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MW' <br />Consent Agenda - B.C. C. '7.11.17 <br />Office of <br />INDIAN RIVER COUNTY <br />Dylan Reingold, County Attorney <br />William K DeBraal, Deputy County :attorney <br />Kate Pingolt Cotner, Assistant County Attorney <br />MEMORANDUM <br />TO: Board of County Commissioners <br />FROM: Dylan Reingold, County Attorney 'o,/"" <br />DATE: June 26, 2017. <br />SUBJECT: Escambia County Housing Finance Authority Resolution <br />BACKGROUND. <br />ATTORNEY <br />On October 15, 2013, the Indian River County Board of County Commissioners (the "Board") approved <br />Resolution 2013-110, consenting to Escambia County Housing Finance Authority (the "Authority") the <br />right to exercise its power to issue Single Family Mortgage Revenue Bonds and to implement a plan of <br />finance for such bonds within Indian River County. At the time, the Board approved the Authority's <br />ability to issue in multiple series, not to exceed $150,000,000.00, Single Family Mortgage Revenue Bonds <br />to fund its Single Family Mortgage Loan Program. Although I have been informed that the :Authority <br />does not presently anticipate issuing additional revenue bonds, the Authority proposes to continue to <br />operate its Single Family Mortgage Loan Program on a "to be announced" basis (the "TBA Program") to <br />provide financing and down payment assistance to first time homebuyers throughout a thirteen county <br />area including Indian River County. <br />Pursuant to section 159.608(10), Florida Statutes, a housing authority has the power to issue mortgage <br />credit certificates to the extent allocation is available for that purpose to qualifying individuals in lieu of <br />issuing qualified mortgage bonds. The Authority has stated that it has available allocation and has <br />decided to use it for a mortgage credit certificate program. <br />Pursuant to Section 159.608(5), Florida Statutes, and other applicable law, the Authority may expand its <br />area of operation to offer its programs to alleviate a shortage of housing in a county outside of Escambia <br />County with permission of the governing body of the other county. Accordingly, the Authority is <br />requesting that the Board approve the attached resolution which grants area of operation permission to the <br />Authority to operate the Authority's TBA Program and mortgage credit certificate program within Indian <br />River County. Similar resolutions have been approved by Walton, Wakulla and Bradford Counties. <br />FUNDING: <br />There is no funding associated with this matter. <br />RECOMMENDATION. <br />The County Attorney's Office recommends that the Board vote to approve the resolution granting to the <br />Escambia County Housing Finance Authority area of operation permission to operate the Authority's <br />TBA Program and mortgage credit certificate program within Indian River County. <br />ATTACHMENT(S). <br />Proposed Resolution <br />F.141'- yU"de1GiAMW18(R-).dk <br />P97 <br />