AGENDA PACKAGE. Board of Directors Meeting

Transcription

1 ORANGE COUNTY HOUSING FINANCE AUTHORITY AGENDA PACKAGE Board of Directors Meeting Wednesday, February 7, :30 a.m. ORANGE COUNTY ADMINISTRATION BUILDING 201 SOUTH ROSALIND AVE ORLANDO, FL 32801

2 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR MEMORANDUM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN CLEMENTE CUEVAS VERNICE ATKINS-BRADLEY SASCHA RIZZO TO: FROM: Marshell Siplin, Chairman, OCHFA Mercedes McCall, Vice Chairman, OCHFA Clemente Cuevas, Board of Directors, OCHFA Vernice Atkins-Bradley, Board of Directors, OCHFA Sascha Rizzo, Board of Directors, OCHFA Warren S. Bloom, General Counsel, Greenberg Traurig Mike Watkins, General Counsel, Greenberg Traurig Sylvia S. Penneys, Bond Counsel, Greenberg Traurig Bruce Giles-Klein, Bond Counsel, Greenberg Traurig David Jones, Financial Advisor, CSG Advisors Helen H. Feinberg, Senior Managing Underwriter, RBC Capital Markets Donald Peterson, Co-Managing Underwriter, Raymond James Tim Wranovix, Co-Managing Underwriter, Raymond James Lila McHenry, Assistant County Attorney, BCC Peggy McGarrity, Comptroller Office Orange County Fred Winterkamp, Manager, Fiscal and Business Services Orange County Olympia Roman, Office Supervisor DATE: January 31, 2018 RE: FEBRUARY 7, 2018 BOARD OF DIRECTORS AGENDA Enclosed is the Directors meeting agenda package; scheduled as follows: Date: Wednesday, February 7, 2018 Time: 8:30 a.m. Location: Orange County Administration Center Commissioner s Chambers 201 Rosalind Avenue - Orlando, Florida If you have any questions, need additional information, or you will not be attending the meeting, please contact me as soon as possible at , ext Thank you E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website:

3 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR OCHFA BOARD OF DIRECTORS MEETING February 7, 2018 ~ 8:30 A.M. AGENDA BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN PUBLIC COMMENT MERCEDES MCCALL VICE CHAIRMAN CONSENT AGENDA CLEMENTE CUEVAS VERNICE ATKINS-BRADLEY SASCHA RIZZO A. GENERAL ADMINISTRATION 1. Adoption of January 3, 2018 Board of Directors Meeting minutes. Pg. 2-3 B. EXECUTIVE DIRECTOR S OFFICE C. FINANCIAL MANAGEMENT 1. Acknowledgement of the consolidated balance sheet for the Operating Fund; acknowledgement of combined statement of rev(s)/ exp(s)/ changes in retained earnings; acknowledgement of FY 2018, operating fund comparison of budget vs. actual; acknowledgement of FY 2018, operating fund comparison of actual revenues & expenses; acknowledgement summary of OCHFA s operating fund investments. Pg D. PROGRAM OPERATIONS 1. Acknowledgement of the Current Status of the Single-Family HRB Program. Pg Acknowledgement of the Multi-Family Audit Period Nov. Dec and Jan Pg DISCUSSION AGENDA A. EXECUTIVE DIRECTOR 1. Consider approval to Transfer the Ownership of Interest of the Alta Westgate Apartments. Pg Board authorization to cancel the July 2018 Regular Board Meeting. Pg. 42 B. OTHER BUSINESS ADJOURNMENT 2211 E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 1

4 ORANGE COUNTY HOUSING FINANCE AUTHORITY BOARD OF DIRECTORS M. SIPLIN M. McCALL C. CUEVAS V. ATKINS-BRADLEY S. RIZZO OFFICIAL MEETING MINUTES Meeting: Board of Directors Meeting Date: Wednesday, January 3, 2018 Time: 8:30am Location: Orange County Administration Center Commissioners Chambers 1 st Fl., 201 S. Rosalind Ave., Orlando, FL. Board Members PRESENT Board Members ABSENT OCHFA Staff PRESENT OCHFA Professionals PRESENT BCC Staff PRESENT Marshell Siplin Chairman Clemente Cuevas Board Member W.D. Morris Executive Director Olympia Roman Staff/ Recording Mike Watkins General Counsel, Greenberg Traurig None Mercedes McCall Vice Chairman Jim Singh Deputy Exec. Director/CFO Rosalind Natal Staff Sylvia Penneys Bond Counsel, Greenberg Traurig Vernice Atkins-Bradley Board Member Frantz Dutes Director Single-Family Mildred Guzman Staff Donald Peterson Co-Managing Underwriter, Raymond James Sascha Rizzo Board Member Kelly Cambre Staff James Audette Trustee Services U.S. Bank Global Corp MEETING OPENED There being a quorum, Madam Chairman, Marshell Siplin called the meeting to order at 8:30 a.m. PUBLIC COMMENT(s) No comment(s). CONSENT AGENDA ACTION TAKEN There being no discussion, the Board approved Consent Agenda items. MOTION / SECOND: S. Rizzo/ V. Atkins-Bradley AYE BY VOICE VOTE: All Present NAY BY VOICE VOTE: ABSTAINED: A. GENERAL ADMINISTRATION 1. Adoption of the December 6, 2018 Board of Directors Meeting minutes. B. EXECUTIVE DIRECTOR S OFFICE 1. Disposal of Surplus Tangible Property. C. FINANCIAL MANAGEMENT 1. Acknowledgement Summary of OCHFA s Operating Fund Investments. Acknowledgement of the consolidated balance sheet for the Operating Fund; acknowledgement of combined statement of rev(s)/ exp(s)/ changes in retained earnings; acknowledgement of FY 2018, operating fund comparison of budget vs. actual; acknowledgement of FY 2018, operating fund comparison of actual revenues & expenses; acknowledgement summary of OCHFA s operating fund investments. D. PROGRAM OPERATIONS 1. Acknowledgement of the Current Status of the Single-Family HRB Program. 2. Acknowledgement of the Multi-Family Audit Period December Pg. 2

5 MINUTES: OCHFA REGULAR BOARD OF DIRECTORS MTG., JANUARY 3, 2018 PG. 2 OF 2 DISCUSSION AGENDA A. EXECUTIVE DIRECTOR CONSIDER APPROVAL OF STAFF S REQUEST FOR FINANCIAL ADVISORY SERVICES CONTRACT EXTENSION. W.D. Morris, Executive Director addressed the Board regarding staff s request for the Authority s financial Advisory Services contract extension. He stated that staff is pleased with the professional services provided by CSG David Jones and staff; and that the current contract provides for Two, 2-year renewal at the option of the Authority. He further stated that this is the first, 2-year extension under this contract period. He concluded by stating that staff recommends Board approval of the requested extension of the contract for Financial Advisory Services through January 1, ACTION TAKEN There being no discussion, the Board approved the 1 st, two-year Contract Extension for Financial Advisory Services with CSG Advisors, Inc. (CSG) and authorization for the Chairman and Executive Director to execute the document. MOTION / SECOND: V. Atkins-Bradley/ S. Rizzo AYE BY VOICE VOTE: All Present NAY BY VOICE VOTE: ABSTAINED: OTHER BUSINESS ADJOURNMENT There being no further business, Chairman Marshell Siplin, adjourned the meeting at 8:33 a.m. ATTEST: W.D. MORRIS EXECUTIVE DIRECTOR MARSHELL SIPLIN CHAIRMAN END OF MINUTES PREPARED BY OLYMPIA ROMAN ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 HILLCREST ST. ORLANDO, FL Pg. 3

6 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN TO: FROM: CONTACT: MEMORANDUM OCHFA Board of Directors W.D. Morris, Executive Director Olukayode Adetayo, Chief Financial Officer CLEMENTE CUVEVAS VERNICE ATKINS-BRADLEY DATE: January 30, 2018 RE: OCHFA CONSOLIDATED BALANCE SHEET FOR THE OPERATING FUND FOR THE PERIOD ENDING DECEMBER 31, FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING. SASCHA RIZZO Attached for your review is the OCHFA s Operating Fund Balance Sheet. The Operating Fund includes all funds namely: the General Fund, the Low Income Housing Fund, Replacement Reserve Fund, the In House Origination Program Fund and the Homeownership Assistance Program Fund. The majority of the funds in the General Fund are invested in US Treasuries and GNMA s. The GNMA s yield approximately 5.308%. Part of the Authority s funds is invested in the Federated Money Market Fund yielding 0.010%. The remaining funds are invested in the SunTrust Bank NA Muni Now Account. The Authority earned an average of.463% interest income on all investments E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 4

7 Orange County Housing Finance Authority Operating Fund Balance Sheet As of December 31, 2017 GENERAL LOW INCOME REPLACEMENT IHOP HOMEOWNERSHIP COMBINED FUND HOUSING FUND RESERVE FUND FUND ASSISTANCE FUND TOTALS Assets Cash 4,145, ,183, , ,859, * * * * * Investments 17,426, , ,929, GNMA/FNMA Securities 2,541, ,541, Accounts Receivable 345, , , Loan Receivable 850, , Notes Receivable 1,500, , ,526, S/F 2014 A GNMA Collateral / Rcvbl 4,060, ,060, GF - FHLB GNMA Collateral / Rcvbl 3,493, ,493, Mortgage Receivable , ,498, ,881, * * * * Allowance for Doubtful Accounts 0.00 (325,416.89) (958,149.38) (1,283,566.27) Investment Income Receivable 18, , Mortgage & GNMA/FNMA Income Receivable 357, , , Interfund Receivable/Payable 12,645, ,775, (7,240,367.39) 10,181, Prepaid Expenses (196.56) Fixed Assets 319, , Total Assets 47,706, ,044, (1,621,995.85) 52,128, Current liabilities: Other Payables 38, , Accounts Payables 114, , Total liabilities 152, , Retained Earnings Previous Period 46,759, ,043, (80.00) 24, (1,675,397.37) 51,151, Net Income (Loss) 838, (30.00) (24,622.14) 9, , Total Liabilities & Retained Earnings 47,750, ,044, (1,666,333.61) 52,128, * * * * A reserve account is set up to allow for percentage of the Down Payment Assistance Notes Receivable to be recognized as doubtful accounts based on industry standards. (Approximately 3%). The actual notes receivable remain on the books while the doubtful account is set up as a contra asset account. * * * * * This balance includes $1,148, the difference between the GNMA'S book value and market value recorded at 9/30/2017 (GASB 31). Pg. 5

8 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN TO: FROM: CONTACT: MEMORANDUM OCHFA Board of Directors W.D. Morris, Executive Director Olukayode Adetayo, Chief Financial Officer CLEMENTE CUVEVAS VERNICE ATKINS-BRADLEY DATE: January 30, 2018 RE: OCHFA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS FOR THE PERIOD ENDING DECEMBER 31, FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING. SASCHA RIZZO Attached for your review are the OCHFA s Operating Fund Statement of Revenues, Expenses, and Changes in Retained Earnings. The Operating Fund includes all funds namely: the General Fund, the Low Income Housing Fund, Program Fund, Replacement Reserve Fund, the In House Origination Program Fund and the Homeownership Assistance Program Fund. Attachments 2211 E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 6

9 Orange County Housing Finance Authority Combined Statement of Revenues, Expenses, and Changes in Retained Earnings For The 3 Periods Ending December 31, 2017 Operating Fund General Low Income Replacement IHOP Homeownership Current Fund Hsg Fund Reserve Fund Fund Assistance Fund YTD Revenue: Administrative Fees 332, , Bond Financing Fees 428, , * Intra Fund Revenue 27, , Other Revenue 244, , Investment Income 10, , Income from Loans, GNMAs 78, , , Total Revenues 1,122, , ,126, Expenses General and Administrative 280, , , * Intra Fund Expense , , Rebate Expense 2, , Other Expenses Total Expenses 284, , , , Net Income (Loss) 838, , , , Retained Earnings Beginning of Year 46,759, ,043, , ,675, ,151, Retained Earnings End of Year 47,597, ,044, (1,666,333.61) 51,975, Pg. 7

10 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN TO: FROM: CONTACT: MEMORANDUM OCHFA Board of Directors W.D. Morris, Executive Director Olukayode Adetayo, Chief Financial Officer CLEMENTE CUVEVAS VERNICE ATKINS-BRADLEY DATE: January 30, 2018 RE: OCHFA FISCAL YEAR 2018 OPERATING FUND COMPARISON OF BUDGET VS. ACTUAL AS OF DECEMBER 31, FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING SASCHA RIZZO Attached for your attention is the comparison of the Budgeted Revenues and Expenses for Fiscal Year 2018 vs. the Actual Revenues and Expenses for the period ending December 31, Attachments 2211 E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 8

11 Orange County Housing Finance Statement of Earnings For The 3 Periods Ending December 31, 2017 Fiscal Year 2018 Year To Date Budget %age Budget Revenue Remaining Budget Received YTD Remaining YTD Revenue: 2007 SERIES B $2,483 $0 $2, % 2010 SERIES A $7,410 $0 $7, % 2011 SERIES A $39,123 $6,979 $32,144 82% 2011 SERIES B $14,206 $0 $14, % 2014 SERIES A $24,943 $0 $24, % WEST POINT VILLAS $20,080 $9,910 $10,170 51% OSPREY RIDGE $13,120 $0 $13, % CHARLESTON CLUB APTS $20,660 $0 $20, % GLEN ON MILLENIA $14,420 $4,673 $9,747 68% HANDS 2001 F $9,920 $5,535 $4,385 44% THE LANDINGS ON MILLENIA $27,740 $0 $27, % MYSTIC COVE APTS $15,660 $18,669 ($3,009) -19% PALM GROVE GARDEN $0 $4,389 ($4,389) LEE VISTA APARTMENTS $39,000 $19,200 $19,800 51% COVE AT LADY LAKE $25,155 $12,428 $12,728 51% LAKESIDE POINTE APARTMENTS $18,690 $9,345 $9,345 50% ALTA WESTGATE APARTMENTS $35,310 $0 $35, % LAKE HARRIS COVE APTS $24,855 $12,353 $12,503 50% CLUB AT EUSTIS $13,620 $48,696 ($35,076) -258% MARBELLA COVE $12,555 $6,278 $6,278 50% MARBELLA POINTE $22,950 $11,475 $11,475 50% OVIEDO TOWN CENTER PHASE I $16,620 $0 $16, % OVIEDO TOWN CENTER PHASE II $10,000 $0 $10, % OVIEDO TOWN CENTER PHASE III $10,000 $0 $10, % OVIEDO TOWN CENTER PHASE IV $10,000 $0 $10, % LAUREL OAKS I $23,820 $0 $23, % LAUREL OAKS II $21,990 $0 $21, % ROLLING ACRES I $10,700 $5,313 $5,388 50% ROLLING ACRES II $10,000 $5,000 $5,000 50% MILLENIA II $10,000 $5,000 $5,000 50% MILLENIA III $10,463 $5,188 $5,275 50% MILLENIA IV $11,813 $5,863 $5,950 50% SOUTHWINDS $16,625 $8,313 $8,313 50% POST VISTA POST FOUNTAINS $18,420 $0 $18, % SPRING LAKE COVE I $11,225 $5,488 $5,738 51% SPRING LAKE COVE II $10,000 $5,000 $5,000 50% CHATHAM HARBOR APTS $56,700 $34,020 $22,680 40% CRESTWOOD APARTMENTS $19,590 $0 $19, % LAKE SHERWOOD APARTMENTS $16,695 $0 $16, % OAK HARBOR APARTMENTS $22,920 $11,370 $11,550 50% RIVER RIDGE APARTMENTS $29,850 $0 $29, % SEVILLE PLACE APARTMENTS $20,220 $0 $20, % NASSAU BAY APARTMENTS $108,326 $0 $108, % DEAN WOODS APARTMENTS $10,000 $5,000 $5,000 50% LANDSTAR APARTMENTS $42,000 $0 $42, % BUCHANAN BAY $57,800 $20,174 $37,626 65% GOLDENROD POINTE $19,800 $0 $19, % WESTWOOD PARK APTS $36,000 $24,750 $11,250 31% VISTA PINES APTS $0 $16,535 ($16,535) HANDS $7,230 $3,615 $3,615 50% ALHAMBRA TRACE APTS $2,960 $1,480 $1,480 50% BOND FINANCING FEES $187,500 $428,891 ($241,391) -129% TRANSFER IN $0 $27,865 ($27,865) GAIN ON SALE OF GNMA'S $200,000 $0 $200, % OTHER REVENUES $395,000 $244,929 $150,071 38% INV INCOME $0 $1,684 ($1,684) INV INCOME FEDERATED MM $374 $574 ($200) -53% INV INCOME US TREASURIES $0 $9,266 ($9,266) Pg. 9

12 FHLB HELD SECURITIES GNMA/FNMA INCOME $0 $23,329 ($23,329) MORTGAGE INCOME HFA OF WINTER PARK $9,000 $1,487 $7,513 83% INTEREST INCOME ON WESTLAKES PHASE I $7,500 $1,250 $6,250 83% MORTGAGE INCOME HABITAT LOC $5,700 $0 $5, % MORTGAGE INCOME CITY VIEW LOAN PARTICIPATION $4,000 $0 $4, % GNMA/FNMA INCOME $1,288,932 $18,960 $1,269,972 99% MASTER ACC FUND GNMA/FNMA INCOME $0 $82,839 ($82,839) 2006 A DPA MORTGAGE INTEREST $600 $101 $499 83% 2006 A 1 DPA MORTGAGE INTEREST $2,100 $379 $1,721 82% 2007 A DPA MORTGAGE INTEREST $9,100 $927 $8,173 90% 2007 B DPA MORTGAGE INTEREST $11,500 $1,783 $9,717 84% 2009 A NIBP DPA MORTGAGE INTEREST $500 $20 $480 96% $3,175,472 $1,176,319 $1,999,153 63% Fiscal Year 2018 Year To Date Budget %age Budget Expenses Remaining Budget Incurred YTD Remaining YTD Costs and expenses: SALARIES AND WAGES $908,423 $253,868 $654,555 72% SHIPPING $3,000 $463 $2,537 85% TRAVEL/CONFERENCE/ TRAINING $30,000 $978 $29,022 97% CASUAL LABOR/STUDENT ASST. $2,000 $0 $2, % OFFICE MAINTENANCE $19,000 $6,060 $12,940 68% BUILDING MAINTENANCE $15,000 $1,330 $13,670 91% TELEPHONE $15,000 $3,318 $11,682 78% POSTAGE $3,000 $0 $3, % OFFICE SUPPLIES $10,000 $1,135 $8,865 89% OFFICE FURNITURE $1,000 $3,821 ($2,821) -282% PUBLICATIONS $2,000 $1,185 $815 41% PRINTING/ANNUAL REPORT $7,000 $0 $7, % EQUIPMENT / COMPUTER / PRINTER $10,000 $1,147 $8,853 89% MARKETING $30,000 $2,366 $27,634 92% CONTRACTOR SERVICES $25,000 $923 $24,078 96% SEMINARS/EDUCATION $10,000 $480 $9,520 95% EMPLOYEE BENEFITS HEALTH/LIFE $115,000 $31,663 $83,337 72% UNEMPLOYMENT COMPENSATION $2,000 $0 $2, % OTHER INSURANCE & TAXES $800 $748 $52 6% ANNUAL AUDIT $50,000 $0 $50, % LEGAL ADVERTISING $5,000 $1,109 $3,891 78% LEGAL FEES $15,000 $8,804 $6,196 41% MEMBERSHIP $7,000 $1,650 $5,350 76% PAYROLL TAXES $69,376 $13,917 $55,460 80% MISCELLANEOUS EXPENSE $6,000 $240 $5,760 96% LOSS ON DPA FORECLOSURES $0 $0 $0 FLORIDA RETIREMENT SYSTEM $79,906 $26,561 $53,346 67% 457 DEFERRED COMP EMPLOYER CONTRIBUTION EXP $66,421 $12,664 $53,757 81% LIMITED HRA $9,300 $1,080 $8,220 88% TERM LEAVE $25,000 $0 $25, % FILE STORAGE $1,500 $336 $1,164 78% LOCAL MILEAGE REIMBURSEMENT $2,000 $178 $1,822 91% EQUIPMENT MAINTENANCE $2,500 $1,232 $1,268 51% INSURANCE COVERAGES $50,000 $0 $50, % RESERVE FOR REPLACEMENT BLDG $5,000 $0 $5, % TRANSFER OUT $0 $24,592 ($24,592) FINANCIAL ADVISORY SERVICES $25,000 $13,458 $11,542 46% PERFORMACE AWARD PROGRAM $111,959 $0 $111, % CUSTODY FEE $3,000 $1,875 $1,125 38% ADMIN EXPENSE BANK/TRUSTEE $1,000 $105 $895 90% REBATE FEE EXPENSE $8,000 $2,700 $5,300 66% OPERATING CONTINGENCY RESERVE $20,000 $0 $20, % 1994 EXCESS GNMA INTEREST EXP $0 $249 ($249) 1995 EXCESS GNMA INTEREST EXP $0 $126 ($126) $1,771,186 $420,358 $1,350,828 76% Pg. 10

13 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN TO: FROM: CONTACT: MEMORANDUM OCHFA Board of Directors W.D. Morris, Executive Director Olukayode Adetayo, Chief Financial Officer CLEMENTE CUVEVAS VERNICE ATKINS-BRADLEY SASCHA RIZZO DATE: January 30, 2018 RE: OCHFA FISCAL YEAR 2018, OPERATING FUND COMPARISON OF ACTUAL REVENUES AND EXPENSES FOR THE PERIODS ENDING DECEMBER 31, 2016 AND DECEMBER 31, FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING Attached for your review is the comparison of the Actual Revenues and Expenses for the periods ending December 31, 2016 and December 31, Attachments 2211 E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 11

14 Actual Revenues and Expenses Comparison For the Period Ending December 31, 2017 FY 2017 FY 2018 % Revenues $551, $1,176, % Expenses $340, $420, % Revenues increased significantly this year compared with last year's. This is due to the receipt of Municipal Derivatives Settlement ($244,779) and the receipt of Short Term Bond Financing Fees ($272,144) for Landon Pointe, and final LURA fees for Eustis ($48,696). The overall change in revenues is 113%. Overall expenses increased slightly. This is due to the hiring of a new CFO. The overall change in expenses is 24%. This is $1,400, due to the paying off the S/F 2006 A Bonds ($859,539). The overall change in expenses is -10%. $1,200, $1,000, $800, $600, Revenues Expenses $400, $200, $0.00 FY 2017 FY 2018 Pg. 12

15 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MERCEDES MCCALL VICE CHAIRMAN TO: FROM: CONTACT: MEMORANDUM OCHFA Board of Directors W.D. Morris, Executive Director Olukayode Adetayo, Chief Financial Officer CLEMENTE CUVEVAS VERNICE ATKINS-BRADLEY SASCHA RIZZO DATE: January 30, 2018 RE: SUMMARY OF OCHFA S OPERATING FUND INVESTMENTS. FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING As of December 31, 2017 the total investments in the Operating Fund of the Orange County Housing Finance Authority was $28,905, producing an average yield of.463% as shown in the Summary of Accounts. If you have any questions on this matter do not hesitate to ask me. Attachments 2211 E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 13

16 Orange County Housing Finance Authority Summary of Accounts as of December 31, 2017 Average Yield Account Account # Institution Ending Balance¹ Net Interest Earned¹ (Annualized)¹ Operating Fund Suntrust Bank $4,145, $ % Low Income Housing Fund Suntrust Bank $1,184, $ % Homeownership Assistance Fund Suntrust Bank $530, $ % Low Income Housing Fed Govt Obiligation Fund $0.00 $ % Operating Fed Govt Obiligation Fund $0.00 $ % Custody Account US Bank Money Market $4,025, $ % Custody Account US Treasury Note $9,599, $ % Custody Account Certificates of Deposit $2,695, $ % Custody Account GNMA - OCHFA Investment $2,541, $10, % Custody Account US Bank Money Market /NIBP $460, $ % FHLB Collateral FHLBank Atlanta $636, $ % FHLB Tranch FHLBank Atlanta $3,086, $ % Total $28,905, $11, % Federated Investor 0% US Bank Money Market 20% Sector Allocation as December 31, 2017 Us Treasury Notes 43% Suntrust Checking Accounts 26% GNMA 11% Percentage of Total Portfolio $12,000, $10,000, $8,000, $6,000, $4,000, $2,000, $0.00 Maturity distribution as December 31, 2017 $10,346, $2,695, Overnight Under 6 Months $9,599, $0.00 $6,264, Months 1-2 Years 2 + Years Liquidity $10,346, Pg. 14 Note: 1. Ending Bal., Net Int. Earned, Avg. Yields shown above are recorded directly from month-end accts statements provided by respective institutions.

17 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MEMORANDUM SASCHA RIZZO CHAIRMAN TO: OCHFA Board of Directors MARSHELL SIPLIN VICE CHAIRR MERCEDES MCCALL CLEMENTE CUEVAS VERNICE ATKINS-BRADLEY FROM: CONTACT: W.D. Morris, Executive Director Frantz Dutes, Director Program Operations DATE: January 30, 2018 RE: BACKGROUND STATUS REPORT: 2017-A HOMEOWNER REVENUE BOND PROGRAM; HARDEST HIT FUND PROGRAM FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING. The Authority s SERIES 2017-A Homeowner Revenue Bonds Program was authorized by the Board on September 6, 2017, for the aggregate principal amount not-to-exceed TWENTY MILLION DOLLARS ($20MM) of Homeowner Revenue Bond Program proceeds. The Board authorized Staff to begin a pipeline of loans for future issuance. The 2017-A (HRB) Program offers a 30-year loan product. The Down Payment assistance (DPA) is currently at $7, and is a 30-year deferred loan at 0% interest. PRODUCTS INTEREST RATES ORIGINATION FEE Zero Point 4.375% 1% Commencing from the initial reservation date there is an aggregate total of SEVENTEEN MILLION EIGHT HUNDRED SEVENTY SEVEN THOUSAND FOUR HUNDRED THIRTY-SIX DOLLARS ($17,877,436) committed. As of January 30, 2018, there are a total of One Hundred Forty-Five (145) loans originated: 136- FHA; 1-VA; 8-USDA-RD. The Authority s Down Payment Assistance Program (DPA) has committed an aggregate total of: ONE MILLION EIGHTY SIX THOUSAND ONE DOLLARS ($1,086,001). The 2017-A loan origination activity reported has been adjusted by FOUR MILLION FOUR HUNDRED FIFTY ONE THOUSAND ELEVEN DOLLARS ($4,451,011). It is important to note that the loan origination activity reported reflects a total of TWENTY TWO MILLION THREE HUNDRED TWENTY EIGHT THOUSAND FOUR HUNDRED FORTY SEVEN DOLLARS ($22,328,447) which includes the 2014-A, and 2017-A bond issues. The reporting system used by our Program Administrator is unable to prorate these loans between the two bond issues. Consequently, they were all reported in the loan origination activity for the 2017-A bond issue. The Reservation Period start date was October 18, 2017, and Final Delivery end date is March 15, The Authority s Hardest Hit Fund (HHF) Program was authorized by the board on April 5, Florida Housing has agreed to make available a portion of the HHF for to a limited number of local Housing Finance Authorities including OCHFA. The funds provided are used as a source of DPA, and closing costs to be provided to qualified homebuyers in connection with first mortgage loans originated by OCHFA. To date OCHFA has originated eleven (11) FHA loans for the sum of ONE MILLION EIGHT HUNDRED FOURTEEN THOUSAND EIGHT HUNDRED ELEVEN DOLLARS ($1,814,811). ACTION REQUESTED: For information only E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 15

18 Orange County HFA Demographic Analysis Report Orange 2017A SF Program ORIGINATION SUMMARY REPORT ORIGINATOR SUMMARY LOANS AMOUNT % OF TOTAL DHI Mortgage Co., Ltd. 15 $2,478, % Eagle Home Mortgage, LLC. 3 $459, % Embrace Home Loans, Inc. 77 $10,913, % Equity Prime Mortgage, LLC. 11 $2,024, % Fairway Independent Mortgage Corporation 2 $362, % FBC Mortgage 24 $3,926, % Hamilton Group Funding, Inc 7 $971, % Home Community Mortgage, LLC 3 $646, % HomeBridge Financial Services Inc. 1 $201, % Movement Mortgage, LLC 1 $129, % Shelter Mortgage Company, LLC 1 $215, % TOTAL 145 $22,328, % CITY SUMMARY CITY LOANS AMOUNT % OF TOTAL Altamonte Springs 6 $980, % Apopka 6 $1,115, % Casselberry 5 $813, % Clermont 5 $815, % Eustis 1 $194, % Fruitland Park 1 $146, % Groveland 4 $755, % Kissimmee 18 $2,495, % Leesburg 6 $848, % Maitland 2 $433, % Mascotte 2 $215, % Minneola 1 $171, % Mount Dora 2 $356, % Ocoee 6 $1,071, % Orlando 41 $5,610, % Oviedo 3 $609, % Saint Cloud 15 $2,637, % Sanford 7 $879, % Sorrento 1 $146, % Tavares 9 $1,471, % Winter Park 1 $122, % Winter Springs 3 $439, % TOTAL 145 $22,328, % COUNTY SUMMARY COUNTY LOANS AMOUNT % OF TOTAL Lake 32 $5,120, % Orange 57 $8,510, % Osceola 31 $4,794, % Seminole 25 $3,902, % TOTAL 145 $22,328, % ANNUAL INCOME LOANS % OF TOTAL $15,000-$29, % $30,000-$44, % $45,000-$59, % $60,000-$74, % $75,000-$89, % TOTAL % HOUSEHOLD ANNUAL INCOME REPORT Pg. 16

19 HOUSEHOLD SIZE LOANS % OF TOTAL 1 - One person % 2 - Two persons % 3 - Three persons % 4 - Four persons % 5 - Five persons % 6 - Six persons % 7 - Seven persons % TOTAL % HOUSEHOLD SIZE REPORT LOAN AMOUNT LOANS % OF TOTAL $50,000-$75, % $75,000-$100, % $100,000-$125, % $125,000-$150, % $150,000-$175, % $175,000-$200, % $200,000-$225, % $225,000-$250, % $250,000-$275, % TOTAL % LOAN AMOUNT REPORT PURCHASE PRICE LOANS % OF TOTAL $50,000-$75, % $75,000-$100, % $100,000-$125, % $125,000-$150, % $150,000-$175, % $175,000-$200, % $200,000-$225, % $225,000-$250, % $250,000-$275, % TOTAL % PURCHASE PRICE REPORT LOAN TYPE LOANS % OF TOTAL FHA % USDA-RHS % VA % TOTAL % LOAN TYPE REPORT PROPERTY TYPE LOANS % OF TOTAL 1 Unit Single Family Detached % Condominium % Duplex w/approval % Townhouse % TOTAL % PROPERTY TYPE REPORT TYPE LOANS % OF TOTAL Existing % New % Unspecified % TOTAL % CATEGORY TYPE REPORT TYPE LOANS AMOUNT % OF TOTAL TARGET 0 $ % NON TARGET 145 $22,328, % TOTAL 145 $22,328, % TARGET/NON TARGET REPORT Pg. 17

20 INTEREST RATE LISTING REPORT RATE COUNT AMOUNT % OF TOTAL % 63 $9,857, % % 1 $122, % % 22 $3,855, % % 35 $5,395, % % 24 $3,096, % TOTAL % 145 $22,328, INTEREST RATE RANGES REPORT RATE LOANS % OF TOTAL % % % % % % % % % TOTAL % FIRST TIME HOMEBUYER LOANS % OF TOTAL No % Yes % TOTAL % FIRST TIME HOMEBUYER REPORT ADDITIONAL MORTGAGE REPORT ADDTL MTG PROGRAM \ PRIMARY MTG PROGRAM LOANS AMOUNT AVERAGE LOAN AMOUNT Orange DPA 2017 \ Orange 2017A SF Program 145 $1,086, $7, GENDER LOANS % OF TOTAL GENDER REPORT MALE % FEMALE % UNDISCLOSED % TOTAL % RACE REPORT DESCRIPTION LOANS % OF TOTAL Asian % Black/ African American % Black/African American & White % Native Hawaiian/Other Pacific Islander % Tenant Declined to Respond % White % TOTAL % ETHNICITY LOANS AMOUNT % OF TOTAL HISPANIC 76 $11,989, % NON HISPANIC 66 $9,801, % OTHER 3 $538, % TOTAL 145 $22,328, % ETHNICITY REPORT RACE BY ETHNICITY REPORT RACE HISPANIC NONHISPANIC OTHER LOANS % OF TOTAL Asian % Black/ African American % Black/African American & White % Native Hawaiian/Other Pacific Islander % Tenant Declined to Respond % White % TOTAL % Pg. 18

21 PIPELINE REPORT PROGRAM PIPELINE LOANS AMOUNT % OF TOTAL Reservation 1 $233, % UW Certification 3 $554, % Investor/Trustee 141 $21,540, % TOTAL 145 $22,328, % PROGRAM SUMMARY AVERAGE PRINCIPAL MORTGAGE: $153, AVERAGE PURCHASE PRICE: $157, AVERAGE DPA AMOUNT: $7, AVERAGE AGE OF PRIMARY BORROWER: 38 AVERAGE HOUSEHOLD SIZE: 2 AVERAGE EMPLOYED IN HOUSEHOLD: 1 AVERAGE HOUSEHOLD ANNUAL INCOME: $52, /30/2018 9:11:35 AM Page 21 of 21 Pg. 19

22 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR CONSENT ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN MEMORANDUM MERCEDES MCCALL VICE CHAIR CLEMENTE CUEVAS TO: FROM: OCHFA Board of Directors W.D. Morris, Executive Director VERNICE ATKINS-BRADLEY SASCHA RIZZO CONTACT: Mildred Guzman, Administrator, Multi-Family Program DATE: January 30, 2018 RE: MULTI-FAMILY OCCUPANCY/ INSPECTION REPORT FEBRUARY 7, REGULAR BOARD OF DIRECTORS MEETING. OCCUPANCY REPORT The average occupancy rate for the period of 11/25/2017 to 12/31/2017 was 99% for all units and 94% for units meeting set-aside requirements. For the period of 1/01/2018 to 1/30/2018 the average occupancy rate was 98% for all units and 93% for units meeting the set-aside requirements. MULTI-FAMILY INSPECTION REPORT Four audits were conducted during the month of January: Laurel Oaks I and II, Alta Westgate and Palm Grove Gardens Apartments. Copy of each report is included for your information. ACTION REQUESTED For information only E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 20

23 Pg. 21 Multi-Family Occupancy Report BeginReportingPeriod: 11/25/2017 EndReportingPeriod: 12/31/2017 Property: (Status, Address) Alta Westgate Apts, Active 6872 Alta West Drive, Orlando Anderson Oaks, Active 708 Anderson St, Orlando Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: % 98% % 98% 40% % 100% % 100% 100% Boca Vista, Active % 93% 66 20% 20% 20% 545 Nantucket Court, Altamonte Springs Charleston Club Apts, Active 500 Fox Quarry Lane, Sanford City View (west church st), Active 595 West Church Street, Orlando Club at Eustis, Active 2750 David Walker Dr, Eustis Cove at Lady Lake, Active 735 S. Hwy 27/441, Lady Lake Dean Woods, Active 9808 Dean Woods Place, Orlando Delaney Apartments, Active 507 Delaney Avenue, Orlando Emerald Villas (fka Seville Place), 5450 Cholla Way, Orlando Fountains at Lee Vista, Active 5743 Bent Pine Dr, Orlando Fountains at Millenia II, Active 5316 Millenia Blvd., Orlando Fountains at Millenia III, Active 5316 Millenia Blvd., Orlando % 100% % 85% 40% % 95% % 43% 40% % 100% % 100% 40% % 95% % 95% 40% % 100% % 100% 100% % 100% 8 100% 100% 100% % 99% % 99% 40% % 95% % 53% 31% % 100% % 100% 40% % 100% 81 99% 100% 40% Prior Month Occup.% Flag% Comments Tuesday, January 30, 2018 Page 1 of 4

24 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Fountains at Millenia IV, Active 5316 Millenia Blvd, Orlando Glenn on Millenia, Active 5202 Millenia Boulevard, Orlando Goldenrod Pointe, Active 3500 N Goldenrod Road, Orlando Governors Manor, Active 2861 LB McLeod Rd, Orlando Green Gables, Active 5201 Via Alizar Dr, Orlando Kensington Oaks, Active 440 S. Mellonville Ave, Sanford Lake Davis Apartments, Active 1301 Catherine Street, Orlando % 100% 99 99% 100% 40% % 98% % 89% 40% % 100% % 100% 60% % 96% 96% 75% % 100% % 100% 100% % 100% % 100% 75% % 92% % 92% 75% Lake Harris Cove Apts, Active % 100% % 76% 40% Lake Harris Cove Avenue, Leesburg Lake Jennie I, Active 1301 Santa Barbara Dr, Sanford Lake Jennie II, Active 1312 Santa Barbara Dr, Sanford Lake Sherwood Apartments, Activ 1826 London Crest Drive, Orlando Lakeside Pointe(Harris Cove), Acti 1403 Old Harbor Blvd., Leesburg Lancaster Villas, Active 800 W. Lancaster Rd, Orlando Landings at Carver Park, Active 1150 Conley Street, Orlando Landings at Millennia, Active 5150 Millenia Boulevard, Orlando % 100% % 100% 75% % 100% % 100% 75% % 100% 88 98% 100% 40% % 95% % 95% 40% % 97% % 97% 100% % 96% 54 96% 96% 40% % 99% % 75% 40% Pg. 22 Tuesday, January 30, 2018 Page 2 of 4

25 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Landon Pointe Apartments, Active % % 1705 Grande Pointe Avenue, Orlando, FL Landon Trace Apartments, Active 1813 Buchanan Bay Circle, Orlando Landstar Park Apts, Active 1001 Landstar Drive, Orlando Laurel Oaks I, Active 2700 Laurel Hollow Dr., Leesburg Laurel Oaks II, Active 2700 Laurel Hollow Dr., Leesburg Lee Vista Club Apartments, Active 5903 Lee Vista Blvd, Orlando Marbella Cove, Active 7528 Marbella Pt. Drive, Orlando Marbella Pointe, Active 7528 Marbella Pt. Drive, Orlando Mendel Villas, Active 3538 Aristotle Ave, Orlando Mystic Cove Apartments, Active 2780 Mystic Lake Drive, Oviedo % 97% % 97% 100% % 100% % 100% 40% % 97% % 97% 40% % 94% % 94% 40% % 99% % 99% 40% % 100% % 100% 0% % 100% % 100% 40% % 100% % 100% 100% % 99% % 99% 40% Nassau Bay Apartments, Active % 99% % 99% 100% 5200 North Orange Blossom Trail, Orlando Oak Harbor Apartments, Active 5770 Harbor Chase Circle, Orlando, Osprey Ridge Apartments, Active 201 Hunt Street, Clermont Oviedo Town Center Ph IV, Active 450 Fontana Circle #105, Oviedo Oviedo Town Center Ph. I, Active 450 Fontana Circle #105, Oviedo % 99% % 99% 20% % 100% % 100% 40% % 100% % 100% 40% % 100% % 100% 40% Pg. 23 Tuesday, January 30, 2018 Page 3 of 4

26 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Oviedo Town Ph. II, Active 450 Fontana circle #105, Oviedo Oviedo Town Ph. III, Active 450 Fontana circle #105, Oviedo Palm Groves Gardens, Active 3944 W.D. Judge Drive, Orlando Pebble Creek, Active 1317 Boulder Dr, Kissimmee % 100% % 100% 40% % 97% 71 99% 97% 40% % 88% % 88% 75% 16 units under rehab will be ready by end of March % 100% % 100% 100% River Ridge Apartment Homes, Act % 100% % 100% 40% 9957 Hidden River Drive #106, Orlando Rolling Acres I, Active 824 CrR 466, Lady Lake Rolling Acres II, Active 824 CR 466, Lady Lake SouthWinds Cove, Active 3400 Southwinds Cove Way, Leesburg % 97% % 97% 40% % 100% % 100% 40% % 96% % 77% 40% Spring Lake Cove I, Active % 98% 74 77% 80% 40% 1508 Spring Lake Cove Lane, Fruitland Park Spring Lake Cove II, Active % 100% 47 98% 100% 40% 1508 Spring Lake Cove Lane, Fruitland Park Summit Crestwood Apartments, A 3121 Crestwood Circle, St. Cloud Total Units: Current Period Summary: 7,525 99% Prior Period Summary: 7,239 98% Total Number of Properties: % 100% % 100% 40% 7,678 6,619 94% 6,434 93% Pg. 24 Tuesday, January 30, 2018 Page 4 of 4

27 Pg. 25 Multi-Family Occupancy Report BeginReportingPeriod: 1 /1 /2018 EndReportingPeriod: 1 /30/2018 Property: (Status, Address) Alta Westgate Apts, Active 6872 Alta West Drive, Orlando Anderson Oaks, Active 708 Anderson St, Orlando Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: % 99% % 99% 40% % 100% % 100% 100% Boca Vista, Active % 94% 66 20% 20% 20% 545 Nantucket Court, Altamonte Springs Charleston Club Apts, Active 500 Fox Quarry Lane, Sanford City View (west church st), Active 595 West Church Street, Orlando Club at Eustis, Active 2750 David Walker Dr, Eustis Cove at Lady Lake, Active 735 S. Hwy 27/441, Lady Lake Dean Woods, Active 9808 Dean Woods Place, Orlando Delaney Apartments, Active 507 Delaney Avenue, Orlando Emerald Villas (fka Seville Place), 5450 Cholla Way, Orlando Fountains at Lee Vista, Active 5743 Bent Pine Dr, Orlando Fountains at Millenia II, Active 5316 Millenia Blvd., Orlando Fountains at Millenia III, Active 5316 Millenia Blvd., Orlando % 99% % 85% 40% % 94% % 43% 40% % 100% % 100% 40% % 97% % 97% 40% % 100% % 100% 100% % 100% 8 100% 100% 100% % 99% % 99% 40% % 95% % 53% 31% % 100% % 100% 40% % 99% % 99% 40% Prior Month Occup.% Flag% Comments Tuesday, January 30, 2018 Page 1 of 4

28 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Fountains at Millenia IV, Active 5316 Millenia Blvd, Orlando Glenn on Millenia, Active 5202 Millenia Boulevard, Orlando Goldenrod Pointe, Active 3500 N Goldenrod Road, Orlando Governors Manor, Active 2861 LB McLeod Rd, Orlando Green Gables, Active 5201 Via Alizar Dr, Orlando Kensington Oaks, Active 440 S. Mellonville Ave, Sanford Lake Davis Apartments, Active 1301 Catherine Street, Orlando % 99% 99 99% 99% 40% % 98% % 89% 40% % 100% % 100% 60% % 100% % 75% % 100% 93 98% 100% 100% % 100% % 100% 75% % 100% % 100% 75% Lake Harris Cove Apts, Active % 99% % 75% 40% Lake Harris Cove Avenue, Leesburg Lake Jennie I, Active 1301 Santa Barbara Dr, Sanford Lake Jennie II, Active 1312 Santa Barbara Dr, Sanford Lake Sherwood Apartments, Activ 1826 London Crest Drive, Orlando Lakeside Pointe(Harris Cove), Acti 1403 Old Harbor Blvd., Leesburg Lancaster Villas, Active 800 W. Lancaster Rd, Orlando Landings at Carver Park, Active 1150 Conley Street, Orlando Landings at Millennia, Active 5150 Millenia Boulevard, Orlando % 100% % 100% 75% % 100% 38 95% 100% 75% % 98% 88 98% 98% 40% % 98% % 98% 40% % 100% % 100% 100% % 96% 55 98% 96% 40% % 99% % 76% 40% Pg. 26 Tuesday, January 30, 2018 Page 2 of 4

29 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Landon Pointe Apartments, Active % % 1705 Grande Pointe Avenue, Orlando, FL Landon Trace Apartments, Active 1813 Buchanan Bay Circle, Orlando Landstar Park Apts, Active 1001 Landstar Drive, Orlando Laurel Oaks I, Active 2700 Laurel Hollow Dr., Leesburg Laurel Oaks II, Active 2700 Laurel Hollow Dr., Leesburg Lee Vista Club Apartments, Active 5903 Lee Vista Blvd, Orlando Marbella Cove, Active 7528 Marbella Pt. Drive, Orlando Marbella Pointe, Active 7528 Marbella Pt. Drive, Orlando Mendel Villas, Active 3538 Aristotle Ave, Orlando Mystic Cove Apartments, Active 2780 Mystic Lake Drive, Oviedo % 95% % 95% 100% % 99% % 99% 40% % 97% % 97% 40% % 95% % 95% 40% % 99% % 99% 40% % 99% % 99% 0% % 99% % 99% 40% % 100% 30 94% 100% 100% % 99% % 99% 40% Nassau Bay Apartments, Active % 99% % 99% 100% 5200 North Orange Blossom Trail, Orlando Oak Harbor Apartments, Active 5770 Harbor Chase Circle, Orlando, Osprey Ridge Apartments, Active 201 Hunt Street, Clermont Oviedo Town Center Ph IV, Active 450 Fontana Circle #105, Oviedo Oviedo Town Center Ph. I, Active 450 Fontana Circle #105, Oviedo % 99% % 99% 20% % 100% % 100% 40% % 100% % 100% 40% % 100% % 100% 40% Pg. 27 Tuesday, January 30, 2018 Page 3 of 4

30 Property: (Status, Address) Total Units Occupied Units Occup. % Prior Month Occu% Occupied Unit Occup. % Low Income: Prior Month Occup.% Flag% Comments Oviedo Town Ph. II, Active 450 Fontana circle #105, Oviedo Oviedo Town Ph. III, Active 450 Fontana circle #105, Oviedo Palm Groves Gardens, Active 3944 W.D. Judge Drive, Orlando Pebble Creek, Active 1317 Boulder Dr, Kissimmee % 100% % 100% 40% % 99% 71 99% 99% 40% % 89% % 89% 75% 16 units under rehab will be ready by end of march % 100% % 100% 100% River Ridge Apartment Homes, Act % 100% % 99% 40% 9957 Hidden River Drive #106, Orlando Rolling Acres I, Active 824 CrR 466, Lady Lake Rolling Acres II, Active 824 CR 466, Lady Lake SouthWinds Cove, Active 3400 Southwinds Cove Way, Leesburg % 96% 99 95% 96% 40% % 100% % 100% 40% % 98% 89 79% 98% 40% Spring Lake Cove I, Active % 97% 72 75% 77% 40% 1508 Spring Lake Cove Lane, Fruitland Park Spring Lake Cove II, Active % 98% 47 98% 98% 40% 1508 Spring Lake Cove Lane, Fruitland Park Summit Crestwood Apartments, A 3121 Crestwood Circle, St. Cloud Total Units: Current Period Summary: 7,534 98% Prior Period Summary: 7,249 98% Total Number of Properties: % 100% % 98% 40% 7,678 6,729 93% 6,343 93% Pg. 28 Tuesday, January 30, 2018 Page 4 of 4

31 Laurel Oaks I 2700 Laurel Hollow Dr. Leesburg, FL ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) ON-SITE PROPERTY EXAMINATION Audit Date: Audit Time: Set Aside Restriction: 1/5/ :00:00 AM 40.00% Total Units: 144 Property Rental Pricing Efficiency: 1Bedroom: 2 Bedrooms: 3 Bedrooms 4 Bedrooms $ $ $ 772 $ 893 $ 1000 Management Company: Manager Assisting: Elizabeth Sellars File Examination Conclusion: 30 Days Cure Required for File Condition: No Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found: No discrepancies were found. Richman Property Services Examiner: Mildred Guzman 1/30/2018 Date of Preparation Acknowledge Receipt and Return Report Distribution: Alison Doremus, Resident Manager Keith Morin - Richman Property Services Tuesday, January 30, 2018 Page 1 of 2 Pg. 29

32 ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) Laurel Oaks I Audit Date: 1/5/2018 Examine Areas: Result: 1. Buildings 2. Walks Driveways 3. Steps 4. Porches 5. Windows 6. Roof 7. Fence 8. Landscaping 9. Amenities Includes: swimming pool, laundry facilities, club house, computer/business center, playground/tot lot, car care center, gym facilities, balconies 10. Unit Condition Inspected Unit: 0 None available 30-Day Cure Required for Exterior Conditions AdditionalComments: Property was 100% occupied at time of visit. No NOTICE: These inspections are made for the Authority's use only and in no way are intended to benefit bondholders, residents, or any other person or entity. Moreover, these inspections are superficial only and do not represent the work-product of any environmental engineers, structural engineers, or other engineering professionals and are not to be relied upon by any person or entity. Tuesday, January 30, 2018 Page 2 of 2 Pg. 30

33 Laurel Oaks II 2700 Laurel Hollow Dr. Leesburg, FL ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) ON-SITE PROPERTY EXAMINATION Audit Date: Audit Time: Set Aside Restriction: 1/5/ :00:00 AM 40.00% Total Units: 108 Property Rental Pricing Efficiency: 1Bedroom: 2 Bedrooms: 3 Bedrooms 4 Bedrooms $ $ $ 772 $ 893 $ 1000 Management Company: Manager Assisting: Elizabeth Sellars File Examination Conclusion: 30 Days Cure Required for File Condition: No Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found: No discrepancies were found. Richman Property Service Examiner: Mildred Guzman 1/30/2018 Date of Preparation Acknowledge Receipt and Return Report Distribution: Amy Lewis, Resident Manager Heather Garden - Richman Property Ser Tuesday, January 30, 2018 Page 1 of 2 Pg. 31

34 ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) Laurel Oaks II Audit Date: 1/5/2018 Examine Areas: Result: 1. Buildings 2. Walks Driveways 3. Steps 4. Porches 5. Windows 6. Roof 7. Fence 8. Landscaping 9. Amenities Includes: swimming pool, laundry facilities, club house, computer/business center, playground/tot lot, car care center, gym facilities, balconies 10. Unit Condition Inspected Unit: Day Cure Required for Exterior Conditions AdditionalComments: No NOTICE: These inspections are made for the Authority's use only and in no way are intended to benefit bondholders, residents, or any other person or entity. Moreover, these inspections are superficial only and do not represent the work-product of any environmental engineers, structural engineers, or other engineering professionals and are not to be relied upon by any person or entity. Tuesday, January 30, 2018 Page 2 of 2 Pg. 32

35 Alta Westgate Apts 6872 Alta West Drive Orlando, FL ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) ON-SITE PROPERTY EXAMINATION Audit Date: Audit Time: Set Aside Restriction: 1/23/ :00:00 AM 40.00% Total Units: 240 Property Rental Pricing Efficiency: 1Bedroom: 2 Bedrooms: 3 Bedrooms 4 Bedrooms $ $ $ 755 $ 874 $ Management Company: Manager Assisting: Stella Rosario/ Robert Green File Examination Conclusion: 30 Days Cure Required for File Condition: No Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found: No discrepancies were found. Alliance Residential Company Examiner: Mildred Guzman 1/30/2018 Date of Preparation Acknowledge Receipt and Return Report Distribution:, Resident Manager Laura Rodriguez - Alliance Residential C Tuesday, January 30, 2018 Page 1 of 2 Pg. 33

36 ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) Alta Westgate Apts Audit Date: 1/23/2018 Examine Areas: Result: 1. Buildings 2. Walks Driveways 3. Steps 4. Porches 5. Windows 6. Roof 7. Fence 8. Landscaping See Comments 9. Amenities Includes: Swimming Pool, Volleyball Court, Laudry Facilities, Club House, Computer/Business Center, Playground/Tot Lot, Gym Facilities, Cyber Café & and Conference Room. 10. Unit Condition Inspected Unit: 0 None available 30-Day Cure Required for Exterior Conditions AdditionalComments: During last year visit it was our recommendation, among other things, to apply a fresh coat of paint to the buildings. At this point this still pending. Please provide an update on the status for the paint. Yes NOTICE: These inspections are made for the Authority's use only and in no way are intended to benefit bondholders, residents, or any other person or entity. Moreover, these inspections are superficial only and do not represent the work-product of any environmental engineers, structural engineers, or other engineering professionals and are not to be relied upon by any person or entity. Tuesday, January 30, 2018 Page 2 of 2 Pg. 34

37 Palm Groves Gardens 3944 W.D. Judge Drive Orlando, FL ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) ON-SITE PROPERTY EXAMINATION Audit Date: Audit Time: Set Aside Restriction: 1/24/ :00:00 AM 75.00% Total Units: 142 Property Rental Pricing Efficiency: 1Bedroom: 2 Bedrooms: 3 Bedrooms 4 Bedrooms $ $ 747 $ 868 $ 976 $ Management Company: Manager Assisting: Myrna Lisboa File Examination Conclusion: 30 Days Cure Required for File Condition: No Twenty percent (20%) of the lower and eligible resident files were reviewed to determine compliance with the Bond Program Requirements. The following result was found: No discrepancies were found. Royal American Management Examiner: Mildred Guzman 1/30/2018 Date of Preparation Acknowledge Receipt and Return Report Distribution: Myrna Lisboa, Resident Manager Rachel Hundley - Royal American Manag Tuesday, January 30, 2018 Page 1 of 2 Pg. 35

38 ORANGE COUNTY HOUSING FINANCE AUTHORITY 2211 E. HILLCREST STREET, ORLANDO, FL PH: (407) FAX: (407) Palm Groves Gardens Audit Date: 1/24/2018 Examine Areas: Result: 1. Buildings 2. Walks Driveways 3. Steps 4. Porches 5. Windows 6. Roof 7. Fence 8. Landscaping 9. Amenities Includes: Laundry facility, two tot lots 10. Unit Condition Inspected Unit: 0 None available. 30-Day Cure Required for Exterior Conditions AdditionalComments: The rehabilitation of the 16 units that were damaged due to fire will be completed by the end of March. Eight of the downstairs units are being made handicap accessible. No NOTICE: These inspections are made for the Authority's use only and in no way are intended to benefit bondholders, residents, or any other person or entity. Moreover, these inspections are superficial only and do not represent the work-product of any environmental engineers, structural engineers, or other engineering professionals and are not to be relied upon by any person or entity. Tuesday, January 30, 2018 Page 2 of 2 Pg. 36

39 ORANGE COUNTY HOUSING FINANCE AUTHORITY W.D. MORRIS EXECUTIVE DIRECTOR DISCUSSION ITEM BOARD OF DIRECTORS MARSHELL SIPLIN CHAIRMAN TO: FROM: OCHFA Board of Directors MEMORANDUM W.D. Morris, Executive Director MERCEDES MCCALL CLEMENTE CUEVAS VERNICE ATKINS-BRADLEY SASCHA RIZZO DATE: January 19, 2018 RE: BACKGROUND TRANSFER OF GENERAL PARTNER INTEREST, ALTA WESTGATE APARTMENTS. FEBRUARY 7, 2018 REGULAR BOARD OF DIRECTORS MEETING. On August 29, 2005, OCHFA issued its $13.84MM, Multi-Family Housing Revenue Bonds, SERIES 2005-C, Alta Westgate Apartments, to finance the acquisition and construction of a 240-unit apartment community. CURRENT Enclosed is a request from Mr. Lou Vogt, Principal of Banyan AGPM Inc., seeking Board approval to transfer General Partner Interest of the Alta Westgate development. The borrower has entered into an agreement to sell all interests in the property to a newly formed Limited Liability company named FL Westgate GP, LLC; the key Principals of which are Lou Vogt and Scott Zimmerman. The principals are experienced owners and managers of affordable communities throughout the Southeastern United States, representing approximately 10K affordable units to include several within the Authority s portfolio (464-units). FL Westgate will become the managing member of the borrower and will assume all guarantees in connection with this transition. The Land Use Restriction Agreement (LURA) also requires prior written consent of the current credit provider. Staff is currently reviewing the qualification and experience of the proposed new owner and manager. The Authority s Financial Advisor has been requested to review and determine the financial ability of the proposed guarantor(s) to provide guarantees E. Hillcrest Street, Orlando, Florida Office (407) Fax (407) Website: Pg. 37

40 General Counsel has reviewed the request and recommends Boards approval of the request subject to: 1. Staff s review and approval of the experience and capabilities of the proposed managing member s principal(s); 2. The Authority s Financial Advisor s recommendation as to financial capabilities of replacement guarantor(s); 3. Written consent of the current credit provider; 4. Compliance with provisions of Section 16 of the LURA, including the delivery of a no adverse effect opinion from Bond Counsel; and 5. General Counsel s review and preparation of necessary documents. ACTION REQUESTED Board approval of the request to Transfer of General Partner Interest in the Alta Westgate Apartments; subject to five conditions: (1) Staff s review and approval of the experience and capabilities of the proposed managing member s principal(s); (2) The Authority s Financial Advisor s recommendation as to financial capabilities of replacement guarantor(s); (3) Written consent of the current credit provider; (4) Compliance with provisions of Section 16 of the LURA, including the delivery of a no adverse effect opinion from Bond Counsel; and (5) General Counsel s review and preparation of necessary documents; and authorization to execute the documents by the Chairman, Board Members and Executive Director. OCHFA DISCUSSION AGENDA 02/07/18 MEMO ALTA WESTGATE pg. 2 Pg. 38

41 Memorandum TO: W.D. Morris, Executive Director FROM: Warren S. Bloom Michael L. Watkins DATE: January 5, 2018 RE: Transfer of Alta Westgate Apartments On August 29, 2005, the Orange County Housing Finance Authority (the "Authority") issued its $13,840,000 Multifamily Housing Revenue Bonds, Series 2005 C (Alta Westgate Apartments) (the "Bonds") to finance the acquisition and construction of a 240 unit apartment complex known as the Alta Westgate Apartments (the "Development"). The Development is subject to a Land Use Restriction Agreement which provides that at least 40% of the units must be set-aside for tenants at or below 60% of the area median income (the "LURA"). Attached is a letter indicating that the managing member of the borrower has entered into an agreement to sell all of its interest in the property owner to a newly formed limited liability company named FL Westgate GP, LLC ("FL Westgate"), the key principals of which are Louis E. Vogt and Scott Zimmerman. According to the letter, Mr. Vogt and Mr. Zimmerman are experienced owners and/or managers of affordable communities throughout the Southeastern United States representing approximately 10,000 affordable apartment units including several which were financed by the Authority. FL Westgate is to become the managing member of the borrower and will assume all guarantees in connection with the bond documents. Accordingly, the current guarantors will be seeking a release from the existing guarantees for all matters after the transfer. The LURA also requires the prior written consent of the current credit provider. We recommend that staff review the qualifications and experience of the proposed new owner and manager and that the financial advisor review and recommend individuals with the requisite capacity to serve as guarantors. Accordingly, we will draft the necessary assignment and assumption agreement and new guarantees for execution by the new owner and guarantors as recommended by the Authority's financial advisor. Subject to (1) staff's review and approval of the experience and capabilities of the proposed managing member's principals, (2) the Authority's financial advisor's recommendation as to replacement guarantors, (3) the written consent of the current credit provider, (4) compliance with the provisions of Section 16 of the LURA, including the delivery of a no Pg. 39