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The Legislative Sunset Review Process

The Florida Legislature. The Legislative Sunset Review Process. Florida Housing Finance Corporation Overview. Kent B. Hutchinson, Staff Director OPPAGA February 16, 2009. Presentation Overview. Corporation Organization Corporation Activities Corporation Financing Resources

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The Legislative Sunset Review Process

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  1. The Florida Legislature The Legislative Sunset Review Process Florida Housing Finance Corporation Overview Kent B. Hutchinson, Staff Director OPPAGAFebruary 16, 2009

  2. Presentation Overview • Corporation Organization • Corporation Activities • Corporation Financing Resources • Advisory Committee • Questions

  3. Corporation Organization Public corporation within the Department of Community Affairs Separate Budget Entity not subject to the department’s control, supervision, or direction Governed by nine-member board of directors Managed by an executive director appointed by the Secretary of DCA Employs 127 full-time staff

  4. Corporation Activities • First Time Homebuyer Program, $634 million in first mortgages funded with tax exempt mortgage revenue bonds; 4,699 households in 2007 • Down Payment Assistance • several different programs • 2,445 households assisted in 2007 • Multifamily Mortgage Revenue Bonds, $162.3 million provided in 2007

  5. Corporation Activities (cont’d) • State Apartment Incentive Loan (SAIL) Program; low interest loans provided to develop affordable rental housing, $123.5 million in 2007 • State Housing Initiatives Partnership (SHIP); funds distributed to local governments to produce and preserve affordable housing, $166 million in 2007-2008

  6. Corporation Financing Resources • Total funding resources $716 million • $363 million from revenue bonds (federal) • $59 million from other federal programs • $294 million in state trust funds

  7. Financing Resources (cont’d) • State funding comes from documentary stamps earmarked for the program by the Sadowski Act • approximately 66% funds SHIP • 20% funds SAIL • remaining goes to other programs

  8. Advisory Committee • Affordable Housing Study Commission • created in 1986, s.420.609, Florida Statutes • 21 members representing various stakeholders • produces an annual report, conducts in-depth housing policy studies, and makes recommendations to the Legislature • 2007-08 incurred $175,000 in expenses • meets at least three times a year

  9. OPPAGA Recommendations Continue Affordable Housing Study Commission

  10. QUESTIONS? • Hard copies of our Sunset Reviews are in your committee packet • Sunset Reviews are also available online • Please call us if you have any questions

  11. Contacts Kent Hutchinson Staff Director 850-487-9164 hutchinson.kent@oppaga.fl.gov Tom Roth Staff Director 850-488-1024 roth.tom@oppaga.fl.gov

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