broward hfa meeting agenda

BOARD PACKAGE

Meeting

AUGUST 16, 2017

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301

Tel: 954.357.4900 Fax: 954.357.8221

www.broward.org/HFA

Chair Ruth T. Cyrus • Vice Chair Jacqueline Paige Browne • Secretary Colleen LaPlant • Assistant Secretary Milette Thurston Members: Kirk L. Frohme • Donna Jarrett-Mays • Jose “Pepe” Lopez • John G. Primeau • Daniel D. Reynolds

REGULAR MEETING

A regular meeting of the Housing Finance Authority of Broward County, Florida, will be held on Wednesday, August 16, 2017, at 5:30 p.m., in the 2nd Floor Conference Room located at 110 N.E. 3rd Street, Suite 201, Fort Lauderdale, Florida.

CALLING OF THE ROLL CONSENT AGENDA ITEMS 1 – 4

1. Approval of June 21, 2017, Regular Meeting Minutes 2. Executive Director’s (July) Operational Report 3. Leasing of HFA 110 Office Building - Memorandum of Understanding between the

HFA and Broward County Housing Finance and Community Redevelopment Division

MOTION TO APPROVE Memorandum of Understanding (MOU) between the HFA

and Broward County Housing Finance and Community Redevelopment Division (HFCRD) for the HFCRD to lease approximately 8,646 square feet of office space located at 110 NE 3rd Street, Ft. Lauderdale, with a rental term of two (2) years, from October 1, 2017, to September 30, 2019, at a total gross rental of $242,088; and authorize the Chair or Vice Chair to execute the MOU.

4. Florida Association of Local Housing Finance Authorities

MOTION TO AUTHORIZE staff to pledge $5,000 to the Florida Housing Coalition/Sadowski Education Effort to provide financial support during the 2018 Legislative Session.

MOTION TO APPROVE the Consent Agenda for August 16, 2017 REGULAR AGENDA 5. Fiscal Year 2018 Budget of the Housing Finance Authority

http://www.broward.org/housing

of 2

MOTION TO APPROVE the Housing Finance Authority Budget for Fiscal Year 2018.

6. Financial Reports Monthly Overview – Ms. Linda Dufresne

MOTION TO APPROVE the Housing Finance Authority monthly financial reports for the months of June 30, 2017 and July 31, 2017.

7. Wells Fargo Bank, N. A. (Safekeeping Agreements) MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida (“Housing Finance Authority”), approving the appointment of Wells Fargo Bank, N.A., as Safekeeping Agent for the Housing Finance Authority investment funds; approving the appointment of Wells Fargo Securities, LLC as broker for the Housing Finance Authority investment funds; approving and authorizing the execution of the Safekeeping Agency Agreement between the Housing Finance Authority and Wells Fargo Bank, N.A., the Governmental Client Agreement between the Housing Finance Authority and Wells Fargo Securities, LLC, and the Commercial Electronic Office Portal Online Access Agreement between Housing Finance Authority and Wells Fargo Securities, LLC (the “Agreements”); authorizing the proper Officers of the Housing Finance Authority to do all things necessary or advisable in connection with entering into the agreements; providing for severability; and providing for an effective date.

8. Florida Housing Finance Corporation – 2017/2018 Tax Funding Cycles/Request for Applications

MOTION TO APPROVE Resolution of the Housing Finance Authority of Broward County, Florida ("HFA"), approving and authorizing the use of up to $3,000,000 from HFA reserves to provide the Local Government Contribution requirement for the Florida Housing Finance Corporation’s 2017-2018 request for applications (as defined herein), subject to the conditions set forth herein; authorizing HFA staff to publish appropriate notices regarding the availability of such funding; and providing for severability, and an effective date.

9. MATTERS OF HFA MEMBERS 10. MATTERS FROM THE FLOOR 11. NEXT BOARD MEETING September 20, 2017 12. ADJOURNMENT

Subject to Change


MINUTES

BOARD MEETING

Wednesday, June 21, 2017

A regular Board Meeting of the Housing Finance Authority (“HFA”) of Broward County was held on Wednesday, June 21, 2017, at 5:30 p.m., in the 2nd Floor Conference Room, located at 110 Northeast 3rd Street, Fort Lauderdale, Florida. The Chair, Ruth T. Cyrus, called the meeting to order at 5:30 p.m.

CALLING OF THE ROLL

A Roll Call was taken by Ms. Sonia Isme.

Board Members Present

Ruth T. Cyrus, Chair – Colleen LaPlant, Secretary – Milette Thurston, Asst. Secretary –

Kirk L. Frohme, Member – Donna Jarrett-Mays, Member – John G. Primeau, Member – Daniel D. Reynolds, Member

Board Members Absent Jacqueline Paige Browne, Vice Chair

Jose “Pepe” Lopez, Member

Staff Also Present

Suzanne R. Fejes, Executive Director Deborah Zomermaand, Financial Advisor

Norman Howard, Manager

Sonia Isme, Secretary

James Rowlee, Senior County Attorney

The Chair informed the board that staff provided a correction to the motion related to item #3.

Motion read as the Proposed Amended Budget for FY2017 in the amount of $100,500 to include $13,000 for Continuing Education and Travel expenditures, $70,000, for Investment Management Fees, $8,000 for the replacement of the building’s fire alarm panel, and $9,500 for a steel coated white two rail fence.

In addition, Mr. Frohme emailed questions on item #4 for staff response. A hard copy of Q&A’s were provided to each board member.

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, FL 33301

Phone: 954.357.4900 Fax: 954.357.8221

www.broward.org/HFA

HFA Board Meeting

Minutes – June 21, 2017

Page 2 of 6

CONSENT AGENDA ITEMS 1 – 3

1. Approval of May 17, 2017, Regular Meeting Minutes 2. Executive Director’s (May) Operational Report. 3. 2017 Budget Amendments

MOTION TO APPROVE Consent Agenda, June 21 2017.

MOTION was made by Mr. Daniel D. Reynolds, seconded by Ms. Colleen LaPlant, to approve Consent Agenda Items 1 and 3. The motion carried unanimously.

REGULAR AGENDA

4. S. Davis & Associates, P.A. – Ms. Tanya Davis

Ms. Davis provided a brief introduction on the key points in the audit result handout. Ms. Davis explained the procedures performed during the audit process and the actions that were taken for the auditor’s opinion. Ms. Davis stated the only significant estimates were in the allowance for doubtful accounts. She identified the two issues as 2006 A, B and C, with allowance of an approximate amount of $41K, and in 2007 A, B, C, and D with an approximate allowance of $104K. Ms. Davis stated that there was a difference in the Cypress Cove due to the fact that the ledger did not include the approximate $121K which was related to a particular statement that the external accountant did not receive from the trustee. As a result, the balance was not included at the onset of the audit. The statements were provided to the external accountant and the adjustments were made to correct the discrepancy. There was also a difference in the Pembroke Villas Guaranteed Investment Contract (“GIC”) provider statement, general ledger statement and the Trustee account statement. These statements did not include the actual numbers reported in the preliminary trial balance. The corrected journal entry was submitted with corrections. Ms. Davis concluded being that the corrections were provided, the financial statements were deemed sufficient and appropriate to provide a basis for auditor opinion. There were no other findings of any significant or unusual transaction during the course of the audit nor was there any lack of guidance. There weren’t any significant material issues that will prohibit the foregoing process of the multifamily and single family bond issues to continue. Mr. Primeau requested clarification on one of the statements outlined under the single family bond issue 1985 overview. Ms. Davis mentioned it was concerning debt service. Ms. Davis deferred the question to Mr. Radicioni.

HFA Board Meeting


Page 3 of 6

Mr. Radicioni introduced himself as the Trustee from the Bank of New York Mellon. He explained that the concern has been a familiar issue in the past with the Financial Guaranty Insurance Company (“FGIC”). FGIC was restricted from paying claims. They are now under a rehabilitation plan through the New York Department of Insurance. Mr. Radicioni stated that they have been submitting claims to FGIC due to deficiency in being unable to pay debt service. He stated that they have since been coordinating with FGIC and their claims paying agent (Wilmington Trust) on how the bond payments process will be managed. Mr. Radicioni added that this process has taken much longer than expected. Mr. Primeau asked Mr. Rowlee if he has been involved with the bond issue. Mr. Rowlee responded that he has no involvement with the issue. He then stated that it is not a liability to the HFA. Mr. Frohme was concerned that there would be a liability to the HFA. Ms. Zomermaand stated that a previous agenda included disclosures to the attention of the bond holders that the HFA funds cannot be used for such payments. There was a detailed discussion on Bond Issue 1985 between Kirk Frohme, Deborah Zomermaand, James Rowlee and Thomas Radicioni. Ms. Davis preceded to discuss the remaining bond issues. Mr. Frohme requested an explanation of the $89K negative loss in bond issue 2007 A, B, C & D. Ms. Davis stated that she doesn’t have the answer but will follow-up. Mr. Frohme was concerned about the layout of the Fair Market and Change in Net Position graph indicating in column “Increase (Decrease) in Fair Market Value “FMV” as an annual decrease. Mr. Frohme then understood that the column represented accumulative increases and decreases. He suggested to include in the graph “accumulative increase and decrease in FMV” for future reporting.

5. Financial Reports Monthly Overview – Ms. Linda Dufresne, Dufresne CPA Services

Ms. Dufresne provided an overview of the Monthly Financial Reports indicating there are no major changes, and that Franklin Park has an additional two closings pending. The HFA has been paid in full, and the remaining funds from the two closings are due to Broward County. Ms. Dufresne also stated $50K in retainage will be withheld from the proceeds to the County as a precautionary should there be any future expenses. Ms. Thurston inquired about the timeframe of releasing the $50K retainage withheld to Broward County. Ms. Fejes responded the intent is to wait until the project is completed. The County anticipates closing by August 1st. Once the closings are set, the HFA can release the $50K.

HFA Board Meeting


Page 4 of 6

Mr. Frohme asked was the $50K retainage fee part of the $280K due to the County. Ms. Zomermaand stated that to her understanding the May 31st statements indicated that a check was issued for retainage in the amount of $41,696.48 that has yet to clear. The amount due to the BOCC is $279,350.34. Ms. Zomermaand stated last month’s report indicated $112K was due to the BOCC, and at that time a closing occurred which increased from $112K to the $280K. The $280K will need adjustments due to future fees. Ms. Zomermaand also clarified that the $237K is a decrease from the $279K minus the $50K retainage fee. Mr. Primeau asked why the closings are taking so long to close. Ms. Fejes explained that two buyers fell out of the program, and currently there are two new buyers that are at the first phase income certification process. This in fact is a lengthy process. Ms. Fejes added there are many challenges involving the lenders approval, income approval and purchase assistance eligibility which all ties into the process. Mr. Frohme recalled that the investment management fees was agreed to the modification in the budget in the consent agenda specified as $70K, and the schedule specify the $48K. It is unclear whether the actual amount is the $70K or $48K. Mr. Howard replied that it was previously $48K referenced in the income statement. We factored in pending fees from Karpus and the $1000 from Wells Fargo as projections. Mr. Howard stated that Karpus will invoice fees within the next two to three months. (There was a detailed discussion between Kirk Frohme, John G. Primeau, Linda Dufresne and Norman Howard on the budgeted fee item included Karpus). Ms. Zomermaand understood that Karpus had since been terminated and that the funds are in a safekeeping account with U.S. Bank until safekeeping arrangements are made. U.S. Bank would have a flat annual fee of $7,500, if the HFA remain with them. Ms. Zomermaand stated that she believes as of May 31st, the HFA would not pay the prorated $60-$70K annual fee from Karpus. However, the HFA can potentially have the minimum $7,500 annual fee from U.S. Bank depending on what is done to the funds. Mr. Frohme then asked will the HFA be refunded 1/3 of the quarterly fee made to Karpus. Mr. Howard replied that would be the Board’s determination. Mr. Frohme asked for an explanation on the Cypress Grove bond issue discrepancy. Ms. Dufresne stated that it was an account that was later created and was not included in the initial bond report. Mr. Radicioni commented that it was established in the amended bond documents. The HFA should have been receiving paper statements at which there was a clerical error, and Ms. Dufresne firm was not added as an additional to receive statements.

HFA Board Meeting


Page 5 of 6

Mr. Frohme asked were the funds going to the developer. Mr. Radicioni stated that they are not. The funds are being deposited into a principle reserve account held by the trustee. A reimbursement agreement was put in place when the credit enhancement was redone. The borrower is liable to make monthly deposits to the account per the principle reserve schedule. Mr. Radicioni also stated that when the account balance reaches a certain amount they would initiate a bond redemption and use the funds to reimburse the credit facility provider. Mr. Frohme stated that according to the financial statements it indicates the funds are due to developer. Ms. Dufresne stated that it is usually the same for all the multifamily deals net to zero in the financial statements. There was a detailed discussion on the Cypress Grove bond issue between Kirk Frohme, Linda Dufresne, Thomas Radicioni, and Colleen LaPlant.

6. Investment Portfolio - Safekeeping/Custody

Ms. Cyrus informed the board that the Investment Committee conducted their first meeting prior to the board meeting. Ms. Cyrus asked Ms. Zomermaand to provide brief overview on the selection of the institution and the recommendations. Ms. Zomermaand provided a brief overview of the custodial institutions, Wells Fargo and U.S. Bank. She stated that Wells Fargo is the current custodian for Broward County and U.S. Bank currently holds the accounts for the HFA through Karpus. Ms. Cyrus stated that the decision was to move from U.S. Bank to Wells Fargo as proposed by the Committee based on the analysis. MOTION TO AUTHORIZE execution of custodial safekeeping and other agreements as required to establish accounts in connection with HFA’s investment portfolio and self-directed investments; subject to approval of the Senior County Attorney, Executive Director and Chair of the Investment Committee.

MOTION was made by John G. Primeau, seconded by Kirk L. Frohme, to approve execution of custodial safekeeping and other agreements as required to establish accounts in connection with HFA’s investment portfolio and self-directed investments; subject to approval of the Senior County Attorney, Executive Director and Chair of the Investment Committee.

Mr. Rowlee then suggested to include in the motion “to establish accounts with Wells Fargo”. Ms. Cyrus stated that a motion is needed to amend the previous motion to include “to establish accounts with Wells Fargo”. MOTION TO AMEND execution of custodial safekeeping and other agreements as required to establish accounts with Wells Fargo in connection with HFA’s investment portfolio and self-directed investments; subject to approval of the Senior County Attorney, Executive Director and Chair of the Investment Committee.

HFA Board Meeting


Page 6 of 6

MOTION was made by John G. Primeau, seconded by Kirk L. Frohme, to amend the previous motion to include “to establish accounts with Wells Fargo”. All were in favor and motion carried unanimously.

Mr. Frohme asked who the Chair of the Committee is. Ms. Cyrus replied that she is the Chair of the Committee and the Executive Director is the Vice Chair. Mr. Primeau also informed the board that there will be a finance meeting held every other month starting in August. The meetings are at least required to be held every quarter. The meetings will be held prior to the HFA Board meeting at 4pm, depending on the necessity.

INFORMATION ITEM

7. Single Family Mortgage Revenue Bonds, Series 2007E Ms. Zomermaand stated that the item was included as an informational item, being that there

was an upgrade to the family bond issue.

8. MATTERS OF HFA MEMBERS None.

9. MATTERS FROM THE FLOOR

None.

10. NEXT BOARD MEETING

August 16, 2017

11. ADJOURNMENT

Meeting adjourned by Chair, Ruth T. Cyrus, at 6:26 p.m.

Disclosure: The above captioned Minutes are transcribed in a summary format. To request a CD of the full meeting, please

contact Sonia Isme at (954) 357-4914.

BROWARD COUNTY

~lsA_ HOUSING FINANCE AU TH ORITY

MEMORANDUM

Date: August 4, 2017

To: Housing Finance Authority Board Members

Through: Suzanne Fejes, Executive Dire or 5 From: Norman L. Howard, Mana

Subject: July Operational Report

INVESTMENT COMMITTEE

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, Florida 33301

Tel: 954.357.4900 Fax: 954.357.8221

www.broward.org!HFA

An Investment Committee meeting of the Housing Finance Authority of Broward County, Florida, will be held on Wednesday, August 16, 2017, at 4:00 p.m., at 110 N.E. 3rd Street, 3rd Floor, Suite 300 Fort Lauderdale, Florida .

SINGLE-FAMILY

Information listed below is the foreclosure/bankruptcy report received from CitiMortgage for the months of May 2017 and June 2017. The report for the month of July 2017 has not been received from CitiMortgage to date.

B k t an rupicy- M 2017 ay Loan Count Total

0 $0

F orecosure - M 2017 ay Loan Count Total

7 $991,015

B k t an rupl cy - J une 2017 Loan Count Total

0 $0

HFA Executive Report (July, 2017) Page I of 2

1st Lien 2nd Lien 1st Mort./Total 2nd Mort./Total

0 0 $0 $0

1st Lien 2nd Lien 1st Mort./T otal 2nd Mort. IT otal

6 1 $954,511 $36,504

1st Lien 2nd Lien 1st Mort./Total 2nd Mort./T otal

0 0 $0 $0

HFA Executive Report (July, 2017)

Page 2 of 3

Foreclosure – June 2017

2017 Mortgage Credit Certificate Program (MCC) At this time, the HFA has ten (10) lenders participating in the January 2017 MCC Program. The program totals to date are as follows:

MCC’s by Lender Commitments Issued Cancelled/Expired

Academy Mortgage 5 4 0

Bank of America 2 2 0

Cornerstone Home Lending 1 1 0

Gold Star Mtg. Financial Group 3 1 0

Hamilton Funding Group 29 19 2

HG Mortgage, LLC 13 6 1

Paramount Residential Mortgage Group (PRMG)

14 7 0

The Mortgage Firm 1 0 0

Primary Residential Mortgage 0 0 0

Priority Lending Corp. 0 0 0

Totals 68 40 3

Income to date: $6,925

MULTI-FAMILY Multifamily compliance monitoring; reporting period May 21, 2017, to June 20, 2017. Monthly Compliance

Review of this month’s bond report shows all properties are in compliance with their respective Land Use Restriction Agreements (LURA’s).

Occupancy Report

Loan Count Total 1st Lien 2nd Lien 1st Mort./Total 2nd Mort./Total

7 $991,015 6 1 $954,511 $36,504

HFA Executive Report (July, 2017)

Page 3 of 3

The HFA Rental Occupancy Report for time period May 21, 2017, to June 20, 2017, is included (Attachment 2). Annual Management Review and Inspections

There following two reviews or inspections were completed during the reporting period of May 21, 2017 to June 20, 2017.

Golden villas Pinnacle Village

All of the above listed properties were in compliance with their respective LURAs.

ATTACHMENT 1

2017 MULTIFAMILY HOUSING BOND TRANSACTIONS – AUGUST UPDATE

HFA RANKING 1 2 3

PROJECT NAME

The Palms of Deerfield

Apartments

Emerald Palms Apartments

The Landings at Coconut

Creek

PROJECT LOCATION

425 NW 1st Terrace

Deerfield Beach, FL 33441

5331 Southwest 43rd Terrace

Dania Beach, FL 33314

4854 Fishermans Dr.

Coconut Creek, FL 33063

DEVELOPER

Deerfield Beach Family Empowerment,

Inc., an entity affiliated with the “Housing

Authority of the City of Deerfield Beach”

MRK Partners Inc.

TH Real Estate

PROFESSIONAL TEAM

Lead Underwriter

Bond Counsel

Credit Underwriter (“CU”)

TBD

Nabors, Giblin & Nickerson

AmeriNat

TBD


TBD

TBD


TBD

BOND AMOUNTS

Bond Amount/Original Req.

Revised Request

CU Recommendation

$7,250,000

$10,000,000

TBD

$38,000,000

N/A

TBD

$33,000,000

N/A

TBD

TEFRA & Inducement

TEFRA/Inducement Amount

Date of TEFRA Hearing

Date of HFA Approval

Date of BOCC App. TEFRA

Date of HFA Inducement

Date of BOCC Approval Cust.

Agreement (If Applicable)

$10,000,000 (TEFRA & Inducement)

February 27, 2017

June 8, 2016

TBD

June 8, 2016

N/A

$38,000,000 (Inducement)

TBD

TBD

TBD

April 19, 2017

N/A

$38,000,000 (Pending)

TBD

TBD

TBD

September 20, 2017 (Pending)

N/A

ALLOCATION

Allocation Approved by HFA

$10,000,000 (06-08-2016)

$38,000,000

$33,000,000 (09-20-

2017)/Pending

TRANSACTION STATUS See Note #1 See Note #2 See Note #3

Note #1:

Application to fund Palms at Deerfield Beach in the 2016 allocation cycle was submitted to the HFA on October 29, 2015. The TEFRA Hearing was

held on February 27, 2017. The financing is expected to fund the acquisition and rehabilitation of 100 units of affordable housing in Deerfield

Beach. The HFA approved and induced the project at its board meeting on June 8, 2016, such acceptance effectively ranking it to receive tax-exempt

bond allocation and/or carryforward in 2016.

Note #2:

Application to fund Emerald Palms Apartments in the 2017 allocation cycle was submitted to the HFA on March 20, 2017. The financing is

expected to fund the acquisition and rehabilitation of 318 units of affordable housing in Dania Beach. The HFA approved and induced the project at

its board meeting on April 19, 2017, such approval will rank the development to receive tax-exempt bond allocation and/or carryforward in 2017.

Note #3:

Application to fund Landings at Coconut Creek apartments in the 2017 allocation cycle was submitted to the HFA on August 2, 2017. The financing

is expected to fund the acquisition and rehabilitation of 268 units of affordable housing in Coconut Creek. Presuming HFA approval and inducement

of the project at its board meeting on September 20, 2017, such approval will rank the development to receive tax-exempt bond allocation and/or

carryforward in 2017.

ATTACHMENT 2

Housing Finance Authority of Broward County

Rental Occupancy Report

Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K

Property

Total

Number of

Units

From Mgmt

Number of

Units

Occupied

% of Units

Occupied

Previous

month % of

Lower Units

Occupied

May

From Mgmt

Low Income

Units

Occupied

% Occupied

by Low

Income

LURA

Low Income

Requirement

Certificate of

Compliance

rec'd

June Comments

Vacant

Units

Banyan Bay 416 387 93.0 48% 180 46.5 20% 7/7/2017 29

Banyan Pointe 300 300 100.0 95% 286 95.3 40% 7/1/2017 0

Chaves Lakes 238 236 99.2 92% 218 92.4 40% 6/29/2017 QP expires 3/2018 2

Colonial Park 160 160 100.0 100% 160 100.0 99% 6/20/2017 0

Cypress Grove/Sandalgrove 814 747 91.8 100% 747 100.0 40% 6/28/2017 67

Emerald Palms 318 314 98.7 89% 279 88.9 40% 6/30/2017 QP expires 5/1/2017 4

Fairlake at Weston 368 337 91.6 36% 120 35.6 20% 6/28/2017 QP expires 12/2016 31

Golden Villas 120 119 99.2 99% 118 99.2 40% 7/6/2017 1

Golf View Gardens 160 160 100.0 100% 160 100.0 100% 6/22/2017 0

Harbour Cove 212 210 99.1 88% 183 87.1 40% 6/27/2017 2

Heron Pointe 200 197 98.5 98% 193 98.0 40% 6/30/2017 3

Laguna Pointe 188 188 100.0 92% 173 92.0 40% 6/23/2017 0

Lake Vista (fka Ashlar/Pier Club) 480 420 87.5 24% 98 23.3 20% 6/30/2017 QP expires 6/1/2021 60

Lauderhill Point (fka Driftwood Terr) 176 173 98.3 100% 173 100.0 100% 7/10/2017 3

Los Prados 444 405 91.2 24% 102 25.2 20% 6/27/2017 39

Mar Lago Village 216 206 95.4 43% 87 42.2 40% 7/10/2017 10

Meridian 160 160 100.0 100% 160 100.0 99% 6/29/2017 QP expires 5/2018 0

Palms of Deerfield 56 56 100.0 100% 56 100.0 100% 7/10/2017 0

Pembroke Gardens 198 193 97.5 93% 184 95.3 40% 7/1/2017 QP expires 12/2015 5

Pembroke Park 244 241 98.8 84% 203 84.2 40% 6/30/2017 3

Pembroke Villas 180 178 98.9 9% 166 93.3 40% 7/1/2017 QP expires 6/2016 2

Pinnacle Village 148 143 96.6 99% 142 99.3 40% 7/6/2017 5

Prospect Park 125 124 99.2 100% 124 100.0 40% 7/6/2017 1

Sailboat Bend 37 37 100.0 100% 37 100.0 100% 7/10/2017 0

San Tropez (fka Pembroke Village) 480 463 96.5 21% 96 20.7 20% 6/26/2017 QP expires 6/26/2019 17

Sanctuary Cove 292 292 100.0 100% 290 99.3 40% 6/26/2017 0

St Croix 246 244 99.2 100% 242 99.2 40% 7/3/2017 QP expires 6/1/2020 2

Summerlake 108 106 98.1 100% 106 100.0 40% 7/20/2017 2

Venice Cove 150 148 98.7 100% 148 100.0 40% 7/5/2017 QP expires 11/2017 2

Woodsdale Oaks 172 171 99.4 100% 171 100.0 70% 6/26/2017 1

Totals 7,406 7,115 5,402 291

* Figures in red show properties that are less than 90% occupied

Total % rate of occupancy for all properties 96%

Properties highlighted in yellow have bonds outstanding although the QP has expired

Pending New Projects

Northwest Gardens (new construction/acquisition rehab)

Stanley Terrace (acquisition rehab)

Residents at Crystal Lakes (new construction)

Item 2 - Attachment 2 (2017 6 Rental Occupancy Report) final 8/2/2017; 3:35 PM

MULTI-FAMILY BOND RENTAL OCCUPANCY REPORT KEY

The Rental Occupancy Report was prepared by staff from Certifications of Continuing

Compliance reports received from Multi Family property management.

Column B represents the total number of units the property has.

Column C represents the number of units occupied during the time period.

Column D represents the percentage of units occupied versus the total number.

Column E represents the percentage of total units that were lower income occupied

during the month of May, 2017

Column F represents the number of lower income units occupied.

Column G represents the percentage of lower income units occupied versus the total

number of units available.

Column H represents the lower income requirement per the Land Use Restriction

Agreement.

Column I represents the date the Certificate of Compliance was received by Housing

Finance Authority.

Column J represents comments deemed important or necessary such as the qualifying

period expiration date or explanation for red numbers on the report.

Column K represents the number of units vacant for each property.

Columns that are blank represent no report was received from property management.

Housing Finance Authority of Broward County August 16, 2017 – Board Meeting

Leasing of HFA Office Building (110 NE 3rd Street, Fort Lauderdale) Background Information

The HFA building currently totals 13,751 square feet. This space is allocated (including common space) to the following activities:

HFA 5,105 sq. ft. (No Charge) CDBG 6,416 sq. ft. HOME/NSP 1,529 sq. ft. SHIP 701 sq. ft. Total 13,751 sq. ft.

1. On August 12, 2015, the HFA Board approved rent at $121,044 per year for two years from September 30, 2015, to September 30, 2017, and Broward County Housing Finance and Community Redevelopment Division paid the HFA the sum of $242,088 for the two year period. The cost per square foot was $14.00.

2. In August, 2012, the HFA Board approved rent for a two year term from

September 30, 2013, to September 30, 2015, at the following rental rates: FY 2014 at $13.00 per square foot or $112,398 FY 2015 at $13.00 per square foot or $112,398

Present Situation

The FY2015 Memorandum of Understanding (MOU) between the HFA and the Housing Finance and Community Redevelopment Division (HFCRD) expires on September 30, 2017. The current rental rate is $14.00 per square foot or $121,044 annually and space allocated is 8,646 sq. ft. No charge is applied to the space allocated for HFA use (5,105 sq. ft.). Staff is proposing another term for two years, from October 1, 2017, through September 30, 2019, at the following rental rates: FY 2018 at $14.00 per square foot or $121,044 FY 2019 at $14.00 per square foot or $121,044

The HFA space is classified as “B” grade office space, which is based on staff’s subjective observation and experience, according to Broward County Real Property Section (the County). The County’s opinion, the estimated market rent for this space should remain unchanged from the 2015, which is currently at $15.00 per square foot, triple net due to existing market conditions for the office space in the area (Attachment 1).

Analysis

Staff has prepared an analysis which provides various levels of recoverable costs, e.g. operating costs only, operating costs plus debt service of principal and/or interest, and full costs recovery (Attachment 2). Level 1: Recover operating costs only - $6.54 per square foot Level 2: Recover operating costs and debt interest - $6.54 per square foot Level 3. Recover operating costs and principal & interest - $6.54 per square

foot Level 4: Full cost recovery - $8.00 per square foot

Recommendation

Staff recommends the proposed rental term of two years, from October 1, 2017, to September 30, 2019, at a total gross rental of $242,088 at a cost of $14.00 per square foot; and execute a Memorandum of Understanding signed by the HFA Chair.

Attachments

1. Memo - Broward County Real Property Section dated April 25, 2017 2. 2018 HFA Building Costs Allocation 3. Memorandum of Understanding

ATTACHMENT 1

FLORIDA

Public Works Department - Facilities Management Division - REAL PROPERTY SECTION 11 5 S. Andrews Avenue, Room 326 ·Fort Lauderdale, Florida 33301 • 954-357-6808 • FAX 954-357-6292

TO:

THRU:

FROM:

MEMORANDUM

April 25, 2017

Norman L. Howard, Assistant to the Director Housing Finance Authority of Broward County Housing Finance and Community Development Division

Purvi Bhogaita, Directoa Real Property Sectionf ~

C. Kevin Bokoske, MAl, Due Diligence Officer f'Vf2 / Real Property Section VV' Z5

SUBJECT: Leasing of HFA Office Building 110 NE 3rd Street Fort Lauderdale, Broward County, Florida

I have researched and analyzed the office rental market in the central business district ("CBD") of Fort Lauderdale, in order to form an opinion of what the market rental rate is at 110 NE 3rd Street, the location of the Housing Finance Authority ("HFA") office space in mid-2015.

The HFA space is classified as "B" grade office space, which is based on my subjective observation and experience, not on an objective or quantifiable checklist of the physical characteristics, locational quality, or other criteria.

We estimated the market rent for this space in 2015 was $15.00 per square foot, on a triple net basis.

The Fort Lauderdale office market has continued the slow and steady improvement that began in the recovery year of 2012. The present office vacancy rate for Class B space is 13.7% for the CBD; Broward County's employment rate has increased 4.3% in 2017; there is speculative new office construction underway in the CBD; and vacancies are expected to decrease and office rents are projected to increase during the rest of 2017.

Broward County Board of County Commissioners Mark D. Bogan ·Beam Furr • Steve Geller· Dale V.C. Holness· Chip LaMarca • Nan H. Rich· Tim Ryan· Barbara Sharief ·Michael Udine

www.broward .org

We researched several respected publishers and analysts of commercial real estate information and market data. A summation of these reports follows:

The 2017 "CBRE Market Outlook for Downtown Fort Lauderdale Office" report shows vacancy rates have declined sufficiently to provide incentive for development; there is very little supply; multiple tenants are vying for the same space opportunities; and rental rates are rising, and investor interest is expected to rise in the coming years.

The "JLL (formerly "Jones Lang LaSalle") Office Outlook for 1Q 2017" expected a tighter office market for Fort Lauderdale, and pointed out that development of new office product has begun in Broward County. The report estimated total vacancy at 11.0% in the Fort Lauderdale CBD, rents are higher than the same time last year, and concessions are stable.

The "Cushman & Wakefield 4Q 2016 Office Report" reported Broward County continued its strong upward momentum throughout 2016. It said the market indicators for all classes of office space include reduced vacancy, increased absorption, and increased average asking rents.

The "Marcus & Millichap Office Forecast" reports Broward County will add 36,000 jobs in 2017 and that heightened demand will pull vacancy rates down. The report expects rents to rise 5.7% during 2017, after a robust 7.6% increase posted in 2016.

The "Newmark Grubb Knight Frank 1Q 2017 Office Market Report" says the Broward County office market continues to see increased quoted average asking rents from a year earlier, although this was seen more in the Class A sector than the Class B sector. Fort Lauderdale still holds the lowest vacancy in South Florida, according to the report.

The previous sources were unanimous in their bullish report and outlook for the office market in Broward County and Downtown Fort Lauderdale in particular.

We also searched LoopNet for office rental listings in the Fort Lauderdale CBD, as these properties would compete with the subject for tenants. The search parameters were for space from 1,000 to 5,000 square feet, in order to be comparable to the office property in this assignment. The results confirmed our estimate of $15.00 per square foot, triple net, for the subject space.

There are sufficient examples shown that illustrate that a typical office tenant would face little difficulty in locating space similar in quality and convenience to the subject property for approximately $15.00 per square foot. In my opinion, the market rental rate remains unchanged from the 2015 opinion of the rate:

OPINION OF MARKET RENT: $15.00 PER 5/F, NNN

VALUATION/MARKET RENT ANALYSIS

According to Standards Rule 2-2-b of the 2016-2017 Uniform Standards of Professional Appraisal Practice ("USPAP"), there are two possible reporting options to be used by an appraiser to report an assignment's findings: an Appraisal Report or a Restricted Appraisal Report. The restricted appraisal reporting option is used when only the client, and no others, will rely on the report. So in nearly every case, the restricted reporting option is not appropriate for appraisals done for Broward County. This leaves the appraisal report option.

The reporting option must be consistent with the intended use of the appraisal. This report is an Appraisal Report, as this is sufficient to meet the requirements of the Intended Use (establish the proper rental rate for office space in the HFA Building, for allocation purposes) and the Intended User (Housing Finance Authority).

Each Appraisal Report must contain, and at a minimum:

i. State the identity of the client and any intended users, by name or type. The client of the Broward County Real Property Section is Broward County. The Intended Users are the Housing Finance Authority of Broward County and the Housing Finance and Community Development Division. Each would also be expected to receive a copy of this report.

ii. State the intended use of the appraisal. The Intended Use is to assist in establishing the market rental rate for the allocation of space and potential office leases of the subject property.

iii. Summarize information sufficient to identify the real estate involved in the appraisal, including the physical and economic property characteristics relevant to the assignment. In this instance, the property is identified as the low-rise office building located at 110 NE 3rd Street, Fort Lauderdale, Florida. We have been inside the building previously, and inspected the exterior and the immediate neighborhood for familiarization purposes early in 2015. The client and the appraiser are clear as to which real property is the subject of this appraisal, and we contemplate that the other parties that may rely upon this work will also be familiar with the real estate involved in the appraisal. This structure contains 2 floors of Class B office space constructed with a parking area underneath on the ground level.

iv. State the real property interest being appraised. Market Rental Rate by use of a comparative analysis.

v. State the type and definition of value and cite the source of the definition. Market Value, as defined in Advisory Opinion 22 (A0-22) of USPAP, and also Title XI of FIRREA:

Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a f air sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the

consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

I. buyer and seller are typically motivated;

2. both parties are well informed or well advised and acting in what they consider their own best interests;

3. a reasonable time is allowed for exposure in the open market;

4. payment is made in terms of cash in U.S dollars or in terms of financial arrangements comparable thereto; and

5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Most of the conditions necessary for market value in the preceding section also apply to market rent. Market Rent, in the Fourth Edition of The Dictionary of Real Estate Appraisal (The Appraisal Institute. Chicago, 2002.) is defined as:

The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restrictions of the specified lease agreement including term, rental adjustment and revaluation, permitted uses, use restrictions, and expense obligations; the lessee and lessor each acting prudently and knowledgeably, and assuming consummation of a lease contract as of a specified date and the passing of a leasehold from lessor to lessee under conditions whereby:

I. lessee and lessor are typically motivated.

2. both parties are well informed or well advised, and acting in what they consider their best interests.

3. a reasonable time is allowed for exposure in the open market.

4. the rent payment is made in terms of cash in United States dollars, and is expressed as an amount per time period consistent with the payment schedule of the lease contract.

5. the rental amount represents the normal consideration for the property leased unaffected by special fees or concessions granted by anyone associated with the transaction.

vi. State the effective date of the appraisal and the date of the report. The date of this appraisal report and the effective date of the appraisal is April 25, 2017.

vii. Summarize the scope of work used to develop the appraisal. The appraiser visited the parcel and viewed the interior and exterior view; researched current office space for rent listings in the Fort Lauderdale area for Class B low-rise and mid-rise office space in the general area of Fort Lauderdale, particularly north of Broward Boulevard; and reviewed published real estate market conditions reports.

viii. Summarize the information analyzed, the appraisal methods and techniques employed, and the reasoning that supports the analyses, opinions, and conclusions; exclusion of the sales comparison approach, cost approach, or income approach must be explained. Only the sales comparison approach, in the form of a comparative rental analysis, is to be used in this appraisal.

ix. State the use of the real estate existing as of the date of value and the use of the real estate reflected in the appraisal; and, when an opinion of highest and best use was developed by the appraiser, summarize the support and rationale for that opinion. The property being appraised has been improved with a low-rise masonry office building, paving, chain link fencing, gate, and lighting. It is presently used for an office facility by the Housing Finance Authority. The highest and best use, should the parcel be vacant and ready for use, would be limited by the restrictions placed on the site by zoning and land use regulations, as well as the overall financial climate, which at the time of this assignment, was slowly improving. For this assignment, the highest and best use is the continuation of the existing use as office space used to house the administrative or managerial staff of an enterprise requiring a CBD location.

x. Clearly and conspicuously state all extraordinary assumptions and hypothetical conditions; and state that their use might have affected the assignment results. The assumptions and conditions will be listed elsewhere within this report under their respective headings.

xi. Include a signed certification in accordance with Standards Rule 2-3. This will follow in this report.

Street L. #

1 100

2 1329

3 6301

4 3400

5 4101

6 3661

7 3521

8 3201

9 2005

10 1

11 790

12 3201

13 5900

LOOPNET - HFA -110 NE 3RD STREET- FORT LAUDERDALE CBD APRIL 25, 2017

Ave Total NNN

Year Building Available Rent Property Address Built Space Space Per S/F Remarks

NE 3rd Avenue 1983 165,893 4,333 $17.50 Class A Fort Lauderdale

NE 4th Avenue Unkn 1,927 5,182 $15.00 Community Center Fort Lauderdale Wilton Drive Area

NW 5th Way 1983 119,339 1,067 $16.50 Class B Fort Lauderdale Lakeside Plaza

NE 34th Street 1966 14,000 14,000 $15.00 Class B Fort Lauderdale Bank United Building

NW 3rd Court 1968 37,921 600 $16.00 Class C Fort Lauderdale

W . Oakland Park Blvd 1976 37,053 1,493 $14.00 Class B Fort Lauderdale Bank of America Building

W . Broward Blvd Unkn 42,040 2,000 $16.00 Class B Fort Lauderdale

Griffin Road Unkn 40,991 4,200 $12.00 Class B Fort Lauderdale

W . Cypress Creek Rd 1985 26,608 5,643 $15.00 Class B Fort Lauderdale

E. Broward Blvd 1984 350,743 445 $18.00 Class A Fort Lauderdale Wells Fargo Building

E. Broward Blvd Unkn 25,684 2,340 $11 .25 Class B Fort Lauderdale Chase Building

W . Commercial Blvd Unkn 234,954 1,083 $13.50 Class A Fort Lauderdale

N. Andrews Avenue Unkn 198,528 4,521 $17.50 Class A Fort Lauderdale

$11.25 Low $15.17 Mean $15.00 Median $15.00 Mode $18.00 High

' . '

CERTIFICATION

SUBJECT: Lease Rate for HFA Office Building 110 NE 3rd Street

I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.

• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal , impartial, and unbiased professional analyses, opinions, and conclusions.

• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

• My engagement in this assignment was not contingent upon developing or reporting predetermined results.

• My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal; nor is my continued employment by the Client, Broward County, contingent upon any findings or opinions in this review.

• The reported analyses, opinions, and conclusions were developed, and this appraisal review report was prepared, in conformity with the requirements of the Appraisal Institute's Code of Professional Ethics and Standards of Professional Appraisal Practice, which include the Uniform Standards of Professional Appraisal Practice.

• The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

• I visited the subject property under review, to familiarize myself with the property and the surrounding area, early in 2015.

• I performed a similar service on this property, for the same client, in 2009, 2010, 2011, 2013, and 2015. (This disclosure is required.)

• As of the date of this report, I have completed the continuing education program of the Appraisal Institute. This certification remains effective until December 31, 2021 .

(t~~ C. Kevin Bokoske, MAl April 25, 2017

ATTACHMENT 2

2018 HFA Building Costs Allocation

Level 1 Level 2 Level 3 Level 4

Oprs

with debt

interest

with debt

p & i

with cap.

replacement

2018 Debt Interest $0 $0 $0 $0

2018 Debt Principal $0 $0

Building Repairs $20,000 est.

Utilities 28,000 28,000 28,000 28,000

Bldg and Grounds maintenance 62,000 62,000 62,000 62,000

$90,000 $90,000 $90,000 $110,000

Total square feet 13,751 13,751 13,751 13,751

(including common areas)

Cost per square foot 6.54$ 6.54$ 6.54$ 8.00$

By function: Sq Ft

Allocated

cost

Allocated

cost

Allocated

cost

Allocated

cost

HFA 5,105 $33,412 $33,412 $33,412 $40,837

CDBG 6,416 $41,993 $41,993 $41,993 $51,324

HOME/NSP 1,529 $10,007 $10,007 $10,007 $12,231

SHIP 701 $4,588 $4,588 $4,588 $5,608

Breakeven 13,751 $90,000 $90,000 $90,000 $110,000

Costs = Based on 2018 Budget.

ATTACHMENT 3

MEMORANDUM OF UNDERSTANDING

Between

Broward County Housing Finance and Community Redevelopment Division

And


For

The Leasing of Property Located at 110 NE 3rd Street

Fort Lauderdale, Florida 33301

This Memorandum of Understanding covers occupancy of the building at 110 NE 3rd Street, Fort Lauderdale, Florida of 8,646 square feet by the Housing Finance and Community Redevelopment Division for a term of two (2) years, from October 1, 2017 to September 30, 2019. The parties agree that the Housing Finance and Community Redevelopment Division shall pay to the Housing Finance Authority the sum of $121,044 (one hundred twenty-one thousand forth-four dollars) for the term from October 1, 2017 to September 30, 2018 and $121,044 (one hundred twenty-one thousand forty-four dollars) for the term from October 1, 2018 to September 30, 2019. The sum is based on calculations of space occupied as indicated on the allocation table at a below market rate. Signed: ____________________________ Date: August 16, 2017 Ruth T. Cyrus Chairperson, Housing Finance Authority of Broward County _____________________________ Date: August 16, 2017 Suzanne Fejes Executive Director, Housing Finance and Community Redevelopment Division


Florida Association of Local Housing Finance Authorities (Florida ALHFA) Authorize staff to pledge $5,000 to the Florida Housing Coalition/Sadowski Education Effort to provide financial support during the 2018 Legislative Session. Present Situation

Staff received a letter from the Florida ALHFA dated July 30, 2017 (Attachment 1), requesting its members to continue supporting the Florida Housing Coalition/Sadowski Education Effort (“SEE”) in the 2018 Legislative Session by providing financial support in this educational effort. With term limits, there is continual turnover in the Legislature; new Legislators must be educated on the value of Housing Finance Authorities and State housing programs. Background

In 1992 the Sadowski Coalition was formed to ensure the State of Florida Legislature approved funds annually to be set aside for affordable housing throughout the State of Florida, for example, State Housing Initiatives Partnership (SHIP) and State Apartment Initiatives Loan (SAIL). SHIP and SAIL are very important for bond transactions to assist in gap financing on affordable rental developments.

Since August, 2009, the Broward HFA has contributed $36,000 (2010, $5,000; 2011, $1,000; 2012, $5,000; 2013, $5,000, 2014, $5,000, 2015, $5,000, 2016, $5,000 and 2017, $5,000 ) for the Florida Housing Coalition/Sadowski Education Effort of Florida. Recommendation

Authorize staff to pledge $5,000 to the Florida Housing Coalition/Sadowski Education Effort to provide financial support during the 2018 Legislative Session.

Attachment

Florida ALHFA letter dated July 30, 2017

ATTACHMENT 1

FLORIDA ALHFA ASSOCIATION OF LOCAL HOUSING Fl. .ANCE

AUTHORITIES

BOARD OF DIRECTORS

HARRY HEDGES JIM RYAN HILLSBOROUGH COUNTY HFA CLAY COUNTY HF..;

VICE PRESIDENT PAST PRESIDENf

ANGELA A. ABBOTT W. D. MORRIS BREVARD CO UNIT" HFA ORA.~GE COU}ITY HF.>\

July 30, 2017

Florida ALHFA Members:

C HEREE KATHRY N DRIVER

PINELLAS COUNTY HF.' MIAMI·DADE~~~~;;:

WALT FERGUSON PAT LOTI LEE COUNT Y HFA ESC AMBIA COUN1Y HFA

Re: Contribution to Sadowski Education Effort for 2018

RICHARD PIERRO MANATEE COUNTI' HFA

DIRECTORS

MARK HENDRICKSON

SUSAN LEIGH

First, many thanks to all of our HFAs who contributed to the Sadowski Education Effort (SEE) these last several years. The effort has been extremely effective but the educational effort isn 't over. It's time for everyone to again make their annual contribution to the Sadowski Education Effort.

The 2018 Legislative Session begins in January. Therefore, our professional team needs to be engaged and working by September 2017. Even if your budget system does not permit a contribution until after your fiscal year begins on October 1, we need your pledge now. And of course , contributions received in August and September are optimal.

In our previous correspondence, it was stated that with term limits, there is continual turnover in the legislature - new legislators must be educated on the value of housing finance authorities and state housing programs. Therefore , it is essential that the educational efforts be an ongoing project.

To that end, Florida ALHFA has pledged an additional $15,000 to the SEE. The HFA of Hillsborough County has pledged $15,000, and challenges its sister HFAs to match or exceed that level of contribution. Florida ALHFA strongly urges its members to actively participate in the legislative process and provide financial support in this educational effort in the amount of at least $15,000.

What has the value of the SEE been? Without SEE, the Housing Trust Funds would no longer exist, there would be no dedicated revenue for housing, and housing programs would have received no funds. In the last five years, $820 million was appropriated for housing due to SEE. Highlights of our educational effort:

• $137 million appropriation for SHIP and SAIL in FY 17-18, plus another $250 million for SAIL over

past two years from Guaranty Fund

• $200 million appropriation for SHIP and SAIL in FY 16-17

• $175 million appropriation for SHIP and SAIL in FY 15-16

• Pending agreement with FHFC for new DPA Program using Hardest Hit funds

• $167.7 million appropriation for SHIP and SAIL in FY 14-15

• $9 million was allocated directly to local HFA's for down payment assistance through the MOU

with Florida Housing

• $140 million appropriation for housing from Bank Settlement monies in FY 13-14.

• Defeated attempts to eliminate Housing Trust Funds in 2011 and 2012 session

Many HFAs received reimbursement for DPA loans far in excess of their SEE contributions. Additionally, SAIL and SHIP assist our programs SAIL allows bond deals to work that otherwise would not be financially feasible and SHIP is another source of DPA for our programs. From a purely economic investment perspective, an HFA received returns for its annual SEE contributions by closing only one DPA loan.

Given these long and hard fought victories, why is additional education needed? As stated above, continued turnover in the legislature makes this effort necessary. Florida ALHFA has positioned itself to be more effective. We will continue to have an effective lobbying and public relations effort in place, led by former Senate President Ken Pruitt and Bascom Communications. But it will not be achieved if we are on the sideline watching the action. Every year that we have a strong SEE presence, our long term position is improved. We need to deliver our message that adequate housing funding means jobs for Florida 's economy and enhances our ability to fulfill our mission of providing housing finance to first-time homebuyers and the provisions for affordable rental housing for our workforce. It is also essential to our mission of supporting neighborhood stabilization and revitalization .

The Sadowski Coalition expects to retain full time services and pay its expenses with a $160,000 budget. We are asking you to su~mort this effort with a contribution of at least $15,000. The fiscal agent for

these funds continues to be Florida ALHFA.

Please ensure checks are made payable to: "Sadowski Education Effort" and mailed to: Sadowski Education Effort c/o Florida ALHFA 1404 Alban Avenue Tallahassee, Florida 32301

An invoice can be sent to you upon request. When you contribute , please notify us by email at

[email protected]

Upon becoming a supporter of the Sadowski Education Effort, you will be included in regular updates, by email and telephone, and your input in regard to the SEE strategies will be welcomed. A copy of the 2017 SEE Fundraising and Expenditures Report is available upon request.

Timeline: Contributions or Pledges to the Sadowski Education Effort should be received no later than September 30, 2017.

Thank you ,

~~ President Florida ALHFA

FloridaALHFA SEE Letter of Support 2018 (7 -30-17 1Page 2of2


August 16, 2017 - Board Meeting Proposed Budget for FY2018

Staff is requesting approval of the HFA proposed Budget for FY2018.

Background

HFA Board approval is required by the Administrative Code for the HFA of Broward County Budget covering the period of October 1, 2017, to September 30, 2018. Explanations are provided for line items for which the budget fluctuation exceeds both $10,000 and 10%.

Amended Budget FY 2017

Proposed Budget FY

2018

$Budget Difference Increase

(Decrease) FY 2017/ FY 2018

%Budget Difference Increase

(Decrease) FY 2017/ FY 2018

Revenue: 1 MCC Programs Income $45,000 $35,000 $(10,000) -22% 2 Interest Income $159,000 $190,000 $31,000 19% 3 Liquidation of Investments $200,000 $100,000 $(100,000) -50%

Broward County Expenses:

3 Cost Allocation $27,490 $42,330 $14,840 54%

4 County Attorney $25,000 $15,000 $10,000 -40%

Authority Expenses:

5 Professional Fees,

Accounting $85,000 $75,000 $10,000 -12%

6 Professional Fees, Bond

Counsel $31,000 $3,000 $(28,000) -90%

7 Investment Management Fees

$70,000 $4,000 $(66,000) -94%

Capital Expense: 8 Building/Elevator $8,000 $20,000 $12,000 150%

Explanation of Budgetary Variances

1 MCC Programs Income: MCC program applications have declined by 57 applicants, which equates to $10,000, due an increase in housing cost and the decrease in the median income limit for Broward County.

2 Interest Income: The increase of $31,000 in interest income represents an estimated yield earned by Broward County through Wells Fargo. The HFA invests in similar securities.

3 Liquidation of Investments: Decreased by $100,000 to continue supporting operation

activities based on prior year’s funding. 4 Cost Allocation: Increased by $14,840 based on a three year trend of actual expenses and

an increase of internet requests, which caused the fluctuation of 54% for the current year. 5 County Attorney: Decreased by $10,000 due to a decline in legal fees. 6 Professional Fees, Accounting: The decrease in this expense is a result of bonds being

paid off and require no future audit services. 7 Professional Fees, Bond Counsel: The decrease in expense represents no expenditures for

the MCC Program. 8 Investment Management Fees: Decreased by $66,000 due to the investment portfolio being

handled in an agreement with Wells Fargo and no longer through Karpus Management. 9 Building/Elevator: Increase of $12,000 is based on repairs to the building and elevator.

Recommendation

Staff recommends approval of the 2018 HFA Budget.

Attachments

1. 2018 Proposed Budget (Projected Budget Comparison with 2017 Budgeted Numbers) 2. 2018 County Personnel and Operating Expenses Budget 3. Actual Revenues/Expenses and Projected Revenues/Expenses for FY2017

ATTACHMENT 1

Amended Proposal $ Budget Difference % Budget Difference

Budget Budget Increase (Decrease) Increase (Decrease)

FY 2017 FY 2018 FY 2017/FY 2018 FY 2017/FY2018

Revenue:

Authority Fees 444,960$ 415,905$ (29,055)$ -7%

Other bond issuance/Redemption Inc 192,589 184,105$ (8,484) -4%

MCC Programs Income 45,000 35,000 (10,000) -22%

Interest Income 159,000 190,000 31,000 19%

Gain/Loss Investments - - -

Rent Income 121,050 121,050 - 0%

TOTAL REVENUE 962,599$ 946,060$ (16,539)$ -2%

Other Sources of Funds

Liquidation of Investments 200,000$ 100,000$ (100,000) -50%

TOTAL REVENUE AND OTHER SOURCES OF FUNDS 1,162,599$ 1,046,060$ 0%

BOCC Expenses:

Personnel Expenses:

Regular Salaries 400,813 399,770 (1,043) 0%

Benefits 155,216 150,320 (4,896) -3%

SUBTOTAL, PERSONNEL EXPENSES 556,029$ 550,090$ (5,939)$ -1%

Operating Expenses:

Auditing Fee 46,150 47,560 1,410 3%

Armored Car 3,000 3,000 - 0%

Temp Perspnnel 5,000 5,000 - 0%

Travel 10,000 10,000 - 0%

Education 3,000 3,000 - 0%

Motor Pool 3,360 3,360 - 0%

Software Support 1,980 1,980 - 0%

Telephone 850 740 (110) -13%

Communication Devices 1,120 1,120 - 0%

Postage 800 800 - 0%

Rent Equipment 2,500 2,500 - 0%

Self Insurance 390 250 (140) -36%

Building Maintenance 18,750 18,750 - 0%

Equipment Maintenance 5,000 5,000 - 0%

Ground Maintenance 2,500 2,500 - 0%

External Printing 1,500 1,500 - 0%

Internal Printing 2,500 2,500 - 0%

Advertising 3,500 3,500 - 0%

Cost Allocation 27,490 42,330 14,840 54%

County Attorney 25,000 15,000 (10,000) -40%

Office Supplies 8,000 8,000 - 0%

Office Eq <1000 2,500 2,500 - 0%

Dues & Memberships 2,500 2,500 - 0%

Subscriptions 1,500 1,500 - 0%

Miscellaneous Exp. 2,180 2,180 - 0%

SUBTOTAL, OPERATING EXPENSES 181,070$ 187,070$ 6,000$ 3%

Capital Expenses:

Machinery & Equipment - - -

Computer Hardware - - -

SUBTOTAL, CAPITAL EXPENSES -$ -$ -$

TOTAL BOCC EXPENSES 737,099$ 737,160$ 61$ 0%

Authority Expenses:

Professional Fees, Accounting 85,000$ 75,000$ (10,000)$ -12%

Professional Fees, Zomermand Assoc 75,000 75,000 - 0%

Professional Fees, Bond Counsel 31,000 3,000 (28,000) -90%

Investment Management Fees 70,000 4,000 (66,000) -94%

Advertising/Marketing/Notices 7,000 4,000 (3,000) -43%

Dues/Membership 5,500 6,000 500 9%

Single Family Bonds/Audits Fees 13,200 13,200 - 0%

Continuing Education/Travel 25,000 21,500 (3,500) -14%

Postage/Fedex 300 200 (100) -33%

Building/Maintenance 62,000 58,000 (4,000) -6%

Utilities 25,000 20,000 (5,000) -20%

Liability Insurance/HFA Board 9,000 9,000 - 0%

SUBTOTAL, Authority Expenses 408,000$ 288,900$ (119,100) -29%

Capital Expense

Fence 9,500 - (9,500) -100%

Building/Elevator 8,000 20,000 12,000 150%

SUBTOTAL, CAPITAL EXPENSES 17,500$ 20,000$ 2,500 14%

Total Authority Expenses 425,500$ 308,900$ (119,100)$ -28%

TOTAL EXPENSES 1,162,599$ 1,046,060$ (119,039)$ -10%

HOUSING FINANCE AUTHORITY OF BROWARD COUNTY

BUDGET

FOR YEAR ENDED SEPTEMBER 30, 2018

ATTACHMENT 2


BROWARD COUNTY (BOCC) EXPENSES BUDGET


FY 2017 FY 2018

$ Budget

Difference

Increase

(Decrease)

PERSONNEL EXPENSES

1120 - Oth Exec Sal 80,470 83,210 2,740

1200 - Reg Salaries 309,430 316,560 7,130

1312 - Salaries Adjust 10,910 15,730 4,820

2100 - Fica Taxes 28,880 24,450 (4,430)

2200 - Ret Contrib 34,730 38,440 3,710

2310 - Group Ins 56,930 48,870 (8,060)

2313 - Basic Life 410 350 (60)

2400 - Workers Comp 17,660 20,010 2,350

2500 - Unemp Comp 16,610 2,470 (14,140)

SUBTOTAL, PERSONNEL EXPENSES 556,030 550,090 (5,940)

OPERATING EXPENSES

512510 - Auditing Fee 46,150 47,560 1,410

512610 - Armored Car 3,000 3,000 -

512730 - Software 1,980 1,980 -

512770 - Temp Perspnnel 5,000 5,000 -

3210 - Auditing Fee - - -

3401 - Con Svc-Temp - -

519TRV - Travel 10,000 10,000 -

519080 - Educational 3,000 3,000 -

4030 - Motor Pool 3,360 3,360 -

4130 - Tel Alloc Ch 850 740 (110)

4155 - ComDvc-Wless 1,120 1,120 -

4242 - Postage 800 800 -

4420 - Rent Equip 2,500 2,500 -

4510 - Self Insur 390 250 (140)

4610 - Building Mnt 18,750 18,750 -

4620 - Equip Maint 5,000 5,000 -

4630 - Ground Maint 2,500 2,500 -

4700 - Ext Print 1,500 1,500 -

4701 - Int Print 2,500 2,500 -

4830 - Advertising 3,500 3,500 -

4998 - Cost Allochg 27,490 42,330 14,840

4999 - Co Atty Chgs 25,000 15,000 (10,000)

5100 - Office Supp 8,000 8,000 -

5101 - Off Eq<1000 2,500 2,500 -

5420 - Dues & Memb 2,500 2,500 -

5430 - Subscription 1,500 1,500 -

5500 - Misc Exp 2,180 2,180 -

SUBTOTAL, OPERATING EXPENSES 181,070 187,070 6,000

CAPITAL OUTLAY

6441 - Comp Hardwre - - -

SUBTOTAL, CAPITAL OUTLAY - - -

TOTAL BOCC EXPENSES 737,100 737,160 60

POS - Pos Count 6 5.75 (0)

FTE - FTE 6 5.75 (0)

ATTACHMENT 3

Actual YTD Projected Final Proposed $ Budget Difference % Budget Difference

as of through Amended Budget Increase (Decrease) Increase (Decrease)

Budget

5/30/2017 9/30/2017 FY 2017 FY 2018 FY 2017/FY 2018 FY 2016/FY 2017

Revenue:

Authority Fees 370,243 444,887 444,960$ 415,905$ (29,055)$ -7%

Other Bond Issuance/Redemption Inc 95,359 143,040 192,589 184,105 (8,484) -4%

Lender & MCC Programs Income 14,817 32,475 45,000 35,000 (10,000) -22%

Interest Income 52,735 79,103 159,000 190,000 31,000 19%

Gain/Loss Investments - - -

Rent Income 121,044 121,044 121,050 121,050 - 0%

TOTAL REVENUE 654,198$ 820,549$ 962,599$ 946,060$ (16,539)$ -2%

Other Sources of Funds

Liquidation of Investments -$ 200,000$ 200,000$ 100,000$ (100,000) -50%

TOTAL REVENUE AND OTHER SOURCES OF FUNDS 1,020,549$ 1,162,599$ 1,046,060$ (116,539) -10%

BOCC Expenses:

Personnel Expenses:

Regular Salaries 251,876 471,330 400,813$ 399,770$ (1,043)$ 0%

Benefits 85,755 128,631 155,216 150,320 (4,896) -3%

SUBTOTAL, PERSONNEL EXPENSES 354,134$ 639,960$ 556,029$ 550,090$ (5,939)$ -1%

Operating Expenses:

Auditing Fee 43,646 46,150 46,150$ 47,560$ 1,410 3%

Armored Car 660 1,700 3,000 - (3,000) -100%

Temp Personnel 0 0 5,000 5,000 -

Travel 3839 9,500 10,000 10,000 - 0%

Education 216 1,000 3,000 3,000 - 0%

Motor Pool 202 1,300 3,360 3,360 - 0%

Software Support 0 1,900 1,980 1,980 - 0%

Telephone 462 696 850 740 (110) -13%

Communication Devices 987 1,371 1,120 1,120 - 0%

Postage 654 982 800 800 - 0%

Rent Equipment 3,344 5,016 2,500 2,500 - 0%

Self Insurance 195 385 390 250 (140) -36%

Building Maintenance 7,797 17,797 18,750 18,750 - 0%

Equipment Maintenance 0 5,000 5,000 5,000 - 0%

Ground Maintenance 48 2,500 2,500 2,500 - 0%

External Printing 0 1,500 1,500 1,500 - 0%

Internal Printing 487 2,000 2,500 2,500 - 0%

Advertising 0 3,500 3,500 3,500 - 0%

Cost Allocation 13,745 27,490 27,490 42,330 14,840 54%

County Attorney 0 25,000 25,000 15,000 (10,000) -40%

Office Supplies 2,597 5,500 8,000 8,000 - 0%

Office Eq <1000 514 1,600 2,500 2,500 - 0%

Dues & Memberships 850 1,350 2,500 2,500 - 0%

Subscriptions 0 630 1,500 1,500 - 0%

Miscellaneous Exp. 30 2,100 2,180 5,180 3,000 138%

SUBTOTAL, OPERATING EXPENSES 80,273$ 165,967$ 181,070$ 187,070$ 6,000$ 3%

Capital Expenses:

Machinery & Equipment - - -

Computer Hardware - - - - -

SUBTOTAL, CAPITAL EXPENSES -$ -$ -$ -$ -$

TOTAL BOCC EXPENSES 434,407$ 805,927$ 737,099$ 737,160$ 61$ 0%

Authority Expenses:

Professional Fees, Accounting 50,427 75,641 85,000$ 75,000$ (10,000)$ -12%

Professional Fees, Zomermaand Assoc. 61,956 85,844 75,000 75,000 - 0%

Professional Fees, Bond Counsel 0 25,500 31,000 3,000 (28,000) -90%

Investment Management Fees 0 0 70,000 4,000 (66,000) -94%

Advertising/Marketing/Notices 900 1,900 7,000 4,000 (3,000) -43%

Dues/Membership/Conference 5,500 5,500 5,500 6,000 500 9%

Single Family Bonds/Audits Fees 13,200 13,200 13,200 13,200 - 0%

Continuing Education/Travel 19,136 22,836 25,000 21,500 (3,500) -14%

Postage/Fedex 0 120 300 200 (100) -33%

Building/Maintenance 40,321 61,500 62,000 58,000 (4,000) -6%

Utilities 12,125 18,200 25,000 20,000 (5,000) -20%

Liability Insurance/HFA Board 0 0 9,000 9,000 - 0%

SUBTOTAL, Authority Expenses 203,565$ 310,241$ 408,000$ $ 288,900 (119,100) -29%

Capital Expense

Steel Rail Fence 9,500 9,500 9,500 - (9,500) 100%

Elevator/Fire Alarm Panel 4,086 7,500 8,000 20,000 12,000 150%

SUBTOTAL, CAPITAL EXPENSES 13,586$ 17,000$ $ 17,500 $ 20,000 2,500 14%

Total Authority Expenses 203,565$ 310,241$ 425,500$ 308,900$ (119,100)$ -28%

TOTAL EXPENSES 637,972$ 1,116,168$ 1,162,599$ 1,046,060$ (119,039)$ -10%


PROPOSED BUDGET


(JULY)

Financial Statements

1


Dufresne CPA Services, PA – Overview of the July 31, 2017 Financial Reports

The following are items considered to be of note regarding the financial reports for the month of July, 2017:

1. Balance sheets (Attachments 1 and 2) changes relate primarily to individual cash account

activity, including the receipt of Franklin Park home sale proceeds, some of which are

presented on a new line item entitled Due to BOCC – Franklin Park. Please note a disclosure

was added to the bottom of the balance sheets that reports the unrealized gain/loss on the

US Bank Custody account investments.

2. Profit and loss report indicates the changes that relate primarily to timing of new bond

issuances, redemptions and related fees and residuals, fair market value adjustments,

Franklin Park, rent income and timing of invoices paid and payments received. Please note

that to more accurately reflect the components of interest income certain line descriptions

were changed in February’s monthly reports and the new descriptions are being used in all

months subsequent to February, 2017. (Attachments 3 and 4)

3. Audit fees payable represents the amount that is owed to S. Davis as compensation for their

audit services. No amounts are reported on the income statement for these fees because

they do not represent expenses of the Authority. These are expenses of the developers, it is

only the payment of the fees that is facilitated through the Trustee and the Authority.

(Attachments 1 and 2)

4. Cash Projections report provided by Zomermaand Financial Advisory Services, LLC replaced

Franklin Park Transactions job report because it provides additional detail as requested by

the HFA Board. (Attachment 8)

Cash vs Accrual Basis for P&L Budget to Actual comparison (Attachment 4)

On a monthly basis the process to prepare the financial statements includes:

a. Budgetary column – Cumulative 1/12 of the budgeted revenues and expenses are reported

b. Actual column – Significant known revenue and expense items are accrued

a. Authority fees receivable are adjusted to correct accrual basis balance

b. Cumulative 1/12 of budgeted Personnel and Other Expenses due to BOCC are adjusted to correct accrual basis balance

c. Expenses for all invoices submitted to the HFA prior to month end are paid and recorded in the financial statements.

d. Bank and account management fees that are reported on the monthly bank statements are recorded as expense in the applicable month.

2

Index to Attachments

Attachment 1, Page 3: Balance Sheet (Flux Report – July, 2017 comparison to June, 2017)

Attachment 2, Page 4: Balance Sheet (Flux Report – July, 2017 comparison to July, 2016)

Attachment 3, Page 5: P&L (Flux Report – Current Year-to-Date to Prior Year-to-Date)

Attachment 4, Page 6: P&L (Flux Report – Budget to Actual)

Attachment 5, Page 7: Aged Receivable Report

Attachment 6, Pages 8: Wells Fargo Bank Reconciliation Report – Operating

Attachment 7, Page 9: Wells Fargo Bank Reconciliation Report – Franklin Park

Attachment 8, Pages 10-11: Franklin Park Transactions – provided by Zomermaand Financial Advisory Services, LLC

Attachment 9, Page 12: Change in Cash and Investments Analysis

ATTACHMENT(S)

July June $ Difference % Difference

Explanation

(See criteria below)

Assets

Cash-Wells Fargo 586,980$ 588,347$ (1,367) -0.2%

Cash-Wells Fargo - Franklin Park 2,199,331 2,199,501 (170) -0.01%

Cash- LOC 6,111 6,106 5 0.08%

Indemnification Fund -BNY 331,119 330,984 135 0.04%

Total Cash 3,123,541$ 3,124,938$

US Bank Custody Acct* 8,896,827$ 8,882,302$ 14,525 0.2%

Note Receivable-DPA 387,125 387,125 - NA

Authority Fees Receivable 14,798 5,936 8,862 60% 1

Interest Receivable 11,444 9,279 2,165 19%

Notes Receivable-CDC 200,000 200,000 - NA

Notes Receivable - Mt. Olive 241,156 241,156 - NA

HFA Mortgage Receivables 9,714 9,714 - NA

Due from Artspace 503,729 503,729 - NA

Utility Deposit 1,925 1,925 - NA

HFA Land 698,164 698,164 - NA

HFA Land Inventory For Homes 31,400 31,400 - NA

HFA Buildings 1,036,000 1,036,000 - NA

Equipment 90,258 90,258 - NA

Capital Assets BOCC (Tagged) 127,474 127,474 - NA

Accumulated Depreciation -BOCC (126,954) (126,954) - NA

Accumulated Depreciation, HFA (617,838) (617,838) - NA

Total Assets 14,628,765$ 14,604,609$

Liabilities

Accrued Sick/Vacation, ST 50,000$ 50,000$ - NA

Due to BOCC - Exp reimb 200,572 139,146 61,426 31% 2

Due to BOCC - Artspace project 428,070 428,070 - NA

Due to BOCC - Artspace Interest 75,659 75,659 - NA

Due to BOCC - Franklin Park 6,928 8,568 (1,640) -24%

Audit Fee Payable 18,375 18,375 - NA

Good Faith Deposits 43,000 43,000 - NA

Accrued Sick/Vacation, LT 39,000 39,000 - NA

Total Liabilities 861,604$ 801,818$

Equity

Beginning of year 13,533,205$ 13,533,205$

Prior Period Adjustment 476,694 476,694 - NA

Current Year Earnings (242,739) (207,108)

Total Equity 13,767,161 13,802,791

Total Liability and Equity 14,628,765$ 14,604,609$

Criteria to determine if explanations are required:

Cash account fluctuation explanations provided for >=$100,000 variance

Remaining items explanations are provided for >=10% and >=$5,000 variance

NA No change as compared to prior month

100% No activity in prior month

-100% No activity in current month

1 Issuer fees deposited during current month

2 Timing of receipts/payments and accruals based on budget

* Market Value-US Bank 8,896,827$

Unrealized Gain/Loss-US Bank 386,267

Cost Basis-US Bank 8,510,560$

7/31/2017

Attachment 1

The Housing Finance Authority of Broward County

110 NE Third Street, #300

Fort Lauderdale, FL 33301

Balance Sheet (Flux Report)

3

Jul-17 Jul-16 $ Difference % Difference

Explanation


Assets

Cash-Wells Fargo 586,980$ 249,737$ 337,243$ 135% 2, 3, 4

Cash-Wells Fargo - Franklin Park 2,199,331 176,280 2,023,051 1148% 1, 2

Cash- LOC 6,111 6,059 52 0.9%

Indemnification Fund -BNY 331,119 267,527 63,592 24%

Cash-BOCC Pooled equity - 18,616 (18,616) -100%

Total Cash 3,123,541$ 718,219$

US Bank Custody Acct* 8,896,827$ 9,076,060$ (179,233)$ -2%

Note Receivable-DPA 387,125 417,125 (30,000) -7%

Authority Fees Receivable 14,798 95,660 (80,862) -85% 2

Audit Fees Receivable - 12,000 (12,000) 100%

Interest Receivable 11,444 72,000 (60,556) -84% 3, 5


Notes Receivable - Mt. Olive 241,156 256,156 (15,000) -6%

HFA Mortgage Receivables 9,714 10,081 (367) -4%

Notes Receivable Gulfstream Ap - 100,000 (100,000) -100%



HFA Land 698,164 693,289 4,875 1%


HFA Buildings 1,036,000 1,115,000 (79,000) -7%

Equipment 90,258 90,258 - NA



Accumulated Depreciation, HFA (617,838) (657,338) 39,500 -6%

Total Assets 14,628,765$ 12,736,084$

Liabilities

Accrued Sick/Vacation, ST 50,000 50,000 - NA

Due to BOCC - Exp reimb 200,572 208,794 (8,222) -4%

Due to BOCC-Artspace project 428,070 428,070 - NA

Due to BOCC-Artspace Interest 75,659 75,659 - NA

Due to BOCC - Franklin Park 6,928 - 6,928 100%

Escrow Deposit-Indemnification - 247,527 (247,527) -100%


Total Liabilities 861,604$ 1,049,050$

Equity

Beginning of year 13,533,205$ 12,981,681$ Prior Period Adjustment 476,694 - 476,694 100%

Current Year Earnings (242,739) (1,294,647)

Total Equity 13,767,161 11,687,034 Total Liability and Equity 14,628,765$ 12,736,084$




NA No change as compared to prior year

100% No activity in prior year

-100% No activity in current year

1 Receipts from sales of FP homes

2 Timing of payments, receipts, and accruals based on budget

3 Gulfstream payoff of second mortgage

4 Bond issues closed

5 Change in accrued income - US Bank




7/31/2017

Attachment 2





4

Jul-17 Jul-16 $ Difference

% Difference

to PY *Explanation

Income

Bond Authority Fees 393,914$ 549,038$ (155,124)$ -28% 4

Bond redemption & other income 79,859 130,111 (50,252) -39% 4

Compliance Monitoring Fees 12,000 38,000 (26,000) -68% 2

Application, TEFRA and Closing Fees 9,500 16,005 (6,505) -41% 1

MCC and Lender Program Income 21,615 25,050 (3,435) -14%

Interest Income, Mortgages 561 581 (20) -3%

Interest Income, Wells Fargo 1,048 74 974 1316%

* Interest Income, US Bank 100,869 120,073 (19,204) -16% 3

* Net Change in Investment Value, US Bank (61,766) - (61,766) 100% 3

* Realized Gain/Loss On Investment, US Bank (2,852) (27,677) 24,825 -90% 3

* Interest Income, FHLB LOC 47 - 47 100%

* Interest Income, BNY 517 - 517 100%

FP Sales Proceeds Income 2,182 - 2,182 100%

Other Income - 5,425 (5,425) 100% 8

Rent Income 121,044 121,819 (775) 100%

Parking Rent Income 7,040 - 7,040 100% 7

Total Income 685,578$ 978,499$ (292,921)$

Personnel Services, Broward Co 463,359$ 416,081$ (47,278) -11% 4

Other Expenses, Broward County 150,889 120,975 (29,914) -25% 4

Cost of Bond Issuance - 209 209 100%

Professional Fees 161,243 168,209 6,966 4%

Bank Management Fees 48,010 49,960 1,950 4%

Advertising/Marketing 1,067 4,274 3,207 75%

Dues and Membership Fees 7,290 2,290 (5,000) -218%

Conference and Travel Expense 21,527 14,387 (7,140) -50% 1

Building/Land Maintenance 46,917 46,791 (126) 0%

Utilities 14,428 17,641 3,213 18%

Franklin Park Homes Construction - 1,432,329 1,432,329 100% 5

Capital Outlay Expense 13,586 - 13,586 100% 6

Total Expenses 928,317$ 2,273,146$ 1,372,002$

(242,739)$ (1,294,647)$ (1,664,923)$

Explanations provided for >=10% and >= $5,000 variance

1

2 Timing of new bond financings

3 Gain/Loss related to current market conditions


5 Accumulated FP expenses booked as receivable

6 New expense account for fiscal 2017 to report costs related to additional parking lot development

7 New income account for fiscal 2017 to track parking rent paid to HFA

8

* Please note that to more accurately reflect the components of interest income certain line descriptions were changed

"%Actual to Budget" Column Legend

NA - No amount reported in either of the two years

0% - Current year actual is equal to PY actual amount

100% - No amount in one of the two years presented

Attachment 3

Account not used in fiscal 2017

Timing of services and billings

Net Profit/(Loss)




Profit & Loss (Flux Report) Current Year-to-Date to Prior Year-to-Date

Year to Date As of July 2017

Expenses

5

Selected Period Budgeted $ Difference

% Difference

to budget *Explanation

Income

Bond Authority Fees 393,914$ 370,800$ 23,114$ 6%


Compliance Monitoring Fees 12,000 - 12,000 NA

Application and Closing Fees 9,500 - 9,500 NA

MCC and Lender Program Income 21,615 37,500 (15,885) -42% 1

Interest Income, Mortgages 561 - 561 NA

Interest Income, Wells Fargo 1,048 - 1,048 NA

Interest Income, US Bank 100,869 132,500 (31,631) -24% 3

Net Change in Investment Value, US Bank (61,766) - (61,766) NA

Realized Gain/Loss On Investment, US Bank (2,852) - (2,852) NA

Interest Income, FHLB LOC 47 - 47 NA

Interest Income, BNY 517 - 517 NA

Interest Income - FP Construction Loan Receivable 2,182 - 2,182 NA

Rent Income 121,044 100,875 20,169 20% 1

Parking Rent Income 7,040 - 7,040 NA

Total Income 685,578$ 885,083$

Expenses

Personnel Services, Broward Co 463,358$ 463,358$ -$ 0%

Other Expenses, Broward County 150,892 150,892 - 0%

Professional Fees 161,243 159,167 (2,076) -1%

Audit Expense (BOCC) - 11,000 11,000 100% 1

Bank Management Fees 48,010 - (48,010) NA




Postage/FedEx - 250 250 100%

Liab Insurance/HFA Board - 7,500 7,500 100% 1

Building/Land Maintenance 46,917 51,667 4,750 9%

Utilities 14,428 20,833 6,405 31% 1

Capital Outlay Expense 13,586 - (13,586) NA

Total Expenses 928,317$ 885,083$

Net Profit/(Loss) (242,739)$ -$

* Explanations provided for >=10% and >= $5,000 variance

1 Timing of invoices and payments

2 Praxis at Deerfield Beach good faith deposit returned to developer

3 A lower balance is maintained current year, resulting in less interest earned

NA - No Budget amount

100% - Actual is zero

Year to Date As of July 2017

Attachment 4




Profit & Loss (Flux Report) Budget to Actual

6

Authority fee receivable Total Due 0 - 30 31 - 60 61 - 90 90+

2001 EMERALD PALMS $9,487.50 $9,487.50 $0.00 $0.00 $0.00

2004 PINNACLE VILLAGE $5,310.00 $5,310.00 $0.00 $0.00 $0.00

Total Authority Fee Receivable 14,798 14,798 - - -

7/31/2017

Attachment 5




Aged Receivables

7

Housing Finance Authority110 NE Third Street, #300Fort Lauderdale, FL 33301

Reconciliation Report8/4/2017

4:05:06 PM

Page 1

ID# Date Memo/Payee Deposit Withdrawal

Checking Account: 1-1000 Cash-Wells Fargo

Date of Bank Statement: 7/31/2017

Last Reconciled: 6/30/2017

Last Reconciled Balance: $596,283.82

Cleared Checks

4757 5/15/2017 Jacqueline Paige Browne $1,618.174773 6/30/2017 Krystal Kleer $320.004774 6/30/2017 Zomermaand Financial Advisor $5,998.52GJ002155 7/3/2017 Utility autopay $311.72SC073117 7/11/2017 WF Srvc Chrg less wire fee cre $421.154778 7/18/2017 Dufresne and Associates $11,860.00

Total:

$0.00

$20,529.56

Cleared Deposits

CR000954 7/3/2017 2011 Sorrento for 00000433 $4,464.00CR000955 7/3/2017 2011 Monterra for 00000434 $4,243.50CR000956 7/5/2017 Payment; 2002 COLONIAL PA $5,868.65GJ002159 7/7/2017 MBS Loan Income $1,728.14GJ002156 7/10/2017 MCC fees deposited $525.00GJ002157 7/21/2017 MCC fees deposited $700.00GJ002158 7/26/2017 MCC fees deposited $875.00IE073117 7/31/2017 WF Int paid July 2017 $46.31

Total:

$18,450.60

$0.00

Outstanding Checks

4775 7/18/2017 TECO Peoples Gas $44.594776 7/18/2017 L&B Janitorial Services $4,044.004777 7/18/2017 Holmes Lawn Service, Inc $335.004779 7/20/2017 Kirk Frohme $1,187.494780 7/20/2017 WSA Systems - Boca, Inc. $1,613.95

Total:

$0.00

$7,225.03

Reconciliation

AccountEdge Pro Balance on 7/31/2017: $586,979.83

Add: Outstanding Checks: $7,225.03

Subtotal: $594,204.86

Deduct: Outstanding Deposits: $0.00

Expected Balance on Statement: $594,204.86

rives

Typewritten Text

Attachment 6

rives

Typewritten Text

8


Reconciliation Report8/4/2017

4:08:35 PM

Page 1


Checking Account: 1-1005 WF Franklin Park Estates

Date of Bank Statement: 7/31/2017

Last Reconciled: 6/30/2017

Last Reconciled Balance: $2,429,501.27

Cleared Checks

10068 6/30/2017 Broward County Board of Coun $230,000.00SC073117 7/31/2017 FP WF Srvc Chrg less Wire fe $340.67

Total:

$0.00

$230,340.67

Cleared Deposits

IE073117 7/31/2017 FP WF Int Received for July 20 $170.38

Total:

$170.38

$0.00

Reconciliation

AccountEdge Pro Balance on 7/31/2017: $2,199,330.98

Add: Outstanding Checks: $0.00

Subtotal: $2,199,330.98


Expected Balance on Statement: $2,199,330.98

rives

Typewritten Text

Attachment 7

rives

Typewritten Text

9

RateActual 365 4.00%

Date Desc. Reference Deposit WithdrawalFrank. Park Bank Account Balance

Bank Reconciliation

No. of Days in Accrual

Const. Loan Principal Balance

Interest Accrual ‐ Period

Cumulative Interest P&I Const. Draw

Arch., FPL, Fl Eng. Testing & Stoner Fees Bank Fees BOCC Prof. Fees Interest Other Total Due HFA Balancing

3/4/2015 Archiecture Fees 4502 (10,500.00) (10,500.00) 58 (10,500.00) (66.74) (66.74) (10,566.74) (10,500.00) (66.74) (10,566.74) ‐ 5/1/2015 Credit Underwriting 4514 (6,075.00) (16,575.00) 5 (16,575.00) (9.08) (75.82) (16,650.82) (6,075.00) (9.08) (16,650.82) ‐

5/6/2015 Deposit ‐ GJ001844 100,000.00 ‐ 83,425.00 0 ‐ ‐ (16,650.82) ‐ (16,650.82) ‐ 5/6/2015 Check ‐ Octavio Santurio 10001 ‐ (15,300.00) 68,125.00 5 (31,875.00) (17.47) (93.29) (31,968.29) (15,300.00) (17.47) (31,968.29) ‐ 5/11/2015 Deposit ‐ GJ001843 400,000.00 ‐ 468,125.00 0 ‐ ‐ (31,968.29) ‐ (31,968.29) ‐ 5/11/2015 Bank Fees GJ001843 ‐ (159.75) 467,965.25 2 (32,034.75) (7.02) (100.31) (32,135.06) (159.75) (7.02) (32,135.06) ‐ 5/13/2015 Prof. Fees 10002 ‐ (677.25) 467,288.00 14 (32,712.00) (50.19) (150.50) (32,862.50) (677.25) (50.19) (32,862.50) ‐ 5/27/2015 Prof. Fees 10003 ‐ (5,000.00) 462,288.00 9 (37,712.00) (37.20) (187.69) (37,899.69) (5,000.00) (37.20) (37,899.69) ‐ 5/31/2015 Interest Income GJ001853 5.26 ‐ 462,293.26 R 0 ‐ ‐ (37,899.69) ‐ (37,899.69) ‐ 6/3/2015 BOCC ‐ Voided 10004 ‐ ‐ 462,293.26 0 (37,712.00) ‐ (187.69) (37,899.69) ‐ ‐ (37,899.69) ‐ 6/5/2015 BOCC 10005 ‐ (700.00) 461,593.26 4 (38,412.00) (16.84) (204.53) (38,616.53) (700.00) (16.84) (38,616.53) ‐ 6/9/2015 Prof. Fees 10006 ‐ (677.25) 460,916.01 0 ‐ ‐ ‐ (38,616.53) ‐ (38,616.53) ‐ 6/9/2015 Access Builders ‐ Canceled Ck 10007 ‐ ‐ 460,858.15 2 (39,089.25) (8.57) (213.10) (39,302.35) (677.25) (8.57) (39,302.35) ‐ 6/11/2015 Bank Fees GJ001868 (217.61) 460,698.40 0 ‐ ‐ ‐ (39,302.35) ‐ (39,302.35) ‐ 6/11/2015 Bank Fees GJ001868 ‐ 159.75 460,858.15 1 (39,147.11) (4.29) (217.39) (39,364.50) (57.86) (4.29) (39,364.50) ‐ 6/12/2015 Access Builders 10008 ‐ (69,943.54) 390,914.61 0 ‐ ‐ ‐ (39,364.50) ‐ (39,364.50) ‐ 6/12/2015 BOCC 10009 ‐ (12,900.22) 378,014.39 10 (121,990.87) (133.69) (351.08) (122,341.95) (69,943.54) (12,900.22) (133.69) (122,341.95) ‐ 6/22/2015 Stoner & Assoc 10010 (5,466.70) 372,547.69 1 (127,457.57) (13.97) (365.04) (127,822.61) (5,466.70) (13.97) (127,822.61) ‐ 6/23/2015 BOCC 10011 (42,638.41) 329,909.28 0 ‐ ‐ ‐ (127,822.61) ‐ (127,822.61) ‐ 6/23/2015 Archiecture Fees 10012 (18,921.20) 310,988.08 7 (189,017.18) (145.00) (510.04) (189,527.22) (18,921.20) (42,638.41) (145.00) (189,527.22) ‐ 6/30/2015 FP&L 10013 (2,420.00) 308,568.08 7 (191,437.18) (146.86) (656.90) (192,094.08) (2,420.00) (146.86) (192,094.08) ‐ 6/30/2015 Interest Income GJ001869 6.63 ‐ 308,574.71 R 386,404.95 0 ‐ ‐ ‐ (192,094.08) ‐ (192,094.08) ‐ 7/7/2015 Access Builders 10014 ‐ (219,856.06) 88,718.65 1 (411,293.24) (45.07) (701.97) (411,995.21) (219,856.06) (45.07) (411,995.21) ‐ 7/8/2015 Deposit ‐ 400,000.00 ‐ 488,718.65 0 ‐ ‐ (411,995.21) ‐ (411,995.21) ‐ 7/8/2015 Access Builders ‐ CC #10007 10015 (88,156.65) 400,562.00 4 (499,449.89) (218.94) (920.91) (500,370.80) (88,156.65) (218.94) (500,370.80) ‐ 7/12/2015 BOCC 10016 (155.80) 400,406.20 1 (499,605.69) (54.75) (975.66) (500,581.35) (155.80) (54.75) (500,581.35) ‐ 7/13/2015 Bank Fee (100.59) 400,305.61 7 (499,706.28) (383.34) (1,359.00) (501,065.28) (100.59) (383.34) (501,065.28) ‐ 7/20/2015 BOCC 10017 (5,750.88) 394,554.73 3 (505,457.16) (166.18) (1,525.18) (506,982.34) (5,750.88) (166.18) (506,982.34) ‐ 7/23/2015 Prof. Fees 10018 (441.00) 394,113.73 0 ‐ ‐ ‐ (506,982.34) ‐ (506,982.34) ‐ 7/23/2015 Stoner & Assoc. 10019 (400.00) 393,713.73 2 (506,298.16) (110.97) (1,636.15) (507,934.31) (400.00) (441.00) (110.97) (507,934.31) ‐ 7/25/2015 10020 (7,650.00) 386,063.73 9 (513,948.16) (506.91) (2,143.05) (516,091.21) (7,650.00) (506.91) ‐ (516,091.21) ‐ 7/31/2015 Intrest Income 6.21 386,069.94 R 386,510.94 0 ‐ ‐ ‐ (516,091.21) ‐ (516,091.21) ‐ 8/3/2015 Florida Engineering & Testing 10021 (1,944.44) 384,125.50 7 (515,892.60) (395.75) (2,538.81) (518,431.41) (1,944.44) (395.75) (518,431.41) ‐ 8/7/2015 BOCC ‐ Void Replace 10023 10022 ‐ 384,125.50 ‐ 0 ‐ ‐ ‐ (518,431.41) ‐ (518,431.41) ‐ 8/10/2015 BOCC 10023 (2,374.62) 381,750.88 1 (518,267.22) (56.80) (2,595.60) (520,862.82) (2,374.62) (56.80) (520,862.82) ‐

8/11/2015 Bank Fee (101.56) 381,649.32 15 (518,368.78) (852.11) (3,447.72) (521,816.50) (101.56) (852.11) (521,816.50) ‐ 8/24/2015 Deposit ‐ 200,000.00 ‐ 581,649.32 0 (518,368.78) ‐ (3,447.72) (521,816.50) ‐ (521,816.50) ‐ 8/26/2015 Prof. Fees 10024 ‐ (567.00) 581,082.32 0 ‐ ‐ ‐ (521,816.50) ‐ (521,816.50) ‐ 8/26/2015 Access Builders 10025 ‐ (155,265.83) 425,816.49 16 (674,201.61) (1,182.16) (4,629.88) (678,831.49) (155,265.83) (567.00) (1,182.16) (678,831.49) ‐ 8/31/2015 Interest Income 6.34 ‐ 425,822.83 R 426,389.83 0 ‐ ‐ (678,831.49) ‐ (678,831.49) ‐ 9/11/2015 Bank Fee (86.88) 425,735.95 5 (674,288.49) (369.47) (4,999.35) (679,287.84) (86.88) (369.47) (679,287.84) ‐ 9/16/2015 Access Builders 10026 (98,781.04) 326,954.91 14 (773,069.53) (1,186.08) (6,185.43) (779,254.96) (98,781.04) (1,186.08) (779,254.96) ‐ 9/30/2015 Prof.Fees 10027 (283.50) 326,671.41 13 (773,353.03) (1,101.76) (7,287.19) (780,640.22) (283.50) (1,101.76) (780,640.22) ‐ 9/30/2015 Interest Income 5.86 ‐ 326,677.27 R 326,960.77 0 ‐ ‐ (780,640.22) ‐ (780,640.22) ‐ 10/13/2015 Access Builders 10028 (289,545.33) 37,131.94 ‐ ‐ ‐ (780,640.22) ‐ ‐ (780,640.22) ‐ 10/13/2015 Bank Fee (79.83) 37,052.11 6 (1,062,978.19) (698.94) (7,986.14) (1,070,964.33) (289,545.33) (79.83) (698.94) (1,070,964.33) ‐ 10/14/2015 Deposit ‐ 200,000.00 ‐ 237,052.11 ‐ ‐ (1,070,964.33) ‐ (1,070,964.33) ‐ 10/19/2015 Access Builders 10029 (9,415.15) 227,636.96 ‐ ‐ ‐ (1,070,964.33) ‐ (1,070,964.33) ‐ 10/19/2015 Access Builders 10030 (16,357.50) 211,279.46 2 (1,088,750.84) (238.63) (8,224.77) (1,096,975.61) (25,772.65) (238.63) (1,096,975.61) ‐ 10/21/2015 Prof. Fees 10031 (17,921.25) 193,358.21 20 (1,106,672.09) (2,425.58) (10,650.35) (1,117,322.44) (17,921.25) (2,425.58) (1,117,322.44) ‐ 10/31/2015 Interest Income 4.41 ‐ 193,362.62 211,283.87 ‐ ‐ ‐ (1,117,322.44) ‐ (1,117,322.44) ‐ 11/10/2015 Prof. Fees 10032 (913.50) 192,449.12 2 (1,107,585.59) (242.76) (10,893.11) (1,118,478.70) (913.50) (242.76) (1,118,478.70) ‐ 11/12/2015 Bank Fee (70.76) 192,378.36 11 (1,107,656.35) (1,335.26) (12,228.37) (1,119,884.72) (70.76) (1,335.26) (1,119,884.72) ‐ 11/23/2015 Deposit ‐ 355,726.58 ‐ 548,104.94 2 (751,929.77) (164.81) (12,393.17) (764,322.94) 355,726.58 (164.81) (764,322.94) ‐ 11/25/2015 Access Builders 10033 (216,036.97) 332,067.97 15 (967,966.74) (1,591.18) (13,984.35) (981,951.09) (216,036.97) (1,591.18) (981,951.09) ‐ 11/30/2015 Interest Income 4.10 ‐ 332,072.07 548,109.04 ‐ ‐ (981,951.09) ‐ (981,951.09) ‐ 12/10/2015 Access Builders 10034 (79,081.77) 252,990.30 ‐ ‐ ‐ (981,951.09) ‐ (981,951.09) ‐ 12/10/2015 Access Builders 10035 ‐ (161,646.27) 91,344.03 1 (1,208,694.78) (132.46) (14,116.81) (1,222,811.59) (240,728.04) (132.46) (1,222,811.59) ‐ 12/11/2015 Bank Fee (66.80) 91,277.23 10 (1,208,761.58) (1,324.67) (15,441.48) (1,224,203.06) (66.80) (1,324.67) (1,224,203.06) ‐ 12/11/2015 Deposit ‐ 300,000.00 391,277.23 ‐ ‐ ‐ (1,224,203.06) ‐ (1,224,203.06) ‐ 12/21/2015 Prof. Fees 10036 (441.00) 390,836.23 16 (1,209,202.58) (2,120.25) (17,561.73) (1,226,764.31) (441.00) (2,120.25) (1,226,764.31) ‐ 12/31/2015 Interest Income 6.27 390,842.50 391,283.50 ‐ ‐ (1,226,764.31) ‐ (1,226,764.31) ‐ 1/6/2016 Access Builders 10037 (113,664.53) 277,177.97 5 (1,322,867.11) (724.86) (18,286.59) (1,341,153.70) (113,664.53) (724.86) (1,341,153.70) ‐ 1/11/2016 Bank Fee (86.13) 277,091.84 11 (1,322,953.24) (1,594.79) (19,881.38) (1,342,834.62) (86.13) (1,594.79) (1,342,834.62) ‐ 1/22/2016 Prof. Fees 10038 (614.25) 276,477.59 17 (1,323,567.49) (2,465.82) (22,347.20) (1,345,914.69) (614.25) (2,465.82) (1,345,914.69) ‐ 1/31/2016 Interest Income 4.56 276,482.15 ‐ (1,345,914.69) (1,345,914.69) ‐ 2/8/2016 Prof. Fees 10039 (551.25) 275,930.90 277,096.40 2 (1,324,118.74) (290.22) (22,637.42) (1,346,756.16) (551.25) (290.22) (1,346,756.16) ‐ 2/10/2016 Access Builders 10040 (77,705.70) 198,225.20 1 (1,401,824.44) (153.62) (22,791.04) (1,424,615.48) (77,705.70) (153.62) (1,424,615.48) ‐ 2/11/2016 Bank Fees (72.26) 198,152.94 1 (1,401,896.70) (153.63) (22,944.68) (1,424,841.38) (72.26) (153.63) (1,424,841.38) ‐ 2/12/2016 Access Builders 10041 (83,206.32) 114,946.62 14 (1,485,103.02) (2,278.51) (25,223.19) (1,510,326.21) (83,206.32) (2,278.51) (1,510,326.21) ‐ 2/29/2016 Deposit ‐ 200,000.00 ‐ 314,946.62 (1,485,103.02) ‐ ‐ (1,510,326.21) ‐ ‐ (1,510,326.21) ‐ 2/26/2016 Access Builders ‐ Voided Ck. 10042 ‐ 314,946.62 (1,485,103.02) ‐ ‐ (1,510,326.21) ‐ ‐ (1,510,326.21) ‐

Basis

Attachment 8Interest Accrual Spreadsheet

10

2/26/2016 Access Builders 10043 (49,212.23) 265,734.39 12 (1,534,315.25) (2,017.73) (27,240.92) (1,561,556.17) (49,212.23) (2,017.73) (1,561,556.17) ‐ 2/29/2016 Interest Income 3.01 265,737.40 314,949.63 (1,534,315.25) ‐ ‐ (1,561,556.17) (1,561,556.17) ‐ 3/9/2016 Prof. Fees 10044 (724.50) 265,012.90 2 (1,535,039.75) (336.45) (27,577.37) (1,562,617.12) ‐ ‐ ‐ ‐ (724.50) (336.45) ‐ (1,562,617.12) ‐ 3/11/2016 Bank Fees (65.83) 264,947.07 31 (1,535,105.58) (5,215.15) (32,792.52) (1,567,898.10) (65.83) (5,215.15) (1,567,898.10) ‐ 3/31/2016 Interest Income 4.05 ‐ 264,951.12 264,951.12 (1,535,105.58) ‐ ‐ (1,567,898.10) (1,567,898.10) ‐ 4/11/2016 Bank Fees (67.95) 264,883.17 1 (1,535,173.53) (168.24) (32,960.76) (1,568,134.29) (67.95) (168.24) ` (1,568,134.29) ‐ 4/12/2016 Prof. Fees 10045 (645.75) 264,237.42 ‐ ‐ (1,568,134.29) (1,568,134.29) ‐ 4/12/2016 Access Builders 10046 (152,289.63) 111,947.79 22 (1,688,108.91) (4,069.96) (37,030.72) (1,725,139.63) (152,289.63) (645.75) (4,069.96) (1,725,139.63) ‐ 4/30/2016 Interest Income 2.63 111,950.42 111,950.42 ‐ ‐ (1,725,139.63) (1,725,139.63) 5/4/2016 Access Builders 10047 (26,705.67) 85,244.75 2 (1,714,814.58) (375.85) (37,406.57) (1,752,221.15) (26,705.67) ‐ (375.85) (1,752,221.15) ‐ 5/6/2016 Access Builders 10048 (58,953.18) 26,291.57 5 (1,773,767.76) (971.93) (38,378.50) (1,812,146.26) (58,953.18) ‐ (971.93) (1,812,146.26) ‐ 5/5/2016 Deposit ‐ 250,000.00 ‐ 276,291.57 ‐ ‐ (1,812,146.26) ‐ ‐ ‐ (1,812,146.26) ‐ 5/11/2016 Prof. Fees 10049 (346.50) 275,945.07 (1,812,146.26) ‐ ‐ ‐ ‐ (1,812,146.26) ‐ 5/11/2016 Bank Fees (56.86) 275,888.21 28 (1,774,171.12) (5,444.03) (43,822.53) (1,817,993.65) ‐ (56.86) (346.50) (5,444.03) (1,817,993.65) ‐ 5/31/2016 Interest Income 4.04 ‐ 275,892.25 275,892.25 ‐ ‐ (1,817,993.65) ‐ ‐ ‐ (1,817,993.65) ‐ 6/8/2016 Access Builders 10050 (97,502.91) 178,389.34 ‐ ‐ ‐ (1,817,993.65) ‐ (1,817,993.65) ‐ 6/8/2016 Fl. Eng. & Testing 10051 (1,555.56) 176,833.78 (1,817,993.65) ‐ (1,817,993.65) ‐ 6/8/2016 Prof. Fees 10052 (425.25) 176,408.53 5 (1,873,654.84) (1,026.66) (44,849.19) (1,918,504.03) (97,502.91) (1,555.56) (425.25) (1,026.66) (1,918,504.03) ‐ 6/13/2016 Bank Fees (72.55) 176,335.98 28 (1,873,727.39) (5,749.52) (50,598.71) (1,924,326.10) ‐ ‐ ‐ (72.55) (5,749.52) (1,924,326.10) ‐ 6/30/2016 Interest Income 3.20 ‐ 176,339.18 176,339.18 (1,924,326.10) (1,924,326.10) ‐ 7/11/2016 Bank Fees (61.85) 176,277.33 18 (1,873,789.24) (3,696.24) (54,294.95) (1,928,084.19) ‐ ‐ ‐ (61.85) (3,696.24) (1,928,084.19) ‐ 7/29/2016 Prof. Fees 10053 (378.00) 175,899.33 14 (1,874,167.24) (2,875.43) (57,170.39) (1,931,337.63) ‐ ‐ ‐ (378.00) (2,875.43) (1,931,337.63) ‐ 7/29/2016 Interest Income 2.68 ‐ 175,902.01 175,902.01 (1,931,337.63) (1,931,337.63) ‐ 8/1/2016 Publication Expense (621.00) 175,281.01 11 (1,874,788.24) (2,260.02) (59,430.41) (1,934,218.65) ‐ ‐ ‐ ‐ (2,260.02) (621.00) (1,934,218.65) ‐ 8/12/2016 Bank Fees (56.28) 175,224.73 5 (1,874,844.52) (1,027.31) (60,457.72) (1,935,302.24) ‐ ‐ (56.28) (1,027.31) (1,935,302.24) ‐ 8/17/2016 Prof. Fees 10054 (330.75) 174,893.98 26 (1,875,175.27) (5,342.97) (65,800.68) (1,940,975.95) ‐ ‐ ‐ (330.75) (5,342.97) (1,940,975.95) ‐ 8/31/2016 Interest Income 2.69 174,896.67 175,517.67 (1,940,975.95) ‐ (1,940,975.95) ‐ 9/12/2016 Bank Fees ‐ (56.56) 174,840.11 1 (1,875,231.83) (205.50) (66,006.19) (1,941,238.02) ‐ (56.56) (205.50) (1,941,238.02) ‐ 9/13/2016 Prof. Fees 10056 (346.50) 174,493.61 7 (1,875,578.33) (1,438.80) (67,444.99) (1,943,023.32) ‐ (346.50) (1,438.80) (1,943,023.32) ‐ 9/13/2016 Voided Check 10055 ‐ 174,493.61 (1,943,023.32) ‐ (1,943,023.32) ‐ 9/20/2016 Access Builders 10057 (105,438.94) 69,054.67 10 (1,981,017.27) (2,170.98) (69,615.96) (2,050,633.23) (105,438.94) ‐ ‐ (2,170.98) (2,050,633.23) ‐ 9/30/2016 Prof. Fees 10058 (315.00) 68,739.67 11 (1,981,332.27) (2,388.46) (72,004.42) (2,053,336.69) (315.00) ‐ 0 (2,388.46) (2,053,336.69) ‐ 9/30/2016 Interest Income 2.12 68,741.79 70,024.29 14 (2,053,336.69) (2,053,336.69) ‐ 10/11/2016 Bank Fees (52.30) 68,689.49 3 (1,981,384.57) (651.41) (72,655.83) (2,054,040.40) ‐ ‐ (52.30) (651.41) (2,054,040.40) ‐ 10/14/2016 Access Builders 10059 (18,027.82) 50,661.67 11 (1,999,412.39) (2,410.25) (75,066.08) (2,074,478.47) (18,027.82) ‐ 0 (2,410.25) (2,074,478.47) ‐

10/24/2016 Deposit ‐ 0 50,000.00 ‐ 100,661.67 (2,074,478.47) (2,074,478.47) ‐ 10/25/2016 Access Builders 10060 (75,011.88) 25,649.79 20 (2,074,424.27) (4,546.68) (79,612.77) (2,154,037.04) (75,011.88) ‐ 0 (4,546.68) (2,154,037.04) ‐ 10/31/2016 Interest Income 1.03 25,650.82 26,271.82 (2,154,037.04) ‐ ‐ 0 (2,154,037.04) ‐ 11/14/2016 Bank Fees (47.49) 25,603.33 22 (2,074,471.76) (5,001.47) (84,614.23) (2,159,085.99) ‐ ‐ (47.49) (5,001.47) (2,159,085.99) ‐ 11/30/2016 Intrest Income 0.38 ‐ 25,603.71 26,224.71 (2,159,085.99) (2,159,085.99) ‐ 12/6/2016 Sales Proceeds ‐ 689,088.00 714,691.71 6 (1,385,383.76) (910.94) (85,525.17) (1,470,908.93) 689,088.00 ‐ ‐ (910.94) (1,470,908.93) ‐ 12/12/2016 Bank Fees (37.15) 714,654.56 11 (1,385,420.91) (1,670.10) (87,195.27) (1,472,616.18) ‐ ‐ (37.15) (1,670.10) (1,472,616.18) ‐ 12/23/2016 Sales Proceeds 511,816.00 1,226,470.56 5 (873,604.91) (478.69) (87,673.96) (961,278.87) 511,816.00 ‐ ‐ (478.69) (961,278.87) ‐ 12/28/2016 Prof. Fees 10061 (661.50) 1,225,809.06 3 (874,266.41) (287.43) (87,961.39) (962,227.80) ‐ ‐ ‐ (661.50) (287.43) (962,227.80) ‐ 12/31/2016 Interest Income 10.13 1,225,819.19 1,226,440.19 (962,227.80) 1/9/2017 Sales Proceeds 331,799.57 1,557,618.76 2 (542,466.84) (118.90) (88,080.28) (630,547.12) 331,799.57 ‐ ‐ ‐ (118.90) (630,547.12) ‐ 1/11/2017 Bank Fees (133.44) 1,557,485.32 6 (542,600.28) (356.78) (88,437.06) (631,037.34) ‐ ‐ (133.44) ‐ (356.78) (631,037.34) ‐ 1/17/2017 Sales Proceeds 176,345.71 1,733,831.03 (454,691.63) 176,345.71 ‐ ‐ ‐ ‐ (454,691.63) ‐ 1/17/2017 Access Builders 10062 (65,918.92) 1,667,912.11 1,668,533.11 10 (432,173.49) (473.61) (88,910.68) (521,084.17) (65,918.92) ‐ ‐ ‐ (473.61) (521,084.17) ‐ 1/27/2017 Sales Proceeds 176,011.69 1,843,923.80 1,843,980.08 3 (256,161.80) (84.22) (88,994.89) (345,156.69) 176,011.69 ‐ ‐ ‐ (84.22) (345,156.69) ‐ 1/30/2017 Access Builders 10063 (201,779.45) 1,642,144.35 1,642,475.10 14 (457,941.25) (702.59) (89,697.49) (547,638.74) (201,779.45) ‐ ‐ ‐ (702.59) (547,638.74) ‐ 1/31/2017 Interest Income 23.98 ‐ 1,642,168.33 1,844,568.78 ‐ (547,638.74) 2/13/2017 Bank Fees (243.39) 1,641,924.94 29 (458,184.64) (1,456.15) (91,153.64) (549,338.28) ‐ ‐ (243.39) ‐ (1,456.15) (549,338.28) ‐ 2/28/2017 Interest Income 22.78 1,641,947.72 1,642,568.72 (549,338.28) 3/13/2017 Bank Fees (244.32) 1,641,703.40 (549,338.28) 3/14/2017 Prof. Fees 10064 (1,134.00) 1,640,569.40 (459,318.64) (91,153.64) (550,472.28) (1,134.00) (550,472.28) ‐ 3/14/2017 Sales Proceeds 496,889.49 2,137,458.89 0 ‐ 37,570.85 (53,582.79) (53,582.79) 289,030.74 64,313.70 1,699.67 64,364.13 39,289.40 37,570.85 621.00 (53,582.79) 0.00 3/30/2017 Prof. Fees 10065 (378.00) 2,137,080.89 0 ‐ (378.00) (53,960.79) (53,960.79) ‐ ‐ ‐ (378.00) ‐ (53,960.79) 0.00 3/31/2017 Interest Income 41.92 ‐ 2,137,122.81 2,138,121.81 0 ‐ ‐ (53,960.79) (53,960.79) ‐ ‐ ‐ ‐ ‐ (53,960.79) 0.00 4/7/2017 Bank Fees (319.41) 2,136,803.40 0 (319.41) ‐ (53,960.79) (54,280.20) ‐ ‐ (319.41) ‐ ‐ (54,280.20) 0.00 4/27/2017 Sales Proceeds 167,272.00 2,304,075.40 0 ‐ ‐ (53,960.79) (54,280.20) ‐ ‐ 319.41 378.00 53,582.79 112,991.80 112,991.80 (167,272.00) Due to BOCC 4/30/20174/30/2017 Interest Income 159.37 2,304,234.77 2,304,855.77 0 ‐ ‐ (53,960.79) (54,280.20) ‐ ‐ ‐ ‐ ‐ 112,991.80 (167,272.00) 5/2/2017 Sales Proceeds 167,272.00 2,471,506.77 166,358.54 279,350.34 Due to BOCC 5/31/20175/11/2017 Bank Fees (346.46) 2,471,160.31 5/24/2017 Prof. Fees 10066 (567.00) 2,470,593.31 5/31/2017 Interest Income 188.12 ‐ 2,470,781.43 2,471,402.43 6/12/2017 Retainage Release 10067 (41,696.48) 2,429,084.95 (41,696.48) 237,653.86 Due to BOCC 6/6/20176/12/2017 Bank Fees (385.53) 2,428,699.42 6/30/2017 Interest Income 180.85 2,428,880.27 7/5/2017 BOCC Distribution (230,000.00) 2,198,880.27 2,429,501.27 (230,385.53) 7,268.33 Due to BOCC 6/30/20177/11/2017 Bank Fees (345.67) 2,198,534.60 7/24/2017 Bank Fee Refund 5.00 2,198,539.60 7/31/2017 Interest Income 170.24 2,198,709.84 2,199,330.84 (340.67) 6,927.66 Due to BOCC 7/31/2017

2,198,709.84

11

Attachment 9Change in Cash and Investments AnalysisApril 30, 2015 ‐ July 31, 2017 4/30/2015 7/31/2017 Difference

Total Cash 858,476 3,123,541 2,265,065 US Bank Custody Acct 11,179,484 8,896,827 (2,282,657)

12,037,960 12,020,368 (17,592)

Total Cash Difference (17,592)

Explanation of Cash Difference ‐ explained when difference exceeds $100,000.

12

(JUNE)

Financial Statements

1


Dufresne CPA Services, PA – Overview of the June 30, 2017 Financial Reports

The following are items considered to be of note regarding the financial reports for the month of June, 2017:

1. Balance sheets (Attachments 1 and 2) changes relate primarily to individual cash account

activity, including the receipt of Franklin Park home sale proceeds, some of which are

presented on a new line item entitled Due to BOCC – Franklin Park. Please note a disclosure

was added to the bottom of the balance sheets that reports the unrealized gain/loss on the

US Bank Custody account investments.

2. Profit and loss report indicates the changes that relate primarily to timing of new bond

issuances, redemptions and related fees and residuals, fair market value adjustments,

Franklin Park, rent income and timing of invoices paid and payments received. Please note

that to more accurately reflect the components of interest income certain line descriptions

were changed in February’s monthly reports and the new descriptions are being used in all

months subsequent to February, 2017. (Attachments 3 and 4)

3. Audit fees payable represents the amount that is owed to S. Davis as compensation for their

audit services. No amounts are reported on the income statement for these fees because

they do not represent expenses of the Authority. These are expenses of the developers, it is

only the payment of the fees that is facilitated through the Trustee and the Authority.

(Attachments 1 and 2)

4. Cash Projections report provided by Zomermaand Financial Advisory Services, LLC replaced

Franklin Park Transactions job report because it provides additional detail as requested by

the HFA Board. (Attachment 8)

Cash vs Accrual Basis for P&L Budget to Actual comparison (Attachment 4)

On a monthly basis the process to prepare the financial statements includes:

a. Budgetary column – Cumulative 1/12 of the budgeted revenues and expenses are reported

b. Actual column – Significant known revenue and expense items are accrued

a. Authority fees receivable are adjusted to correct accrual basis balance

b. Cumulative 1/12 of budgeted Personnel and Other Expenses due to BOCC are adjusted to correct accrual basis balance

c. Expenses for all invoices submitted to the HFA prior to month end are paid and recorded in the financial statements.

d. Bank and account management fees that are reported on the monthly bank statements are recorded as expense in the applicable month.

2

Index to Attachments

Attachment 1, Page 3: Balance Sheet (Flux Report June, 2017 comparison to May, 2017)

Attachment 2, Page 4: Balance Sheet (Flux Report – June, 2017 comparison to June, 2016)

Attachment 3, Page 5: P&L (Flux Report – Current Year-to-Date to Prior Year-to-Date)

Attachment 4, Page 6: P&L (Flux Report – Budget to Actual)

Attachment 5, Page 7: Aged Receivable Report

Attachment 6, Pages 8-9: Wells Fargo Bank Reconciliation Report – Operating

Attachment 7, Page 10: Wells Fargo Bank Reconciliation Report – Franklin Park

Attachment 8, Pages 11-12: Franklin Park Transactions – provided by Zomermaand Financial Advisory Services, LLC

Attachment 9, Page 13: Change in Cash and Investments Analysis

ATTACHMENT(S)

June May $ Difference % Difference

Explanation


Assets

Cash-Wells Fargo 588,347$ 452,830$ 135,517 23% 2

Cash-Wells Fargo - Franklin Park 2,199,501 2,471,402 (271,901) -12% 1

Cash- LOC 6,106 6,101 5 0.08%

Indemnification Fund -BNY 330,984 330,878 106 0.03%

Total Cash 3,124,938$ 3,261,211$

US Bank Custody Acct* 8,882,302$ 8,853,357$ 28,945 0.3%

Note Receivable-DPA 387,125 387,125 - NA


Interest Receivable 9,279 11,345 (2,066) -22%


Notes Receivable - Mt. Olive 241,156 241,156 - NA

HFA Mortgage Receivables 9,714 9,777 (63) -0.6%



HFA Land 698,164 698,164 - NA


HFA Buildings 1,036,000 1,036,000 - NA

Equipment 90,258 90,258 - NA



Accumulated Depreciation, HFA (617,838) (617,838) - NA

Total Assets 14,604,609$ 14,849,436$

Liabilities

Accrued Sick/Vacation, ST 50,000$ 50,000$ - NA

Due to BOCC - Exp reimb 139,146 77,721 61,425 44% 3

Due to BOCC - Artspace project 428,070 428,070 - NA

Due to BOCC - Artspace Interest 75,659 75,659 - NA

Due to BOCC - Franklin Park 8,568 280,264 (271,696) -3171% 1

Audit Fee Payable 18,375 18,375 - NA

Good Faith Deposits 43,000 43,000 - NA



Equity

Beginning of year 13,533,205$ 13,533,205$

Prior Period Adjustment 476,694 476,694 - NA

Current Year Earnings (207,108) (172,552)

Total Equity 13,802,791 13,837,347

Total Liability and Equity 14,604,609$ 14,849,436$




NA No change as compared to prior month

100% No activity in prior month

-100% No activity in current month

1 Franklin Park home sales proceeds paid to BOCC during current month

2 Issuer fees deposited during current month





6/30/2017

Attachment 1





3

Jun-17 Jun-16 $ Difference % Difference

Explanation


Assets

Cash-Wells Fargo 588,347$ 209,067$ 379,280$ 181% 2, 3, 4

Cash-Wells Fargo - Franklin Park 2,199,501 176,339 2,023,162 1147% 1, 2

Cash- LOC 6,106 6,059 47 0.8%

Indemnification Fund -BNY 330,984 267,527 63,457 24%

Cash-BOCC Pooled equity - 60,692 (60,692) -100%

Total Cash 3,124,938$ 719,684$

US Bank Custody Acct* 8,882,302$ 9,032,539$ (150,237)$ -2%

Note Receivable-DPA 387,125 417,125 (30,000) -7%


Audit Fees Receivable - 12,000 (12,000) 100%

Interest Receivable 9,279 72,000 (62,721) -87% 3, 6


Notes Receivable - Mt. Olive 241,156 256,156 (15,000) -6%

HFA Mortgage Receivables 9,714 10,111 (397) -4%

Notes Receivable Gulfstream Ap - 100,000 (100,000) -100%



HFA Land 698,164 693,289 4,875 1%


HFA Buildings 1,036,000 1,115,000 (79,000) -7%

Equipment 90,258 108,437 (18,179) -17% 5


Accumulated Depreciation -BOCC (126,954) (122,364) (4,590) 4%

Accumulated Depreciation, HFA (617,838) (643,563) 25,725 -4%

Total Assets 14,604,609$ 12,675,120$

Liabilities

Accrued Sick/Vacation, ST 50,000 50,000 - NA

Due to BOCC - Exp reimb 139,146 208,792 (69,646) -33% 2

Due to BOCC-Artspace project 428,070 428,070 - NA

Due to BOCC-Artspace Interest 75,659 75,659 - NA

Due to BOCC - Franklin Park 8,568 - 8,568 100%

Escrow Deposit-Indemnification - 247,527 (247,527) -100%



Equity

Beginning of year 13,533,205$ 13,107,136$ Prior Period Adjustment 476,694 - 476,694 100%

Current Year Earnings (207,108) (1,481,064)

Total Equity 13,802,791 11,626,072 Total Liability and Equity 14,604,609$ 12,675,120$




NA No change as compared to prior year

100% No activity in prior year

-100% No activity in current year

1 Receipts from sales of FP homes

2 Timing of payments, receipts, and accruals based on budget

3 Gulfstream payoff of second mortgage

4 Bond issues closed

5 Depreciation posted in fiscal 2016

6 Change in accrued income - US Bank




6/30/2017

Attachment 2





4

Jun-17 Jun-16 $ Difference

% Difference

to PY *Explanation

Income

Bond Authority Fees 370,476$ 438,121$ (67,645)$ -15% 4


Compliance Monitoring Fees 12,000 32,000 (20,000) -63% 2

Application, TEFRA and Closing Fees 9,500 16,005 (6,505) -41% 1

MCC and Lender Program Income 17,786 21,900 (4,114) -19%

Interest Income, Mortgages 561 523 38 7%

Interest Income, Wells Fargo 826 68 758 1115%

* Interest Income, US Bank 90,530 81,931 8,599 10% 3

* Net Change in Investment Value, US Bank (68,117) - (68,117) 100% 3

* Realized Gain/Loss On Investment, US Bank (2,852) (33,056) 30,204 -91% 3

* Interest Income, FHLB LOC 47 - 47 100%

* Interest Income, BNY 382 - 382 100%

FP Sales Proceeds Income 2,182 - 2,182 100%

Other Income - 5,426 (5,426) 100%

Rent Income 121,044 74,984 46,060 100% 1

Parking Rent Income 7,040 - 7,040 100% 7

Total Income 641,264$ 768,013$ (126,749)$

Personnel Services, Broward Co 417,022$ 416,081$ (941) 0%

Other Expenses, Broward County 135,803 120,973 (14,830) -12% 4

Cost of Bond Issuance - 209 209 100%

Professional Fees 149,383 150,649 1,266 1%

Bank Management Fees 48,888 49,650 762 2%




Building/Land Maintenance 40,879 46,754 5,875 13% 1

Utilities 14,117 15,424 1,307 8%

Franklin Park Homes Construction - 1,432,329 1,432,329 100% 5

Capital Outlay Expense 13,586 - 13,586 100% 6

Total Expenses 848,372$ 2,249,077$ 1,427,876$

(207,108)$ (1,481,064)$ (1,554,625)$

Explanations provided for >=10% and >= $5,000 variance

1

2 Timing of new bond financings

3 Gain/Loss related to current market conditions


5 Accumulated FP expenses booked as receivable

6 New expense account for fiscal 2017 to report costs related to additional parking lot development

7 New income account for fiscal 2017 to track parking rent paid to HFA

* Please note that to more accurately reflect the components of interest income certain line descriptions were changed

"%Actual to Budget" Column Legend

NA - No amount reported in either of the two years

0% - Current year actual is equal to PY actual amount

100% - No amount in one of the two years presented

Attachment 3

Timing of services and billings

Net Profit/(Loss)




Profit & Loss (Flux Report) Current Year-to-Date to Prior Year-to-Date

Year to Date As of June 2017

Expenses

5

Selected Period Budgeted $ Difference

% Difference

to budget *Explanation

Income

Bond Authority Fees 370,476$ 333,720$ 36,756$ 11% 1


Compliance Monitoring Fees 12,000 - 12,000 NA

Application and Closing Fees 9,500 - 9,500 NA

MCC and Lender Program Income 17,786 33,750 (15,964) -47% 1

Interest Income, Mortgages 561 - 561 NA

Interest Income, Wells Fargo 826 - 826 NA

Interest Income, US Bank 90,530 119,250 (28,720) -24% 3

Net Change in Investment Value, US Bank (68,117) - (68,117) NA

Realized Gain/Loss On Investment, US Bank (2,852) - (2,852) NA

Interest Income, FHLB LOC 47 - 47 NA

Interest Income, BNY 382 - 382 NA

Interest Income - FP Construction Loan Receivable 2,182 - 2,182 NA

Rent Income 121,044 90,788 30,257 33% 1

Parking Rent Income 7,040 - 7,040 NA

Total Income 641,264$ 796,574$

Expenses

Personnel Services, Broward Co 417,022$ 417,022$ -$ 0%

Other Expenses, Broward County 135,803 135,803 - 0%

Professional Fees 149,383 143,250 (6,133) -4%

Audit Expense (BOCC) - 9,900 9,900 100% 1

Bank Management Fees 48,888 - (48,888) NA




Postage/FedEx - 225 225 100%

Liab Insurance/HFA Board - 6,750 6,750 100% 1

Building/Land Maintenance 40,879 46,500 5,621 12% 1

Utilities 14,117 18,750 4,633 25%

Capital Outlay Expense 13,586 - (13,586) NA

Total Expenses 848,372$ 796,574$

Net Profit/(Loss) (207,108)$ (0)$

* Explanations provided for >=10% and >= $5,000 variance

1 Timing of invoices and payments

2 Praxis at Deerfield Beach good faith deposit returned to developer

3 A lower balance is maintained current year, resulting in less interest earned

NA - No Budget amount

100% - Actual is zero

Year to Date As of June 2017

Attachment 4




Profit & Loss (Flux Report) Budget to Actual

6

Authority fee receivable Total Due 0 - 30 31 - 60 61 - 90 90+

2002 COLONIAL PARK $5,935.87 $5,935.87 $0.00 $0.00 $0.00

Total Authority Fee Receivable 5,936 5,936 - - -

6/30/2017

Attachment 5




Aged Receivables

7


Reconciliation Report7/6/20171:56:09 PM

Page 1


Checking Account: 1-1000 Cash-Wells FargoDate of Bank Statement: 6/30/2017

Last Reconciled: 5/31/2017Last Reconciled Balance: $470,680.10

Cleared Checks

4759 5/16/2017 Broward County Board of Coun $100.004762 5/24/2017 Holmes Lawn Service, Inc $335.004764 5/24/2017 Milette Thurston $69.004765 5/24/2017 Daniel D. Reynolds $2,565.604766 5/30/2017 L&B Janitorial Services $4,044.004767 5/30/2017 Zomermaand Financial Advisor $5,972.174769 5/31/2017 WSA Systems - Boca, Inc. $3,146.30GJ002142 6/2/2017 utility debit $374.534770 6/6/2017 Hans Johnson Plumbing & Air, $190.00SC063017 6/12/2017 WF Operating Srvc Chrg June $421.074771 6/21/2017 Dufresne and Associates $1,300.004772 6/21/2017 TECO Peoples Gas $48.09GJ002149 6/28/2017 "utility debit, MCC deposit corr $1,617.15

Total:

$0.00

$20,182.91

Cleared Deposits

GJ002143 6/5/2017 dental parking rent $1,000.00GJ002144 6/12/2017 "MCC's, 2nd Mtg" $511.84CR000942 6/13/2017 Payment; 1985 FAIRLAKES $17,100.00CR000943 6/13/2017 Payment; 2004 CYPRESS GR $28,467.00CR000944 6/13/2017 Payment; 2007 Single Family $1,950.45CR000945 6/13/2017 Payment; 1996 BANYAN BAY $22,075.37CR000946 6/13/2017 Payment; 1996 LOS PRADOS $26,416.17CR000947 6/13/2017 Payment; 2002 MERIDIAN $6,047.46CR000948 6/13/2017 Payment; 2002 LAGUNA POIN $7,427.33CR000949 6/13/2017 Payment; 2000 SUMMERLAKE $3,614.69CR000950 6/13/2017 Payment; 2008 Golden Villas $2,727.00CR000951 6/13/2017 Payment; 1997 Heron Pointe $3,525.00CR000952 6/13/2017 Payment; 2003 SANTUARY C $13,815.00CR000953 6/13/2017 Payment; 2006 Sailboat Bend $1,170.00GJ002145 6/16/2017 MCC's $350.00GJ002146 6/19/2017 MBS Loan Income $669.05CR000940 6/19/2017 Payment; 2007 Single Family $703.23CR000941 6/19/2017 Payment; 2006 Single Family $565.10GJ002147 6/23/2017 "San Tropez Monitoring Fee, M $6,175.00GJ002148 6/27/2017 MCC's $350.00GJ002150 6/30/2017 "Dental rent, 2nd Mtg" $1,086.84IE063017 6/30/2017 WF Operating Interest June 20 $40.10

Total:

$145,786.63

$0.00

Outstanding Checks

4757 5/15/2017 Jacqueline Paige Browne $1,618.174773 6/30/2017 Krystal Kleer $320.004774 6/30/2017 Zomermaand Financial Advisor $5,998.52

Total:

$0.00

$7,936.69

Attachment 6

rives

Typewritten Text

8

Housing Finance Authority


Page 2


Checking Account: 1-1000 Cash-Wells FargoDate of Bank Statement: 6/30/2017

Last Reconciled: 5/31/2017Last Reconciled Balance: $470,680.10

Outstanding Checks

Reconciliation

AccountEdge Pro Balance on 6/30/2017: $588,347.13


Subtotal: $596,283.82


Expected Balance on Statement: $596,283.82

rives

Typewritten Text

9



Page 1


Checking Account: 1-1005 WF Franklin Park EstatesDate of Bank Statement: 6/30/2017

Last Reconciled: 5/31/2017Last Reconciled Balance: $2,471,402.43

Cleared Checks

10067 6/6/2017 Access Builders, Inc. $41,696.48SC063017 6/12/2017 WF FP Srvc Chrg June 2017 $385.53

Total:

$0.00

$42,082.01

Cleared Deposits

IE063017 6/30/2017 WF FP Interest June 2017 $180.85

Total:

$180.85

$0.00

Outstanding Checks

10068 6/30/2017 Broward County Board of Coun $230,000.00

Total:

$0.00

$230,000.00

Reconciliation

AccountEdge Pro Balance on 6/30/2017: $2,199,501.27


Subtotal: $2,429,501.27


Expected Balance on Statement: $2,429,501.27

Attachment 7

rives

Typewritten Text

10

RateActual 365 4.00%

Date Desc. Reference Deposit WithdrawalFrank. Park Bank Account Balance

Bank Reconciliation

No. of Days in Accrual

Const. Loan Principal Balance

Interest Accrual ‐ Period

Cumulative Interest P&I Const. Draw

Arch., FPL, Fl Eng. Testing & Stoner Fees Bank Fees BOCC Prof. Fees Interest Other Total Due HFA Balancing

3/4/2015 Archiecture Fees 4502 (10,500.00) (10,500.00) 58 (10,500.00) (66.74) (66.74) (10,566.74) (10,500.00) (66.74) (10,566.74) ‐ 5/1/2015 Credit Underwriting 4514 (6,075.00) (16,575.00) 5 (16,575.00) (9.08) (75.82) (16,650.82) (6,075.00) (9.08) (16,650.82) ‐

5/6/2015 Deposit ‐ GJ001844 100,000.00 ‐ 83,425.00 0 ‐ ‐ (16,650.82) ‐ (16,650.82) ‐ 5/6/2015 Check ‐ Octavio Santurio 10001 ‐ (15,300.00) 68,125.00 5 (31,875.00) (17.47) (93.29) (31,968.29) (15,300.00) (17.47) (31,968.29) ‐

5/11/2015 Deposit ‐ GJ001843 400,000.00 ‐ 468,125.00 0 ‐ ‐ (31,968.29) ‐ (31,968.29) ‐ 5/11/2015 Bank Fees GJ001843 ‐ (159.75) 467,965.25 2 (32,034.75) (7.02) (100.31) (32,135.06) (159.75) (7.02) (32,135.06) ‐ 5/13/2015 Prof. Fees 10002 ‐ (677.25) 467,288.00 14 (32,712.00) (50.19) (150.50) (32,862.50) (677.25) (50.19) (32,862.50) ‐ 5/27/2015 Prof. Fees 10003 ‐ (5,000.00) 462,288.00 9 (37,712.00) (37.20) (187.69) (37,899.69) (5,000.00) (37.20) (37,899.69) ‐ 5/31/2015 Interest Income GJ001853 5.26 ‐ 462,293.26 R 0 ‐ ‐ (37,899.69) ‐ (37,899.69) ‐ 6/3/2015 BOCC ‐ Voided 10004 ‐ ‐ 462,293.26 0 (37,712.00) ‐ (187.69) (37,899.69) ‐ ‐ (37,899.69) ‐ 6/5/2015 BOCC 10005 ‐ (700.00) 461,593.26 4 (38,412.00) (16.84) (204.53) (38,616.53) (700.00) (16.84) (38,616.53) ‐ 6/9/2015 Prof. Fees 10006 ‐ (677.25) 460,916.01 0 ‐ ‐ ‐ (38,616.53) ‐ (38,616.53) ‐ 6/9/2015 Access Builders ‐ Canceled Ck 10007 ‐ ‐ 460,858.15 2 (39,089.25) (8.57) (213.10) (39,302.35) (677.25) (8.57) (39,302.35) ‐

6/11/2015 Bank Fees GJ001868 (217.61) 460,698.40 0 ‐ ‐ ‐ (39,302.35) ‐ (39,302.35) ‐ 6/11/2015 Bank Fees GJ001868 ‐ 159.75 460,858.15 1 (39,147.11) (4.29) (217.39) (39,364.50) (57.86) (4.29) (39,364.50) ‐ 6/12/2015 Access Builders 10008 ‐ (69,943.54) 390,914.61 0 ‐ ‐ ‐ (39,364.50) ‐ (39,364.50) ‐ 6/12/2015 BOCC 10009 ‐ (12,900.22) 378,014.39 10 (121,990.87) (133.69) (351.08) (122,341.95) (69,943.54) (12,900.22) (133.69) (122,341.95) ‐ 6/22/2015 Stoner & Assoc 10010 (5,466.70) 372,547.69 1 (127,457.57) (13.97) (365.04) (127,822.61) (5,466.70) (13.97) (127,822.61) ‐ 6/23/2015 BOCC 10011 (42,638.41) 329,909.28 0 ‐ ‐ ‐ (127,822.61) ‐ (127,822.61) ‐ 6/23/2015 Archiecture Fees 10012 (18,921.20) 310,988.08 7 (189,017.18) (145.00) (510.04) (189,527.22) (18,921.20) (42,638.41) (145.00) (189,527.22) ‐ 6/30/2015 FP&L 10013 (2,420.00) 308,568.08 7 (191,437.18) (146.86) (656.90) (192,094.08) (2,420.00) (146.86) (192,094.08) ‐ 6/30/2015 Interest Income GJ001869 6.63 ‐ 308,574.71 R 386,404.95 0 ‐ ‐ ‐ (192,094.08) ‐ (192,094.08) ‐ 7/7/2015 Access Builders 10014 ‐ (219,856.06) 88,718.65 1 (411,293.24) (45.07) (701.97) (411,995.21) (219,856.06) (45.07) (411,995.21) ‐ 7/8/2015 Deposit ‐ 400,000.00 ‐ 488,718.65 0 ‐ ‐ (411,995.21) ‐ (411,995.21) ‐ 7/8/2015 Access Builders ‐ CC #10007 10015 (88,156.65) 400,562.00 4 (499,449.89) (218.94) (920.91) (500,370.80) (88,156.65) (218.94) (500,370.80) ‐

7/12/2015 BOCC 10016 (155.80) 400,406.20 1 (499,605.69) (54.75) (975.66) (500,581.35) (155.80) (54.75) (500,581.35) ‐ 7/13/2015 Bank Fee (100.59) 400,305.61 7 (499,706.28) (383.34) (1,359.00) (501,065.28) (100.59) (383.34) (501,065.28) ‐ 7/20/2015 BOCC 10017 (5,750.88) 394,554.73 3 (505,457.16) (166.18) (1,525.18) (506,982.34) (5,750.88) (166.18) (506,982.34) ‐ 7/23/2015 Prof. Fees 10018 (441.00) 394,113.73 0 ‐ ‐ ‐ (506,982.34) ‐ (506,982.34) ‐ 7/23/2015 Stoner & Assoc. 10019 (400.00) 393,713.73 2 (506,298.16) (110.97) (1,636.15) (507,934.31) (400.00) (441.00) (110.97) (507,934.31) ‐ 7/25/2015 10020 (7,650.00) 386,063.73 9 (513,948.16) (506.91) (2,143.05) (516,091.21) (7,650.00) (506.91) ‐ (516,091.21) ‐ 7/31/2015 Intrest Income 6.21 386,069.94 R 386,510.94 0 ‐ ‐ ‐ (516,091.21) ‐ (516,091.21) ‐ 8/3/2015 Florida Engineering & Testing 10021 (1,944.44) 384,125.50 7 (515,892.60) (395.75) (2,538.81) (518,431.41) (1,944.44) (395.75) (518,431.41) ‐ 8/7/2015 BOCC ‐ Void Replace 10023 10022 ‐ 384,125.50 ‐ 0 ‐ ‐ ‐ (518,431.41) ‐ (518,431.41) ‐

8/10/2015 BOCC 10023 (2,374.62) 381,750.88 1 (518,267.22) (56.80) (2,595.60) (520,862.82) (2,374.62) (56.80) (520,862.82) ‐ 8/11/2015 Bank Fee (101.56) 381,649.32 15 (518,368.78) (852.11) (3,447.72) (521,816.50) (101.56) (852.11) (521,816.50) ‐

8/24/2015 Deposit ‐ 200,000.00 ‐ 581,649.32 0 (518,368.78) ‐ (3,447.72) (521,816.50) ‐ (521,816.50) ‐ 8/26/2015 Prof. Fees 10024 ‐ (567.00) 581,082.32 0 ‐ ‐ ‐ (521,816.50) ‐ (521,816.50) ‐ 8/26/2015 Access Builders 10025 ‐ (155,265.83) 425,816.49 16 (674,201.61) (1,182.16) (4,629.88) (678,831.49) (155,265.83) (567.00) (1,182.16) (678,831.49) ‐ 8/31/2015 Interest Income 6.34 ‐ 425,822.83 R 426,389.83 0 ‐ ‐ (678,831.49) ‐ (678,831.49) ‐ 9/11/2015 Bank Fee (86.88) 425,735.95 5 (674,288.49) (369.47) (4,999.35) (679,287.84) (86.88) (369.47) (679,287.84) ‐ 9/16/2015 Access Builders 10026 (98,781.04) 326,954.91 14 (773,069.53) (1,186.08) (6,185.43) (779,254.96) (98,781.04) (1,186.08) (779,254.96) ‐ 9/30/2015 Prof.Fees 10027 (283.50) 326,671.41 13 (773,353.03) (1,101.76) (7,287.19) (780,640.22) (283.50) (1,101.76) (780,640.22) ‐ 9/30/2015 Interest Income 5.86 ‐ 326,677.27 R 326,960.77 0 ‐ ‐ (780,640.22) ‐ (780,640.22) ‐

10/13/2015 Access Builders 10028 (289,545.33) 37,131.94 ‐ ‐ ‐ (780,640.22) ‐ ‐ (780,640.22) ‐ 10/13/2015 Bank Fee (79.83) 37,052.11 6 (1,062,978.19) (698.94) (7,986.14) (1,070,964.33) (289,545.33) (79.83) (698.94) (1,070,964.33) ‐ 10/14/2015 Deposit ‐ 200,000.00 ‐ 237,052.11 ‐ ‐ (1,070,964.33) ‐ (1,070,964.33) ‐ 10/19/2015 Access Builders 10029 (9,415.15) 227,636.96 ‐ ‐ ‐ (1,070,964.33) ‐ (1,070,964.33) ‐ 10/19/2015 Access Builders 10030 (16,357.50) 211,279.46 2 (1,088,750.84) (238.63) (8,224.77) (1,096,975.61) (25,772.65) (238.63) (1,096,975.61) ‐ 10/21/2015 Prof. Fees 10031 (17,921.25) 193,358.21 20 (1,106,672.09) (2,425.58) (10,650.35) (1,117,322.44) (17,921.25) (2,425.58) (1,117,322.44) ‐ 10/31/2015 Interest Income 4.41 ‐ 193,362.62 211,283.87 ‐ ‐ ‐ (1,117,322.44) ‐ (1,117,322.44) ‐ 11/10/2015 Prof. Fees 10032 (913.50) 192,449.12 2 (1,107,585.59) (242.76) (10,893.11) (1,118,478.70) (913.50) (242.76) (1,118,478.70) ‐ 11/12/2015 Bank Fee (70.76) 192,378.36 11 (1,107,656.35) (1,335.26) (12,228.37) (1,119,884.72) (70.76) (1,335.26) (1,119,884.72) ‐ 11/23/2015 Deposit ‐ 355,726.58 ‐ 548,104.94 2 (751,929.77) (164.81) (12,393.17) (764,322.94) 355,726.58 (164.81) (764,322.94) ‐ 11/25/2015 Access Builders 10033 (216,036.97) 332,067.97 15 (967,966.74) (1,591.18) (13,984.35) (981,951.09) (216,036.97) (1,591.18) (981,951.09) ‐ 11/30/2015 Interest Income 4.10 ‐ 332,072.07 548,109.04 ‐ ‐ (981,951.09) ‐ (981,951.09) ‐ 12/10/2015 Access Builders 10034 (79,081.77) 252,990.30 ‐ ‐ ‐ (981,951.09) ‐ (981,951.09) ‐ 12/10/2015 Access Builders 10035 ‐ (161,646.27) 91,344.03 1 (1,208,694.78) (132.46) (14,116.81) (1,222,811.59) (240,728.04) (132.46) (1,222,811.59) ‐ 12/11/2015 Bank Fee (66.80) 91,277.23 10 (1,208,761.58) (1,324.67) (15,441.48) (1,224,203.06) (66.80) (1,324.67) (1,224,203.06) ‐ 12/11/2015 Deposit ‐ 300,000.00 391,277.23 ‐ ‐ ‐ (1,224,203.06) ‐ (1,224,203.06) ‐ 12/21/2015 Prof. Fees 10036 (441.00) 390,836.23 16 (1,209,202.58) (2,120.25) (17,561.73) (1,226,764.31) (441.00) (2,120.25) (1,226,764.31) ‐ 12/31/2015 Interest Income 6.27 390,842.50 391,283.50 ‐ ‐ (1,226,764.31) ‐ (1,226,764.31) ‐

1/6/2016 Access Builders 10037 (113,664.53) 277,177.97 5 (1,322,867.11) (724.86) (18,286.59) (1,341,153.70) (113,664.53) (724.86) (1,341,153.70) ‐ 1/11/2016 Bank Fee (86.13) 277,091.84 11 (1,322,953.24) (1,594.79) (19,881.38) (1,342,834.62) (86.13) (1,594.79) (1,342,834.62) ‐ 1/22/2016 Prof. Fees 10038 (614.25) 276,477.59 17 (1,323,567.49) (2,465.82) (22,347.20) (1,345,914.69) (614.25) (2,465.82) (1,345,914.69) ‐ 1/31/2016 Interest Income 4.56 276,482.15 ‐ (1,345,914.69) (1,345,914.69) ‐ 2/8/2016 Prof. Fees 10039 (551.25) 275,930.90 277,096.40 2 (1,324,118.74) (290.22) (22,637.42) (1,346,756.16) (551.25) (290.22) (1,346,756.16) ‐

2/10/2016 Access Builders 10040 (77,705.70) 198,225.20 1 (1,401,824.44) (153.62) (22,791.04) (1,424,615.48) (77,705.70) (153.62) (1,424,615.48) ‐ 2/11/2016 Bank Fees (72.26) 198,152.94 1 (1,401,896.70) (153.63) (22,944.68) (1,424,841.38) (72.26) (153.63) (1,424,841.38) ‐ 2/12/2016 Access Builders 10041 (83,206.32) 114,946.62 14 (1,485,103.02) (2,278.51) (25,223.19) (1,510,326.21) (83,206.32) (2,278.51) (1,510,326.21) ‐

Basis

Attachment 8Interest Accrual Spreadsheet

11

2/29/2016 Deposit ‐ 200,000.00 ‐ 314,946.62 (1,485,103.02) ‐ ‐ (1,510,326.21) ‐ ‐ (1,510,326.21) ‐ 2/26/2016 Access Builders ‐ Voided Ck. 10042 ‐ 314,946.62 (1,485,103.02) ‐ ‐ (1,510,326.21) ‐ ‐ (1,510,326.21) ‐ 2/26/2016 Access Builders 10043 (49,212.23) 265,734.39 12 (1,534,315.25) (2,017.73) (27,240.92) (1,561,556.17) (49,212.23) (2,017.73) (1,561,556.17) ‐ 2/29/2016 Interest Income 3.01 265,737.40 314,949.63 (1,534,315.25) ‐ ‐ (1,561,556.17) (1,561,556.17) ‐ 3/9/2016 Prof. Fees 10044 (724.50) 265,012.90 2 (1,535,039.75) (336.45) (27,577.37) (1,562,617.12) ‐ ‐ ‐ ‐ (724.50) (336.45) ‐ (1,562,617.12) ‐

3/11/2016 Bank Fees (65.83) 264,947.07 31 (1,535,105.58) (5,215.15) (32,792.52) (1,567,898.10) (65.83) (5,215.15) (1,567,898.10) ‐ 3/31/2016 Interest Income 4.05 ‐ 264,951.12 264,951.12 (1,535,105.58) ‐ ‐ (1,567,898.10) (1,567,898.10) ‐ 4/11/2016 Bank Fees (67.95) 264,883.17 1 (1,535,173.53) (168.24) (32,960.76) (1,568,134.29) (67.95) (168.24) ` (1,568,134.29) ‐ 4/12/2016 Prof. Fees 10045 (645.75) 264,237.42 ‐ ‐ (1,568,134.29) (1,568,134.29) ‐ 4/12/2016 Access Builders 10046 (152,289.63) 111,947.79 22 (1,688,108.91) (4,069.96) (37,030.72) (1,725,139.63) (152,289.63) (645.75) (4,069.96) (1,725,139.63) ‐ 4/30/2016 Interest Income 2.63 111,950.42 111,950.42 ‐ ‐ (1,725,139.63) (1,725,139.63) 5/4/2016 Access Builders 10047 (26,705.67) 85,244.75 2 (1,714,814.58) (375.85) (37,406.57) (1,752,221.15) (26,705.67) ‐ (375.85) (1,752,221.15) ‐ 5/6/2016 Access Builders 10048 (58,953.18) 26,291.57 5 (1,773,767.76) (971.93) (38,378.50) (1,812,146.26) (58,953.18) ‐ (971.93) (1,812,146.26) ‐ 5/5/2016 Deposit ‐ 250,000.00 ‐ 276,291.57 ‐ ‐ (1,812,146.26) ‐ ‐ ‐ (1,812,146.26) ‐

5/11/2016 Prof. Fees 10049 (346.50) 275,945.07 (1,812,146.26) ‐ ‐ ‐ ‐ (1,812,146.26) ‐ 5/11/2016 Bank Fees (56.86) 275,888.21 28 (1,774,171.12) (5,444.03) (43,822.53) (1,817,993.65) ‐ (56.86) (346.50) (5,444.03) (1,817,993.65) ‐ 5/31/2016 Interest Income 4.04 ‐ 275,892.25 275,892.25 ‐ ‐ (1,817,993.65) ‐ ‐ ‐ (1,817,993.65) ‐ 6/8/2016 Access Builders 10050 (97,502.91) 178,389.34 ‐ ‐ ‐ (1,817,993.65) ‐ (1,817,993.65) ‐ 6/8/2016 Fl. Eng. & Testing 10051 (1,555.56) 176,833.78 (1,817,993.65) ‐ (1,817,993.65) ‐ 6/8/2016 Prof. Fees 10052 (425.25) 176,408.53 5 (1,873,654.84) (1,026.66) (44,849.19) (1,918,504.03) (97,502.91) (1,555.56) (425.25) (1,026.66) (1,918,504.03) ‐

6/13/2016 Bank Fees (72.55) 176,335.98 28 (1,873,727.39) (5,749.52) (50,598.71) (1,924,326.10) ‐ ‐ ‐ (72.55) (5,749.52) (1,924,326.10) ‐ 6/30/2016 Interest Income 3.20 ‐ 176,339.18 176,339.18 (1,924,326.10) (1,924,326.10) ‐ 7/11/2016 Bank Fees (61.85) 176,277.33 18 (1,873,789.24) (3,696.24) (54,294.95) (1,928,084.19) ‐ ‐ ‐ (61.85) (3,696.24) (1,928,084.19) ‐ 7/29/2016 Prof. Fees 10053 (378.00) 175,899.33 14 (1,874,167.24) (2,875.43) (57,170.39) (1,931,337.63) ‐ ‐ ‐ (378.00) (2,875.43) (1,931,337.63) ‐ 7/29/2016 Interest Income 2.68 ‐ 175,902.01 175,902.01 (1,931,337.63) (1,931,337.63) ‐ 8/1/2016 Publication Expense (621.00) 175,281.01 11 (1,874,788.24) (2,260.02) (59,430.41) (1,934,218.65) ‐ ‐ ‐ ‐ (2,260.02) (621.00) (1,934,218.65) ‐

8/12/2016 Bank Fees (56.28) 175,224.73 5 (1,874,844.52) (1,027.31) (60,457.72) (1,935,302.24) ‐ ‐ (56.28) (1,027.31) (1,935,302.24) ‐ 8/17/2016 Prof. Fees 10054 (330.75) 174,893.98 26 (1,875,175.27) (5,342.97) (65,800.68) (1,940,975.95) ‐ ‐ ‐ (330.75) (5,342.97) (1,940,975.95) ‐ 8/31/2016 Interest Income 2.69 174,896.67 175,517.67 (1,940,975.95) ‐ (1,940,975.95) ‐ 9/12/2016 Bank Fees ‐ (56.56) 174,840.11 1 (1,875,231.83) (205.50) (66,006.19) (1,941,238.02) ‐ (56.56) (205.50) (1,941,238.02) ‐ 9/13/2016 Prof. Fees 10056 (346.50) 174,493.61 7 (1,875,578.33) (1,438.80) (67,444.99) (1,943,023.32) ‐ (346.50) (1,438.80) (1,943,023.32) ‐ 9/13/2016 Voided Check 10055 ‐ 174,493.61 (1,943,023.32) ‐ (1,943,023.32) ‐ 9/20/2016 Access Builders 10057 (105,438.94) 69,054.67 10 (1,981,017.27) (2,170.98) (69,615.96) (2,050,633.23) (105,438.94) ‐ ‐ (2,170.98) (2,050,633.23) ‐ 9/30/2016 Prof. Fees 10058 (315.00) 68,739.67 11 (1,981,332.27) (2,388.46) (72,004.42) (2,053,336.69) (315.00) ‐ 0 (2,388.46) (2,053,336.69) ‐ 9/30/2016 Interest Income 2.12 68,741.79 70,024.29 14 (2,053,336.69) (2,053,336.69) ‐

10/11/2016 Bank Fees (52.30) 68,689.49 3 (1,981,384.57) (651.41) (72,655.83) (2,054,040.40) ‐ ‐ (52.30) (651.41) (2,054,040.40) ‐ 10/14/2016 Access Builders 10059 (18,027.82) 50,661.67 11 (1,999,412.39) (2,410.25) (75,066.08) (2,074,478.47) (18,027.82) ‐ 0 (2,410.25) (2,074,478.47) ‐

10/24/2016 Deposit ‐ 0 50,000.00 ‐ 100,661.67 (2,074,478.47) (2,074,478.47) ‐ 10/25/2016 Access Builders 10060 (75,011.88) 25,649.79 20 (2,074,424.27) (4,546.68) (79,612.77) (2,154,037.04) (75,011.88) ‐ 0 (4,546.68) (2,154,037.04) ‐ 10/31/2016 Interest Income 1.03 25,650.82 26,271.82 (2,154,037.04) ‐ ‐ 0 (2,154,037.04) ‐ 11/14/2016 Bank Fees (47.49) 25,603.33 22 (2,074,471.76) (5,001.47) (84,614.23) (2,159,085.99) ‐ ‐ (47.49) (5,001.47) (2,159,085.99) ‐ 11/30/2016 Intrest Income 0.38 ‐ 25,603.71 26,224.71 (2,159,085.99) (2,159,085.99) ‐ 12/6/2016 Sales Proceeds ‐ 689,088.00 714,691.71 6 (1,385,383.76) (910.94) (85,525.17) (1,470,908.93) 689,088.00 ‐ ‐ (910.94) (1,470,908.93) ‐

12/12/2016 Bank Fees (37.15) 714,654.56 11 (1,385,420.91) (1,670.10) (87,195.27) (1,472,616.18) ‐ ‐ (37.15) (1,670.10) (1,472,616.18) ‐ 12/23/2016 Sales Proceeds 511,816.00 1,226,470.56 5 (873,604.91) (478.69) (87,673.96) (961,278.87) 511,816.00 ‐ ‐ (478.69) (961,278.87) ‐ 12/28/2016 Prof. Fees 10061 (661.50) 1,225,809.06 3 (874,266.41) (287.43) (87,961.39) (962,227.80) ‐ ‐ ‐ (661.50) (287.43) (962,227.80) ‐ 12/31/2016 Interest Income 10.13 1,225,819.19 1,226,440.19 (962,227.80)

1/9/2017 Sales Proceeds 331,799.57 1,557,618.76 2 (542,466.84) (118.90) (88,080.28) (630,547.12) 331,799.57 ‐ ‐ ‐ (118.90) (630,547.12) ‐ 1/11/2017 Bank Fees (133.44) 1,557,485.32 6 (542,600.28) (356.78) (88,437.06) (631,037.34) ‐ ‐ (133.44) ‐ (356.78) (631,037.34) ‐ 1/17/2017 Sales Proceeds 176,345.71 1,733,831.03 (454,691.63) 176,345.71 ‐ ‐ ‐ ‐ (454,691.63) ‐ 1/17/2017 Access Builders 10062 (65,918.92) 1,667,912.11 1,668,533.11 10 (432,173.49) (473.61) (88,910.68) (521,084.17) (65,918.92) ‐ ‐ ‐ (473.61) (521,084.17) ‐ 1/27/2017 Sales Proceeds 176,011.69 1,843,923.80 1,843,980.08 3 (256,161.80) (84.22) (88,994.89) (345,156.69) 176,011.69 ‐ ‐ ‐ (84.22) (345,156.69) ‐ 1/30/2017 Access Builders 10063 (201,779.45) 1,642,144.35 1,642,475.10 14 (457,941.25) (702.59) (89,697.49) (547,638.74) (201,779.45) ‐ ‐ ‐ (702.59) (547,638.74) ‐ 1/31/2017 Interest Income 23.98 ‐ 1,642,168.33 1,844,568.78 ‐ (547,638.74) 2/13/2017 Bank Fees (243.39) 1,641,924.94 29 (458,184.64) (1,456.15) (91,153.64) (549,338.28) ‐ ‐ (243.39) ‐ (1,456.15) (549,338.28) ‐ 2/28/2017 Interest Income 22.78 1,641,947.72 1,642,568.72 (549,338.28) 3/13/2017 Bank Fees (244.32) 1,641,703.40 (549,338.28) 3/14/2017 Prof. Fees 10064 (1,134.00) 1,640,569.40 (459,318.64) (91,153.64) (550,472.28) (1,134.00) (550,472.28) ‐ 3/14/2017 Sales Proceeds 496,889.49 2,137,458.89 0 ‐ 37,570.85 (53,582.79) (53,582.79) 289,030.74 64,313.70 1,699.67 64,364.13 39,289.40 37,570.85 621.00 (53,582.79) 0.00 3/30/2017 Prof. Fees 10065 (378.00) 2,137,080.89 0 ‐ (378.00) (53,960.79) (53,960.79) ‐ ‐ ‐ (378.00) ‐ (53,960.79) 0.00 3/31/2017 Interest Income 41.92 ‐ 2,137,122.81 2,138,121.81 0 ‐ ‐ (53,960.79) (53,960.79) ‐ ‐ ‐ ‐ ‐ (53,960.79) 0.00 4/7/2017 Bank Fees (319.41) 2,136,803.40 0 (319.41) ‐ (53,960.79) (54,280.20) ‐ ‐ (319.41) ‐ ‐ (54,280.20) 0.00

4/27/2017 Sales Proceeds 167,272.00 2,304,075.40 0 ‐ ‐ (53,960.79) (54,280.20) ‐ ‐ 319.41 378.00 53,582.79 112,991.80 112,991.80 (167,272.00) Due to BOCC4/30/2017 Interest Income 159.37 2,304,234.77 2,304,855.77 0 ‐ ‐ (53,960.79) (54,280.20) ‐ ‐ ‐ ‐ ‐ 112,991.80 (167,272.00) 5/2/2017 Sales Proceeds 167,272.00 2,471,506.77 166,358.54 279,350.34 Due to BOCC

5/11/2017 Bank Fees (346.46) 2,471,160.31 5/24/2017 Prof. Fees 10066 (567.00) 2,470,593.31 5/31/2017 Interest Income 188.12 ‐ 2,470,781.43 2,471,402.43 6/12/2017 Retainage Release 10067 (41,696.48) 2,429,084.95 (41,696.48) 237,653.86 Due to BOCC6/12/2017 Bank Fees (385.53) 2,428,699.42 6/30/2017 Interest Income 180.85 2,428,880.27 6/30/2017 BOCC Distribution (230,000.00) 2,198,880.27 2,429,501.27 (230,385.53) 7,268.33 Due to BOCC

12

Attachment 9Cash Activity SummaryApril 30, 2015 ‐ June 30, 2017 4/30/2015 6/30/2017 Difference

Total Cash 858,476 3,124,938 2,266,462 US Bank Custody Acct 11,179,484 8,882,302 (2,297,182)

12,037,960 12,007,240 (30,720)

Total Cash Difference (30,720)

Explanation of Cash Difference ‐ explained when difference exceeds $100,000.

13


Safekeeping Agent - Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC (“Wells Fargo”) Staff is requesting HFA approval to: (a) appoint Wells Fargo as the safekeeping agent and broker, (b) execute various documents necessary to establish safekeeping and brokerage accounts, c) authorize officers of the HFA to do all things necessary or advisable in connection with entering into the agreements and d) provide an effective date. Background

1. The HFA’s Investment Committee (the “IC”) held its first meeting on June 21, 2017 (the “Initial IC Meeting”). Within the Initial IC Meeting, after the election of officers, decisions were made regarding various organization matters and the selection of an institution to provide safekeeping/custody services.

2. The IC: a) appointed the Chair of the HFA Ruth Cyrus as the Chair of the IC and b)

elected Sue Fejes as the Vice Chair. 3. The IC elected Wells Fargo as the custodian to manage safekeeping and securities. 4. The IC took additional actions which are described in greater detail within minutes.

(Attachment I).

Present Situation

1. The IC requests authorization to execute the following Wells Fargo agreements: a) Safekeeping Agency Agreement, b) Governmental Client Agreement and Commercial Electronic Office Portal Online Access Agreement. The form of the aforementioned agreements are included as exhibits to the HFA Resolution. (Attachment II).

2. The IC requests authorization to execute additional documents as required by Wells Fargo including:

a. Customer Disclosure on Disaster Recovery, b. Customer Order Handling Policies and General

Disclosures, c. Form W-9, d. Commercial Electronic Office (CEO) Online Business

Portal, e. Commercial Electronic Office (CEO) User Enrollment

Form,

f. Clearwater Analytics (Analytic software used by local governments to track investment performance, accounting reports, etc. in accordance with GASB standards. The HFA has the ability to conduct a trial run prior to committing to the service. The fee is 0.5 basis points annually.)

3. The IC requests authorization to take additional actions as necessary or advisable

to establish a safekeeping/custody relationship with Wells Fargo, subject to such actions being acceptable to the IC Chair and the Assistant County Attorney.

Recommendation

Staff is requesting HFA approval to:

a) Appoint Wells Fargo as the safekeeping agent and broker, b) Execute various documents necessary to establish safekeeping and

brokerage accounts with Wells Fargo, 1. Safekeeping Agency Agreement, 2. Governmental Client Agreement, and 3. Commercial Electronic Office Portal Online Access Agreement

c) Authorize officers of the HFA to do all things necessary or advisable in connection with entering into the agreements and

d) Provide an effective date. Attachments

I. Investment Committee Meeting Minutes – June 21, 2017 II. HFA Resolution

ATTACHMENT 1


MINUTES

INVESTMENT COMMITTEE MEETING

Wednesday, June 21, 2017

Chair Introduction

Ms. Ruth T. Cyrus called to order the first Investment Committee (“IC”) meeting of the Housing Finance Authority (“HFA”) of Broward County, held on Wednesday, June 21, 2017, at 4:00 p.m., on the 3rd Floor, Suite 300, located at 110 Northeast 3rd Street, Fort Lauderdale, Florida. Introduction from Members

An introduction of members in attendance was initiated: Ruth T. Cyrus, Chair, HFA, James

Rowlee, Senior Assistant County Attorney, County Attorney Office, Suzanne Fejes, Executive

Director, HFA, Linda Dufresne, Dufresne CPA Services, Norman Howard, Manager, HFA,

Sonia Isme, Secretary, HFA, John Primeau, HFA board member, Stephen Farmer, Assistant

Director, Finance and Administrative Services Department. Debbie Zomermaand,

Zomermaand Financial Advisory Services, joined the meeting subsequent to the introductions.

Organizational Matters

Ms. Cyrus questioned the obligation of composing minutes. Mr. Rowlee confirmed that the minutes are required per Florida Statutes and that the meeting is being recorded. Mr. Rowlee mentioned that the time, location, and duration of the meeting should be determined and meetings must be conducted at least quarterly. Mr. Rowlee stated per Florida Statutes, the meetings are to be publicly noticed/advertised. Mr. Howard asked if the meeting can be in the form of a phone conference call in case of emergency purposes. Mr. Rowlee stated there must be a quorum of at least three members present, in order to call in with the opportunity to vote. Mr. Rowlee explained that recommendations from the committee should be brought to the attention of the HFA board, at the HFA meeting following the IC meeting. Any action taken would then be presented as a resolution at the next HFA board meeting. Mr. Rowlee stressed the importance of Conflicts and Ethics. Any discussion or action taken on such policies creating or appearing to be a conflict involving internal or external sources must be disclosed. If it appears to be a conflict, then it is recommended not to participate. Disclosure form submitted by IC Members will be incorporated into the minutes of the IC meeting at which the conflict was disclosed.

110 Northeast 3rd Street, Suite 300 Fort Lauderdale, FL 33301

Phone: 954.357.4900 Fax: 954.357.8221

www.broward.org/HFA

HFA Investment Committee Meeting


Page 2 of 8

As an additional organizational matter, Mr. Rowlee recommended appointing the Chair of the HFA, as the Chairperson of the IC, and the election of a Vice Chair. The foregoing being necessary in the absence of the Chair to conduct elections for the establishment of the initial Investment Committee officers. MOTION TO APPOINT the Chair of the HFA, Ruth T. Cyrus and a Vice Chair for the establishment of the Committee.

MOTION was made by Mr. John G. Primeau, and seconded by Mr. Stephen Farmer to elect Ruth T. Cyrus as Chair of the Investment Committee. All were in favor and motion carried unanimously. MOTION was made by Mr. Stephen Farmer, and seconded by Mr. John G. Primeau to elect Suzanne Fejes as Vice Chair for the establishment of the Committee. All were in favor and motion carried unanimously.

Safekeeping/Custody - Discussion and HFA Board Recommendation

Ms. Zomermaand explained that Wells Fargo who currently serves as custodian and the investment contact for the County, and U.S. Bank National Association current custodian for Karpus Investment Management were contacted. Ms. Zomermaand provided a summary of the outcomes on both institutions as follows: Wells Fargo – Due to the County’s existing relationship with Wells Fargo Securities, the fees outlined within the Bank Safekeeping Fee Schedule will be discounted. Specifically, the Monthly Account Maintenance Fee will be waived and the Monthly Security Holdings per CUSIP will be discounted 25%. Fees will fluctuate based on actual investment activity. The annual fee is expected to be less than $1,000. U.S. Bank National Association – The Custody Fee is 6 basis points on the 1st $15 million with a minimum annual fee of $7,500. The Custody Fee Schedule outlines additional information regarding services provided. Ms. Zomermaand stated that in conclusion, Wells Fargo seem to be more reasonable in fees, while U.S. Bank has a larger fee for the management of securities. Mr. John Primeau informed the committee of his affiliation with Wachovia as a retired person, and his son’s current role as a senior with Wells Fargo for disclosure purposes ensuring that there is not a conflict of interest. Mr. Primeau then motioned to select Wells Fargo as custodian for the HFA investment portfolio. MOTION TO ELECT Wells Fargo as the HFA’s custodian to manage safekeeping and securities.



Page 3 of 8

MOTION was made by Mr. John G. Primeau, and seconded by Ms. Suzanne Fejes to elect Wells Fargo as the HFA’s custodian for safekeeping and securities management institution. All were in favor and motion carried unanimously.

Mr. Rowlee stated that the motion signifies a recommendation to be brought to the HFA Board due to the fact the agreement is between Wells Fargo and the HFA. MOTION TO RECOMMEND Wells Fargo as the HFA’s custodian, safekeeping and securities management institution, to the HFA Board and Board of County Commissioners.

MOTION was made by Mr. Stephen Farmer, and seconded by Ms. Suzanne Fejes to recommend appointing Wells Fargo as the HFA’s custodian for safekeeping and securities management. All were in favor and the motion carried unanimously.

Execution of Agreements

Ms. Zomermaand provided handouts of the agreements then stated that a motion to authorize an individual or individuals to execute agreements is required. She then mentioned that the Board would have to authorize an individual/s or delegate the Committee to take action. Mr. Rowlee replied that any execution of agreements and those pursuant to delegated authority would have to be approved by the BOCC. Ms. Zomermaand stated the idea was to have the Board delegate someone from the committee to execute the documents, in order to present the item to the BOCC at the upcoming meeting. Mr. Farmer informed the members that the upcoming BOCC meeting has been changed to August 22nd. Ms. Cyrus inquired whether the change in the date would interfere with the process. Ms. Zomermaand preceded to explain the advantages and disadvantages in the cash flow handouts, describing the investments in the U.S. Government Notes and Bonds. She mentioned that the HFA has an investment of approximately $1.2 million maturing in July, along with cash and cash equivalents outside of Karpus, and additional monies in the Karpus account. Ms. Zomermaand then stated the information obtained from U.S. Bank indicated that the HFA may be able to reinvest some of the funds. The default action would be once the $1.2 million matures, funds would be transferred into the existing money market account. Mr. Farmer questioned why touch the money market account if the intent is to move out of it. Ms. Zomermaand replied that the securities are also to be moved as well. Ms. Zomermaand then added that Wells Fargo mentioned even though an agreement may be in place, due to the fact that Karpus is no longer involved, the HFA will be required to execute new documents. She also stated that Wells Fargo indicated the HFA could provide a direction letter allowing reinvest of funds during the interim period.



Page 4 of 8

Mr. Rowlee was not in favor of submitting an informal direction letter. He then suggested drafting a formal agreement to present to the Committee and the HFA Board. After HFA approval, the letter would be presented to the BOCC for final approval. Mr. Farmer suggested to let the investment account mature during the cash flow process. When the HFA Board and BOCC give direction on moving forward, the funds can then be reinvested through the new custodian. Mr. Rowlee added once a master agreement is effective and requires ministerial duties to effectuate the terms and conditions of the agreement, then consider delegating the task of executing documents to staff. These documents are to be reviewed by the County Attorney’s Office. Then the master agreement can be negotiated between the respective parties for final approval. Ms. Zomermaand restated that the investment account maturing in July will automatically transfer into the money market account. She also mentioned the HFA has sufficient funds to cover the cash needs. Ms. Zomermaand explained the breakdown of the cash flow in each account from the handouts provided. Electronic Access

Ms. Zomermaand referred to the authorization of electronic access. She inquired whether the committee would consider electronic access to the financial firms. Mr. Farmer suggested that electronic assess should be authorized and mentioned that the County also has the privilege of utilizing electronic systems for their investment accounts. Ms. Zomermaand recalled that a section of the investment policy required that the HFA compare actual investment returns against the benchmark. Currently, Karpus is the record keeper of the investments. She stated Wells Fargo mentioned having a software option (for a fee of one-half a basis point), which can generate an investment report in a “GASB” compliant format. Ms. Zomermaand stated she can create a spreadsheet using similar calculation methods as Karpus, however does not want the responsibility of ensuring it is GASB compliant. She then recommended using the Wells Fargo software. Mr. Farmer requested the opinion of the accountant before consideration. Ms. Linda Dufresne responded it may be a fair value reporting requirement. She stated a third party source usually provide reports for auditing. At that time, the reports are reviewed to determine the correct calculation method reported by the third party. Ms. Zomermaand handed out the U.S. Bank sample report, and added that U.S. Bank would have provided similar reports had the HFA continued services with them. The HFA would receive traditional statements with the standard information from Wells Fargo, however not including the yield analysis data.



Page 5 of 8

Ms. Cyrus asked Mr. Farmer what software the County utilizes. Mr. Farmer replied the County uses “SymPro”, a similar type investment management product. He then recommended the software for the HFA investment account for minimum requirements depending on the need. To Ms. Zomermaand’s understanding, the HFA will get a similar report with a different institution listed. The returns that are to be compared to the benchmark may not be included in the report. Mr. Farmer stated that part is to be handled manually when reviewing the investments on a spreadsheet. “The SymPro” software does not have the benchmark comparison on returns. Ms. Zomermaand stated that Wells Fargo software has the option for benchmark comparison on returns. Ms. Cyrus stated that a decision cannot be made, due to inadequate information. Mr. Farmer suggested including the cash flow need during that timeframe into the report. Ms. Zomermaand stated according to Mr. Howard, the anticipated cash needs from now to the next meeting were between $175K to $200K. Ms. Zomermaand confirmed that the HFA has sufficient cash available to fund these expenditures and she will add a column to the report to reflect the cash needs data. Automatic Sweep of Excess Funds

Ms. Zomermaand stated the funds currently with Karpus automatically sweeps into the money market account, and Wells Fargo also has a couple of money market accounts. In addition, Wells Fargo has options to transfer funds into various money market funds. Ms. Zomermaand inquired should an automatic sweep be performed, and if so, into which money market fund. Mr. Farmer agreed to the automatic sweep to avoid idle cash. Ms. Cyrus commented that the automatic sweep signifies an automatic transaction, except if the HFA elect in advance not to automatically sweep the funds to transfer into other accounts. Ms. Zomermaand stated that as a safety mechanism any un-invested funds in the safekeeping account would automatically be swept into the money market fund at the close of each business day. Ms. Cyrus inquired whether to vote on the discussion. Mr. Rowlee confirmed voting should take place for each item. Mr. Primeau stated there should be a motion for the format of the financial reports. MOTION TO APPROVE the format of the financial reports for the HFA Investment Portfolio.

MOTION was made by Mr. John G. Primeau, and seconded by Mr. Stephen Farmer to approve the format of the financial reports for the HFA Investment Portfolio. All were in favor and motion carried unanimously.

Ms. Cyrus preceded to make a motion regarding the electronic access option. Ms. Dufresne then commented that the committee should first determine the authorized individuals with full access of the electronic system.



Page 6 of 8

Mr. Rowlee stated the policy outlines the roles under the Internal Controls. Ms. Cyrus stated the policy specifies the Executive Director may execute transfers, with the prior approval of the majority of the committee members. Ms. Dufresne then suggested that the language should state the committee members can have electronic access to view statements and transactions only. Mr. Howard recommended adding the Executive Director and or a designee in the absence of the Executive Director. Ms. Zomermaand asked should the HFA Action Item language be modified. Mr. Rowlee replied that it is custodial and ministerial depending on a master agreement with Wells Fargo outlining such terms and conditions. Mr. Rowlee agreed to the HFA Action Item language. When approved, the delegation process should be acceptable. In addition, the documents must be approved by the County Attorney’s office. Ms. Cyrus stated the Internal Controls section was previously approved by the HFA board. The modifications can be presented for approval at the Board meeting this evening. Mr. Primeau responded that it seemed more reasonable to present the changes after the August 22nd board meeting. Ms. Cyrus referred back to the recommendation of electronic access to allow board members to view statements and transactions. She then inquired whether the committee preferred to move forward with the electronic access as the reports would already include the information. Ms. Cyrus recommended changing the language to specify the Chair and Vice Chair has the authority to review the portfolio. Mr. Farmer suggested that based on the limited number of securities the HFA holds, the Chair and Vice Chair should have access and the other committee members can “only” view the reports. MOTION TO RECOMMEND electronic access to the Chair and Vice Chair and access to board members and staff to review reports.

MOTION was made by Ms. Suzanne Fejes, and seconded by Mr. Stephen Farmer to recommend electronic access to the Chair and Vice Chair and to board members and Staff access to review the reports. All were in favor and motion carried unanimously.

Ms. Cyrus stated the committee will hold off on the software until further information is provided. Ms. Cyrus mentioned voting on the automatic sweep. Ms. Zomermaand stated the committee will be execute documents to give the direction to the custodian to automatically sweep. Ms. Cyrus then suggested to add language that the automatic sweep be relevant when necessary. MOTION TO AUTHORIZE automatic sweeps to be initiated when necessary to transfer within other accounts.



Page 7 of 8

MOTION was made by Mr. Stephen Farmer, and seconded by Mr. John G. Primeau to authorize automatic sweeps to be initiated when necessary to transfer within other accounts.

Ms. Zomermaand suggested meeting before the August 22nd BOCC meeting. Mr. Primeau suggested meeting every other month. Mr. Rowlee indicated that the policy specifies meeting at least quarterly, therefore, the committee can meet more frequently. MOTION TO APPROVE Investment Committee meetings scheduled every other month and to reconvene on August 16, 2017. Investment Committee meetings will be held prior to HFA Board meetings.

MOTION was made by Mr. John G. Primeau, and seconded by Ms. Suzanne Fejes to approve the Investment Committee meetings scheduled every other month at 4p.m., to reconvene on August 16th prior to HFA Board meetings.

Mr. Farmer asked about the establishment of the resolution for the motions. Mr. Rowlee explained that the motions can be presented to the board tonight. He then stated that a resolution can be drafted for formal approval at the August 22nd meeting. There was a detailed discussion on when to present the resolutions to the BOCC for formal approval. Mr. Rowlee suggested listing the motioned items in a formal document, due to the fact the items are unable to be presented until September. Ms. Zomermaand asked should there be an authorization from the Board to move forward with Wells Fargo for purposes of completing the types of documents required. Mr. Rowlee also recommended approval for staff to negotiate the agreements and prepare related documents. Mr. Howard inquired as long as the HFA Board approves the resolution, can the agreements be attached as a draft to the resolution. Mr. Rowlee confirmed that a draft can be attached however, the agreement will not be effective until a resolution is approved by the BOCC. MOTION TO RECOMMEND the board to approve Wells Fargo as custodian of the HFA investment portfolio and authorize staff to negotiate agreements and prepare documents with Wells Fargo for board approval.

MOTION was made by Mr. John G. Primeau, and seconded by Ms. Suzanne Fejes to recommend the board to approve Wells Fargo as custodian of the HFA investment portfolio and authorize staff to negotiate agreements with Wells Fargo for board approval.

Ms. Dufresne recalled that in paragraph twelve “Reporting” in the Investment Policy indicates that part of the monthly report should include listing the securities by class or type, book value, income earned and market value which are most of the components specified in the report.



Page 8 of 8

Ms. Dufresne was concerned about the language in the Investment Policy indicating such internal controls to be reviewed by the independent auditor. She then stated that it gives the impression that auditors can make recommendations to the internal controls which is not allowed and violates the HFA’s independence. Mr. Rowlee responded that the language is a mandate. He referred Ms. Dufresne to Section 218.415, Subsection 13 of the Florida Statute. Mr. Howard asked should the reports be provided to the HFA board. Mr. Rowlee replied that the investment committee is responsible for reviewing the monthly reports pursuant to the provisions in the policy. Adjournment

The meeting was adjourned at 5:25p.m. The next meeting is scheduled August 16, 2017 at 4:00p.m.

ATTACHMENT 2

RESOLUTION NO. 2017-004

A regular meeting of the Housing Finance Authority of Broward County, Florida,

was held at 5:30 p.m. on August 16, 2017, at the offices of the Housing Finance

Authority of Broward County, Florida, located at 110 Northeast Third Street, Suite 201,

in the City of Fort Lauderdale, Florida.

Presiding:

Members Present:

Members Absent:

* * * * *

Thereupon, , introduced the following resolution which was

read:

A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA (“HOUSING FINANCE AUTHORITY”), APPROVING THE APPOINTMENT OF WELLS FARGO BANK, N.A., AS SAFEKEEPING AGENT FOR THE HOUSING FINANCE AUTHORITY INVESTMENT FUNDS; APPROVING THE APPOINTMENT OF WELLS FARGO SECURITIES, LLC AS BROKER FOR THE HOUSING FINANCE AUTHORITY INVESTMENT FUNDS; APPROVING AND AUTHORIZING THE EXECUTION OF THE SAFEKEEPING AGENCY AGREEMENT BETWEEN THE HOUSING FINANCE AUTHORITY AND WELLS FARGO BANK, N.A., THE GOVERNMENTAL CLIENT AGREEMENT BETWEEN THE HOUSING FINANCE AUTHORITY AND WELLS FARGO SECURITIES, LLC, AND THE COMMERCIAL

ELECTRONIC OFFICE PORTAL ONLINE ACCESS AGREEMENT BETWEEN HOUSING FINANCE AUTHORITY AND WELLS FARGO SECURITIES, LLC (THE "AGREEMENTS"); AUTHORIZING THE PROPER OFFICERS OF THE HOUSING FINANCE AUTHORITY TO DO ALL THINGS NECESSARY OR ADVISABLE IN CONNECTION WITH ENTERING INTO THE AGREEMENTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.

WHEREAS, on May 17, 2017, the Housing Finance Authority of Broward County,

Florida ("HFA") established a committee to manage HFA funds and investments (the

"Investment Committee"); and

WHEREAS, the HFA desires to engage an institution to hold the funds and

securities to be managed by the Investment Committee; and

WHEREAS, the HFA desires to engage a broker to execute the decisions of the

Investment Committee with respect to the HFA funds and investments;

WHEREAS, Wells Fargo Bank, N.A. and Wells Fargo Securities, LLC have had a

long-standing relationship with Broward County, Florida (the "County");

WHEREAS, HFA staff met with the County's Finance and Administrative

Services Department to determine whether it would be in the best interest of the HFA to

utilize safekeeping arrangements through Wells Fargo Bank, N.A. and brokerage

services through Wells Fargo Securities, LLC; and

2

WHEREAS, the Board of the HFA has determined that is it in the best interest of

the HFA to utilize safekeeping arrangements through Wells Fargo Bank, N.A. and

brokerage services through Wells Fargo Securities, LLC;

NOW THEREFORE,

BE IT RESOLVED BY THE BOARD OF THE HOUSING FINANCE AUTHORITY

OF BROWARD COUNTY, FLORIDA:

Section 1. The recitals set forth in the preamble to this Resolution are true,

accurate, and deemed as being incorporated herein by this reference as though set

forth in full hereunder.

Section 2. The Board hereby approves the appointment of Wells Fargo Bank,

N.A. as safekeeping agent of HFA funds and investments to be managed by the

Investment Committee.

Section 3. The Board hereby approves the appointment of Wells Fargo

Securities, LLC as broker for the HFA funds and investments to be managed by the

Investment Committee.

3

Section 4. The Board hereby approves and authorizes the execution of the

Safekeeping Agency Agreement between the HFA and Wells Fargo Bank, N.A. , as

presented at this meeting and attached hereto as Exhibit "A."

Section 5. The Board hereby approves and authorizes the execution of the

Governmental Client Agreement and the Commercial Electronic Office Portal Online

Access Agreement between the Housing Finance Authority and Wells Fargo Securities,

LLC, as presented at this meeting and attached hereto as Exhibit "B" and Exhibit "C,"

respectively.

Section 6. The officers, agents and employees of the Housing Finance Authority

are hereby authorized and directed to do all acts and things required of them by the

Safekeeping Agency Agreement, the Governmental Client Agreement, and the

Commercial Electronic Office Portal Online Access Agreement (collectively, the

"Agreements") and this Resolution and to execute and deliver any and all additional

documents, instruments, certificates and affidavits necessary or advisable to effectuate

the foregoing.

4

Section 7. SEVERABILITY.

If any portion of this Resolution is determined by any Court to be invalid, the

invalid portion shall be stricken, and such striking shall not affect the validity of the

remainder of this Resolution. If any Court determines that this Resolution , or any

portion hereof, cannot be legally applied to any individual(s), group(s), entity(ies),

property(ies), or circumstance(s), such determination shall not affect the applicability

hereof to any other individual, group, entity, property, or circumstance.

Section 8. EFFECTIVE DATE.

This Resolution shall become effective immediately upon its adoption.

ADOPTED this_ day of August, 2017.

Upon motion of ______ , seconded by _______ , the

foregoing Resolution was adopted by the following vote:

AEA/dnt 08/01/17

Ayes: __ _

Nays: __ _

Wells Fargo Custodian Agreement #17-123 215816

5

STATE OF FLORIDA ) ) SS:

COUNTY OF BROWARD )

I, of the Housing Finance Authority of Broward County, Florida, DO HEREBY CERTIFY that the foregoing is an accurate copy of the resolution of the Authority adopted at a meeting held on August _, 2017, as set forth in the official minutes of the Authority, relating to the Custody Agreement between HFA and Wells Fargo Securities, LLC.

I DO HEREBY FURTHER CERTIFY that said meeting was duly called and held in accordance with Chapter 286, Florida Statutes.

WITNESS my hand and the corporate seal of said Authority, this _ day of August, 2017.

(SEAL)

By: ______________ _

Housing Finance Authority of Broward County, Florida

Exhibit "A"

Safekeeping Agency Agreement

Exhibit "B"

Governmental Client Agreement

Exhibit "C"

Commercial Electronic Office Portal Online Access Agreement


2017/2018 Florida Housing Finance Corporation – Request for Applications Staff is requesting HFA approval: (a) that up to $3,000,000 of HFA reserves may be made available as a shared source of funds to allow for a Local Government Contribution (“LGC”) with a value up to the FHFC Requirement per application for the 2017/2018 FHFC RFAs, subject to such commitments being replaced with Federal HOME Grant funds, other County housing resources, or bond allocation, and b) to publish funding availability notice. Background

1. The Florida Housing Finance Corporation (“FHFC”) has numerous competitive funding solicitations (“RFAs”) that require a LGC in order to receive maximum points.

2. Within the past several years, Broward County and/or the HFA have provided LGC

commitments for all applicants responding to the 9% tax credit and SAIL applications.

3. Historically, Broward County has authorized the replacement of the LGC provided by the HFA with funding from Broward County’s allocation of housing resources including federal HOME Grant funds, SHIP, CDBG or other available housing funds.

4. At its August 2016 meeting the HFA Board authorized LGC funding for FHFC programs including 9% tax credit financing and State Apartment Investment Loan ("SAIL") funding (“FHFC 2016/2017 Programs”).

Present Situation

1. On July 28, 2017, the FHFC Board approved its “Florida Housing Finance Corporation Tentative 2017/2018 Funding Amounts/Time Lines (All Information Subject to Change),” which provides estimated funding amounts and deadlines for FHFC programs including 9% tax credit (“HC”) financing and State Apartment Investment Loan ("SAIL") funding (“FHFC 2017/2018 Programs”). (Attachment I).

2. To achieve maximum points, each application is anticipated to require a LGC (the “FHFC Requirement”). The current Broward County LGC FHFC Requirement is a value of at least $100,000.

3. The FHFC 2017/2018 Programs listing reflects: a) Workforce Housing SAIL RFA due date as September 28, 2017, b) SAIL with Tax-Exempt Bonds and 4% HC RFA due date as October 5, 2017, and c) 9% HC RFA due date as December 13, 2017. To assure that sufficient funding is available to provide LGC to all applications, staff requests authorization to utilize up to $1,000,000 of HFA resources per RFA to provide LGC. The result is that the HFA may have up to $3,000,000 in LGC funding

commitments although only a maximum of three or four applications are anticipated to be ranked for funding.

4. During the FHFC 2016/2017 Programs cycle 7 Broward County applications were submitted which required LGCs. Out of those applications 3 applications were award funding of which only 1 required a LGC from HFA funds. Therefore, LGCs commitments for 2016/2017 total $100,000. The HFA’s original funding commitment will be replaced with non-HFA Broward County housing resources. (Attachment II)

5. Staff requests authorization to expand the use of the $3,000,000 previously authorized to provide a LGC for FHFC 2016/2017 Programs to also allow for a LGC for the FHFC 2017/2018 Programs (including any additional 2017/2018 RFAs added by FHFC). To the extent that an RFA allows 4% HC with local bonds, unless waived by the Executive Director, the LGC will be restricted to transactions utilizing HFA bonds.

6. Staff requests authorization to publish one or more public notices regarding the HFA’s solicitation of applications for developments requiring LGC for FHFC 2017/2018 Programs in a form similar to what is included as Attachment III.

7. Should any Broward County project be selected by the FHFC for funding, the LGC provided by the HFA will be replaced with funding from: a) Broward County’s allocation of federal HOME grant funds, b) other County housing resources, or c) HFA Private Activity Bond Allocation sufficient to meet the requirements of FHFC.

Recommendation

Approve Resolution 2017-004 of the Housing Finance Authority of Broward County, Florida ("HFA"), approving and authorizing the use of up to $3,000,000 from HFA reserves to provide the Local Government Contribution requirement for the Florida Housing Finance Corporation’s 2017/2018 request for applications (as defined herein), subject to the conditions set forth herein; authorizing HFA staff to publish appropriate notices regarding the availability of such funding; and providing for severability, and an effective date.

Attachments I. Florida Housing Finance Corporation – Tentative 2017/2018 Funding Amounts/Time

Lines (All Information Subject to Change); Submitted for Approval at 7-28-17 Board Meeting

II. FHFC 2016/2017 – Broward Application Summary III. Form of Public Notice IV. HFA Resolution V. BOCC Resolution – Pending

ATTACHMENT 1

Exhibit A

Florida Housing Finance Corporation – Tentative 2017/2018 Funding Amounts/Time Lines

(All Information Subject to Change)

Assigned RFA

Number

Subject of RFA 2017/2018 Program Funding and Estimated Funding

Amount Available

Board Approval for RFA

RFA Workshop

RFA Issue Date

RFA Due Date

Review Committee (make

recommendations to Board)

Request Board Approval of Recommendations (at scheduled Board

Meeting – all dates are tentative)

1

2017

2017-106 Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities

$6,714,893 DD Grant (estimated) 7-28-17 7-18-17 @ 2:30 pm

8-2-17 9-7-17 10-10-17 @ 2:00 pm

10-27-17

2017-107 Financing for the Construction of Workforce Housing

$41,012,000 million Workforce SAIL (estimated)

o Up to $5.5 million (estimated) for Monroe county Up to $3 million for

set-asides at 120% AMI

Up to 5.5 million for set-asides at 80% AMI

o $35,512,000 million (estimated) for Non-Monroe

$1,000,000 9% HC (estimated) for Florida Keys area

7-28-17 8-1-17 @ 10:00 am

8-22-17 9-28-17 11-14-17 @ 2:00 pm

12-8-17

Exhibit A



Assigned RFA

Number


Amount Available


RFA Workshop

RFA Issue Date

RFA Due Date





2

2017-108 Financing of Affordable Multifamily Housing Developments to be used in conjunction with Tax-Exempt Bonds and Non-Competitive Housing Credits

$ 62,750,000 SAIL (estimated) for Family Demographic $ 24,570,000 SAIL (estimated) for Elderly Demographic $6,893,053 NHTF (estimated)

7-28-17 8-2-17 @ 2:00 pm

8-31-17 10-5-17 11-15-17 @ 2:00 pm

12-8-17

2017-109 Development Viability Loan Funding

$ 20 M (estimated) Unrestricted Net Assets (FHFC funding)

6-16-17 7-10-17 @ 2:00 p.m.

7-20-17 8-4-17 8-22-17 @ 2:00 p.m.

9-8-17

2017-110 EHCL $ 2,730,000 SAIL (estimate) 7-28-17 8-24-17 @ 2:00 pm

9-15-17 10-19-17 11-14-17 @ 10:00 am

12-8-17

2017-111 Small and Medium County Geographic

$584,008 9% HC (estimated) for Small Counties $12,104,934 9% HC (estimated) for Medium Counties

7-28-17 8-23-17 @ 2:00 pm

10-6-17 12-1-17 April 2018 May 2018

2017-112 Miami-Dade County Geographic

$5,803,694 9% HC (estimated) 7-28-17 8-23-17 @ 2:00 pm

10-6-17 12-6-17 April 2018 May 2018

2017-113 Large County Geographic – Broward, Duval, Hillsborough, Orange, Palm Beach, and Pinellas Counties

$14,601,863 9% HC (estimated) 7-28-17 8-23-17 @ 2:00 pm

10-6-17 12-13-17 March 2018 March 2018

Exhibit A



Assigned RFA

Number


Amount Available


RFA Workshop

RFA Issue Date

RFA Due Date





3

2017-114 Preservation $6,655,500 9% HC (estimated) 7-28-17 8-29-17 @ 2:00 pm

10-20-17 12-15-17 March 2018 March 2018

2018

2018-101 Financing for Smaller Permanent Supportive Housing Developments for Persons with Special Needs

$ 18,200,000 SAIL (estimate)

7-28-17 12-11-17 @ 2:00 pm

January 2018 Early March 2018

March 2018 March 2018

2018-102 Financing to Provide Affordable Multifamily Rental Housing that is a Part of Local Revitalization Initiatives

$ 2,465,000 9% HC (estimated) $ 2,250,000 SAIL (estimated)

7-28-17 12-12-17 @ 10:00 am

January 2018 March 2018 May 2018 June 2018

2018-103 Financing for Homeless Persons and Persons with a Disabling Condition

$ 3,620,000 9% HC (estimated) for Homeless demographic in Medium and Large counties $2,465,000 9% HC (estimated) for Disabling Conditions demographic $ 13,000,000 SAIL (estimated)

7-28-17 January or February 2018

Early March 2018

Early April 2018

May 2018 June 2018

2018-104 Financing to Preserve Farmworker and Commercial Fishing Worker Housing

$ 6,500,000 SAIL (estimated) 7-28-17 January or February 2018

March 2018 April 2018 April 2018 May 2018

Exhibit A



Assigned RFA

Number


Amount Available


RFA Workshop

RFA Issue Date

RFA Due Date





4

Key: HC = Housing Credits Program; SAIL = State Apartment Incentive Loan Program; MMRB = Multifamily Mortgage Revenue Bonds Program; EHCL = Elderly Housing Community Loan Program; NHTF = National Housing Trust Fund

2018-105 Financing to be used for Rental Developments Located in Rural Areas

$TBD HOME

7-28-17 TBD TBD TBD TBD TBD

2018-106 Financing to Build or Rehabilitate Smaller Permanent Supportive Housing Properties for Persons with Developmental Disabilities

$ 10 million (estimated) DD Grant

7-28-17 TBD TBD TBD TBD TBD

ATTACHMENT 2

Outstanding

HFA Funding

RFA Program Development Name No Yes Non-HFA Grant Loan No Yes Obligation

1 2016-204C 9% Housing Credits/2016-113 Pinnacle at the Wesleyan X - 100,000 - X -

2 2016-211C 9% Housing Credits/2016-113 Pinnacle at Peacefield X 473,804 - - X -

3 2016-232C 9% Housing Credits/2016-113 Village View X - 100,000 - X -

4 2016-241C 9% Housing Credits/2016-113 Saratoga Crossings X 143,737 - - X X -

5 2016-206C 9% Housing Credits/2016-113 The Promenade at West Lake X - 100,000 - X -

6 2016-378BS 4% HC & Bonds/2016-109 Suncrest Court X - 100,000 - X 100,000

7 2016-391BS 4% HC & Bonds/2016-109 Pembroke Tower Apartments X - - - X -

400,000 - 100,000

Total 400,000

LGC Required? HFA Award

Broward Applications

FHFC RFA Information - 2016/2017

ATTACHMENT 3

NOTICE OF FUNDING AVAILABILITY

Broward County 2017/2018 Florida Housing Finance Corporation Workforce Housing RFA, 9% Housing Credit RFA, and SAIL with Tax-Exempt Bonds and 4% Housing Credit RFA

Local Government Contribution Application

Florida Housing Finance Corporation (“FHFC”) published its “Tentative 2017/2018 Funding Amounts Time Lines (All Information Subject to Change)” for its various funding programs, including 9% housing credits financing (“HC”) and State Apartment Incentive Loan (“SAIL”) funding (Collectively, the “2017/2018 FHFC RFAs”). Pursuant to the 2017/2018 FHFC RFAs, a Request for Applications (“RFA”) for: a) Workforce Housing will be due September 28, 2017, b) SAIL with Tax-Exempt Bonds and 4% housing credits will be due October 5, 2017, and c) 9% housing credits will be due December 13, 2017. The RFAs are expected to require a local government contribution (“LGC”) with a value of at least $100,000. The Broward County Housing Finance Authority has approved up to $3,000,000 for LGC for these RFAs. LGC commitments per this notice will be available until funding is fully allocated or on the actual FHFC RFA due date for SAIL and 9% HC applications outlined above. Applications will be funded on a first come first served basis subject to meeting the minimum criteria below. All applicants are required to specify whether the requested local match is a grant or a loan and provide calculations used to determine the minimum amount required by the FHFC RFA.

APPLICATION CRITERIA (NOTE SEPARATE APPLICATIONS MUST BE SUBMITTED FOR EACH RFA):

1) Project name,

2) Developer entity,

3) Detailed project description,

4) Complete address and project location (including general location map),

5) Total number of units,

6) Contact Person’s name, email address, and telephone number,

7) DUNN number,

8) Certification of approved local zoning,

9) Pro forma from the FHFC RFA including debt and equity commitments, and

10) Demonstration of site control which can be a qualified contract, a deed or certificate of title, or a lease

meeting requirements of the FHFC SAIL funding application.

Broward County reserves the right to substitute HOME, SHIP funds or Private Activity Bond allocation as the funding source for any awards via this request for applications. Therefore, Applicants are advised that HOME program rules and requirements may be imposed on any HOME awards. Applications should be submitted to Norman L. Howard, Senior Officer, Broward County Housing Finance and Community Development Division at 110 Northeast 3rd Street, Suite 300, Fort Lauderdale, FL 33301. The main phone number is 954-357-4900 or his direct line is 954-357-4925, or by e-mail at [email protected].

Wednesday, August 30, 2017 SUN SENTINEL

mailto:[email protected]

Account No. HFA of Broward County

#064690006

PLEASE RETURN ONE (1) PROOF OF PUBLICATION AND BILL TO:

Norman L. Howard


110 Northeast 3rd Street, Suite 300


ATTACHMENT 4

RESOLUTION NO. 2017-005

A regular meeting of the Housing Finance Authority of Broward County, Florida

("HFA"), was held at 5:30 p.m. on August 16, 2017, at the offices of the HFA, located at

110 Northeast Third Street, Suite 201, in the City of Fort Lauderdale, Florida.

Presiding: ___________________________, ____________________________

Members Present: _____________________

________________________________________________________________

Members Absent: ________________________________________

________________________________________________________________

* * * * *

Thereupon, ______________________________, Chair of the Board of the HFA,

introduced the following resolution ("Resolution"), which was read:

A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA ("HFA"), APPROVING AND AUTHORIZING THE USE OF UP TO $3,000,000 FROM HFA RESERVES TO PROVIDE THE LOCAL GOVERNMENT CONTRIBUTION REQUIREMENT FOR THE FLORIDA HOUSING FINANCE CORPORATION’S 2017/2018 REQUEST FOR APPLICATIONS (AS DEFINED HEREIN), SUBJECT TO THE CONDITIONS SET FORTH HEREIN; AUTHORIZING HFA STAFF TO PUBLISH APPROPRIATE NOTICES REGARDING THE AVAILABILITY OF SUCH FUNDING; AND PROVIDING FOR SEVERABILITY, AND AN EFFECTIVE DATE.

WHEREAS, the Florida Housing Finance Corporation ("FHFC"), on July 28, 2017,

approved its "Tentative 2017/2018 Funding Amounts/Time Lines (All Information Subject

to Change)," attached as Exhibit "A," charting the estimated amounts and deadlines for

2

its various funding programs, including 9% tax credit financing and State Apartment

Investment Loan ("SAIL") funding (collectively, the "2017/2018 FHFC RFAs"); and

WHEREAS, the deadlines to apply for the 2017/2018 FHFC RFAs are as early as

early-September, 2017; and

WHEREAS, in order to achieve a maximum possible score on the 2017/2018

FHFC RFAs, a multifamily development project is anticipated to require a local

government contribution ("LGC") with a value of at least $100,000; and

WHEREAS, HFA reserves may be utilized to provide LGC funding for these

projects; NOW, THEREFORE,

BE IT RESOLVED BY THE BOARD OF THE HOUSING FINANCE AUTHORITY

OF BROWARD COUNTY, FLORIDA:

Section 1. The recitals set forth in the preamble to this Resolution are true,

accurate, and deemed as being incorporated herein by this reference as though set forth

in full hereunder.

Section 2. The HFA hereby approves and authorizes that up to $3,000,000 of

HFA reserves previously approved to provide a LGC for the 2016 9% Housing Credit

applications and 2016 SAIL applications be made available as a shared source of funds

to allow for a LGC with a value necessary to achieve maximum points within 2017/2018

FHFC RFAs, anticipated to be $100,000 per application for the 2017/2018 FHFC RFAs,

subject to the following conditions:

3

a. Should any Broward County multifamily development project be selected by

FHFC for an award pursuant to the 2017/2018 FHFC RFAs, the LGC

provided by the HFA shall be replaced by funding from Broward County by

an allocation of federal HOME Grant funds, other County housing

resources, or bond allocation; and

b. To the extent FHFC allows private activity bond allocation to serve as a

LGC, the HFA shall replace any Broward County funding commitments with

an award of private activity bond allocation at the earliest date such

allocation is available for award; and

c. Any funding agreement between the HFA and a developer for LGC funds is

subject to the approval of the HFA and the Broward County Board of County

Commissioners.

Section 3. The HFA authorizes HFA staff to perform any budgetary or

administrative actions which may be required to implement the terms of this Resolution,

including publishing notices regarding the availability of the LGC with a value of up to the

amount required by FHFC to receive a maximum score, anticipated to be $100,000 per

application.

Section 4. Severability. If any portion of this Resolution is determined by any

Court to be invalid, the invalid portion shall be stricken, and such striking shall not affect

the validity of the remainder of this Resolution. If any Court determines that this

Resolution, or any portion hereof, cannot be legally applied to any individual(s), group(s),

entity(ies), property(ies), or circumstance(s), such determination shall not affect the

applicability hereof to any other individual, group, entity, property, or circumstance.

4

Section 5. Effective Date. This Resolution shall become effective immediately

upon its adoption.

ADOPTED this 10th day of August, 2017.

Upon motion of _________, seconded by _________, the foregoing Resolution

was adopted by the following vote:

Ayes: __

Noes: __

5

STATE OF FLORIDA ) ) SS:

COUNTY OF BROWARD )

I, _____________________________, __________________ of the HFA, DO HEREBY CERTIFY that the foregoing is an accurate copy of the Resolution of the HFA adopted at a meeting held on August 16, 2017, as set forth in the official minutes of the HFA, relating to the approval and authorization of the use of $3,000,000 from the HFA Reserves to provide the local match for the Florida Housing Finance Corporation, 2017/2018 Request for Applications for multifamily developers.

I DO HEREBY FURTHER CERTIFY that said meeting was duly called and held in

accordance with Chapter 286, Florida Statutes.

WITNESS my hand and the corporate seal of said Authority, this 16th day of August, 2017.

By: _____ Housing Finance Authority of Broward County, Florida

(SEAL)

broward hfa meeting agenda

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