www.mymanatee.org
Manatee County Government Administrative Center Honorable Patricia M. Glass Chambers, First Floor 9:00 a.m. - October 8, 2019
October 8, 2019 - Regular Meeting
Agenda Item #57


Subject
Adoption of Resolution R-19-140 - Housing Finance Authority Single Family Mortgage Revenue Bonds

Briefings
None

Contact and/or Presenter Information

Geri Lopez, Director of Redevelopment and Economic Opportunity Department, ext. 3937

Denise L. Thomas, Housing and Community Development Manager, ext. 3474

Angela Abbott, Attorney for the Authority



Action Requested
Adoption of Resolution R-19-140 on behalf of the Housing Finance Authority of Manatee County (the "Authority"), approving the issuance within the meaning of Section 147(f) of the Internal Revenue Code of 1986, as amended, of the Authority's Single Family Mortgage Revenue Bonds in the principal amount of and not to exceed $50,000,000 (the "Bonds"), pursuant to a plan of financing.

Enabling/Regulating Authority

Section 147(f) of the Internal Revenue Code of 1987, as amended

Chapter 125 and 159 of  the Florida Statutes, and all other applicable provisions of the law



Background Discussion

The Authority was created pursuant to Part IV, Chapter 159, Florida Statutes (the “Act”) and Manatee County Ordinances 79-6 and 91-40 (collectively, the “Ordinances”).  The Board adopted a resolution on October 30, 1979, declaring a need for the Authority to function in order to alleviate the shortage of housing and capital investment in affordable housing within the County.  The Authority is authorized pursuant to the Act and Ordinances to issue single family and multi-family housing revenue bonds to provide affordable housing to low, moderate or middle income tenants.

Due to increased interest in private activity bonds by local issuers, private activity bond ("PAB") allocation is expected to become increasingly competitive and scarce over the next few years.  For PAB allocation purposes, Manatee County is in Region 7, with Desoto, Polk, Highlands, Okeechobee, and Hardee Counties, which share a total annual allocation of approximately $64,500,000.  Recently, the Authority applied for allocation for the Palmetto Senior Project, which was approved by the Board of County Commissioners on June 18, 2019.  Unfortunately, the issue did not receive the entire requested allocation in June, 2019.  There were two industrial development projects (one in Polk County and one in Highlands County) that received allocation a few days before the Authority's request.  The Palmetto Senior Project received a partial allocation of  $6,265,362.20, with the remaining $19,734,637.80 on the pending list until mid-November.  The regional PAB pool was available until June 30, 2019.

On July 1, 2019, the regional pools were dissolved with unused allocation reverting to the State pool.  Unused allocation in the State pool becomes available to local issuers on November 16, 2019, on a statewide, first come, first served basis.  It is important that the Authority attempt to preserve PAB allocation for future issues.  The purpose of the Public Hearing and Resolution No. 19-05 is to allow the Authority to apply for allocation prior to the end of 2019, which may be converted to carry forward allocation for single family bonds, mortgage credit certificates or multifamily bonds over the next three years (the "Plan of Financing").

In order to apply for an allocation from the Florida Division of Bond Finance, the Board of County Commissioners must provide its approval following the public hearing which was held by the Authority on August 13, 2019, and approve the Plan of Financing.  The public hearing was held, following proper publication of notice, for the purpose of receiving public input on the proposed Plan of Financing,  No public comments or objections were received.



County Attorney Review
Other (Requires explanation in field below)

Explanation of Other

Reviewed by William E. Clague, Chief Assistant County Attorney.

The Resolution was prepared and reviewed by the Authority's Bond Counsel, Nabors, Giblin & Nickerson, P.A.



Reviewing Attorney
Clague

Instructions to Board Records

Please provide one (1) signed copy of Resolution R-19-140 to Angela Abbott, Attorney for the Authority at angelaabbott@cfl.rr.com and to Denise Thomas at denise.thomas@mymanatee.org.

 



Cost and Funds Source Account Number and Name
None

Amount and Frequency of Recurring Costs
None


Attachment:  Resolution 19-05.pdf
Attachment:  Report Regarding Public Hearing.pdf
Attachment:  Resolution R-19-140 for HFA.pdf