019 Allocation Uses & Pending RequestsDescription 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Description 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Line of Credit 0 0 0 0.00
Total 185,674,911.00 50,000,000.00 235,674,911.00 0.00 0.00 0.00 0.00 0.00 0.00 235,674,911.00Pending Allocation 0.00
235,674,911.00Available Allocation
Allocation Balances Adjusted for MF ApplicationsConfirmed with the Division of Bond Finance Donna Biggins - (850) 413-1310
02-Jan-18
Multifamily Single Family Total2016 88,975,637.00 0.00 88,975,637.00 Expires 12/31/20182017 40,372,999.00 0.00 40,372,999.00 Expires 12/31/20192018 56,326,275.00 50,000,000.00 106,326,275.00 Expires 12/31/2020
2019 - Pending 0.00 0.00 0.00November 16th Allocation 0.00 0.00 0.00
Description 0.00 0.00 0.00Description 0.00 0.00 0.00
185,674,911.00 50,000,000.00 235,674,911.00
Allocation Preserved - Line of Credit $ - $ -
Total Available Per DBF 235,674,911.00 Chart Above Reflecting HFA Records (235,674,911.00)
Difference 0.00
Pending Line of Credit STN AllocationsMaturity Date - N/A 0.00
Carryforward & Allocation DetailsTotal Carryforward, CY Allocation, Closings &
Pending Requestgs 1 85,674,911.00 50,000,000.00Other - -Other - -
Remaining Allocation/Commitments
Pending Bond Closings & AllocationMCC Program - -
Regency Gardens (15,000,000.00) -Marquis Apartments (12,000,000.00)
Praxis (25,000,000.00) -Description - -Description - -
Allocation Detail -
2016 Multifamily 8 8,975,637.00 - Expires 12/31/2019 2016 MF Carryforward
2017 Multifamily 4 0,372,999.00 - Expires 12/31/2020 2017 MF Carryforward
2018 Single Family - 50,000,000.00 Expires 12/31/2021 2018 SF Carryforward
2018 Multifamily 5 6,326,275.00 Expires 12/31/2021 2018 MF Carryforward
2019 Single Family - - Total 133,674,911.00 50,000,000.00
Balancing - -
Housing Finance Authority of Broward County, FloridaPrivate Activity Bond Allocation - As of January 9, 2019
Current