Florida Housing Finance Corporation 2015 Annual Report

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  • 2015 Annual Report

    Florida HousingBecause Everyone Needs a Home

  • 2 Florida Housing Finance Corporation

    Board of Directors .................................................................................................................................................. 4Letter from the Chairman and Executive Director ..................................................................................................52015 Programs-at-a-Glance .................................................................................................................................... 6Total Active Rental Units Financed by Florida Housing since 1982.........................................................................7Economic Stimulus to Florida Created by Florida Housings Programs ..................................................................8

    HOMEOWNERSHIP PROGRAMS .................................................................................................................. 9

    Homebuyer Loan Programs .................................................................................................................................. 10Downpayment Assistance Programs .................................................................................................................... 10Mortgage Credit Certificates ................................................................................................................................ 10Homeownership Pool Program ............................................................................................................................ 11Foreclosure Counseling Program .......................................................................................................................... 11Florida Hardest-Hit Fund Programs ...................................................................................................................... 11

    RENTAL HOUSING PROGRAMS .................................................................................................................. 13

    Requests for Applications Awarded Funding in 2015 ...........................................................................................14State Apartment Incentive Loans ......................................................................................................................... 14Multifamily Mortgage Revenue Bonds .................................................................................................................15Grants to Finance Housing for Persons with Developmental Disabilities .............................................................15 Multifamily Energy Retrofit Program ....................................................................................................................15Low Income Housing Tax Credits .......................................................................................................................... 15Florida Affordable Housing Guarantee Program ..................................................................................................16HOME Investment Partnerships ........................................................................................................................... 16Tenant-Based Rental Assistance ........................................................................................................................... 17Link to Permanent Housing Strategy .................................................................................................................... 17Asset Management of Developments in Florida Housings Rental Portfolio ........................................................17

    SPECIAL PROGRAMS .................................................................................................................................. 19

    State Housing Initiatives Partnership.................................................................................................................... 20Predevelopment Loan Program ............................................................................................................................ 20Affordable Housing Catalyst Program ...................................................................................................................21Floridahousingsearch.org ..................................................................................................................................... 21

    TABLE OF CONTENTS

    Rick Scott, Governor

    Board of Directors: Bernard Barney Smith, Chairman Natacha Munilla, Vice Chairman Renier Diaz de la Portilla Ray Dubuque John David Hawthorne Jr. Brian Katz Leonard Tylka Howard Wheeler

    Taylor Teepell, Florida Department of Economic Opportunity, Ex Officio

    Executive Director: Stephen P. Auger

  • 32015 Annual Report

    TABLE OF CONTENTS

    DEMOGRAPHICS AND CHARTS.................................................................................................................. 22

    SUMMARY OF PROGRAMS .................................................................................................................. 23

    HOMEOWNERSHIP PROGRAMS .......................................................................................................... 24

    Homes Funded through the Homebuyer Loan and Downpayment Assistance Programs ..............................24Homebuyer Loan and Downpayment Assistance Programs ...........................................................................26Homeownership Pool Program (HOP) ............................................................................................................26Homeownership Pool Program (HOP) Demographics ....................................................................................26Mortgage Credit Certificates (MCC) ...............................................................................................................27Mortgage Credit Certificates (MCC) Demographics .......................................................................................27Florida Hardest-Hit Fund Programs (HHF) ......................................................................................................28Foreclosure Counseling Program (FCP) ..........................................................................................................30

    RENTAL PROGRAMS ............................................................................................................................. 31

    Demographic Characteristics of Renters Living in Properties Financed by Florida Housing ...........................31Elderly Housing Community Loans (EHCL) .....................................................................................................31State Apartment Incentive Loans (SAIL) .........................................................................................................31Low Income Housing Tax Credits (9%) ............................................................................................................32Low Income Housing Tax Credits (4%) ............................................................................................................32Multifamily Mortgage Revenue Bonds (MMRB) .............................................................................................33HOME Investment Partnerships - Rental ........................................................................................................33Multifamily Energy Retrofit Program ..............................................................................................................33Grants to Finance Housing for Persons with Developmental Disabilities .......................................................33Average Rents Charged at Rental Properties in Florida Housings Portfolio as of December 31, 2015 ..........34Tenant-Based Rental Assistance (TBRA) .........................................................................................................34Occupancy Rates for Active, Reporting Units in Florida Housings Portfolio ..................................................35Rental Properties Awarded Funding in 2015 ..................................................................................................36

    SPECIAL PROGRAMS ............................................................................................................................ 44

    State Housing Initiatives Partnership (SHIP) Distribution and Allocation of Funds in 2012 - 2013 .................44State Housing Initiatives Partnership (SHIP) Distributionand Allocation of Funds in 2013 - 2014 .................50Predevelopment Loan Program (PLP) Rental Loans Approved for Funding in 2015 .......................................56

    FLORIDA HOUSING RENTAL LOAN PORTFOLIO ................................................................................... 58

    Predevelopment Loan Program (PLP) Loan Summary as of December 31, 2015 ...........................................58State Apartment Incentive Loan Program Loans Outstanding as of December 31, 2015 ..............................60Guarantee Program Status of Loans for Multifamily Developments as of December 31, 2015 .....................80

    CORPORATION STAFF ................................................................................................................................ 82

  • 4 Florida Housing Finance Corporation

    Brian KatzBanking or Mortgage Banking

    Industry Representative

    Vice ChairCommercial Building Representative

    Natacha MunillaBernard Barney SmithChairman

    One of Two Citizen Representatives

    John David Hawthorne, Jr.Low-Income Advocate

    One of Two Citizen Representatives

    Ray Dubuque

    Len TylkaResidential Builder Repres

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