Board of Directors’ Meeting · 2019. 4. 10. · AGENDA PACKAGE Board of Directors’ Meeting...

AGENDA PACKAGE

Board of Directors’ Meeting

ORANGE COUNTY HOUSING FINANCE AUTHORITY

Wednesday, April 3, 2019 – 8:30 a.m. ORANGE COUNTY ADMINISTRATION BUILDING

201 SOUTH ROSALIND AVE – ORLANDO, FL 32801

ORANGE COUNTY

HOUSING FINANCE AUTHORITY

2211 E. Hillcrest Street, Orlando, Florida 32803 | Office (407) 894-0014 | Fax (407) 897-6679 | Website: www.ochfa.com

W.D. MORRIS EXECUTIVE DIRECTOR

■

BOARD OF DIRECTORS

MERCEDES MCCALL

CHAIRMAN

VERNICE ATKINS-BRADLEY VICE CHAIRMAN

SASCHA RIZZO BOARD MEMBER

CURTIS HUNTER BOARD MEMBER

MEMORANDUM

TO:

Mercedes McCall, Chairman, OCHFA Vernice Atkins-Bradley, Vice Chairman, OCHFA Sascha Rizzo, Board of Directors, OCHFA Curtis Hunter, Board of Directors, OCHFA Warren S. Bloom, General Counsel, Greenberg Traurig Mike Watkins, General Counsel, Greenberg Traurig Sylvia S. Penneys, Bond Counsel, Greenberg Traurig Bruce Giles-Klein, Bond Counsel, Greenberg Traurig David Jones, Financial Advisor, CSG Advisors Helen H. Feinberg, Senior Managing Underwriter, RBC Capital Markets Donald Peterson, Co-Managing Underwriter, Raymond James Tim Wranovix, Co-Managing Underwriter, Raymond James Lila McHenry, Assistant County Attorney, BCC Fred Winterkamp, Manager, Fiscal and Business Services – Orange County

FROM: Olympia Roman, Office Supervisor

DATE: March 28, 2018

RE: APRIL 3, 2019 BOARD OF DIRECTORS’ AGENDA

Enclosed is the Directors’ meeting agenda package; scheduled as follows:

Date: Wednesday, April 3, 2019 Time: 8:30 a.m. Location: Orange County Administration Center Commissioner’s Chambers 201 Rosalind Avenue - Orlando, Florida 32801 If you have any questions, need additional information, or you will not be attending the meeting, please contact me as soon as possible at (407) 894-0014. Thank you.

ORANGE COUNTY




■

BOARD OF DIRECTORS

MERCEDES MCCALL

CHAIRMAN




OCHFA BOARD OF DIRECTORS’ MEETING

April 3, 2019 ~ 8:30 A.M. AGENDA

PUBLIC COMMENT

CONSENT AGENDA

A. GENERAL ADMINISTRATION

1. Adoption of March 6, 2019 Board of Directors Meeting minutes. …Pg. 2-3

2. Ratification of March 21, 2019 Ad Hoc Committee Meeting minutes. …Pg. 4

B. EXECUTIVE DIRECTOR’S OFFICE

C. FINANCIAL MANAGEMENT

1. Acknowledgement of the consolidated balance sheet for the Operating Fund;

acknowledgement of combined statement of rev(s)/ exp(s)/ changes in retained earnings;

acknowledgement of FY 2019, operating fund comparison of budget vs. actual;

acknowledgement of FY 2019, operating fund comparison of actual revenues &

expenses; acknowledgement summary of OCHFA’s operating fund investments. …Pg. 5-15

D. PROGRAM OPERATIONS

1. Acknowledgement of the Current Status of the Single-Family HRB Program. …Pg. 16-24

2. Acknowledgement of the Multi-Family Audit Period February – March 2019. …Pg. 25-43

DISCUSSION AGENDA

A. EXECUTIVE DIRECTOR

1. Consider approval of the Authority’s proposed Multi-Family Fee Policy Revisions. …Pg. 44-51

B. OTHER BUSINESS

Pg. 1


BOARD OF DIRECTORS M. McCALL | V. ATKINS-BRADLEY | S. RIZZO | C. HUNTER

OFFICIAL MEETING MINUTES

Meeting: Board of Directors Meeting Date: Wednesday, March 6, 2019 Time: 8:30am

Location: Orange County Administration Center – Commissioners Chambers – 1st Fl., 201 S. Rosalind Ave., Orlando, FL.

Board Members PRESENT

OCHFA Staff PRESENT

OCHFA Professionals PRESENT

BCC Staff PRESENT

Mercedes McCall Chairman

Vernice Atkins-Bradley Vice Chairman Sascha Rizzo Board Member

Curtis Hunter Board Member

W.D. Morris

Executive Director

Kayode Adetayo Chief Financial Officer

Frantz Dutes Director, Program Operations

Olympia Roman Recording/Staff

Rosalind Natal Staff

Chaynae Price Staff

Birva Parikh Staff Tevern David Staff

Mike Watkins General Counsel, Greenberg Traurig Sylvia S. Penneys Bond Counsel, Greenberg Traurig David Jones Financial Advisor, CSG Advisors, Inc.

Cameron Hill Managing Underwriter – RBC Captial Markets

James Audette Trustee, SunTrust Bank

Lila McHenry Assistant County Attorney

MEETING OPENED

There being a quorum, Madam Chairman, Mercedes McCall called the meeting to order at 8:30 a.m.

PUBLIC COMMENT(s)

No comment(s).

CONSENT AGENDA

ACTION TAKEN

There being no discussion, the Board approved Consent Agenda items.

MOTION / SECOND: S. Rizzo/ C. Hunter AYE BY VOICE VOTE: All Present NAY BY VOICE VOTE: ABSTAINED:

A. GENERAL ADMINISTRATION

1. Adoption of the February 6, 2019, Board of Directors Meeting minutes. 2. Ratification of the February 27, 2019, Joint Committee Meeting minutes.

B. EXECUTIVE DIRECTOR’S OFFICE

1. Acknowledgment and Ratification of the Executive Director Significant Accomplishments.

C. FINANCIAL MANAGEMENT

1. Acknowledgement Summary of OCHFA’s Operating Fund Investments. Acknowledgement of the consolidated balance sheet for the Operating Fund; acknowledgement of combined statement of rev(s)/ exp(s)/ changes in retained earnings; acknowledgement of FY 2019, operating fund comparison of budget vs. actual; acknowledgement of FY 2019, operating fund comparison of actual revenues & expenses; acknowledgement summary of OCHFA’s operating fund investments.

D. PROGRAM OPERATIONS

1. Acknowledgement of the Current Status of the Single-Family HRB Program.

2. Acknowledgement of the Multi-Family Audit Period January – February 2019.

Pg. 2

MINUTES: OCHFA REGULAR BOARD OF DIRECTORS’ MTG., MARCH 6, 2019.DOCX PG. 2 OF 2

ORANGE COUNTY HOUSING FINANCE AUTHORITY | 2211 HILLCREST ST. | ORLANDO, FL 32803 | 407-894-0014 | WWW.OCHFA.COM

DISCUSSION AGENDA A. EXECUTIVE DIRECTOR

CONSIDER APPROVAL AND ADOPTION OF FISCAL YEAR 2018/2019, ANNUAL AUDITED FINANCIAL STATEMENTS.

Mr. Morris addressed the Board regarding acceptance of the Audit/ Joint Committees’ (met on February 27, 2019 – M. McCall, Committee

Chair, and V. Atkins-Bradley, Committee Member) recommendation, to adopt the Authority’s FY 2018/2019 Annual Audited Financial

Statements. Mr. Morris then asked the Authority’s Auditor, Ms. Esther Nichols of The Nichols Group PA, to address the Board. Ms.

Nichols, Partner, presented highlights of the audited financials to include management letter and governance; and stating that there were

no findings. She then thanked staff for their professionalism and due diligence in this year’s audit.

OTHER BUSINESS

UPCOMING NATIONAL & STATE CONFERENCES

W.D. Morris, Executive Director addressed the Board regarding the upcoming educational conferences: NALHFA: Denver, Colorado – May

2019 (National Association of Local Housing Finance Agencies) and Florida ALHFA: Atlantic Beach, FL – July 2019 (Florida Association

of Local Housing Finance Authorities).

ADJOURNMENT There being no further business, Madame Chairman Mercedes McCall, adjourned the meeting at 8:36 a.m.

ATTEST:

W.D. MORRIS MERCEDES F. McCALL EXECUTIVE DIRECTOR CHAIRMAN

END OF MINUTES PREPARED BY OLYMPIA ROMAN

Pg. 3


BOARD OF DIRECTORS M. McCALL | V. ATKINS-BRADLEY | S. RIZZO | C. HUNTER

OFFICIAL MEETING MINUTES

Meeting: Ad Hoc Committee Meeting Date: Thursday, March 21, 2019 Time: 2:00pm

Location: Orange County Housing Finance Authority – 2211 E. Hillcrest St., Orlando, FL 32803

Members PRESENT

Members ABSENT

OCHFA Staff PRESENT

Professionals PRESENT

Mercedes McCall Committee Chairmain

Sascha Rizzo Committee Member

Vernice Atkins-Bradley Board Member

Curtis Hunter Board Member

W.D. Morris Executive Director

Kayode Adetayo Chief Financial Officer

Frantz Dutes

Director Program Operations Olympia Roman Staff/ Recording

David Jones Financial Advisor – CSG Advisors

Warren Bloom General Counsel – GTLaw

Sylvia S. Penneys Bond Counsel – GTLaw

MEETING OPENED

There being a quorum, Madam Chairman, Mercedes McCall called the meeting to order at 2:10 p.m.

A. PRPOSED MULTI-FAMILY FEE POLICY REVISION

Madam Chairman McCall, asked WD Morris, Executive Director to address the Committee regarding staff’s proposed Multi-Family Fee

Policy revision. Mr. Morris provided an overview of the Authority’s current Multi-Family Fee Policy and current market issues and developer

concerns. Mr. Morris then asked David Jones to provide the Committee information delineating the proposed fee policies and its impacts

on the Authority’s future proposed bond transactions. Mr. Jones addressed the Committee, providing details of the proposed revisions.

Extensive discussion ensued. The Committee asked staff and professionals to prepare an analysis, prior to the next regular board meeting,

clarifying the long-term fee schedule with a tiered structure; and providing proposed options(s) for a short-term fee policy; as well as a

comparative analysis of a previous bond transaction

ACTION TAKEN

- No Action -

ADJOURNMENT There being no further business, Ad Hoc Committee Chairman, Mercedes McCall, adjourned the meeting at 3:08p.m. ATTEST: W.D. MORRIS MERCEDES McCALL EXECUTIVE DIRECTOR COMMITTEE CHAIRMAN

END OF MINUTES PREPARED BY OLYMPIA ROMAN

Pg. 4

ORANGE COUNTY




■ BOARD OF DIRECTORS

MERCEDES MCCALL

CHAIRMAN




MEMORANDUM

TO: OCHFA Board of Directors

FROM: W.D. Morris, Executive Director

CONTACT: Olukayode Adetayo, Chief Financial Officer


RE:

OCHFA CONSOLIDATED BALANCE SHEET FOR THE OPERATING FUND FOR THE PERIOD ENDING FEBRUARY 28, 2019. APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING.

Attached for your review is the OCHFA’s Operating Fund Balance Sheet. The Operating Fund includes all funds namely: the General Fund, the Low Income Housing Fund and the Homeownership Assistance Program Fund. The majority of the funds in the General Fund are invested in Certificate of Deposits and GNMA’s. The GNMA’s yield approximately 5.0700%. Part of the Authority’s funds are invested in Certificate of Deposits yielding 2.75%. The remaining funds are invested in the US Bank Money Market. The Authority earned an average of 1.930% interest income on all investments.

CONSENT ITEM

Pg. 5

Orange County Housing Finance AuthorityOperating Fund Balance Sheet

As of February 28, 2019

GENERAL LOW INCOME HOMEOWNERSHIP COMBINED

FUND HOUSING FUND ASSISTANCE FUND TOTALS

Assets

Cash 2,286,409.86 1,186,527.74 1,343,887.16 4,816,824.76

* * * * * Investments 11,499,044.52 0.00 117,148.22 11,616,192.74

GNMA/FNMA Securities 4,821,825.09 0.00 0.00 4,821,825.09

Accounts Receivable 346,757.22 0.00 43,432.31 390,189.53

Loan Receivable 761,843.71 0.00 0.00 761,843.71

Notes Receivable 3,184,429.79 26,700.00 0.00 3,211,129.79

S/F 2014 A GNMA Collateral / Rcvbl 4,060,955.67 0.00 0.00 4,060,955.67

GF - FHLB GNMA Collateral / Rcvbl 2,998,555.08 0.00 0.00 2,998,555.08

Mortgage Receivable 0.00 380,624.98 5,043,313.75 5,423,938.73

* * * * Allowance for Doubtful Accounts 0.00 (321,916.89) (1,055,811.07) (1,377,727.96)

Investment Income Receivable 18,602.79 0.00 0.00 18,602.79

Mortgage & GNMA/FNMA Income Receivable 2,324,879.38 0.00 3,589.24 2,328,468.62

Deferred FRS Pension Contributions 441,417.00 0.00 0.00 441,417.00

Interfund Receivable/Payable 17,060,894.18 4,775,793.63 (7,235,578.35) 14,601,109.46

Prepaid Expenses 210.96 0.00 0.00 210.96

Fixed Assets 309,555.87 0.00 0.00 309,555.87

Total Assets 50,115,381.12 6,047,729.46 (1,740,018.74) 54,423,091.84

Current liabilities:

Other Payables 326,153.23 0.00 0.00 326,153.23

FRS Net Pension Liability 1,084,734.00 0.00 0.00 1,084,734.00

Accounts Payables 1,291,206.28 0.00 0.00 1,291,206.28

Total liabilities 2,702,093.51 0.00 0.00 2,702,093.51

Retained Earnings Previous Period 46,967,088.32 6,047,729.46 (1,749,815.08) 51,265,002.70

Net Income (Loss) 446,199.29 0.00 9,796.34 455,995.63

Total Liabilities & Retained Earnings 50,115,381.12 6,047,729.46 (1,740,018.74) 54,423,091.84

* * * * A reserve account is set up to allow for percentage of the Down Payment Assistance Notes Receivable to be recognizedas doubtful accounts based on industry standards. (Approximately 3%). The actual notes receivable remain on the bookswhile the doubtful account is set up as a contra asset account.

Pg. 6

ORANGE COUNTY





MERCEDES MCCALL

CHAIRMAN




MEMORANDUM





RE:

OCHFA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE PERIOD ENDING FEBRUARY 28, 2019. APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING.

Attached for your review are the OCHFA’s Operating Fund Statement of Revenues, Expenses, and Changes in Retained Earnings. The Operating Fund includes all funds namely: the General Fund, the Low Income Housing Fund, and the Homeownership Assistance Program Fund.

Attachments

CONSENT ITEM

Pg. 7

Orange County Housing Finance AuthorityCombined Statement of Revenues, Expenses, and Changes in Retained Earnings

For The 5 Periods Ending February 28, 2019

Operating Fund

General Low Income Homeownership Current

Fund Hsg Fund Assistance Fund YTD

Revenue:

Administrative Fees 381,944.90 0.00 0.00 381,944.90

Bond Financing Fees 64,550.00 0.00 0.00 64,550.00

* Intra Fund Revenue 41,914.58 0.00 0.00 41,914.58

Gain on the Sale of GNMA's 71,423.87 0.00 0.00 71,423.87

Other Revenue 92,690.33 0.00 3,500.00 96,190.33

Investment Income 68,201.06 0.00 1,619.15 69,820.21

Income from Loans, GNMAs 363,330.26 0.00 11,780.46 375,110.72

Total Revenues 1,084,055.00 0.00 16,899.61 1,100,954.61

Expenses

General and Administrative 526,837.96 0.00 7,103.27 533,941.23

Rebate Expense 2,700.00 0.00 0.00 2,700.00

Other Expenses 108,317.75 0.00 0.00 108,317.75

Total Expenses 637,855.71 0.00 7,103.27 644,958.98

Net Income (Loss) 446,199.29 0.00 9,796.34 455,995.63

Retained Earnings Beginning of Year 46,967,088.32 6,047,729.46 -1,749,815.08 51,265,002.70

Retained Earnings End of Year 47,413,287.61 6,047,729.46 (1,740,018.74) 51,720,998.33

Pg. 8

ORANGE COUNTY





MERCEDES MCCALL

CHAIRMAN




MEMORANDUM





RE: OCHFA FISCAL YEAR 2019 OPERATING FUND – COMPARISON OF BUDGET VS. ACTUAL AS OF FEBRUARY 28, 2019. APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING

Attached for your attention is the comparison of the Budgeted Revenues and Expenses for Fiscal Year 2019 vs. the Actual Revenues and Expenses for the period ending February 28, 2019.

Attachments

CONSENT ITEM

Pg. 9

Orange County Housing FinanceStatement of Earnings

For The 5 Periods Ending February 28, 2019

Fiscal Year 2019 Year To Date Budget %ageBudget Revenue Remaining Budget

Received YTD Remaining YTDRevenue:

2010 SERIES A $122,379 $0 $122,379 100%

2011 SERIES A $28,388 $9,458 $18,930 67%

2011 SERIES B $11,324 $0 $11,324 100%

2014 SERIES A $16,659 $0 $16,659 100%

2017 SERIES A $24,154 $0 $24,154 100%

CHARLESTON CLUB APTS $19,860 $9,730 $10,130 51%

HANDS 2001 F $9,520 $5,355 $4,165 44%

THE LANDINGS ON MILLENIA $26,850 $13,105 $13,745 51%

LEE VISTA APARTMENTS $37,800 $18,600 $19,200 51%

COVE AT LADY LAKE $24,555 $12,128 $12,428 51%

LAKESIDE POINTE APARTMENTS $18,390 $9,045 $9,345 51%

ALTA WESTGATE APARTMENTS $34,410 $0 $34,410 100%

LAKE HARRIS COVE APTS $24,315 $12,077 $12,239 50%

MARBELLA COVE $12,555 $6,278 $6,278 50%

MARBELLA POINTE $22,950 $11,475 $11,475 50%

OVIEDO TOWN CENTER PHASE I $16,320 $0 $16,320 100%

OVIEDO TOWN CENTER PHASE II $10,000 $0 $10,000 100%

OVIEDO TOWN CENTER PHASE III $10,000 $0 $10,000 100%

OVIEDO TOWN CENTER PHASE IV $10,000 $0 $10,000 100%

LAUREL OAKS I $23,550 $0 $23,550 100%

LAUREL OAKS II $21,750 $0 $21,750 100%

ROLLING ACRES I $10,538 $5,238 $5,300 50%

ROLLING ACRES II $10,000 $5,000 $5,000 50%

FOUNTAINS @ MILLENIA II $10,000 $5,000 $5,000 50%

FOUNTAINS @ MILLENIA III $10,300 $5,113 $5,188 50%

FOUNTAINS @ MILLENIA IV $11,650 $5,788 $5,863 50%

SOUTHWINDS $16,375 $8,063 $8,313 51%

POST VISTA POST FOUNTAINS $17,855 $0 $17,855 100%

SPRING LAKE COVE I $10,975 $5,363 $5,613 51%

SPRING LAKE COVE II $10,000 $5,000 $5,000 50%

CHATHAM HARBOR APTS $56,700 $34,020 $22,680 40%

CRESTWOOD APARTMENTS $19,290 $9,570 $9,720 50%

LAKE SHERWOOD APARTMENTS $16,410 $8,130 $8,280 50%

OAK HARBOR APARTMENTS $22,380 $11,190 $11,190 50%

RIVER RIDGE APARTMENTS $29,340 $14,550 $14,790 50%

SEVILLE PLACE APARTMENTS $19,920 $9,870 $10,050 50%

NASSAU BAY APARTMENTS $107,786 $53,763 $54,023 50%

DEAN WOODS APARTMENTS $10,000 $6,387 $3,613 36%

BUCHANAN BAY $40,306 $20,208 $20,098 50%

WESTWOOD PARK APTS $49,500 $24,750 $24,750 50%

VISTA PINES APTS $66,000 $33,000 $33,000 50%

HANDS $6,610 $3,305 $3,305 50%

ALHAMBRA TRACE APTS $2,780 $1,390 $1,390 50%

BOND FINANCING FEES $262,500 $64,550 $197,950 75%

TRANSFER IN $0 $41,915 ($41,915)

GAIN ON SALE OF GNMA'S $100,000 $71,424 $28,576 29%

OTHER REVENUES $395,000 $3,504 $391,496 99%

OTHER REVENUE TBA $0 $92,686 ($92,686)

INV INCOME $7,790 $18,100 ($10,310) -132%

INV INCOME CD OPERATING FUND $12,100 $54,999 ($42,899) -355%

INV INCOME US TREASURIES $44,541 ($3,279) $47,820 107%

FHLB HELD SECURITIES GNMA/FNMA INC $0 $61,032 ($61,032)

MORTGAGE INCOME HFA OF WINTER PA $9,000 $2,539 $6,461 72%

INTEREST INCOME ON WESTLAKES PHA $7,500 $3,121 $4,379 58%

Pg. 10

MORTGAGE INCOME HABITAT LOC $5,700 $490 $5,210 91%

MORTGAGE INCOME CITY VIEW LOAN PA $4,000 $1,110 $2,890 72%

GNMA/FNMA INCOME $574,604 $183,751 $390,853 68%

MASTER ACC FUND GNMA/FNMA INCOM $240,000 $111,289 $128,711 54%

2006 A DPA MORTGAGE INTEREST $600 $120 $480 80%

2006 A 1 DPA MORTGAGE INTEREST $2,100 $488 $1,612 77%

2007 A DPA MORTGAGE INTEREST $10,300 $3,027 $7,273 71%

2007 B DPA MORTGAGE INTEREST $10,300 $2,883 $7,417 72%

2009 A NIBP DPA MORTGAGE INTEREST $500 $5,262 ($4,762) -952%

$2,766,979 $1,100,955 $1,666,024 60%

Fiscal Year 2019 Year To Date Budget %ageBudget Expenses Remaining Budget

Incurred YTD Remaining YTDCosts and expenses:

SALARIES AND WAGES $874,416 $364,113 $510,303 58%

SHIPPING $3,000 $632 $2,368 79%

TRAVEL/CONFERENCE/ TRAINING $36,000 $5,719 $30,281 84%

CASUAL LABOR/STUDENT ASST. $4,000 $0 $4,000 100%

OFFICE MAINTENANCE $19,000 $5,624 $13,376 70%

BUILDING MAINTENANCE $15,000 $3,498 $11,502 77%

TELEPHONE $22,000 $8,499 $13,501 61%

POSTAGE $3,000 $75 $2,925 98%

OFFICE SUPPLIES $10,000 $2,115 $7,885 79%

OFFICE FURNITURE $1,000 $0 $1,000 100%

PUBLICATIONS $2,000 $651 $1,349 67%

PRINTING/ANNUAL REPORT $6,500 $0 $6,500 100%

EQUIPMENT / COMPUTER / PRINTER $10,000 $187 $9,813 98%

MARKETING $25,000 $450 $24,550 98%

CONTRACTOR SERVICES $25,000 $2,648 $22,353 89%

SEMINARS/EDUCATION $15,000 $2,631 $12,369 82%

EMPLOYEE BENEFITS HEALTH/LIFE $132,000 $53,411 $78,589 60%

UNEMPLOYMENT COMPENSATION $2,000 $0 $2,000 100%

OTHER INSURANCE & TAXES $900 $748 $152 17%

ANNUAL AUDIT $50,000 $19,500 $30,500 61%

LEGAL ADVERTISING $5,000 $1,489 $3,511 70%

LEGAL FEES $15,000 $3,804 $11,196 75%

MEMBERSHIP $7,000 $4,915 $2,085 30%

PAYROLL TAXES $66,893 $25,485 $41,408 62%

MISCELLANEOUS EXPENSE $6,000 $459 $5,541 92%

LOSS ON DPA FORECLOSURES $0 $6,098 ($6,098)

FLORIDA RETIREMENT SYSTEM $72,227 $31,129 $41,098 57%

HEALTH SAVINGS ACCOUNT $0 $750 ($750)

457 DEFERRED COMP EMPLOYER CONT $43,721 $18,562 $25,159 58%

LIMITED HRA $9,300 $2,108 $7,192 77%

TERM LEAVE $21,000 $0 $21,000 100%

FILE STORAGE $2,400 $743 $1,658 69%

LOCAL MILEAGE REIMBURSEMENT $2,000 $1,323 $677 34%

EQUIPMENT MAINTENANCE $5,000 $2,793 $2,207 44%

INSURANCE COVERAGES $50,000 $16,592 $33,408 67%

RESERVE FOR REPLACEMENT BLDG $5,000 $850 $4,150 83%

FINANCIAL ADVISORY SERVICES $30,000 $3,031 $26,969 90%

PERFORMACE AWARD PROGRAM $89,819 $0 $89,819 100%

CUSTODY FEE $7,000 $2,891 $4,109 59%

ADMIN EXPENSE BANK/TRUSTEE $1,000 $255 $745 75%

REBATE FEE EXPENSE $8,000 $2,700 $5,300 66%

OPERATING CONTINGENCY RESERVE $20,000 $0 $20,000 100%

1994 EXCESS GNMA INTEREST EXP $0 $372 ($372)

1995 EXCESS GNMA INTEREST EXP $0 $251 ($251)

LOSS ON SALE $0 $107,696 ($107,696)

$1,722,175 $704,794 $1,017,381 59%

Pg. 11

ORANGE COUNTY





MERCEDES MCCALL

CHAIRMAN




MEMORANDUM





RE:

OCHFA FISCAL YEAR 2019, OPERATING FUND – COMPARISON OF ACTUAL REVENUES AND EXPENSES FOR THE PERIODS ENDING FEBRUARY 28, 2018 AND FEBRUARY 28, 2019. APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING

Attached for your review is the comparison of the Actual Revenues and Expenses for the periods ending February 28, 2018 and February 28, 2019.

Attachments

CONSENT ITEM

Pg. 12

Actual Revenues and Expenses ComparisonFor the Period Ending February 28, 2019

FY 2018 FY 2019 % ∆Revenues $1,510,152.00 $1,100,955.00 -27%Expenses $840,292.00 $704,794.00 -16%

Revenues decreased significantly this year compared with last year's.This is due to the receipt of derivatives and short term bond application fees appoximately ($3.5MM). The overall change in revenuesis - 27%. Overall expenses decreased slightly this year comparedto last years. This is due to a loss on transfer of GNMA's to the S/F 2018 A. The overall change in expenses is -16%.

This is due to the paying off the S/F 2006 A Bonds ($859,539).The overall change in expenses is -10%.

$0.00

$200,000.00

$400,000.00

$600,000.00

$800,000.00

$1,000,000.00

$1,200,000.00

$1,400,000.00

$1,600,000.00

FY 2018 FY 2019

Revenues

Expenses

Pg. 13

ORANGE COUNTY





MERCEDES MCCALL

CHAIRMAN




MEMORANDUM





RE: SUMMARY OF OCHFA’S OPERATING FUND INVESTMENTS. APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING

As of February 28, 2019 the total investments in the Operating Fund of the Orange County Housing Finance Authority was $24,605,898.55, producing an average yield of 1.930% as shown in the Summary of Accounts. If you have any questions on this matter do not hesitate to ask me. Attachments

CONSENT ITEM

Pg. 14

Orange County Housing Finance AuthoritySummary of Accountsas of February 28, 2019

Average YieldAccount Account # Institution Ending Balance¹ Net Interest Earned¹ (Annualized)¹

Operating Fund 215252054184-000 Suntrust Bank $2,289,115.80 $0.00 0.0000%

Low Income Housing Fund 215252054192-000 Suntrust Bank $1,186,527.74 $0.00 0.0000%

Homeownership Assistance Fund 1000042656834 Suntrust Bank $1,343,887.16 $0.00 0.0000%

Custody Account 129142000 US Bank Money Market $3,016,271.46 $4,416.96 1.7000%

Custody Account 129142000 US Treasury Note $0.00 $0.00 1.2500%

Custody Account 129142000 US Bank Certificate of Deposit $8,000,000.00 $20,625.00 2.7500%

Custody Account 129142000 GNMA - OCHFA Investment $4,821,774.66 $14,091.81 5.0700%

Custody Account 141763000 US Bank Money Market /NIBP $117,148.22 $308.33 1.7000%

Custody Account 261060000 US Bank Money Market /Turnkey $108,090.03 $128.42 1.7000%

FHLB Collateral 28786 FHLBank Atlanta $636,725.84 $0.00 5.4900%

FHLB Tranch 2 28786 FHLBank Atlanta $3,086,357.64 $0.00 3.5000%

Total $24,605,898.55 $39,570.52 1.930%

Liquidity $8,061,040.41

$8,061,040.41

$0.00

$8,000,000.00

$0.00

$8,544,858.14

$0.00$1,000,000.00$2,000,000.00$3,000,000.00$4,000,000.00$5,000,000.00$6,000,000.00$7,000,000.00$8,000,000.00$9,000,000.00

Overnight Under 6Months

6 - 12 Months 1 - 2 Years 2 + Years

Per

cen

tag

e o

f T

ota

l P

ort

foli

o

Maturity distribution as February 28, 2019Suntrust Checking Accounts

23%

GNMA 23%

US Bank Money Market

16%

Certificate of Deposits38%

Sector Allocation as of February 28, 2019

Note:

1. Ending Bal., Net Int. Earned, Avg. Yields shown above are recorded directly from month-end accts statements provided by respective institutions.

Pg. 15




■ BOARD OF DIRECTORS MERCEDES MCCALL CHAIRMAN




MEMORANDUM TO: OCHFA Board of Directors


CONTACT: Frantz Dutes, Director Program Operations


RE: STATUS REPORT: 2018-A HOMEOWNER REVENUE BOND PROGRAM; TBA “TURNKEY” MORTGAGE LOAN PROGRAM APRIL 3, 2019 REGULAR BOARD OF DIRECTORS’ MEETING.

BACKGROUND The Authority’s SERIES 2018-A Homeowner Revenue Bonds Program (HRB) was authorized by the Board on October 3, 2018 for the aggregate principal amount not-to-exceed TWENTY MILLION DOLLARS ($20MM) of Homeowner Revenue Bond Program proceeds. The Board authorized Staff to begin a pipeline of loans for future issuance. The 2018A (HRB) Program offers a 30-year loan product. The Down Payment Assistance (DPA) is currently at $7,500, and is a 30-year deferred loan at 0% interest.

PRODUCTS INTEREST RATES ORIGINATION FEE

Zero Point 5.000% 1%

Commencing from the initial reservation date there is an aggregate total of Eighteen Million Four Hundred Seventy Four Thousand One Hundred Sixty Four Dollars ($18,474,164) financed. As of March 26, 2019:

‒ One Hundred Twenty Three (123) loans originated: 121-FHA; 0-VA; 2-USDA-RD. ‒ The Authority’s 2018A DPA program has financed or committed an aggregate total of: Five

Hundred Seventeen Thousand Five Hundred Dollars ($517,500). The aggregate total reported does not include Fifty Four (54) loans, and the associated DPA, Four Hundred Five Thousand Dollars ($405,000) which was financed by the Florida Housing Finance Agency (FHFA) under the Hardest Hit Fund (HHF) Program.

‒ The 2018A loan origination activity reported has been adjusted by Three Million One Hundred Ninety Eight Thousand Three Hundred Sixteen Dollars ($3,198,316).

‒ It is important to note that the loan origination activity reported reflects a total of Twenty One Million Six Hundred Seventy Two Thousand Four Hundred Eighty Dollars ($21,672,480).

As we transitioned from the 2017A to the 2018A bond issue, the reporting system used by our Program Administrator is unable to prorate the loans originated between the two bond issues, consequently some of the 2017A loan originations were reported in the loan origination activity for the 2018A bond issue. The Reservation Period start date was November 8, 2018, and Final Delivery end date is March 15, 2020.

CONSENT ITEM

Pg. 16

OCHFA CONSENT AGENDA SF MEMO LOAN STATUS RPT.DOCX | pg. 2

BACKGROUND The Authority’s TBA “Turnkey” Mortgage Loan program was authorized by the board on August 2, 2017. This conventional loan program is a partnership with OCHFA, Freddie Mac, and Raymond James and Associates. Since the inception of the program an aggregate total of Seven Million Four Hundred One Thousand Six Hundred Sixty Three Dollars ($7,401,663) has been financed. The Down Payment Assistance is currently at $7,500, and is a 30 year deferred loan at 0% interest. As of March 26, 2019:

- Forty Two (42) loans originated - Financed or committed an aggregate total of Three Hundred Fifteen Thousand Dollars ($315,000) in Down Payment

Assistance ACTION REQUESTED: For information only.

Pg. 17

Orange County HFA

Demographic Analysis Report

Orange 2018A SF Program

ORIGINATION SUMMARY REPORT

ORIGINATOR SUMMARY LOANS AMOUNT % OF TOTALAtlantic Bay Mortgage Group, LLC. 4 $698,197.00 3.25%

Bank of England 5 $931,125.00 4.07%

Broker Solutions Inc, DBA New American Funding 4 $719,203.00 3.25%

Centennial Bank 4 $615,207.00 3.25%

DHI Mortgage Co., Ltd. 1 $225,823.00 0.81%

Embrace Home Loans, Inc. 13 $2,219,908.00 10.57%

Envoy Mortgage, Ltd 7 $1,309,448.00 5.69%

Equity Prime Mortgage, LLC 7 $1,323,307.00 5.69%

Fairway Independent Mortgage Corporation 19 $3,366,048.00 15.45%

FBC Mortgage, LLC 16 $3,118,340.00 13.01%

Hamilton Group Funding, Inc. 2 $285,399.00 1.63%

HomeBridge Financial Services Inc. 3 $412,290.00 2.44%

IBERIABANK Mortgage Company 2 $352,140.00 1.63%

Land Home Financial Services, Inc. 11 $1,856,966.00 8.94%

Movement Mortgage, LLC 1 $142,373.00 0.81%

Waterstone Mortgage Corporation 24 $4,096,706.00 19.51%

TOTAL 123 $21,672,480.00 100.00%

CITY SUMMARY

CITY LOANS AMOUNT % OF TOTALAltamonte Springs 1 $132,554.00 0.81%

Apopka 14 $2,667,929.00 11.38%

Casselberry 2 $430,065.00 1.63%

Clermont 1 $209,142.00 0.81%

Deland 1 $148,992.00 0.81%

Eustis 2 $299,376.00 1.63%

Fern Park 1 $188,030.00 0.81%

Intercession City 1 $143,355.00 0.81%

Kissimmee 20 $3,627,371.00 16.26%

Lady Lake 1 $203,148.00 0.81%

Leesburg 1 $187,687.00 0.81%

Maitland 1 $162,894.00 0.81%

Mascotte 4 $824,168.00 3.25%

Ocoee 4 $778,009.00 3.25%

Orlando 52 $8,481,282.00 42.28%

Oviedo 1 $242,526.00 0.81%

Saint Cloud 11 $1,945,956.00 8.94%

Sanford 1 $238,588.00 0.81%

Tavares 1 $225,823.00 0.81%

Umatilla 1 $202,116.00 0.81%

Winter Park 2 $333,469.00 1.63%

TOTAL 123 $21,672,480.00 100.00%

COUNTY SUMMARY

COUNTY LOANS AMOUNT % OF TOTAL

Lake 12 $2,300,452.00 9.76%

Orange 71 $12,038,221.00 57.72%

Osceola 32 $5,716,682.00 26.02%

Seminole 8 $1,617,125.00 6.50%

TOTAL 123 $21,672,480.00 100.00%

HOUSEHOLD ANNUAL INCOME REPORT

ANNUAL INCOME LOANS % OF TOTAL$15,000-$29,999 4 3.25%

$30,000-$44,999 40 32.52%

$45,000-$59,999 58 47.15%

$60,000-$74,999 21 17.07%

TOTAL 123 100.00%

HOUSEHOLD SIZE REPORT

HOUSEHOLD SIZE LOANS % OF TOTAL1 - One person 30 24.39%

2 - Two persons 37 30.08%

3 - Three persons 28 22.76%

4 - Four persons 24 19.51%

5 - Five persons 3 2.44%

6 - Six persons 1 0.81%

TOTAL 123 100.00% Pg. 18

LOAN AMOUNT REPORT

LOAN AMOUNT LOANS % OF TOTAL$100,000-$125,000 7 5.69%

$125,000-$150,000 23 18.70%

$150,000-$175,000 35 28.46%

$175,000-$200,000 25 20.33%

$200,000-$225,000 21 17.07%

$225,000-$250,000 11 8.94%

$250,000-$275,000 1 0.81%

TOTAL 123 100.00%

PURCHASE PRICE REPORT

PURCHASE PRICE LOANS % OF TOTAL$100,000-$125,000 4 3.25%

$125,000-$150,000 19 15.45%

$150,000-$175,000 30 24.39%

$175,000-$200,000 30 24.39%

$200,000-$225,000 25 20.33%

$225,000-$250,000 12 9.76%

$250,000-$275,000 3 2.44%

TOTAL 123 100.00%

LOAN TYPE REPORT

LOAN TYPE LOANS % OF TOTALFHA 121 98.37%

USDA-RHS 2 1.63%

TOTAL 123 100.00%

PROPERTY TYPE REPORT

PROPERTY TYPE LOANS % OF TOTAL

1 Unit Single Family Detached 109 88.62%

Condominium 2 1.63%

Rowhouse 1 0.81%

Townhouse 11 8.94%

TOTAL 123 100.00%

CATEGORY TYPE REPORT

TYPE LOANS % OF TOTALExisting 106 86.18%

New 17 13.82%

Unspecified 0 0.00%

TOTAL 123 100.00%

TARGET/NON TARGET REPORT

TYPE LOANS AMOUNT % OF TOTALTARGET 3 $459,502.00 2.44%

NON TARGET 120 $21,212,978.00 97.56%

TOTAL 123 $21,672,480.00 100.00%

INTEREST RATE LISTING REPORT

RATE COUNT AMOUNT % OF TOTAL4.3750% 4 $798,159.00 3.25%

4.7500% 26 $4,627,558.00 21.14%

4.8750% 25 $4,470,724.00 20.33%

5.0000% 57 $9,910,289.00 46.34%

5.2500% 11 $1,865,750.00 8.94%

TOTAL 100.00%123 $21,672,480.00

Pg. 19

INTEREST RATE RANGES REPORT

RATE LOANS % OF TOTAL4.2500% - 4.4900% 4 3.25%

4.7500% - 4.9900% 51 41.46%

5.0000% - 5.2400% 57 46.34%

5.2500% - 5.4900% 11 8.94%

TOTAL 123 100.00%

FIRST TIME HOMEBUYER REPORT

FIRST TIME HOMEBUYER LOANS % OF TOTALNo 0 0.00%

Yes 123 100.00%

TOTAL 123 100.00%

ADDITIONAL MORTGAGE REPORT

ADDTL MTG PROGRAM \ PRIMARY MTG PROGRAM LOANS AMOUNT AVERAGE LOAN AMOUNTOrange DPA 2018 \ Orange 2018A SF Program 69 $517,500.00 $7,500.00

GENDER REPORT

GENDER LOANS % OF TOTAL

MALE 70 56.91%

FEMALE 53 43.09%

UNDISCLOSED 0 0.00%

TOTAL 123 100.00%

RACE REPORT

DESCRIPTION LOANS % OF TOTAL

Asian 1 0.81%

Asian & White 1 0.81%

Black/ African American 34 27.64%

Missing 1 0.81%

Other 1 0.81%

Tenant Declined to Respond 4 3.25%

White 81 65.85%

TOTAL 123 100.00%

ETHNICITY REPORT

ETHNICITY LOANS AMOUNT % OF TOTAL

HISPANIC 52 $9,272,669.00 42.28%

NON HISPANIC 67 $11,660,575.00 54.47%

OTHER 4 $739,236.00 3.25%

TOTAL 123 $21,672,480.00 100.00%

RACE BY ETHNICITY REPORT

RACE HISPANIC NONHISPANIC OTHER LOANS % OF TOTAL

Asian 0 1 0 1 0.81%

Asian & White 0 1 0 1 0.81%

Black/ African American 0 33 1 34 27.64%

Missing 1 0 0 1 0.81%

Other 1 0 0 1 0.81%

Tenant Declined to Respond 0 1 3 4 3.25%

White 50 31 0 81 65.85%

TOTAL 52 67 4 123 100.00%

Pg. 20

PIPELINE REPORT

PROGRAM PIPELINE LOANS AMOUNT % OF TOTAL

Reservation 1 $157,003.00 0.81%

UW Certification 8 $1,338,764.00 6.50%

eHP Compliance 2 $379,989.00 1.63%

Purchased/Servicer 2 $369,250.00 1.63%

Investor/Trustee 110 $19,427,474.00 89.43%

TOTAL 123 $21,672,480.00 100.00%

PROGRAM SUMMARY

AVERAGE PRINCIPAL MORTGAGE: $176,199.02

AVERAGE PURCHASE PRICE: $181,883.80

AVERAGE DPA AMOUNT: $7,500.00

AVERAGE AGE OF PRIMARY BORROWER: 41

03/26/2019 12:57:08 PM Page 21 of 21

AVERAGE HOUSEHOLD SIZE: 2

AVERAGE EMPLOYED IN HOUSEHOLD: 1

AVERAGE HOUSEHOLD ANNUAL INCOME: $49,397.78

Pg. 21

TOTAL 42 100.00%

$200 000-$225 000 9 21 43%$225,000-$250,000 4 9.52%

$150,000-$175,000 12 28.57%$175,000-$200,000 6 14.29%

$100,000-$125,000 4 9.52%$125,000-$150,000 6 14.29%

LOAN AMOUNT REPORTLOAN AMOUNT LOANS % OF TOTAL$75,000-$100,000 1 2.38%

6 - Six persons 1 2.38%

TOTAL 42 100.00%

4 - Four persons 8 19.05%

5 - Five persons 2 4 76%

2 - Two persons 8 19.05%

3 - Three persons 7 16.67%

HOUSEHOLD SIZE REPORT

HOUSEHOLD SIZE LOANS % OF TOTAL1 - One person 16 38.10%

$75,000-$89,999 2 4.76%

TOTAL 42 100.00%

$45,000-$59,999 18 42.86%$60,000-$74,999 7 16.67%

HOUSEHOLD ANNUAL INCOME REPORT

ANNUAL INCOME LOANS % OF TOTAL$30,000-$44,999 15 35.71%

Seminole 5 $769,260.00 11.90%

TOTAL 42 $7,401,663.00 100.00%

Orange 23 $3,930,053.00 54.76%

COUNTY SUMMARY

COUNTY LOANS AMOUNT % OF TOTALLake 5 $874,113.00 11.90%

Winter Springs 2 $329,315.00 4.76%

TOTAL 42 $7,401,663.00 100.00%

Sorrento 1 $232,275.00 2.38%

Tavares 1 $161 500 00 2 38%

Saint Cloud 2 $447,300.00 4.76%

Sanford 2 $351,120.00 4.76%

Ocoee 1 $199,000.00 2.38%

Orlando 16 $2,728,182.00 38.10%

Kissimmee 7 $1,380,937.00 16.67%

Mascotte 1 $204,188.00 2.38%

Clermont 1 $106,400.00 2.38%

Fruitland Park 1 $169,750.00 2.38%

Apopka 6 $1,002,871.00 14.29%

Casselberry 1 $88,825.00 2.38%

TOTAL 42 $7,401,663.00 100.00%

CITY SUMMARY

CITY LOANS AMOUNT % OF TOTAL

Movement Mortgage, LLC 1 $135,800.00 2.38%Waterstone Mortgage Corporation 14 $2,304,125.00 33.33%

Hamilton Group Funding, Inc. 1 $142,590.00 2.38%Land Home Financial Services, Inc. 2 $435,421.00 4.76%

Fairway Independent Mortgage Corporation 2 $330,600.00 4.76%FBC Mortgage, LLC 4 $839,205.00 9.52%

Columbus Capital Lending LLC 1 $124,925.00 2.38%Envoy Mortgage, Ltd 1 $185,250.00 2.38%

Broker Solutions Inc, DBA New American Funding 8 $1,450,547.00 19.05%Christensen Financial, Inc. 4 $723,805.00 9.52%

Atlantic Bay Mortgage Group, LLC. 2 $335,620.00 4.76%Bank of England 2 $393,775.00 4.76%

Orange County HFA

Demographic Analysis Report Orange Freddie Mac Program

ORIGINATION SUMMARY REPORT

ORIGINATOR SUMMARY LOANS AMOUNT % OF TOTAL

Pg. 22

Orange DPA 2017 \ Orange Freddie Mac Program 28 $210,000.00 $7,500.00

Orange DPA 2018 \ Orange Freddie Mac Program 14 $105,000.00 $7,500.00

ADDITIONAL MORTGAGE REPORT

ADDTL MTG PROGRAM \ PRIMARY MTG PROGRAM LOANS AMOUNT AVERAGE LOAN AMOUNTOrange AIS \ Orange Freddie Mac Program 11 $17,500.00 $1,590.91

Yes 40 95.24%

TOTAL 42 100.00%

FIRST TIME HOMEBUYER REPORT

FIRST TIME HOMEBUYER LOANS % OF TOTALNo 2 4.76%

5.5000% - 5.7400% 7 16.67%

TOTAL 42 100.00%

5.0000% - 5.2400% 2 4.76%5.2500% - 5.4900% 33 78.57%

TOTAL 100.00%42 $7,401,663.00

INTEREST RATE RANGES REPORT

RATE LOANS % OF TOTAL

5.5000% 4 $781,307.00 9.52%

5.2500% 13 $2,257,507.00 30.95%5.3750% 20 $3,441,481.00 47.62%

INTEREST RATE LISTING REPORT

RATE COUNT AMOUNT % OF TOTAL5.1250% 2 $327,240.00 4.76%

NON TARGET 41 $7,264,958.00 97.62%

TOTAL 42 $7,401,663.00 100.00%

TARGET/NON TARGET REPORT

TYPE LOANS AMOUNT % OF TOTAL

Unspecified 0 0.00%

TOTAL 42 100 00%

Existing 39 92.86%New 3 7 14%

TOTAL 42 100.00%

CATEGORY TYPE REPORT

TYPE LOANS % OF TOTAL

Duplex w/approval 1 2.38%

Townhouse 1 2.38%

1 Unit Single Family Detached 34 80.95%Condominium 6 14.29%

TOTAL 42 100.00%

PROPERTY TYPE REPORT

PROPERTY TYPE LOANS % OF TOTAL

LOAN TYPE REPORT

LOAN TYPE LOANS % OF TOTALFreddieMac HFA Advantage 42 100.00%

$225,000-$250,000 9 21.43%

TOTAL 42 100.00%

$175,000-$200,000 8 19.05%

$200 000-$225 000 8 19 05%

$125,000-$150,000 6 14.29%

$150,000-$175,000 8 19.05%

$75,000-$100,000 1 2.38%

$100,000-$125,000 2 4.76%

PURCHASE PRICE REPORT

PURCHASE PRICE LOANS % OF TOTAL

Pg. 23

03/26/2019 1:48:38 PM Page 21 of 21

AVERAGE HOUSEHOLD SIZE: 2

AVERAGE EMPLOYED IN HOUSEHOLD: 1

AVERAGE HOUSEHOLD ANNUAL INCOME: $51,209.97

AVERAGE PURCHASE PRICE: $183,595.83

AVERAGE DPA AMOUNT: $6,273.58

AVERAGE AGE OF PRIMARY BORROWER: 37

TOTAL 42 $7,401,663.00 100.00%

PROGRAM SUMMARY

AVERAGE PRINCIPAL MORTGAGE: $176,230.07

Pooled 4 $713,801.00 9.52%Investor/Trustee 30 $5,459,562.00 71.43%

UW Certification 3 $424,860.00 7.14%Purchased/Servicer 4 $667,640.00 9.52%

PIPELINE REPORT

PROGRAM PIPELINE LOANS AMOUNT % OF TOTALReservation 1 $135,800.00 2.38%

TOTAL 19 23 0 42 100.00%

White 14 16 0 30 71.43%Other 3 0 0 3 7 14%Black/African American & White 1 0 0 1 2.38%Black/ African American 0 7 0 7 16.67%

% OF TOTALAmerican Indian/ Alaskan Native & Black/ African American 1 0 0 1 2.38%

TOTAL 42 $7,401,663.00 100.00%

RACE BY ETHNICITY REPORT

RACE HISPANIC NONHISPANIC OTHER LOANS

NON HISPANIC 23 $4,034,332.00 54.76%

OTHER 0 $0.00 0.00%

ETHNICITY REPORT

ETHNICITY LOAN AMOUNT % OF TOTALHISPANIC 19 $3,367,331.00 45.24%

White 30 71.43%

TOTAL 42 100.00%

Black/African American & White 1 2.38%

Other 3 7.14%

American Indian/ Alaskan Native & Black/ African Americ 1 2.38%Black/ African American 7 16.67%

TOTAL 42 100.00%

RACE REPORT

DESCRIPTION LOAN % OF

FEMALE 19 45.24%UNDISCLOSED 0 0.00%

GENDER REPORT

GENDER LOAN % OF TOTALMALE 23 54.76%

Pg. 24

ORANGE COUNTY





MERCEDES MCCALL CHAIRMAN

VERNICE ATKINS-BRADLEY

VICE CHAIRMAN

SASCHA RIZZO

BOARD MEMBER




CONTACT: Mildred Guzman, Administrator – Program Operations


RE: MULTI-FAMILY OCCUPANCY/ INSPECTION REPORT APRIL 3, 2019 - REGULAR BOARD OF DIRECTORS’ MEETING.

OCCUPANCY REPORT The Occupancy Report for the period of February 23 to March 21, 2019 was 99% for all units and 94% for units meeting set-aside requirements. Multi-Family Rental Occupancy and Set-aside Summary - A summary of the occupancy and set-aside average rates for each period by property is provided. MULTI-FAMILY INSPECTION REPORT Seven audits were conducted during the same period: Palm Grove Gardens, Pebble Creek, Lee Vista Club, Dean Woods, Marbella Cove, Marbella Pointe and Southwinds Cove Apartments. Copy of each report is included for your information. ACTION REQUESTED For information only.

CONSENT ITEM

Pg. 25

Multi-Family Occupancy Report2 /23/2019BeginReportingPeriod: EndReportingPeriod: 3 /21/2019

Property: (Status, Address)TotalUnits

OccupiedUnits

Occup.%

Prior Month Occu%

OccupiedUnit

Occup.%

Prior Month Occup.% Flag% Comments

Low Income:

6872 Alta West Drive, Orlando240 239 100% 100% 239 100% 100% 40%Alta Westgate Apts, Active

708 Anderson St, Orlando12 12 100% 100% 12 100% 100% 100%Anderson Oaks, Active

545 Nantucket Court, Altamonte Springs324 311 96% 95% 65 20% 19% 20%Boca Vista, Active

500 Fox Quarry Lane, Sanford288 284 99% 99% 241 84% 84% 40%Charleston Club Apts, Active

595 West Church Street, Orlando266 250 94% 92% 92 35% 42% 40%City View (west church st), Active

2750 David Walker Dr, Eustis96 94 98% 100% 94 98% 100% 40%Club at Eustis, Active

735 S. Hwy 27/441, Lady Lake176 173 98% 94% 173 98% 94% 40%Cove at Lady Lake, Active

9808 Dean Woods Place, Orlando48 48 100% 100% 48 100% 100% 100%Dean Woods, Active

507 Delaney Avenue, Orlando8 8 100% 100% 8 100% 100% 100%Delaney Apartments, Active

5450 Cholla Way, Orlando264 264 100% 99% 264 100% 99% 40%Emerald Villas (fka Seville Place),

5743 Bent Pine Dr, Orlando508 484 95% 93% 265 52% 52% 31%Fountains at Lee Vista, Active

5316 Millenia Blvd., Orlando32 32 100% 100% 32 100% 100% 40%Fountains at Millenia II, Active

5316 Millenia Blvd., Orlando82 82 100% 96% 82 100% 96% 40%Fountains at Millenia III, Active

Wednesday, March 27, 2019 Page 1 of 4Pg. 26


OccupiedUnits

Occup.%

Prior Month Occu%

OccupiedUnit

Occup.%


Low Income:

5316 Millenia Blvd, Orlando100 99 99% 98% 99 99% 98% 40%Fountains at Millenia IV, Active

3500 N Goldenrod Road, Orlando70 69 99% 100% 69 99% 100% 60%Goldenrod Pointe, Active

2861 LB McLeod Rd, Orlando120 120 100% 99% 120 100% 99% 75%Governors Manor, Active

5201 Via Alizar Dr, Orlando95 93 98% 100% 93 98% 100% 100%Green Gables, Active

440 S. Mellonville Ave, Sanford20 18 90% 100% 18 90% 100% 75%Kensington Oaks, Active

1301 Catherine Street, Orlando36 36 100% 100% 36 100% 100% 75%Lake Davis Apartments, Active

32511 Lake Harris Cove Avenue, Leesburg152 149 98% 94% 115 76% 74% 40%Lake Harris Cove Apts, Active

1301 Santa Barbara Dr, Sanford25 23 92% 100% 23 92% 100% 75%Lake Jennie I, Active

1312 Santa Barbara Dr, Sanford40 39 98% 100% 39 98% 100% 75%Lake Jennie II, Active

1826 London Crest Drive, Orlando90 89 99% 100% 89 99% 100% 40%Lake Sherwood Apartments, Activ

1403 Old Harbor Blvd., Leesburg128 127 99% 98% 127 99% 98% 40%Lakeside Pointe(Harris Cove), Acti

800 W. Lancaster Rd, Orlando145 144 99% 99% 144 99% 99% 100%Lancaster Villas, Active

1150 Conley Street, Orlando56 53 95% 100% 53 95% 100% 40%Landings at Carver Park, Active

5150 Millenia Boulevard, Orlando336 335 100% 99% 253 75% 75% 40%Landings at Millennia, Active

1705 Grande Pointe Avenue, Orlando, FL 32839276 274 99% 99% 272 99% 99% 40%Landon Pointe Apartments, Active



OccupiedUnits

Occup.%

Prior Month Occu%

OccupiedUnit

Occup.%


Low Income:

1813 Buchanan Bay Circle, Orlando228 223 98% 97% 223 98% 97% 100%Landon Trace Apartments, Active

1001 Landstar Drive, Orlando156 154 99% 98% 154 99% 98% 40%Landstar Park Apts, Active

2700 Laurel Hollow Dr., Leesburg144 143 99% 99% 143 99% 99% 40%Laurel Oaks I, Active

2700 Laurel Hollow Dr., Leesburg108 107 99% 97% 107 99% 97% 40%Laurel Oaks II, Active

5903 Lee Vista Blvd, Orlando312 312 100% 100% 312 100% 100% 40%Lee Vista Club Apartments, Active

7528 Marbella Pt. Drive, Orlando104 104 100% 99% 104 100% 99% 0%Marbella Cove, Active

7528 Marbella Pt. Drive, Orlando120 120 100% 99% 120 100% 99% 40%Marbella Pointe, Active

3538 Aristotle Ave, Orlando32 30 94% 100% 30 94% 100% 100%Mendel Villas, Active

5200 North Orange Blossom Trail, Orlando492 490 100% 100% 490 100% 100% 100%Nassau Bay Apartments, Active

5770 Harbor Chase Circle, Orlando,176 174 99% 99% 174 99% 99% 20%Oak Harbor Apartments, Active

450 Fontana Circle #105, Oviedo24 24 100% 100% 24 100% 100% 40%Oviedo Town Center Ph IV, Active

450 Fontana Circle #105, Oviedo106 105 99% 100% 105 99% 100% 40%Oviedo Town Center Ph. I, Active

450 Fontana circle #105, Oviedo34 34 100% 100% 34 100% 100% 40%Oviedo Town Ph. II, Active

450 Fontana circle #105, Oviedo72 72 100% 100% 72 100% 100% 40%Oviedo Town Ph. III, Active

3944 W.D. Judge Drive, Orlando142 142 100% 99% 142 100% 99% 75%Palm Groves Gardens, Active



OccupiedUnits

Occup.%

Prior Month Occu%

OccupiedUnit

Occup.%


Low Income:

1317 Boulder Dr, Kissimmee72 72 100% 100% 72 100% 100% 100%Pebble Creek, Active

9957 Hidden River Drive #106, Orlando160 159 99% 100% 159 99% 100% 40%River Ridge Apartment Homes, Act

824 CrR 466, Lady Lake104 104 100% 100% 104 100% 100% 40%Rolling Acres I, Active

824 CR 466, Lady Lake35 35 100% 100% 35 100% 100% 40%Rolling Acres II, Active

3400 Southwinds Cove Way, Leesburg112 108 96% 96% 87 78% 79% 40%SouthWinds Cove, Active

1508 Spring Lake Cove Lane, Fruitland Park96 92 96% 100% 92 96% 80% 40%Spring Lake Cove I, Active

1508 Spring Lake Cove Lane, Fruitland Park48 48 100% 100% 48 100% 100% 40%Spring Lake Cove II, Active

3121 Crestwood Circle, St. Cloud216 215 100% 99% 215 100% 99% 40%Summit Crestwood Apartments, A

401 N Chickasaw Trail, Orlando238 269 113% 100% 269 113% 100% 40%Vista Pines Apartments, Active

11037 Laguna Bay Dr, Orlando178 178 100% 99% 178 100% 99% 40%Westwood Park Apartments, Activ

Current Period Summary:7,542

7,463 99%99%

6,658 94%6,620 94%Prior Period Summary: 7,400

Total Number of Properties: 53

Total Units:


ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803

PH: (407)894-0014 FAX: (407)897-6679

2/28/20191:30:00 PM

Cali Anthony

760 884 994 $

Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found:No discrepancies were found.

Mildred Guzman

Palm Groves Gardens3944 W.D. Judge DriveOrlando, FL 32808-

142

75.00%

Royal American Management

Rachel Hundley - Royal American Manag

Myrna Lisboa, Resident Manager

Audit Date:Audit Time:Set Aside Restriction:

Total Units:

1Bedroom: Efficiency: 2 Bedrooms: 3 Bedrooms 4 Bedrooms

Property Rental Pricing

Management Company:Manager Assisting:File Examination Conclusion: 30 Days Cure Required for File Condition: No

Examiner:

Report Distribution:

Acknowledge Receipt and ReturnDate of Preparation3/27/2019

ON-SITE PROPERTY EXAMINATION

$ $ $ $

Wednesday, March 27, 2019 Page 1 of 2

Pg. 30


PH: (407)894-0014 FAX: (407)897-6679

None available

30-Day Cure Required for Exterior Conditions

Palm Groves Gardens 2/28/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:

Inspected Unit:10. Unit Condition

Includes: Laundry facility, two tot lots

Examine Areas: Result:

No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

0

NOTICE: These inspections are made for the Authority's use only and in no way are intended to benefit bondholders, residents, or any other person or entity. Moreover, these inspections are superficial only and do not represent the work-product of any environmental engineers, structural engineers, or other engineering professionals and are not to be relied upon by any person or entity.


Pg. 31


PH: (407)894-0014 FAX: (407)897-6679

3/8/201910:00:00 AM

Carmen Vasquez-Cruz

769 $


Mildred Guzman

Pebble Creek1317 Boulder DrKissimmee, FL 34744-

72

100.00%

Leland Enterprises Inc

Emily Badger - Leland Enterprises Inc

, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 32


PH: (407)894-0014 FAX: (407)897-6679

Property was 100% occupied at the time of the audit.

None available


Pebble Creek 3/8/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: Picnic area


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable



Pg. 33


PH: (407)894-0014 FAX: (407)897-6679

3/12/201910:00:00 AM

Jaime Pereira

638 765 889 $ 994


Mildred Guzman

Lee Vista Club Apartments5903 Lee Vista BlvdOrlando, FL 32822-

312

40.00%

Concord Management

Tammy Rumrill - Concord Management

Christina Mares, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 34


PH: (407)894-0014 FAX: (407)897-6679


None available


Lee Vista Club Apartments 3/12/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: swimming pool, playground/tot lot, car care center and outdoor volleyball court.


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

0



Pg. 35


PH: (407)894-0014 FAX: (407)897-6679

3/12/20191:00:00 PM

Asantewa Forbes

857 $


Mildred Guzman

Dean Woods9808 Dean Woods PlaceOrlando, FL

48

100.00%

Concord Management


, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 36


PH: (407)894-0014 FAX: (407)897-6679


None available


Dean Woods 3/12/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: PlaygroundW/D ConnectionsPicNic PavilionEnergy efficient appliances


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

0



Pg. 37


PH: (407)894-0014 FAX: (407)897-6679

3/13/201910:00:00 AM

Chantelle Bleich

651 761 876 $ 967

Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found:Minor discrepancies were found and corrected during the audit.

Mildred Guzman

Marbella Cove7528 Marbella Pt. DriveOrlando, FL 32822-

104

0.00%

Concord Management


Shanntel Blelch, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 38


PH: (407)894-0014 FAX: (407)897-6679


none available


Marbella Cove 3/13/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: After School Program, Business/Computer Center, Car Care Center, Club House, Fitness/Exercise Gym, Picnic Area, Playground, Pool, Washer & Dryer Hookup


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

0



Pg. 39


PH: (407)894-0014 FAX: (407)897-6679

3/13/201910:00:00 AM

Chantelle Bleich

651 761 876 $ 967

Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found:Minor discrepancies were found and corrected during the audit.

Mildred Guzman

Marbella Pointe7528 Marbella Pt. DriveOrlando, FL 32822-

120

40.00%

Concord Management


Shanntel Bleloh, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 40


PH: (407)894-0014 FAX: (407)897-6679

None available


Marbella Pointe 3/13/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: After School Program, Business/Computer Center, Car Care Center, Fitness/Exercise Gym, Picnic Area, Playground, Pool, Washer & Dryer Hookup


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

0



Pg. 41


PH: (407)894-0014 FAX: (407)897-6679

3/15/201910:00:00 AM

Veronica Perez

758 877 $


Mildred Guzman

SouthWinds Cove3400 Southwinds Cove WayLeesburg, FL 34748-

112

40.00%

Concord Management


, Resident Manager


Total Units:




Examiner:




$ $ $ $


Pg. 42


PH: (407)894-0014 FAX: (407)897-6679

9-3431


SouthWinds Cove 3/15/2019Audit Date:

1. Buildings

2. Walks Driveways

3. Steps

4. Porches

5. Windows

6. Roof

7. Fence

8. Landscaping

9. Amenities

AdditionalComments:


Includes: Townhomes w/garage, w/d hookup,playground.


No

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable

Acceptable



Pg. 43

ORANGE COUNTY




■

BOARD OF DIRECTORS

MERCEDES MCCALL

CHAIRMAN

VERNICE ATKINS-BRADLEY

VICE CHAIRMAN

SASCHA RIZZO

BOARD MEMBER

CURTIS HUNTER

BOARD MEMBER




RE: PROPOSED MULTI-FAMILY FEE POLICY REVISION. APRIL 3, 2019 AD HOC COMMITTEE & BOARD MEETING.

BACKGROUND

Enclosed is information regarding the Authority’s current Multi-Family Fee Policies that is applied to

proposed bond transactions. Over the last several years, the Authority has had various discussions

among staff and developers, related to revising and/or changing the Authority’s current fee policy –

Board members may recall such discussions that have been brought before the board. In addition,

many of the multifamily transactions that applied for tax-exempt bonds issued by the Authority are

such that the tax-exempt bonds are redeemed in full shortly after construction or rehabilitation is

completed and the project is stabilized, which isn’t formally addressed in the Authority’s current fee

policy. We believe that both of these factors warrant a review and examination of the Authority’s

current fee(s) policies to properly address market conditions as well as bond transactions where the

tax-exempt bonds are short-term in nature.

The Authority developed its fee policy based on the following objectives:

Mission of providing financing for low and moderate income families and individuals to

increase and preserve the affordable housing stock;

Competitiveness with the market and other conduit bond issuers (Florida Housing Finance

Corporation “FHFC”); and

Provide sufficient returns to the Authority for ongoing operations, compliance requirements

on such multifamily projects and maintaining viability to support other affordable housing

related purposes.

The Authority’s staff, financial advisor, general counsel and bond counsel, with input from tax counsel,

have been examining the Authority’s fees in relation to that which is allowable under Section 148 of

the IRS Code (1.50% per annum while the bonds are outstanding), with its rules and regulations, the

fee structure at FHFC and other local and state housing finance agencies. David Jones, Financial

Advisor, has been the point-person working closely with Kayode Adetayo (CFO), providing the

research and generating information to be considered.

DISCUSSION ITEM

Pg. 44

OCHFA DISCUSSION AGENDA 04.03.19: MEMO PROPOSED MF FEES POLICY REVS.DOCX | pg. 2

The Authority’s existing Multi-Family Fee Policy is as follows:

1. Bond Financing Fee:

0.75% (75-basis-points (bps)) of the amount of tax-exempt and taxable bonds issued;

The Bond Financing Fee of 75-bps includes the following fees:

i. 10-bps as an Application Fee on the total tax-exempt and taxable bond principal requested and non-refundable;

ii. 30-bps is due upon the adoption of the Authority’s Inducement and/or Reimbursement Resolution (“good faith

deposit”)

iii. 35-bps due at the closing of the bonds.

2. Annual Administration Fee:

The Authority charges an Administration Fee of 30-bps per annum of the total bonds outstanding payable in arrears in

semi-annual installments, subject to a minimum fee of Ten Thousand Dollars ($10,000) per annum.

Most of the discussion with developers have been related to the Annual Administration Fee of 30-bps per annum. Some in the multi-family

development community are taking the position that with particular financing structures, lower ongoing administration fees would encourage

more long-term tax-exempt financing; as opposed to short-term tax-exempt bond structures that are paid in full after construction with long-

term taxable debt (example – taxable HUD loans, GNMA executions). In addition, some affordable housing developers have communicated

to the Authority that lower ongoing annual administration fees would provide the ability to leverage more first mortgage financing, resulting

in increased loan proceeds available for new construction or rehabilitation. Lower annual administration fees to the Authority could be

offset with an increase in the Authority’s upfront Bond Financing Fees described above.

Enclosed are the following exhibits related to the proposed policy:

Exhibit 1: The Authority’s existing Long-Term Fee Policy (Option-A) (75-bps up-front, 30bps Annual Administration fee over the

life of the tax-exempt bonds).

Exhibit 2: A proposed Short-Term Fee Policy (Option-B) to address projects with tax-exempt financing that is redeemed in full

after construction or rehabilitation. Such analysis compares the proposed Short-Term Fee Policy to the short-term fees

charged by FHFC for similar projects.

Exhibit 3: A proposed Long-Term Fee Policy (Option-C) to address projects with tax-exempt financing that remain outstanding

after construction or rehabilitation is completed. Such proposal increases the up-front fees paid by a borrower (from

the current 75-bps to a range of 165 to 240-bps depending on size), and reduces the on-going Administration Fee from

30-bps down to 15-bps per annum of the total bonds outstanding payable in arrears in semi-annual installments, subject

to a minimum fee of Ten Thousand Dollars ($10,000) per annum.

Exhibit 4: A proposed Long-Term Fee Policy (Option-D) to address projects with tax-exempt financing that remain outstanding

after construction or rehabilitation is completed. Such proposal has the same up-front fee structure as Alternative A,

but reduces the on-going Administration Fee from the existing policy of 30-bps down to 25-bps for the first 3 years, then

declining to 20, 15, 10 and 5-bps over a 17 year period such that the average on-going Administration fee over 17 years

is 15-bps per annum (also subject to a minimum fee of Ten Thousand Dollars ($10,000) per annum).

Exhibit 5: A side-by-side comparison of different fee structures for a $25MM bond issuance. Such comparison shows clearly that

if the Authority can help incentivize more long-term tax-exempt bond issuance via lower on-going Administrative Fees,

that it is better off from a financial perspective than a short-term tax-exempt bond structure.

Pg. 45

OCHFA DISCUSSION AGENDA 04.03.19: MEMO PROPOSED MF FEES POLICY REVS.DOCX | pg. 3

To evaluate the potential impact to borrowers of the proposed Long-Term Fee Policies, the Authority discussed such alternatives at its

Policy Committee meeting held on March 21, 2019, and pursuant to that meeting, followed up with Ben Johnson, of Seltzer Management

to better clarify the impact either alternative would have on the credit underwriting process of future developments. The feedback received

was that most multi-family bond transactions are very tight in meeting required minimum debt service coverage ratios in the first several

years after stabilization, so to the extent the Authority’s policy could provide for lower ongoing administrative fees during the first several

years, developments are likely to be more financially stable and able to underwrite larger first mortgage loan amounts allowing for more

loan proceeds for rehabilitation or new construction. To that end, Long-Term Fee Policy Alternative allows for greater flexibility to a

developer in maximizing lendable proceeds given the policy’s fixed administrative fee of 15-bps per annum. From a financial perspective

to the Authority, Option-C provides the same total fees as Option-D, but at a slightly lower present value basis given the ongoing fees of

Option-D are higher the first several years. On the other hand, to the extent the tax-exempt bonds remain outstanding for more than 17

years, a project would continue paying a 15-bps annual administrative fee with Option-C and only a 5-bps fee in Option-D (unless revised

after year 17).

Recommendation:

Given the objectives of the Authority’s fee policy in meeting its mission with regard to affordable rental housing, desire to be competitive

with fees, and need to provide sufficient returns to the Authority for ongoing operations, staff and professionals recommendations are to:

1. Retain and Amend the existing Long-Term Fee Policy for long-term tax-exempt structure, to allow applicants to choose upon

application whether to:

i. Elect to use the Authority’s existing Fee Policy (Option-A) (75-bps up-front, 30-bps Annual Administration Fee), or

ii. Elect to use alternative Fee Policy Long-Term Fee Policy (Option-C) to include higher upfront fees with a lower fixed 15-bps

Annual Administration Fee per annum, adjusted based on the amount of bonds issued. Option-C provides the greatest flexibility

in allowing developments to make use of a long-term tax-exempt transaction and likely tax-exempt financing of more

developments in general, a positive for both the Authority and its developers and borrowers.

iii. Elect to use Long-Term Policy (Option-D); which includes higher upfront fees with lower annual administration fees of 25-bps

in the first 3-years with gradual declining fee, after 3-years that declines to 5-bps in year 17, with an average of 15-bps.

2. Adopt the proposed Short-Term Fee Policy (Option-B) to address projects with tax-exempt financing that is redeemed in full after

construction or rehabilitation.

Information delineating the proposed fee policies and its impacts are enclosed as Options A thru D.

ACTION REQUESTED

Board approval of the Ad Hoc Committee’s recommendation to:

1. Retain and amend the Authority’s existing Long-Term Fee Policy for Long-Term bond structures, to allow applicants to

choose, upon application submission, whether to:

i. Elect to use the Authority’s existing Fee Policy (Option-A) (75-bps up-front, 30-bps Annual Administration Fee), or

ii. Elect to use alternative Fee Policy Long-Term Fee Policy (Option-C) to include higher upfront fees with a lower fixed

15-bps Annual Administration Fee per annum, adjusted based on the amount of bonds issued. Option-C provides the

greatest flexibility in allowing developments to make use of a long-term tax-exempt transaction and likely tax-exempt

financing of more developments in general, a positive for both the Authority and its developers and borrowers.

iii. Elect to use Long-Term Policy (Option-D); which includes higher upfront fees with lower annual administration fees

of 25-bps in the first 3-years with gradual declining fee, after 3-years that declines to 5-bps in year 17, with an average

of 15-bps; and

2. Adopt the proposed Short-Term Fee Policy (Option-B) to address projects with tax-exempt financing that is redeemed in full

after construction or rehabilitation.

Pg. 46

ORANGE COUNTY HFAEXISTING FEE POLICY

ORANGE COUNTY HFA < $10 million $10 to $15 million $15 to $20 million $20 to $25 million $25,000,000+

LONG-TERM FEE SCHEDULEApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%

Upfront Bond Financing Fee 0.30% 0.30% 0.30% 0.30% 0.30%

Upfront Issuer Fee 0.35% 0.35% 0.35% 0.35% 0.35%

TOTAL Fees 0.75% 0.75% 0.75% 0.75% 0.75%

Assumed Bond Amount: 5,000,000$ 10,000,000$ 15,000,000$ 20,000,000$ 25,000,000$

Application Fee 5,000$ 10,000$ 15,000$ 20,000$ 25,000$

Upfront Bond Financing Fee 15,000 30,000 45,000 60,000 75,000

Upfront Issuer Fee 17,500 35,000 52,500 70,000 87,500

TOTAL UPFRONT FEES TO OCHFA 37,500$ 75,000$ 112,500$ 150,000$ 187,500$

Annual Administration Fee ($10,000 annual min) 0.30% 0.30% 0.30% 0.30% 0.30%Annual Fee Received 15,000 30,000 45,000 60,000 75,000

Annual Fees Received (Assuming 17 Yrs) 255,000 510,000 765,000 1,020,000 1,275,000

(assuming 17 year outstanding period)TOTAL FEES TO OCHFA OVER 17 YR LIFE 292,500$ 585,000$ 877,500$ 1,170,000$ 1,462,500$

PV of Annual Fees Received (Assuming 17 Yrs) 182,485 364,970 547,455 729,940 912,425

TOTAL PV OF FEES 219,985$ 439,970$ 659,955$ 879,940$ 1,099,925$

1 OF 5

EXHIBIT - 1Option-A

Pg. 47

ORANGE COUNTY HFA SHORT-TERM FEES COMPARED TO FL HOUSINGPROPOSED SHORT-TERM FEE POLICY*

< $10 million $10 up to $15 million $15 up to $20 million $20 to $25 million $25 million+SHORT-TERM FEE SCHEDULEApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%



TOTAL Upfront Fees 2.40% 2.15% 1.90% 1.75% 1.65%


Application Fee 5,000$ 10,000$ 15,000$ 20,000$ 25,000$




FLORIDA HOUSING ST FEE SCHEDULE

Application Fee $3,500 flat

Issuer Fee (flat) $13,500 flat

Upfront Issuer Fee (%) 0.40% 0.40% 0.40% 0.40% 0.40%

Short Term Bond Redemption 0.33% 0.33% 0.32% 0.31% 0.30%

Compliance Monitoring Fees (est) 0.82% 0.82% 0.82% 0.82% 0.82%

TOTAL Fees 1.55% 1.55% 1.54% 1.53% 1.52%

Annual Issuer Fee 0.24% 0.24% 0.24% 0.24% 0.24%

Minimum Bond Amount: 5,000,000$ 10,000,000$ 15,000,000$ 20,000,000$ 25,000,000$

Application Fee 3,500$ 3,500$ 3,500$ 3,500$ 3,500$

Issuer Fee (flat) 13,500 13,500 13,500 13,500 13,500

Upfront Issuer Fee (%) 20,000 40,000 60,000 80,000 100,000

Short Term Bond Redemption 25,000 33,000 48,000 62,000 75,000

Compliance Monitoring Fees (est) 40,000 80,000 125,000 165,000 205,000

UPFRONT FEES TO FL HSG 102,000$ 170,000$ 250,000$ 324,000$ 397,000$

Annual Issuer Fee (Total Fees over 18 months) 18,000$ 36,000$ 54,000$ 72,000$ 90,000$

Upfront Fee to FL Hsg ($) 102,000$ 170,000$ 250,000$ 324,000$ 397,000$

Ongoing Fees to FL Hsg ($) 18,000$ 36,000$ 54,000$ 72,000$ 90,000$

TOTAL FEES TO FL HSG ($) 120,000$ 206,000$ 304,000$ 396,000$ 487,000$

TOTAL ST FEES TO OCHFA 120,000$ 215,000$ 285,000$ 350,000$ 412,500$

INCREASE / (DECREASE) USING OCHFA -$ 9,000$ (19,000)$ (46,000)$ (74,500)$

* Short-term fees are subject to the maximum fee permitted under IRS Section 148 of the Tax Code (currently 1.50% per annum).

2 OF 5

EXHIBIT - 2Option-B

Pg. 48

ORANGE COUNTY HFAPROPOSED REVISED LONG-TERM FEE POLICY:

- INCREASE UPFRONT FEES FROM 0.75% TO A RANGE BETWEEN 1.65% AND 2.40%- REDUCE ONGOING ADMINISTRATIVE FEE FROM 0.30% TO 0.15%

< $10 million $10 up to $15 million $15 up to $20 million $20 to $25 million $25 million+UPFRONT FEESApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%





Application Fee 5,000$ 10,000$ 15,000$ 20,000$ 25,000$




Annual Administration Fee ($10,000 annual min) 0.15% 0.15% 0.15% 0.15% 0.15%Annual Fee Received 10,000 15,000 22,500 30,000 37,500

Annual Fees Received (Assuming 17 Yrs) 170,000 255,000 382,500 510,000 637,500

(assuming 17 year outstanding period)TOTAL FEES TO OCHFA OVER 17 YR LIFE 290,000$ 470,000$ 667,500$ 860,000$ 1,050,000$


TOTAL PV OF FEES 241,657$ 397,485$ 558,728$ 714,970$ 868,713$

- 4% Discount rate applied for present value calculations.

3 OF 5

EXHIBIT - 3Option-C

Pg. 49

ORANGE COUNTY HFAPROPOSED REVISED LONG-TERM FEE POLICY:- INCREASE UPFRONT FEES FROM 0.75% TO A RANGE BETWEEN 1.65% AND 2.40%- REDUCE ONGOING ADMINISTRATIVE FEE FROM 0.30% TO A DECLINING FEE OVER TIME

(0.25% INITIALLY, DECLINING TO 0.05% OVER TIME) AVERAGING 0.15% (See fee schedule below)

< $10 million $10 up to $15 million $15 up to $20 million $20 to $25 million $25 million+UPFRONT FEESApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%





Application Fee 5,000$ 10,000$ 15,000$ 20,000$ 25,000$




Annual Administration Fee ($10,000 annual min)Annual Fees Received (Assuming 17 Yrs) 177,500 270,000 390,000 510,000 637,500

(assuming 17 year outstanding period)TOTAL FEES TO OCHFA OVER 17 YR LIFE 297,500$ 485,000$ 675,000$ 860,000$ 1,050,000$


TOTAL PV OF FEES 248,594$ 421,097$ 586,133$ 746,168$ 907,710$

Annual Administration Fee:

Year 1 0.25%

Year 2 0.25%

Year 3 0.25%

Year 4 0.20%

Year 5 0.20%

Year 6 0.20%

Year 7 0.20%

Year 8 0.15%

Year 9 0.15%

Year 10 0.15%

Year 11 0.10%

Year 12 0.10%

Year 13 0.10%

Year 14 0.10%

Year 15 0.05%

Year 16 0.05%

Year 17 0.05%

Average 0.15% - 4% Discount rate applied for present value calculations.

0.25% declining to 0.05% over time (average of 0.15% over 17 years)

4 OF 5

EXHIBIT - 4Option-D

Pg. 50

ORANGE COUNTY HFASide-by-Side Comparison of Different Fee Structures

Bonds Remain Outstanding after Stabilization? No Yes Yes Yes

Issue Size 25,000,000 25,000,000 25,000,000 25,000,000

UPFRONT FEE TO OCHFA

Application Fee 0.10% 25,000 0.10% 25,000 0.10% 25,000 0.10% 25,000

Upfront Bond Financing Fee 0.30% 75,000 0.30% 75,000 0.30% 75,000 0.30% 75,000

Upfront Issuer Fee 1.25% 312,500 1.25% 312,500 1.25% 312,500 0.35% 87,500

1.65% 412,500 1.65% 412,500 1.65% 412,500 0.75% 187,500

TOTAL ONGOING ADMIN FEE TO OCHFA 0.00% - 0.15% 637,500 0.15% 637,500 0.30% 1,275,000

TOTAL OCHFA FEES 412,500 1,050,000 1,050,000 1,462,500

PV OF TOTAL OCHFA FEES 412,500 868,713 907,710 1,099,925

IMPACT TO DEVELOPER / BORROWER - Fixed 0.15% ongoing admin

fee allows developer to

increase the loan amount,

raising more proceeds for

rehab, const.

- Developer more likely to

utilize long-term bond

LONG-TERM BOND

STRUCTURE

- The declining ongoing fee

structure may not incentivize

a developer to choose a long-

term structure since the

higher ongoing fee the first

few years must be included in

underwriting and meet debt

service coverage ratios (cash

- The ongoing admin fee of

0.30% makes it difficult for the

developer to increase the

loan amount with a long-term

structure.

LONG-TERM BOND

STRUCTURE

Long-Term Fee Policy (Alternative B)

0.30% ongoing Admin Fee

OCHFA's Existing Fee Policy

LONG-TERM BOND

STRUCTURE

SHORT TERM BOND

STRUCTURE

New Short Term Fee Policy Long-Term Fee Policy (Alternative A)

0.15% ongoing Admin Fee Declining Admin Fee: 0.25% declining to 0.05% over time (avg of 0.15%)

5 OF 5

EXHIBIT - 5

Pg. 51

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