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
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
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
ORANGE COUNTY HOUSING FINANCE AUTHORITY
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
ORANGE COUNTY HOUSING FINANCE AUTHORITY
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Olukayode Adetayo, Chief Financial Officer
DATE: March 25, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Olukayode Adetayo, Chief Financial Officer
DATE: March 25, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Olukayode Adetayo, Chief Financial Officer
DATE: March 25, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Olukayode Adetayo, Chief Financial Officer
DATE: March 25, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Olukayode Adetayo, Chief Financial Officer
DATE: March 25, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Frantz Dutes, Director Program Operations
DATE: March 26, 2019
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
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
CONTACT: Mildred Guzman, Administrator – Program Operations
DATE: March 27, 2019
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
Property: (Status, Address)TotalUnits
OccupiedUnits
Occup.%
Prior Month Occu%
OccupiedUnit
Occup.%
Prior Month Occup.% Flag% Comments
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
Wednesday, March 27, 2019 Page 2 of 4Pg. 27
Property: (Status, Address)TotalUnits
OccupiedUnits
Occup.%
Prior Month Occu%
OccupiedUnit
Occup.%
Prior Month Occup.% Flag% Comments
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
Wednesday, March 27, 2019 Page 3 of 4Pg. 28
Property: (Status, Address)TotalUnits
OccupiedUnits
Occup.%
Prior Month Occu%
OccupiedUnit
Occup.%
Prior Month Occup.% Flag% Comments
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:
Wednesday, March 27, 2019 Page 4 of 4Pg. 29
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
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 31
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
3/8/201910:00:00 AM
Carmen Vasquez-Cruz
769 $
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
Pebble Creek1317 Boulder DrKissimmee, FL 34744-
72
100.00%
Leland Enterprises Inc
Emily Badger - Leland Enterprises Inc
, 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. 32
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
Property was 100% occupied at the time of the audit.
None available
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: Picnic area
Examine Areas: Result:
No
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 33
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
3/12/201910:00:00 AM
Jaime Pereira
638 765 889 $ 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
Lee Vista Club Apartments5903 Lee Vista BlvdOrlando, FL 32822-
312
40.00%
Concord Management
Tammy Rumrill - Concord Management
Christina Mares, 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. 34
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
Property was 100% occupied at the time of the audit.
None available
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: swimming pool, playground/tot lot, car care center and outdoor volleyball court.
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 35
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
3/12/20191:00:00 PM
Asantewa Forbes
857 $
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
Dean Woods9808 Dean Woods PlaceOrlando, FL
48
100.00%
Concord Management
Tammy Rumrill - Concord Management
, 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. 36
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
Property was 100% occupied at the time of the audit.
None available
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: PlaygroundW/D ConnectionsPicNic PavilionEnergy efficient appliances
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 37
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
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
Tammy Rumrill - Concord Management
Shanntel Blelch, 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. 38
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
Property was 100% occupied at the time of the audit.
none available
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: After School Program, Business/Computer Center, Car Care Center, Club House, Fitness/Exercise Gym, Picnic Area, Playground, Pool, Washer & Dryer Hookup
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 39
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
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
Tammy Rumrill - Concord Management
Shanntel Bleloh, 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. 40
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
None available
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: After School Program, Business/Computer Center, Car Care Center, Fitness/Exercise Gym, Picnic Area, Playground, Pool, Washer & Dryer Hookup
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 41
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
3/15/201910:00:00 AM
Veronica Perez
758 877 $
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
SouthWinds Cove3400 Southwinds Cove WayLeesburg, FL 34748-
112
40.00%
Concord Management
Tammy Rumrill - Concord Management
, 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. 42
ORANGE COUNTY HOUSING FINANCE AUTHORITY2211 E. HILLCREST STREET, ORLANDO, FL. 32803
PH: (407)894-0014 FAX: (407)897-6679
9-3431
30-Day Cure Required for Exterior Conditions
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:
Inspected Unit:10. Unit Condition
Includes: Townhomes w/garage, w/d hookup,playground.
Examine Areas: Result:
No
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
Acceptable
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.
Wednesday, March 27, 2019 Page 2 of 2
Pg. 43
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: OCHFA Board of Directors
FROM: W.D. Morris, Executive Director
DATE: March 27, 2019
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 $25 million+SHORT-TERM FEE SCHEDULEApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%
Upfront Bond Financing Fee 0.30% 0.30% 0.30% 0.30% 0.30%
Upfront Issuer Fee 2.00% 1.75% 1.50% 1.35% 1.25%
TOTAL Upfront Fees 2.40% 2.15% 1.90% 1.75% 1.65%
Assumed Bond Amount: 5,000,000$ 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 100,000 175,000 225,000 270,000 312,500
TOTAL UPFRONT FEES TO OCHFA 120,000$ 215,000$ 285,000$ 350,000$ 412,500$
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 $25 million+UPFRONT FEESApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%
Upfront Bond Financing Fee 0.30% 0.30% 0.30% 0.30% 0.30%
Upfront Issuer Fee 2.00% 1.75% 1.50% 1.35% 1.25%
TOTAL Upfront Fees 2.40% 2.15% 1.90% 1.75% 1.65%
Assumed Bond Amount: 5,000,000$ 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 100,000 175,000 225,000 270,000 312,500
TOTAL UPFRONT FEES TO OCHFA 120,000$ 215,000$ 285,000$ 350,000$ 412,500$
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$
PV of Annual Fees Received (Assuming 17 Yrs) 121,657 182,485 273,728 364,970 456,213
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 $25 million+UPFRONT FEESApplication Fee 0.10% 0.10% 0.10% 0.10% 0.10%
Upfront Bond Financing Fee 0.30% 0.30% 0.30% 0.30% 0.30%
Upfront Issuer Fee 2.00% 1.75% 1.50% 1.35% 1.25%
TOTAL Upfront Fees 2.40% 2.15% 1.90% 1.75% 1.65%
Assumed Bond Amount: 5,000,000$ 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 100,000 175,000 225,000 270,000 312,500
TOTAL UPFRONT FEES TO OCHFA 120,000$ 215,000$ 285,000$ 350,000$ 412,500$
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$
PV of Annual Fees Received (Assuming 17 Yrs) 128,594 206,097 301,133 396,168 495,210
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