HFA Background

The HFA was created for the purpose of addressing a housing shortage in the County by stimulating the construction and rehabilitation of housing through the use of public financing.

Single-Family Programs

The HFA currently offers four first mortgage options with rates as low as 5.89% (actual APR to be disclosed by the lender). Down payment and closing cost assistance is available with three of the four loan options in the form of a grant. For more information, see the Single-Family Program Page. For more information, see the Single-Family Program page.

Multi-Family Programs

The HFA currently has bond capacity available to provide financing for the development of rental properties, which meet certain income and rent restrictions. For more information, see the links to the Application and Multi-Family handbook on the home page.

May 20, 2008

HOUSING FINANCE AUTHORITY OF HILLSBOROUGH COUNTY

OPEN NOTICE OF FUND AVAILABILITY/REQUEST FOR APPLICATIONS/FIRST-COME FIRST SERVED BASIS - 2008 MULTIFAMILY MORTGAGE REVENUE BONDS

The Housing Finance Authority of Hillsborough County (the "Authority") announces the availability of funds and is requesting applications for the consideration of providing tax-exempt revenue bond financing for qualified multifamily housing developments, which meet the goals of the Authority and comply with applicable federal and state law. The Authority has adopted the following guidelines to set forth the general requirements and procedures that apply to the financing of multifamily housing developments. The Authority may waive specific provisions of these guidelines where good cause is shown and adequate supporting documentation is provided. Any waiver is at the sole discretion of the Authority. In addition, these guidelines may be amended, revised, repealed or otherwise altered by the Authority with or without notice.

After the initial round of applications, the Authority has remaining bond allocation for 2008. Accordingly, applications will be accepted on a first-come first-served basis. As applications are submitted, they will be reviewed by the Authority's Financial Advisor, who will make a recommendation to the Board, The Board will decide if the Applicant will be invited into credit underwriting. Submission of an application does not entitle the Applicant to bond financing, even if sufficient bond allocation remains to fund the development.

The amount of tax exempt bond authority that was originally available for multi-family development was $46.4 million. Two applications are in process with total tentative allocation of $39.15 million-leaving $7.25 million unallocated.

The Hillsborough County Housing Finance Authority is encouraging:

.Family developments located anywhere within the county, other than within the city limits of Plant City; .Elderly developments of 160 units or less located anywhere within the County; and, .Rehabilitation developments of at least $20,000 of rehabilitation per unit, located anywhere within the County.

For purposes of this NOFA, "anywhere within the County", includes all locations within Hillsborough County, not just unincorporated parts of the County.

The Authority will not consider issuing obligations to provide financing for any develop-ment unless the applicant has satisfied the general requirements set forth in these guidelines, submits a timely, complete, and acceptable application, and complies with all of the procedures and requirements contained within the Authority's Application Procedures and Program Guidelines Handbook. Copies of the Application and of the Handbook are available at the Authority's website (www.hillsboroughcountyhfa.org). The Authority reserves the right to impose additional requirements on any particular development. Compliance with these guidelines does not and shall not create any right by an applicant to a commitment or assurance that the Authority will provide the requested financing.

The Authority provides below market rate loans of bond proceeds for construction, rehabilitation and permanent financing of multifamily housing developments. The funds are made available through the issuance by the Authority of revenue bonds (the "Bonds"). If the Authority requires credit enhancement on the Bonds, the borrower must arrange to secure or collateralize the bonds. The Bonds are secured solely by the credit enhancement provided by the borrower and/or by revenues from the develop-ment. In no event shall public revenues ever secure the bonds. The Authority is merely a conduit and shall not be liable on any Bonds. From time to time the Authority may approve other financing structures to the extent permitted by law. The multifamily program has been undertaken by the Authority in order to alleviate the shortage of affordable housing available to persons and families in Hillsborough County; to generate affordable multifamily rental capital for investment in Hillsborough County, to stimulate economic development; and to create jobs. Applicants are strongly encouraged to consider participating in Hillsborough County's MBE Program.

NO CONTACT WITH BOARD MEMBERS AFTER NOFA ISSUED. As of February 1, 2008, no Applicant, Applicant Agent and/or Representative may contact HFA Board members concerning their application, any other applicant's application, the merits of their firm, or any other aspect of the application and selection process. Violation of this prohibition will result in the disqualification of the Applicant and all of their developments from the 2007 Cycle.

The 2008 Multi-Family Application is currently available, and may be submitted at any time to the Authority. For more information, contact Mark Hendrickson (contact information below).

All links below are in Word .doc format

View copy of 2008 Notice of Fund Availability link

View copy of Application link

View copy of Handbook link

Firms participating with the Housing Finance Authority of Hillsborough County

Investment Bankers
RBC Capital Markets
100 2nd Avenue S. Suite 800
St. Petersburg, FL 33701
Telephone: (727) 895-8889
Contact: Helen Hough Feinberg Helen.feinberg@rbcdain.com

Citigroup Global Markets Inc.
777 South Flagler Dr., Suite 801‑E
West Palm Beach, FL 33401
Telephone: (561) 655-1122
Contact: Michael Hole michael.g.hole@citigroup.com

Financial Advisor
The Hendrickson Company
1404 Alban Avenue
Tallahassee, Florida 32301
850.671.5601
Contact: Mark Hendrickson zdog416@aol.com

Bond Counsel
Bryant Miller Olive P.A.
135 West Central Boulevard, Suite 700
Orlando, Florida 32801
(407) 426-7001
Contact: Randy Clement rclement@bmolaw.com