The Alachua County Housing Finance Authority (the “Authority”) is a public body corporate
and politic of the State of Florida, created in accordance with Chapter 159,
Part IV, Florida Statutes (the “Act”). Pursuant to the Act, the Board of County
Commissioners of Alachua County, Florida (the “BOCC”) created the Authority by
Ordinance 81.07, as amended, 99.25. now
codified Chapter 32 et seq. of the Alachua County Code of Ordinances (the
The Housing Finance Authority of Alachua County, Florida
(the HFA) provides tax exempt and taxable financing for the acquisition,
construction, and/or rehabilitation of multi-family rental housing projects
which satisfy the goals and requirements of the HFA, and comply with applicable
federal and state law. In any given year, the ability of the HFA to provide
tax-exempt financing for projects is contingent upon receipt by the HFA of an
annual tax-exempt bond allocation from the Division of Bond Finance of the
State of Florida (the Division).
Commissioners. The Housing Finance Authority (HFA) is a five
(5) member board. The HFA receives revenue in the form of fees from the sale of
tax bonds, program participation fees and lien payoffs from housing projects.
The HFA encourages investment by private enterprise and
stimulates construction and rehabilitation of housing through use of public
The mission of the HFA is to consider opportunities that
increase the availability of affordable housing in Alachua County. The
Authority issues tax exempt bonds for the development or acquisition and
rehabilitation of multifamily rental housing complexes and loans for the
development of affordable housing. Owners of such facilities are required to set
aside a portion of the units for lower income persons and families.
The Alachua County Board of County Commissioners has final approval for all bond transactions.
Any bonds to be issued and sold by the HFA on the negotiated
basis authorized in Sec. 159.613(2), FS, 1979, shall first be approved by
resolution of the BOCC, both as to the documents and the method of sale by the
Any rules or regulations to be promulgated by the HFA setting
forth standards or criteria for determining "eligible persons" in the
program shall be submitted to and approved by the BOCC prior to implementation.
The HFA has the sole right to select the projects it wishes
to finance. The HFA may, in its sole discretion, waive specific provisions of
these Bond Policies if doing so is determined to be in the best interest of the
HFA, or is determined to be in furtherance of its stated goals or objectives.
Furthermore, the HFA may, at any time, amend, revise or repeal its policies,
including all or any portion of these Bond Policies, with or without notice,
and the HFA reserves the right to impose additional requirements on a
To qualify as a new project under these Bond Policies, a
project may be (i) a proposed multifamily development for which the HFA
financing will be used for new construction, or (ii) an existing multifamily
development for which the HFA financing will be used for acquisition and
substantial rehabilitation. To qualify for bond financing through the HFA, new
projects must, at a minimum, meet the following requirements:
- The project must be located in an area of Alachua
- The project may be developed and owned by either a
for-profit developer, a non-profit developer, or a governmental entity.
- The project (and those associated therewith) must comply
with all applicable federal laws, rules and regulations, as amended, including,
but not limited to, the Internal Revenue Code of 1986, as amended (the Tax
Code), and the regulations promulgated thereunder.
- Developers will
be required to comply with all disclosure requirements promulgated by the
Securities Exchange Commission and/or the Municipal Securities Rulemaking
Projects developed and owned by non-profit developers must
comply with all applicable federal laws, rules and regulations, as amended,
including but not limited to, Section 142(d) of the Tax Code. Projects
developed and owned by non-profit developers must comply with all applicable
federal laws, rules and regulations, as amended, including but not limited to,
Section 501(c)(3) of the Tax Code.