HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY

Transcription

1 1. CALL TO ORDER Reflection and Pledge of Allegiance 2. PUBLIC COMMENTS HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY Board Meeting August 2, :00 pm 315 Court St., 4th Floor, Clerks Large Conference Room Clearwater, FL AGENDA 3. APPROVAL OF MINUTES A. May 3, 2017 minutes B. July 17, 2017 Oceanside Estates TEFRA minutes 4. TREASURER S REPORTS A. June General Fund 2. Housing Trust Fund 3. Land Assembly Fund 5. COMMUNICATIONS TO THE AUTHORITY A. Tampa Bay CDC usage report - $200,000 loan 6. REPORTS BY STAFF A. HFA Operations and Special Projects Update Kathryn Driver B. Multi-Family Update Kathryn Driver 1. Occupancy Report C. Single Family Update Karmen Lemberg 7. NEW BUSINESS A Budget Amendments 1. General Fund a. Memo b. Proposed Budget Amendment 2. Housing Trust Fund a. Memo b. Proposed Budget Amendment 3. Resolution (Action Item Kathryn Driver) B. General Fund Proposed Budget Fiscal Year Memo 2. Budget (Action Item Kathryn Driver) (over) Persons are advised that, if they decide to appeal any decision made at this meeting/hearing, they will need a record of the proceedings, and, for such purposes, they may need to ensure that a verbatim record of the proceedings is made, which includes testimony and evidence upon which the appeal is to be based.

2 C. Housing Trust Fund Proposed Budget Fiscal Year Memo 2. Budget (Action Item Kathryn Driver) D. Termination of Specific Performance Agreements with Pinellas County Regarding NSP1 and NSP3 Grants 1. Memo (Action Item Kathryn Driver) E Meeting Schedule (Action Item Kathryn Driver) F. Board Appointment and Ratification of Officers 1. Resolution (Action Item Kathryn Driver) 8. ADJOURNMENT Upcoming Next Meeting September 6, Court St., 4 th Floor, Clerks Large Conference Room Persons are advised that, if they decide to appeal any decision made at this meeting/hearing, they will need a record of the proceedings, and, for such purposes, they may need to ensure that a verbatim record of the proceedings is made, which includes testimony and evidence upon which the appeal is to be based.

3 Clearwater, Florida, June 7, 2017 The Housing Finance Authority (HFA) Board of Pinellas County (as created by the Code of Ordinances of Pinellas County, Section 2-386) met in regular session in the Clerk s Fourth Floor Conference Room, Pinellas County Courthouse, 315 Court Street, Clearwater, Florida, at 3:02 P.M. on this date with the following members present: Casey Cane, Chairman Robyn Fiel, Vice-Chairman Steven Beal, Assistant Secretary/Treasurer Dennis Long Not Present Norris E. Counts, Secretary/Treasurer Also Present Kathryn Driver, Executive Director, HFA Karmen Lemberg, Program Administrator, HFA Michael T. Cronin, Attorney, Johnson, Pope, Bokor, Ruppel & Burns, PA Barbara Clark, Barbara Clark and Company Helen Feinberg, RBC Capital Markets Cameron Hill, RBC Capital Markets David Jones, CSG Advisors Renee Welch, Bright Community Trust Tim Wranovix, Raymond James Other Interested Individuals Jenny Masinovsky, Board Reporter, Deputy Clerk 1. CALL TO ORDER 2. PUBLIC COMMENTS AGENDA 3. APPROVAL OF MINUTES A. April 5, 2017 minutes B. April 21, 2017 TEFRA minutes 4. TREASURER S REPORTS A. April General Fund 2. Housing Trust Fund 3. Land Assembly Fund 1

4 June 7, 2017 B. March General Fund 2. Housing Trust Fund 3. Land Assembly Fund 5. COMMUNICATIONS TO THE AUTHORITY A. Tampa Bay CDC Usage Report $200,000 loan B. Linda Dufresne & Associates CPA, PA 6. REPORTS BY STAFF A. HFA Operations and Special Projects Update Kathryn Driver 1. Penny for Pinellas Land Assembly Fund and Housing Trust Fund Update B. Multi-Family Update Kathryn Driver 1. Occupancy Report a. March b. February C. Single Family Update Karmen Lemberg 7. NEW BUSINESS A. Quit Claim Deed for property at th Avenue North, St. Petersburg 1. Memo 2. Quit Claim Deed 3. Direction Letter from Pinellas County (Action Item Kathryn Driver) B. Housing Trust Fund Memorandum of Understanding 1. Resolution a. Exhibit A Memorandum of Understanding (Action Item Kathryn Driver) C. Land Assembly Fund 1. Resolution (Action Item Mike Cronin) D. Land Trust Authorization 1. Resolution a. Exhibit A Form of Ground Lease i. Land Trust Agreement ii. Deed to Trust Special Warranty Deed b. Exhibit B Request for Applications (Action Item Mike Cronin) E. Tieman Village 1. Memo 2. Resolution a. Exhibit A Agreement for Purchase b. Exhibit B Tieman Village Land Trust Agreement c. Exhibit C Ground Lease (Action Item Kathryn Driver) 8. ADJOURNMENT 2

5 June 7, 2017 CALL TO ORDER Chairman Cane called the meeting to order at 3:02 P.M. and asked for a moment of silence and reflection; whereupon, he led the Pledge of Allegiance and, at his request, those in attendance introduced themselves. A sign-in sheet, agenda packet, and copies of all documents referred to in the minutes have been filed and made a part of the record. PUBLIC COMMENTS Cynthia Allen, Clearwater, indicated that she is seeking resources for a substance abuse rehabilitation facility that she aspires to open someday. Later in the meeting, Ms. Driver provided information in response to queries by Ms. Allen. MINUTES OF THE APRIL 5, 2017 HFA MEETING AND APRIL 21, 2017 TEFRA MEETING APPROVED Upon presentation by Chairman Cane, Ms. Fiel moved, seconded by Mr. Beal, that the minutes of the April 5, 2017 meeting be approved as submitted, and upon call for the vote, the motion carried unanimously. Thereupon, Ms. Fiel moved, seconded by Mr. Beal, that the minutes of the April 21, 2017 Tax Equity Fiscal Responsibility Act (TEFRA) public hearing be approved as submitted, and upon call for the vote, the motion carried unanimously. TREASURER S REPORTS APPROVED General Fund March and April 2017 Mr. Beal presented the HFA General Fund financial statements for the months of March and April 2017; whereupon, he reviewed the April Cash Roll Report and moved, seconded by Ms. Fiel, that the financial statements be approved. Upon call for the vote, the motion carried unanimously. Housing Trust Fund March and April 2017 Mr. Beal presented the HFA Housing Trust Fund financial statements for the months of March and April 2017; whereupon, he reviewed the April Cash Roll Report and moved, seconded by Ms. 3

6 June 7, 2017 Fiel, that the financial statements be approved. Upon call for the vote, the motion carried unanimously. Land Assembly Fund March and April 2017 Mr. Beal presented the Land Assembly Fund financial statements for the months of March and April 2017; whereupon, he reviewed the April Cash Roll Report and moved, seconded by Ms. Fiel, that the financial statements be approved. Upon call for the vote, the motion carried unanimously. COMMUNICATIONS TO THE AUTHORITY Tampa Bay Community Development Corporation (CDC) Usage Report $200,000 loan Ms. Driver related that a monthly report detailing usage of the $200,000 loan with the Tampa Bay CDC is included in the agenda packet. Linda Dufresne & Associates CPA, PA Ms. Driver indicated that included in the agenda packet is a letter from Ms. Dufresne thanking the Board for the opportunity to provide financial statement audit services to the HFA for many years. Ms. Driver noted that while Dufresne & Associates, PA, will continue to provide some services to the HFA, Esther Nichols, CPA, The Nichols Group, PA, who was introduced to the Board at the last meeting, will be taking over the auditing functions. REPORTS BY STAFF HFA Operations, Special Projects, and Multi-Family Update Ms. Driver welcomed Mr. Long to the Board, noting that he is a retired Assistant Pinellas County Attorney, and Mr. Long indicated that he hopes to bring value to the Board by providing input based on his previous experience as a liaison with the HFA and knowledge of its programs; whereupon, Ms. Driver reported on the following activities: In April, $2,645 of assistance in rent and $ in utilities were provided to nine youths through the partnership with Ready for Life s Youth Aging Out of Foster Care Program; all recipients have completed the Financial Literacy course, five are working full-time, two parttime, and two are seeking employment. To date, $25,000 has been provided for one full-time and two part-time positions, $1,500 of assistance in utilities/water, and approximately $7,000 in rent, helping a total of 17 youths. 4

7 June 7, 2017 Land Assembly Fund will be utilized for a new construction project, Ranch at Pinellas Park, in partnership with Boley Centers, Inc., which has received funding from Florida Housing Finance Corporation; HFA plans to close and acquire the land once Boley Centers completes its credit underwriting process; project will be comprised of 25 rental units set aside for households with annual incomes at or below 60 and 30 percent of area median income (AMI), and 80 percent of the units will serve households with special needs. Land Assembly Fund will also be utilized for a new construction project, Woodlawn Trail, in partnership with Southport Financial, which has received funding from Florida Housing Finance Corporation and is undergoing the credit underwriting process; closing is anticipated before the end of the calendar year. TEFRA resolution regarding the project was approved by the Board of County Commissioners. Update concerning Sumter Gardens, a new multifamily construction project in Sumter County for which the HFA will issue bonds and which was on hold due to capital and construction cost issues. Following a meeting with the contractor regarding cost estimates, HFA will be informed on the status and timing of the project. Tieman Village project is tentatively scheduled to close tomorrow; it involves five units below 60 percent of AMI and is being done in conjunction with Community Service Foundation. HFA is acquiring a single-family home located in the commercial corridor of the Lealman CRA, and closing is anticipated to take place next week. Due to its bad condition, the house will most likely be demolished; the County intends to keep the land vacant for future use. HFA is holding discussions regarding potential land acquisitions and multi-family projects with land developers and plans to provide updates to the Board over the next two meetings. Lealman Heights property (formerly D&D Missionary Homes) managed by the HFA has 41 units that are 100-percent occupied primarily by residents with incomes under 20, 30, 60, and 80 percent of AMI. As of the end of April, the Housing Trust Fund loan provided by the County was used to fund operating shortfalls ($195,411) and to rehabilitate the units ($251,000). Palms of Pinellas had a groundbreaking ceremony on May 10, which received great news coverage. 5

8 June 7, 2017 The Board will be receiving a Form 1 from the Clerk s Office, which is a financial statement that needs to be filled out and ed or mailed back by July 3. Ms. Driver will seek to obtain proper forms for Messrs. Beal and Long. The Board attended the National Association of Local Housing Finance Agencies (NALHFA) conference in San Francisco, which provided an opportunity to bond with other local HFAs; the Florida Association of Local Housing Finance Agencies (FLALHFA) conference will take place in Atlantic Beach in July. HFA extended the $79,000 note with Graceful Solutions until July 19; the note was obtained to rehabilitate a house acquired by the HFA in the Lealman CRA. Bill Wilson, Graceful Solutions, related that the company is on track to receive financing from the County, enabling payment back to the HFA by the extended due date. Faith in Action and Strength Together (FAST) had presented an award to Ms. Driver in recognition of the HFA commitment to affordable housing. Pinellas County Human Services Director Lourdes Benedict was also recognized for her achievements and presented with an award. Penny for Pinellas Land Assembly Fund and Housing Trust Fund Update Referring to the annual report to the Board of County Commissioners (BCC) regarding the Pinellas County Community Housing Program, Ms. Driver indicated that the HFA administers the program on behalf of the BCC through an ordinance and an interlocal agreement; and that it consists of the Community Housing Trust Fund and the Affordable Housing Land Assembly Fund. She provided historical information regarding utilization of the funds, relating that over $19 million has been allocated from the BCC General Fund to the Housing Trust Fund since 2006, which was originally distributed among the participating jurisdictions (Pinellas County, City of Clearwater, City of Largo, City of St. Petersburg, and the HFA) for funding of any affordable housing projects or programs; that allocated funds were intended to be leveraged with other public and private resources; and that participating jurisdictions have received program income which can be used on similar projects. Ms. Driver indicated that the Affordable Housing Land Assembly Fund comes primarily from the infrastructure surtax (Penny for Pinellas) and is governed by a state statute requiring that it be used for land acquisition only; that the acquired land is controlled by the County Government or an Independent Special District; and that at least 30 percent of the units built on that land should be reserved for individuals with income at or below 120 percent of AMI. She noted that the HFA 6

9 June 7, 2017 utilizes the funds to meet the needs of as many people as possible, working closely with the County on all transactions. Ms. Driver reported that out of $15 million of surtax money allocated for affordable housing over a three-year period, $7.25 million produced 236 new units throughout the participating jurisdictions, with 150 units reserved for households at or below 60 percent of AMI and 86 units below 120 percent of AMI; that $2.1 million have been committed to projects which will produce 112 more units throughout the participating jurisdictions, all for households at or below 60 percent of AMI; and that the HFA is working with developers on potential projects to utilize the remaining $5.3 million. She pointed out that a total of $9.6 million spent or committed for construction of the aforementioned units was leveraged with $47.7 million in other subsidy resources and indicated that staff is working with the County with regard to the next round of Penny for Pinellas affordable housing funds and ensuring the most beneficial verbiage for the upcoming referendum. Chairman Cane commended the HFA staff for their accomplishments in a short period of time, noting that with help from partners, HFA is greatly benefiting the community. In response to queries by Ms. Allen, Ms. Driver indicated that most of the units discussed earlier are multi-family developments at or below 60 percent of AMI; that while HFA is involved in a transaction with Boley Centers, which provide units and services for individuals with mental or substance abuse issues, HFA does not fund those services; and that any requests for grant assistance undergo an application and review process with the County; whereupon, Ms. Driver offered to provide further details about the process after the meeting. Single Family Program Update Ms. Lemberg reported that four out of five new loans closed by the end of the month and one is expected to be brought back upon resolving unexpected issues with the builder; that rates were reduced to and percent on governmental and conventional loans, respectively; that jointly with ehousing, she trained First Home Bank and CenterState Bank on using the Housing Floridians program to offer first, second, and third mortgages, where the third provides additional funding for households at or below 80 percent of AMI, noting that those are the only two lenders participating in the program in Pinellas, Pasco, and Polk counties, and loans are anticipated next month. Ms. Lemberg indicated that Florida Housing Finance Corporation has signed an agreement with the HFA to participate in the Hardest Hit Fund program, which is currently awaiting implementation. She reported that the May radio show focused on the HOPE (Home Ownership Programs for Everyone) Expo, which will take place this Saturday, June 10; and that the June radio 7

10 June 7, 2017 show focusing on Disaster Preparedness in Pinellas County will air tomorrow, June 8, and will be available on YouTube; whereupon, responding to query by Mr. Beal, she provided details regarding the broadcasting of tomorrow s show. NEW BUSINESS Quit Claim Deed for Property at th Avenue North, St. Petersburg (Memo, Quit Claim Deed, and Direction Letter from Pinellas County) - APPROVED Ms. Driver indicated that Pinellas County has requested that the property, a former fire station located in the Lealman CRA, which was obtained by the HFA as part of the D&D Missionary Homes acquisition, be transferred to the County for lease to the Florida Dream Center to be utilized as storage and office space. Attorney Cronin pointed out that no resolution is necessary with regard to the deed due to previous formal action and a resolution authorizing redevelopment of the area, including execution of related documents. Responding to query by Chairman Cane, Ms. Driver related that Florida Dream Center is a nonprofit organization providing community services, such as Adopt-a-Block and food distribution; whereupon, Chairman Cane expressed hope that the goals of the County and Lealman residents are the same with regard to development of the area s identity. Thereupon, Ms. Fiel moved, seconded by Mr. Long, that the deed be approved, and upon call for the vote, the motion carried unanimously. Housing Trust Fund Memorandum of Understanding RESOLUTION NO OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA ( HFA ), APPROVING A MEMORANDUM OF UNDERSTANDING WITH PINELLAS COUNTY, A POLITICAL SUBDIVISION OF THE STATE OF FLORIDA ( COUNTY ), WHICH REQUIRES PRIOR WRITTEN APPROVAL BY THE COUNTY ADMINISTRATOR OR DESIGNEE FOR EXPENDITURE BY THE HFA OF HOUSING TRUST FUNDS ALLOCATED IN FISCAL YEAR 2017 AND THEREAFTER; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO; AND PROVIDING AN EFFECTIVE DATE Referring to her earlier discussion of the Housing Trust Fund, Ms. Driver indicated that the original ordinance setting forth allocations from the BCC General Fund to the Housing Trust Fund was amended in 2009, directing that all funds be administered by the HFA instead of being divided among the participating jurisdictions. She related that $400,000 has been allocated to the HFA for 8

11 June 7, 2017 the year ; and that while the HFA has traditionally been seeking County approval for the expending of funds, the Memorandum of Understanding formalizes the process. Ms. Driver noted that the allocated funds would need to be coupled with other funding sources, whereas program income, which currently constitutes $900,000 of the Housing Trust Fund, can be spent without formal approval; whereupon, Attorney Cronin indicated that the HFA has always sought and received County approval to expend funds for its projects; that pursuant to the Memorandum of Understanding, formal approval by the County Administrator or his designee is required; and that going forward, the HFA would need to confirm that the approving party is authorized by the County Administrator. In response to query by Mr. Long, Attorney Cronin confirmed that traditionally the Board votes on resolutions before they are forwarded to the BCC; whereupon, Ms. Fiel moved, seconded by Mr. Beal, that the resolution be adopted, and upon call for the vote, the motion carried unanimously. Land Assembly Fund Attorney Cronin thanked Ms. Driver for providing an overview of the Community Housing Program funds and Ms. Lemberg for her assistance in the task of assembling all HFA resolutions, ordinances, and Interlocal Agreements relating to the two funds over the last 12 years; whereupon, he pointed out that the HFA has always been innovative in its programs and in ways of working with the County and indicated that over the last two years, the public and the business community have realized the importance of affordable housing. RESOLUTION NO OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA ( HFA ), INCREASING FROM ONE HUNDRED THOUSAND DOLLARS ($100,000) TO TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000), THE AMOUNT OF HFA GENERAL FUNDS THE EXECUTIVE DIRECTOR IS AUTHORIZED AND EMPOWERED TO COMMIT OR EXPEND RELATING TO THE ACQUISITION OF LAND FOR AFFORDABLE HOUSING FULFILLING THE OBJECTIVES OF THE AFFORDABLE HOUSING LAND ASSEMBLY FUND PROVIDED THAT SUCH EXPENDITURES OF FUNDS ARE REIMBURSABLE BY PINELLAS COUNTY, FLORIDA OR ONE OF ITS DEPARTMENTS AND PREAPPROVED BY AT LEAST ONE HFA MEMBER; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT THERETO; AND PROVIDING AN EFFECTIVE DATE Attorney Cronin indicated that the above-referenced resolution would authorize an increase in the Executive Director s authority to expend funds out of the HFA General Fund from $100,000 to $250,000 relating to acquisition of land for affordable housing, subject to approval of at least one 9

12 June 7, 2017 HFA Board member and reimbursement from the County pursuant to a Letter of Direction. He noted that historically, there have been no reimbursement issues; and that a remote risk of exposure would be limited to $250,000, with the HFA being in control of the property. In response to queries by Mr. Long and Chairman Cane, Ms. Driver provided details regarding the process, relating that such authority to expend is needed to enable the expedited wiring of funds and execution of documents relating to transactions, which would be brought before the Board for ratification at a following meeting; whereupon, Ms. Fiel moved, seconded by Mr. Long, that Resolution No be adopted, and upon call for the vote, the motion carried unanimously. Land Trust Authorization RESOLUTION NO OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA SUPPLEMENTING AND UPDATING PREVIOUS RESOLUTIONS BY DELEGATING AUTHORITY AND AUTHORIZATION TO ENTER INTO LAND TRUST AGREEMENTS, GROUND LEASES, MEMORANDUM OF LEASES, PERMITTED MORTGAGE AGREEMENTS, LAND USE RESTRICTION AGREEMENTS, DEEDS AND OTHER ANCILLARY DOCUMENTS TO FACILITATE THE ACQUISITION OF LAND WITH FUNDS EARMARKED FROM THE AFFORDABLE HOUSING LAND ASSEMBLY FUND, WHICH IS ADMINISTERED BY THE AUTHORITY WITH OVERSIGHT BY PINELLAS COUNTY, FLORIDA, UTILIZING LOCAL GOVERNMENT INFRASTRUCTURE SURTAX FUNDS, COMMONLY KNOWN AS PENNY FOR PINELLAS, WITHOUT PRIOR AUTHORITY APPROVAL, ESTABLISHING CRITERIA AND LIMITATIONS SET FORTH BELOW, DELEGATING AUTHORITY TO IMPLEMENT THESE ACTIONS; AUTHORIZING ADDITIONAL REQUIRED ACTIONS AND PROVIDING AN EFFECTIVE DATE Attorney Cronin provided background information and explained provisions of the resolution, indicating that it would give the HFA authority to enter into Land Trust Agreements and ancillary documents, subject to certain limits, such as the maximum amount of $250,000 approved by Resolution , allowing HFA the flexibility to advance the process when necessary with regard to primarily single-family and small multi-family projects. Responding to query by Mr. Beal, Ms. Driver explained that the $250,000 amount appears sufficient, considering comparable transactions; and that she would feel uncomfortable with a higher amount without Board approval; whereupon, Mr. Long shared that based on his experience, it is an appropriate amount that most local governments would delegate to a director. In response to queries by Mr. Long, Ms. Driver confirmed that her authority to sign the applicable documents is evidenced by the resolution; and that a condition of subsequent Board ratification of the documents has never been a deterrent to title companies. Responding to queries by Mr. Long 10

13 June 7, 2017 and Chairman Cane, Attorney Cronin indicated that ratification is reflected in meeting minutes, and while it is not specifically required by the resolution, such a clause can be added; whereupon, he called attention to the last sentence of Subsection 3 of the resolution, and Chairman Cane confirmed for the record that its language requires that all transactions entered into pursuant to the resolution be reported at the next regularly scheduled meeting. During further discussion, Attorney Cronin clarified that transactions involve closure by the time they are reported to the Board; and that the resolution language states that the Land Trust and ancillary agreements are entered into prior to formal approval and submission to the HFA Board, based upon the delegated authorization set forth in the resolution, and Ms. Driver noted that all documents are executed by the Chairman. Thereupon, Mr. Long moved, seconded by Ms. Fiel, that Resolution No be adopted, and upon call for the vote, the motion carried unanimously. Tieman Village RESOLUTION NO OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA, AUTHORIZING APPROVING AND RATIFYING ACTIONS IN CONNECTION WITH THE TIEMAN VILLAGE HOUSING PROPERTY TO PROVIDE AFFORDABLE MULTIFAMILY HOUSING IN ACCORDANCE WITH THE DIRECTIVES AND INITIATIVES OF THE PINELLAS COUNTY COMMUNITY HOUSING PROGRAM- AFFORDABLE HOUSING LAND ASSEMBLY FUND; AUTHORIZING THE ACQUISITION OF REAL PROPERTY UTILIZING MONIES FROM THE PINELLAS COUNTY COMMUNITY HOUSING PROGRAM-AFFORDABLE HOUSING LAND ASSEMBLY FUND, AUTHORIZING THE CREATION AND FORMATION OF THE PINELLAS COUNTY LAND ASSEMBLY TRUST-TIEMAN VILLAGE; AUTHORIZING FUTURE CONVEYANCE AND PURCHASE OF THE SUBJECT PROPERTY TO THE PINELLAS COUNTY LAND ASSEMBLY TRUST- TIEMAN VILLAGE; AUTHORIZING A GROUND LEASE AND OTHER RELATED FINANCING DOCUMENTS, INCLUDING A LAND USE RESTRICTION AGREEMENT AND OTHER RELATED AGREEMENTS; DELEGATING AUTHORITY TO IMPLEMENT THESE ACTIONS; AUTHORIZING ADDITIONAL REQUIRED ACTIONS AND PROVIDING AN EFFECTIVE DATE Ms. Driver indicated that the total purchase price of the property is $390,000; that the HFA will acquire the land for approximately $197,305, inclusive of closing fees, using the Land Assembly Fund; that the City of Clearwater will acquire the buildings and other improvements and provide funding to the Community Service Foundation to rehabilitate the seven multi-family residences; that all units will be set aside for households at or below 60 percent of AMI; and that the transaction is tentatively scheduled for closing tomorrow. 11

14 June 7, 2017 Attorney Cronin indicated that Board approval of the acquisition would include purchase of the real property, creation of the Land Trust, conveyance of the property to the Trust, and execution of any related documents; whereupon, he provided historical information, relating that the land trusts were validated by a Pinellas County Court almost a decade ago; that while the HFA is the trustee administering the trusts on behalf of the County, the County is the 100-percent beneficiary and the controlling party; and that it is a partnership under which the HFA facilitates the transactions. Thereupon, Mr. Beal moved, seconded by Ms. Fiel, that the Resolution No be adopted, and upon call for the vote, the motion carried unanimously. OTHER BUSINESS Chairman Cane announced that the next meeting will take place on July 5, 2017; and that the Florida ALHFA conference will be held July 12 through 15 in Atlantic Beach, Florida. ADJOURNMENT Upon motion by Ms. Fiel, seconded by Mr. Beal and carried unanimously, the meeting was adjourned at 4:06 P.M. Secretary/Treasurer 12

15 Clearwater, Florida, July 17, 2017 The Housing Finance Authority of Pinellas County (as created by the Code of Ordinances of Pinellas County, Section 2-386) met in special session to conduct a public hearing in the Board Records Conference Room, Fifth Floor, Pinellas County Courthouse, 315 Court Street, Clearwater, Florida, at 8:30 A.M. on this date with the following individuals present: Karmen Lemberg, Housing Finance Authority Lynn Abbott, Board Reporter, Deputy Clerk PUBLIC HEARING HELD TO CONSIDER PROPOSED ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA, OF ITS MULTIFAMILY HOUSING REVENUE BONDS, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000 Pursuant to legal notice published in the June 30, 2017 issue of the Tampa Bay Times, as evidenced by affidavit of publication filed with the Clerk, public hearing was held for the purpose of receiving comments and hearing discussion concerning the proposed issuance of Multifamily Housing Revenue Bonds in an aggregate principal amount not to exceed $12,000,000. Ms. Lemberg indicated that the proceeds of the bonds will be used to provide financing for the acquisition and rehabilitation of an existing Senior Section 8 housing facility known as Oceanside Estates, consisting of 104 one-bedroom units in two three-story buildings on approximately 4.10 acres located at nd Avenue North, Pinellas Park, Florida. Ms. Lemberg related that Oceanside Estates will be rented to persons or families of moderate, middle, or lesser income; and that the project will initially be owned and operated by Oceanside Housing Partners LP, a Florida limited partnership, or one of its affiliates. No one appeared in response to Ms. Lemberg s call for persons wishing to be heard in favor of or in opposition to the proposed bond issuance; whereupon, she closed the public hearing. ADJOURNMENT Ms. Lemberg directed that the special session be adjourned at 8:32 A.M. Secretary/Treasurer

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32 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: SUBJECT: Casey Cane, Chairman And Members of the Housing Finance Authority Karmen Lemberg, Director of Homeownership Programs and Operations Single Family Program Update DATE: August 2, 2017 Below are the numbers for the continuous lending program 2016B as of July 21, 2017 Stage June # of Loans Sold in TBA Program $2,024, Held by Trustee Pooled Purchased by Servicer $220,797 1 ehp Compliance $353,987 2 Underwriter Certification $377,927 2 Reserved Total $2,976, We closed one loan in July. Overall originations remain slow. I will be working with ehousing to train lenders on the Hardest Hit Funds (HHF) Program on August 3 rd and the new program will roll out August 7th. As you may have heard at the FLALHFA conference the participating local HFA s have until December 29, 2017 to reserve the HHF funds, made available through Florida Housing Finance Corporation (FHFC). The expectation is funds will be used by the end of August. The rate on our Home Key First mortgage, when used in conjunction with the HHF 2 nd, will match FHFC rate which is currently 4.75%. If our down payment is used then the rate on the 1 st mortgage is 4.125%. The August radio show talks about programs available through Pinellas County Department of Human Services. The show airs August 3rd at 10:35 am on WRXB 96.5 FM and 1590 AM. You can view this show and past shows by visiting the link on our home page for No Place Like Home.

33 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: SUBJECT: Casey Cane, Chairman And Members of the Housing Finance Authority Kathryn Driver, Executive Director General Fund FY 2017 Budget Amendment DATE: August 2, 2017 RECOMMENDATION: Staff recommends that the Authority approve the 2016/2017 Budget, as amended. BACKGROUND: Staff has worked diligently with the outside accountants to ensure that the 2016/2017 Budget, as amended included up-to-date expectations of revenues and expenses. The changes to the anticipated Revenues are due in part to the change in how our Home Key Program works not issuing bonds to fund the mortgages but selling the mortgages on the secondary market through a To Be Announced (TBA) Program. We have reduced the Single Family Program Income as there was not a bond refunding done in conjunction with a single family bond issue and the General Fund Activities were similarly decreased based on revenues received to date. Under the NSP II Program there were a couple of houses that were re-sold which resulted in unanticipated program income. The largest change to the anticipated Expenses is the Bond Participation (including COI). Since we have switched to a TBA Program we did not issue a single family bond and we did not incur negative arbitrage and costs of issuance that would typically be associated with issuing a bond. Other line items were adjusted to more accurately reflect the expenditures for this fiscal year.

34 HFA of Pinellas County FY2016/2017 Operating Budget Approved 2016/2017 Budget Proposed 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Revenue Single Family Revenue 720, ,000 (120,000) -17% Multifamily Revenue 150, ,000-0% General Fund Activities 700, ,000 (249,000) -36% NSP I Income 2,500 2,500-0% NSP II Income 200, ,000 50,000 25% NSP III Income % DPA Income 50,000 50,000-0% Total Budgeted Revenue 1,822,500 1,504,000 (318,500) -21% Approved 2016/2017 Budget Proposed 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Expense Advertising (Legal) 1,000 1,000-0% Audit 70,000 70,000-0% FHLB/LOC Interest Expenses 18,000 18,000-0% Bond Participation (including COI) 350,000 50,000 (300,000) -600% Books, Publ., Subscrip., Memberships 5,000 12,000 7,000 58% Contract Services Other; Accounting Services 100, ,000 10,000 9% Insurance 20,000 20,000-0% Intergov Services: Recorder 3,500 3,500-0% Lease: Building 35,000 35,000-0% Office Supplies 10,000 7,500 (2,500) -33% Professional Services - Consultants Legal HFA 60,000 60,000-0% Prof Services - Other 20,000 50,000 30,000 60% Total Professional Services - Consultants 80, ,000 30,000 27% Promotional Expense 18,000 12,000 (6,000) -50% Salaries, Benefits & Taxes 500, ,000 (100,000) -25% Grants to Organizations Youth Aging Out of Foster Care Program 100, , Sadowski Education Effort 15,000 15,000-0% University of South Florida CRED 35,000 35,000-0% Total Grants to Orgranizations 150,000 50,000-0% NSP I Program Expense 2,500 2,500-0% NSP II Program Expense 200, ,000 50,000 20% NSP III Program Expense % NSP III Non-reimburseable 1,000 1, % Telephone 4,500 4,500-0% Travel 25,000 30,000 5,000 17% Network 12,000 15,000 3,000 20% Misc. Bank Fees/Expenses 10,000 7,000 (3,000) -43% Total Budgeted Expenditures 1,615,500 1,209,800 (305,700) -25%

35 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: SUBJECT: Casey Cane, Chairman And Members of the Housing Finance Authority Kathryn Driver, Executive Director Housing Trust Fund FY 2017 Budget Amendment DATE: August 2, 2017 RECOMMENDATION: Staff recommends that the Authority approve the 2016/2017 Housing Trust Fund Budget, as amended. BACKGROUND: Staff has worked diligently with the outside accountants to ensure that the 2016/2017 Housing Trust Fund Budget, as amended included up-to-date expectations of revenues and expenses. There were some changes to the anticipated Revenues. Anticipated Program Income has been increased as there was an increase in the number of payoffs of DPA loans funded through the Housing Trust Fund. The Fiscal Year Allocation from BCC was reduced as the $400,000 budgeted by the BCC for FY 2017 was kept at the County. The $200,000 that was received from the BCC in FY 2017 is the FY 2016 budgeted amount of $200,000. The changes to the anticipated Expenses are to the Project and Program Expenditures and Administrative Expenses to reflect the reduction in the Fiscal Year Allocation from BCC.

36 HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY FY16/17 OPERATING BUDGET Housing Trust Fund Income: Approved 2016/2017 Budget Proposed 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Bank Interest % Program Income 250, ,000 50,000 20% Fiscal Year Allocation from BCC 400, ,000 (200,000) -50% Total Income 650, ,050 (150,000) -23% Expenses: Project and Program Expenditures - new and existing 560, ,000 (110,000) -20% Administrative Expense 62,000 30,000 (32,000) -52% Total Expenses: 622, ,000 (142,000) -23%

37 RESOLUTION No A RESOLUTION PROVIDING FOR ADOPTION AND APPROVAL OF AN AMENDED BUDGET AND PROVIDING AN EFFECTIVE DATE. WHEREAS, pursuant to the Florida Housing Finance Authority Law, Chapter 159, Part IV, Florida Statutes, as amended (the "Act"), the Board of County Commissioners of Pinellas County, Florida, by Ordinance No adopted on October 12, 1982, as amended by Ordinance No dated May 16, 1989 and Ordinance No dated October 26, 1993 (the "Ordinance"), did create the Housing Finance Authority of Pinellas County, Florida, a public body corporate and politic of the State of Florida, (the "Authority"); and WHEREAS, the Authority is a Special District subject to the provisions of Chapter 189, Florida Statutes ( Special District Law ); and WHEREAS, the Special District Law has recently been amended, which requires any entity which is characterized as a Special District, such as the Authority, to adopt changes to the budget by resolution of such governmental entity in certain circumstances if total appropriations to a fund are increased; and WHEREAS, the Authority in order to comply with the provisions of Special District Law, desires to adopt the amendment to its annual budget as set forth on Exhibit A to this Resolution, which is entitled Amendment to General Fund Budget, and Exhibit B to this Resolution, which is entitled Amendment to Housing Trust Fund Budget. NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA, THAT: SECTION 1. The Authority hereby adopts the Amendment to the General Fund Budget set forth as Exhibit A, and the Amendment to the Housing Trust Fund Budget set forth as Exhibit B. Copies of the Amended Budgets are attached hereto as Exhibit A and Exhibit B and made a part hereof. The Amendment to General Fund Budget and Amendment to Housing Trust Fund Budget will be posted on the Authority s website within five (5) days of adoption. SECTION 2. This Resolution shall take effect immediately upon its adoption. ADOPTED this 2 nd day of August, HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA ATTEST: (SEAL) By: Chairman Secretary/Treasurer MTC/ej/686627

38 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: SUBJECT: Casey Cane, Chairman And Members of the Housing Finance Authority Kathryn Driver, Executive Director General Fund FY 2018 Budget DATE: August 2, 2017 We are pleased this year to present you with a budget for FY 2017/2018 that depicts budgeted revenues that exceed budgeted expenditures by approximately $278,200. Total revenues are anticipated to remain level while budgeted expenditures are anticipated to decrease approximately 8%. We anticipate a modest increase in Single Family Revenue and General Fund Activities due to expected revenues from participating in the To Be Announced (TBA) market. We anticipate a small overall decrease in budgeted expenditures.

39 HFA of Pinellas County FY2017/2018 Operating Budget Proposed 2017/2018 Budget Approved 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Revenue Single Family Revenue 700, , ,000 14% Multifamily Revenue 150, ,000-0% General Fund Activities 500, ,000 49,000 10% NSP I Income 1,500 1,500-0% NSP II Income 100, ,000 (150,000) -150% NSP III Income (500) 100% DPA Income 40,000 40,000-0% Total Budgeted Revenue 1,491,500 1,493,000 (1,500) 0% Proposed 2017/2018 Budget Approved 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Expense Advertising (Legal) 1,000 1,000-0% Audit 70,000 70,000-0% FHLB/LOC Interest Expenses 18,000 18,000-0% Bond Participation (including COI) 50,000 50,000-0% Books, Publ., Subscrip., Memberships 12,000 12,000-0% Contract Services Other; Accounting Services 110, ,000-0% Insurance 20,000 20,000-0% Intergov Services: Recorder 3,500 3,500-0% Lease: Building 40,000 35,000 5,000 13% Office Supplies 7,500 7,500-0% Professional Services - Consultants 110, ,000-0% Promotional Expense 12,000 12,000-0% Salaries, Benefits & Taxes 450, ,000 50,000 11% Grants to Organizations Youth Aging Out of Foster Care Program 100, ,000-0% Sadowski Education Effort 15,000 15,000-0% University of South Florida CRED 35,000 35,000-0% Total Grants to Orgranizations 150, ,000-0% NSP I Program Expense 1,500 1,500-0% NSP II Program Expense 100, ,000 (150,000) -150% NSP III Program Expense (500) 100% NSP III Non-reimburseable 1,300 1,300-0% Telephone 4,500 4,500-0% Travel 30,000 30,000-0% Network 15,000 15,000-0% Misc. Bank Fees/Expenses 7,000 7,000-0% Total Budgeted Expenditures 1,213,300 1,308,800 (95,500) -8%

40 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: SUBJECT: Casey Cane, Chairman And Members of the Housing Finance Authority Kathryn Driver, Executive Director Housing Trust Fund FY 2018 Budget DATE: August 2, 2017 We are pleased this year to present you with a budget for FY 2017/2018 that depicts budgeted revenues exceeding budgeted expenditures. Total revenues are anticipated to increase due to new funding from the Board of County Commissioners and Program Income from prior fundings. Budgeted expenditures are anticipated to increase as there will be funding available for new projects and programs utilizing Program Income received throughout the year and new funding from the Board of County Commissioners.

41 HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY FY17/18 OPERATING BUDGET Housing Trust Fund Income: Proposed 2017/2018 Budget Approved 2016/2017 Budget (Amended) Budget Increase (Decrease) Percent Difference Bank Interest % Program Income 300, ,000-0% Fiscal Year Allocation from BCC 500, , ,000 60% Total Income 800, , ,000 37% Expenses: Project and Program Expenditures - new and existing 725, , ,000 38% Administrative Expense 75,000 30,000 45,000 60% Total Expenses: 800, , ,000 40%

42 Memorandum Housing Finance Authority US Highway 19 N., Suite 110 Clearwater, FL Phone: TO: FROM: Casey Cane, Chairman And Members of the Housing Finance Authority Kathryn Driver, Executive Director SUBJECT: Consideration of Termination of Specific Performance Agreements with Pinellas County regarding NSP1 and 3 Grants DATE: August 2, 2017 RECOMMENDATION: Staff recommends that the Housing Finance Authority (Authority) approve termination of the Specific Performance Agreement dated April 8, 2009 regarding Neighborhood Stabilization Program (NSP1), approve termination of the Specific Performance Agreement dated July 13, 2011 regarding Neighborhood Stabilization Program Round 3 (NSP3) and that the HFA s 49% beneficial ownership in the NSP1 and NSP3 properties be assigned to Pinellas County as a result of the termination of the Specific Performance Agreements. BACKGROUND: On April 8, 2009, Pinellas County and the Authority entered into a Specific Performance Agreement for NSP1 and on July 13, 2011, Pinellas County and the Authority entered into a Specific Performance Agreement for NSP3 (collectively the Agreements ). The Agreements allowed the Authority to provide certain Neighborhood Stabilization Program implementation services to effectively meet the public purposes of the program and provide housing to income-eligible households. The Agreements set forth the Scope of Services, Funding, Monitoring, Term of Agreement, Indemnification and Insurance, Reporting, and other requirements. All funding provided under the NSP1 and NSP3 grants has been expended and all properties except for one have been successfully rehabbed/constructed and sold to an income qualified buyer. Therefore, the Agreements no longer reflect the status of the grants and should no longer remain in effect. The County was the recipient of the NSP1 and NSP3 grants and has the ultimate responsibility to monitor the properties and provide reports to HUD. By assigning the HFA s 49% beneficial ownership interest in the NSP1 and NSP3 properties back to the County will allow the County to continue to administer the grants and ultimately close them out.

43 Housing Finance Authority of Pinellas County All meetings begin at 3:00 PM and are held at 315 Court Street, 4 th Floor Clerks Large Conference Room Clearwater, FL SCHEDULE OF MEETINGS As Presented at the August 2, 2017 Board Meeting AGENDA DEADLINE SCHEDULE 2017/18 Meetings of the Housing Finance Authority of Pinellas County Meetings start at 3:00 pm 315 Court St., 4th Floor Clerks Large Conference Room (location subject to change) Meeting Date Deadline for Agenda Items Post Date October 4, 2017 September 21, November 1, 2017 October 19, December 6, 2017 November 21, January 3, 2018 December 21, February 7, 2018 January 25, March 7, 2018 February 22, April 4, 2018 March 22, May 2, 2018 April 19, June 6, 2018 May 24, July 3, 2018 June 21, August 1, 2018 July 19, September 5, 2018 August 23, Please Note: Items not received by the deadline will not be on the agenda for that meeting. Thank you for your assistance. If you are a person with a disability who needs any accommodation in order to participate in a meeting, you are entitled, at no cost to you to the provision of certain assistance. Within two (2) working days of the date of any scheduled meeting, please contact the Office of Human Rights, 400 S. Ft. Harrison Avenue #300, Clearwater, FL 33756, (727) (V/TDD). Anyone wanting to appeal an official decision made on any subject at the meeting must have a verbatim record of the meeting that includes the testimony and evidence on which the appeal is based.

44 RESOLUTION No RESOLUTION RATIFYING AND APPROVING THE APPOINTMENT OF OFFICERS OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA. WHEREAS, the Housing Finance Authority of Pinellas County, Florida (the Authority ) desires to adopt this Resolution which formalizes the designation of the offices of the board members and the offices of the staff of the Authority with all powers associated with such office; and WHEREAS, the Authority has previously adopted its general rules, policies and procedures ( Rules ), which provides for the designation of the offices of the Authority and the designation of a Director and Assistant Secretary from the staff of the Authority. NOW, THEREFORE, be it resolved by the Housing Finance Authority of Pinellas County, Florida as follows: 1. Designation of Officers. In accordance with the prior actions of the Authority, this Resolution hereby ratifies that the following members hold the office as indicated next to the Authority member, as set forth on Exhibit A, as determined by the Authority at its regularly scheduled meeting held on August 2, In accordance with Rule 1.203(a), each Authority member will hold such office for a period of one (1) year or until their successors are elected and take office. The duties of each office are set forth in Rule 1.203(b). 2. Designation of Staff Members as Officers. The Authority hereby ratifies the actions of appointing Kathryn Driver as the Executive Director of the Authority in accordance with Rule 1.204(b). The Authority also ratifies the appointment of Ms. Driver, and Karmen Lemberg, Director of Homeownership Programs and Operations, as Assistant Secretaries of the Authority.

45 Each of these individuals shall have all powers associated with such offices as set forth in Rule 1.204(b) and (c). 3. This Resolution shall take effect immediately upon its adoption. Approved and adopted by the Housing Finance Authority of Pinellas County, Florida this 2nd day of August, HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA (SEAL) By: ATTEST: By: Secretary/Treasurer MTC/ej/ v1 2

46 EXHIBIT A Name Office* Casey Cane Robyn Fiel Norris E. Counts Steven Beal Dennis Long *As determined at the August 2, 2017 meeting. MTC/ej/ v1 3