FLORIDA HOUSING FINANCE CORPORATION

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  • 1. FLORIDA HOUSING FINANCE CORPORATION Board Meeting October 9-10, 2003 Action Items
  • 2. GUARANTEE PROGRAM Action I. GUARANTEE PROGRAM A. Consider Approval of the September 12, 2003 Guarantee Program Committee Minutes October 9-10, 2003 Florida Housing Finance Corporation 3
  • 3. HOMEOWNERSHIP LOAN PROGRAM Action Supplement I. HOMEOWNERSHIP LOAN PROGRAM A. Request for Approval of the Analytical Review for Tower View Homes/HH02-016 Applicant Name (Applicant): 12 Florida City Corp. Development Name (Development): Tower View Homes Developer/Principal (Developer): 12 Florida City Corp. / Jay Mirmelli Number of Units: 22 Location: Florida City, Miami-Dade County Type: HOME Purchase Assistance Loan Allocated Amount: $816,757 1. Background a) The Applicant submitted an Application on behalf of Tower View Homes during Round One of the 2002 Homeownership Loan Program Cycle. b) On October 30, 2002, Florida Housing issued an invitation into credit underwriting and a preliminary commitment letter to 12 Florida City Corp. (the Developer) for a HOME Purchase Assistance Loan in the amount of $816,757 to assist in the construction of 22 homes in Miami-Dade County. 2. Present Situation a) The credit underwriter provided Staff with an Analytical Review outlining the parameters of the proposed development. (Exhibit A) b) Staff has reviewed the report and concurs with the credit underwriters recommendation to reserve HOME funds in the amount of $816,757 for a HOME Purchase Assistance Loan. 3. Recommendation Staff recommends that the Board approve the Analytical Review and authorize staff to issue a firm commitment letter in the amount of $816,757 to the Developer for a HOME Purchase Assistance Loan, subject to further approvals by the credit underwriter, counsel and the appropriate corporation staff. October 9-10, 2003 Florida Housing Finance Corporation 1
  • 4. HOME RENTAL Action Supplement I. HOME RENTAL A. Request Approval of Credit Underwriting Report for Whispering Pines Apartments, (2002- 722H) Development Name: Developer/Principal: Florida Non-Profit Whispering Pines Apartments Housing, Inc. Number of Units: 61 Location: Fellsmere, Indian River County Type: New Construction Set Aside: 20% @ 50% AMI No Demographic Targeting 80% @ 60% AMI Allocated Amount: $5,996,000 Additional Comments: Credit Underwriter has recommended approval with conditions as specified in attached report 1. Background/Present Situation a) On October 10, 2002, the Board approved the final scores and ranking for the 2002 HOME Rental Application Cycle and directed staff to proceed with all necessary credit underwriting activities. b) On October 18, 2002, staff issued a preliminary commitment letter and invitation to credit underwriting for a HOME loan in an amount up to $5,996,000 for this 61-unit family development (farmworker for the purposes of USDA only) in Indian River County. This HOME loan will be secured by a second mortgage on the property. c) On October 3, 2003, staff received a credit underwriting report with the increase in the number of units from 61 to 71 for a HOME loan in the amount of $5,996,000 (Exhibit A). This recommendation is subject to approval of final site plan from the city which is anticipated to occur on October 16, 2003. 2. Recommendation Approve the credit underwriting report subject to the condition above and direct staff to proceed with issuance of a firm loan commitment and loan closing activities. October 9-10, 2002 Florida Housing Finance Corporation 1
  • 5. LEGAL Action II. LEGAL A. In Re: 2003 Universal Cycle Appeals 1. Background a) On or about April 15, 2003, Applicants submitted applications to Florida Housing for the award of SAIL, MMRB or HOME funds and/or an allocation of Housing Credits in the 2003 Universal Cycle program. b) On July 13, 2003, Florida Housing notified each applicant of its score and provided all applicants with a Notice of Rights advising applicants of their rights to challenge Florida Housings scoring of their own application pursuant to Sections 120.569 and 120.57, Florida Statutes, and Rule 67-48.005(2) and Rule 67-21.0035(2), Fla. Admin. Code. c) By August 12, 2003, petitioners had filed 18 petitions challenging Florida Housings scoring decisions. Requests for hearings are as follows: (1) One applicant filed a petition for informal hearing and withdrew its case prior to hearing. (2) Eleven applicants filed petitions requesting informal hearings which were set for a hearing before a contract hearing officer. (3) Six applicants filed petitions requesting formal hearings, of these six applicants, five have been forwarded to the Division of Administrative Hearings with hearings now scheduled for late October and early November. In one case, no dispute of material facts existed so it was heard before a contract hearing officer. (4) One applicant filed a petition for informal hearing after the 5:00 p.m. deadline on August 12, 2003, which was dismissed for being untimely filed. d) The twelve (12) informal hearings noted above were completed by September 11, 2003. By September 26, 2003, the Hearing Officers had filed the Recommended Orders for the informal proceedings. All of the Recommended Orders are attached hereto as Exhibit A. 2. Present Situation The Board must decide to accept or reject the Recommended Orders and enter Final Orders. 3. Recommendatoin Staff recommends the Board enter Final Orders in these matters. October 9-10, 2003 Florida Housing Finance Corporation 4
  • 6. MINUTES Action III. MINUTES A. Consider Approval of the September 12, 2003, Board of Directors Meeting Minutes. October 9-10, 2003 Florida Housing Finance Corporation 5

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