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Florida Housing Finance Corporation Overview

Learn about the structure, activities, and financing resources of the Florida Housing Finance Corporation, a public corporation under the Department of Community Affairs, dedicated to providing affordable housing solutions.

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Florida Housing Finance Corporation Overview

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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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