Subject:
Title
Resolution approving the issuance by Brevard County Housing Finance Authority of Single Family Mortgage Revenue Bonds or, in the alternative, the issuance of Mortgage Credit Certificates, or in the alternative, the issuance of Multifamily Revenue Bonds during 2026 through 2028
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Brevard County Housing Finance Authority (the "Authority") requests that the Board approve a Resolution to allow the Authority to apply for an allocation with the Florida Division of Bond Finance and to allow for the future issuance by the Authority of single family mortgage revenue bonds, or in the alternative, issuance of mortgage credit certificates, or in the alternative, issuance of multifamily revenue bonds during 2026 through 2028.
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Summary Explanation and Background:
Due to increased interest in local financing of multifamily projects, private activity bond allocation is expected to become increasingly competitive and scarce over the next few years. For private activity bond allocation purposes, Brevard County is in Region 9 with Volusia, Indian River, St. Lucie, Marion, Okeechobee, Highlands, and Glades Counties, which share a total annual allocation of approximately $140 million. The regional pool is available until May 31. On June 1, any remaining allocation in the regional pools will be transferred to the Statewide Affordable Housing Pool and will be used to fill housing allocation requests in other areas of the state until September 30.
Due to increased applications for multifamily projects in Region 9 counties, it is important that the Authority attempt to preserve private activity bond allocation for future issues. The purpose of the public hearing and Authority Resolution No. 25-01 is to allow the Authority to apply for allocation, which may be converted to carryforward allocation for single family bonds, mortgage credit certificates or multifamily bo...
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