HomeMy WebLinkAbout24-004 - HFA RESOLUTION NO. 24-004
A RESOLUTION OF THE ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY (HFA)ADOPTING GOALS,
OBJECTIVES, PERFORMANCE MEASURES,AND STANDARDS IN COMPLIANCE WITH FLORIDA STATUTE
189.0694.
WHEREAS, Florida Statute 189.0694 requires that, beginning October 1, 2024, each special district must
establish goals and objectives for each program and activity undertaken by the district, as well as performance
measures and standards to determine if the district's goals and objectives are being achieved; and
WHEREAS,the St. Lucie County Housing Finance Authority is committed to promoting affordable housing
initiatives within St. Lucie County through programs such as Multifamily Bond Issuances and Non-Profit Funding
Awards; and
WHEREAS, the St. Lucie County Housing Finance Authority desires to adopt specific goals, objectives,
performance measures, and standards for its activities to comply with the statutory requirements and ensure
transparency and accountability.
NOW, THEREFORE, BE IT RESOLVED BY THE ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY HAS
ADOPTED THE FOLLOWING GOALS,OBJECTIVE, MEASURES,AND PERFORMANCE STANDARDS FOR EACH OF ITS
PROGRAMS AND ACTIVITIES:
1. Multifamily Bond Issuances
Goals:
• Fa ilitate the development of affordable housing through bond financing.
• Enc urage private sector investment in affordable multifamily housing projects.
Objectives:
• Issue bonds to qualified developers for the construction or rehabilitation of affordable
multifamily housing.
• Promote projects that provide affordable rental units to low- and moderate-income households.
Performance Measures:
• Number of bond issuances completed per bond issuance.
• Total number of affordable units financed.
• Percentage of affordable units allocated to low- and moderate-income households.
Standards:
• Ensure bond issuances comply with federal and state regulations.
• Prioritize projects that meet a minimum threshold of affordable units (e.g., 20%of units must be
affordable to households earning less than 60%of the area median income).
• Target bond issuance completion within 12 months of project application approval.
2. Non-Profit Funding Awards
Goals:
• Support local non-profits who further the following funding priorities identified by the HFA:
• Accessibility Modifications for Disabled Households,
• Transitional Housing
• Emergency Shelter for Homeless Individuals and Families
• Allocate available funds to impactful and sustainable housing related programs and projects.
Objectives:
• Provide funding awards to non-profit organizations that demonstrate a strong commitment to
the HFA's funding priorities.
• Prioritize projects that serve underserved populations, including low-income families, veterans,
and seniors.
Performance Measures:
• Number of non-profit funding awards made annually.
• Percentage of awarded funds utilized within the stipulated time frame.
Standards:
• Ensure that funding awards are distributed to projects that meet basic eligibility criteria, including
financial feasibility and community need.
• Monitor non-profit compliance with funding terms and ensure projects are completed within 24
months of award receipt.
PASSED AND DULY ADOPTED by the St. Lucie County Housing Finance Authority at a meeting held on the 24th of
October 2024.
ST. LUCIE COUNTY HOUSING FINANCE AUTHORITY
Chair
e retary
APPROVED AS TO FORM AND CORRECTNESS
By: i(z.,,. ///
ASSISTANT COUNTY ATTORNEY