Brevard County Housing Finance Authority
Authority Overview
Brevard County Housing Finance Authority
The Brevard County Housing Finance Authority (the “Authority”) was created as a public body corporate and politic in accordance with the Florida Housing Finance Authority Law, Part IV of Chapter 159, Florida Statutes, as amended, and Ordinance No. 79-09 enacted by the Board of County Commissioners of Brevard County, Florida on March 15, 1979, as amended by Ordinance No. 84-16, (the “Act”).
The Authority is authorized, in furtherance of the public purposes described in the Act, to alleviate the shortage of affordable residential housing facilities, and to provide capital for investment in such facilities, for low, moderate or middle income families, by issuing its revenue bonds to acquire home mortgages, by purchasing the same and by pledging such home mortgages as security for the payment of the principal and interest on any such revenue bonds and by entering into any agreements in connection therewith.
Bond Programs:
Since the Authority’s creation, it has issued over $543,510,000 in new Single Family bonds and $321,131,000 in new Multi-family bonds. These bond issues have assisted approximately 7,209 persons and families in the purchase of their homes and have made 5,865 rental units available to the families of lower and moderate income. Further, the Authority has participated with Clay County in its issues to obtain new single family loans for Brevard County residents. This cooperative effort has assisted an additional 786 families in purchasing homes in Brevard County.
Loan Program:
The Authority entered an interlocal agreement with the Housing Finance Authority of Hillsborough County, Florida (“Hillsborough HFA”). Pursuant to the interlocal agreement, the Hillsborough HFA is authorized to operate its TBA Program or Continuous Funding Program within Brevard County, Florida. The Authority’s intent is to provide financing for homes to persons whose family annual income does not exceed certain limits and who might not otherwise be able to purchase a home. The Authority agreed to provide down payment and closing cost assistance loans, in connection with the above mentioned Program, to be used by buyers of homes in Brevard County. The down payment and closing cost assistance is structured to provide non-amortizing second mortgage loans of $15,000 for each borrower. To date, the Loan Program has funded approximately $70,377,919 in first mortgage loans and provided $3,560,000 in down payment assistance loans to 426 eligible families and persons.
Other Programs:
In addition to its bond programs, the Authority has provided financing to Habitat for Humanity, Housing for Homeless, Crosswinds Youth Services and Community of Hope for the construction of new homes and rehabilitation of existing and foreclosed properties in Brevard County, and to support the operations of these organizations.
Economic Impact:
The issuance of the Authority’s bonds has allowed millions of dollars to be made available for the construction and acquisition of single family homes and the construction of multi-family projects at no cost to the taxpayers of Brevard County.
- Bond Repayment – The Authority’s bonds are payable solely from the revenues generated by the repayment of the mortgages or from a guarantee through credit enhancement, such as letters of credit or bond insurance. There is NOT a pledge of the general revenues of the County or the Authority.
- Authority’s Operation – The Authority totally supports its own operation through income generated from its programs. The Authority is non-budgeted and does not receive any tax revenues for its expenses. The Authority has been able to structure its programs so that funds are produced sufficient to support future bond programs, pay audit fees and operating expenses.
- Other Benefits – The Authority’s bond issues not only benefit the first time homebuyer, but create jobs throughout the County and increase tax revenues on a federal, state and local basis.