Okaloosa County BOCC — August 24, 2013 — Escambia County Housing Finance Authority — reading text

Elbert Jones Jr Executive Director elbertjones@escambiahfa.com C.J. Pipkins Housing Program Director c/pipkins@escambiahfa.com w pssivtont Executive Director ESCAMBIA COUNTY Accountant karyn.norton@escambiahfa.com H O U S | Ni. G F, | N. A Ni C FE A UTH fe) R ITY fran. jones@escambiahfa.com WVYVW.ESCAMBIAHFA.COM Sewing tet time Rome Buyers etuce 1982... Providing below market tntercat rate mortgage loana in over 24 counties tn Plarida. 700 South Palafox Street, Suite 310 » Pensacola, Florida 32502-5958 Phone: (850) 432-7077 * Fax: (850) 438-5205 « Toll Free: (800) 388-1970 RECOMMENDATION TO: Honorable Chairman and Members of the Okaloosa Board of County Commissioners DATE: August 1, 2013 FROM: C.J.Pipkins, Housing Program Director Escambia County Housing Finance Authority SUBJECT: Request Board Consideration and Approval to Conduct a Public Hearing to Adopt a Resolution and Interlocal Agreement, authorizing Okaloosa County participation in the Escambia County Housing Finance Single Family Mortgage Revenue Bonds (Multi-Family Program) RECOMMENDATION: This agenda item requests the Okaloosa Board of County Commissioners (the “Board”) consideration and approval to conduct a Public Hearing on Tuesday, September 17, 2013 at 9:00q@.m. or shortly thereafter for adoption of a resolution and enter into an Interlocal Agreement authorizing the issuance of the above-referenced bonds by the Escambia County Housing Finance Authority (the “Authority”). BACKGROUND: The proceeds of such bonds together with funds from other sources available to the Authority will be used to finance, or refund outstanding obligations and used to provide loans for the purchase of single family residences at below-market mortgage rates to be occupied by first time homebuyers of moderate, middle or lesser income within Okaloosa County (the “County”) and various other counties in the State of Florida. Interlocal Agreements will be entered into between the Authority and the Housing Finance Authorities of participating counties or the Board of County Commissioners in the participating counties that do not have a housing finance authority. The County has participated in the Authority's program since 1989, which has provided the County’s first time homebuyers a below market interest rate and down payment assistance. This program enables lenders to offer a below market interest rate to first time homebuyers of moderate, middle or lesser income with down payment and closing cost assistance. The Bonds will not obligate the credit of the County, Florida or pose any obligation or liability for the County.