TITLE
RESOLUTION APPROVING FOR PURPOSES OF SECTION 147(F) OF INTERNAL REVENUE CODE OF 1986, AS AMENDED, ISSUANCE BY THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY, FLORIDA OF ITS SINGLE FAMILY MORTGAGE REVENUE BONDS AND NOTES IN ONE OR MORE SERIES IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $650,000,000.00 FOR THE PURPOSE OF PROVIDING FUNDS FOR THE PURCHASE OF QUALIFYING MORTGAGE LOANS ORIGINATED BY PARTICIPATING LENDING INSTITUTIONS TO FINANCE THE PURCHASE OR REHABILITATION OF NEW OR EXISTING OWNER-OCCUPIED SINGLE FAMILY RESIDENCES SITUATED IN MIAMI-DADE COUNTY, FLORIDA BY PERSONS OR FAMILIES OF LOW, MODERATE OR MIDDLE INCOME, OR TO PURCHASE SECURITIES FROM A MASTER SERVICER EVIDENCING INTERESTS IN OR BACKED BY A POOL OF SUCH MORTGAGE LOANS, INCLUDING, WITHOUT LIMITATION, SECURITIES ISSUED OR GUARANTEED BY THE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION, THE FEDERAL NATIONAL MORTGAGE ASSOCIATION AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION (THE "PROJECT"), PROVIDING SHORT-TERM INTERIM FINANCING FOR THE PROJECT IN ANTICIPATION OF THE ISSUANCE OF LONG-TERM BONDS THAT, BY REFUNDING SUCH INTERIM FINANCING WILL MAKE FUNDS AVAILABLE FOR THE FINANCING OF THE PROJECT AND THE PAYMENT OF CERTAIN BOND ISSUANCE COSTS

BODY
WHEREAS, the Housing Finance Authority of Miami-Dade County, Florida (the Authority ) has determined to continue its home ownership program by providing for the issuance of its single family mortgage revenue bonds and notes in one or more series from time to time in an aggregate amount not to exceed $650,000,000.00 (the Bonds ) for the purpose of providing funds for the purchase of qualifying mortgage loans originated by participating lending institutions to finance the purchase or rehabilitation of new or existing owner-occupied single family residences situated Miami-Dade County, Florida, by persons or families of low, moderate or middle income, or to purchase securities from a master servicer evidencing interests in or backed
by a pool of such mortgage loans, including, without limitation, securities issued or guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (the "Project"), providing short-term interim financing for the Project in anticipation of the issuance of long-term Bonds that, by refunding such interim financing, will make funds available for the financing of the Project and the payment of certain bond issuance costs; and

WHEREAS, the Authority passed Resolution No. HFA-2026-41 on August 24, 2026, attached hereto as Exhibit A, which expressed its intention to issue the Bonds, but such adoption should not be construed as a guaranty that the Authority shall approve the approval and issuance of the Bonds in the future; and

WHEREAS, the Authority conducted a public hearing on September 1, 2026 (the TEFRA Hearing ), as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the Code ), notice of which hearing was posted on or before August 25, 2026 on the Authority's website and continuously thereafter until such hearing (a copy of said notice and the Affidavit as to TEFRA Hearing Notice Posting are attached hereto as Exhibit B and incorporated herein), for the purpose of giving all interested persons the opportunity to express their views in connection with the issuance of the Bonds by the Authority, and such public hearing disclosed no reason why the Bonds should not be issued; and

WHEREAS, for purposes of the Code, this Board wishes to accept the results of the TEFRA Hearing and approve the issuance of the Bonds by the Authority; and

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:

Section 1. The issuance of the Bonds by the Authority in an aggregate amount not to exceed $650,000,000.00 is approved for purposes of, and as required by, Section 147(f) of the Code.

Section 2. The Bonds will not constitute a general obligation of the Authority, the County, the State of Florida or any political subdivision thereof, and neither the Authority, the County, the State of Florida nor any political subdivision thereof shall be liable thereon. Neither the faith, revenues, credit nor taxing power, as applicable, of the Authority, the County, the State or any political subdivision thereof, shall be pledged to the payment of the principal of, premium, if any, or interest on the Bonds. The Authority has no taxing power.

HEADER
Date:
To: Honorable Chairman Anthony Rodriguez
and Members, Board of County Commissioners

From: Daniella Levine Cava
Mayor

Subject: Resolution Approving the Issuance of Single Family Mortgage Revenue Bonds for the purpose of Section 147(f) of the Internal Revenue Code of 1986

STAFF RECOMMENDATION
Recommendation
As outlined in the attached memorandum from the Housing Finance Authority of Miami-Dade County (the “HFA”), the attached resolution approves the issuance by the HFA of its Single Family Mortgage Revenue Bonds (“Bonds”) in an aggregate principal amount not to exceed $650,000,000 as part of the Authority’s single family mortgage loan program which is used to finance the purchase of single family residences to be occupied primarily by first time home buyers of low, moderate and middle income within Miami-Dade County.

Scope
The Housing Finance Authority of Miami-Dade County (“HFA”) administers the Single-Family Homeownership Program through the issuance of mortgage revenue bonds. The program is governed by IRS Code and Chapter 159 of the Florida Statutes. The HFA is allocated bonding capacity each calendar year by the Florida Housing Finance Corporation which is used for single family and multifamily bonds.

The Single-Family Homeownership Program funds first mortgages at below market rates to low, moderate or middle-income households up to 115% of the area median income (AMI). In order to originate mortgages, the HFA partners with U.S. Bank approved lenders. The issuance of the Bonds will serve a need for such housing in Miami-Dade County.

Delegated Authority
There is no delegated authority for this HFA item.

Financial Impact/Funding Source
Neither the County nor the HFA has any liability with respect to the repayment of the Bonds. All costs associated with the issuance of the Single Family Mortgage Revenue Bonds from time to time, will be paid solely from bond proceeds and/or from HFA funds. The County has no obligation, financial or otherwise with respect to such bonds.

Track Record/Monitoring
The Authority, through a contract with a loan servicer and a trustee, will monitor the loans.

Background
The HFA on September 1, 2026, held a public hearing to initiate an official action to consider the proposed issuance of its Home Ownership Mortgage Revenue Bonds (the “Bonds”) as required under the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) and the Code. Since no one from the public objected, the Authority approved the issuance of the Bonds subject to their approval by the Board of County Commissioners as required by TEFRA and the Code. County Commission action accepting the findings of the public hearing is necessary in order for the Authority to provide affordable mortgages for low-, moderate-, and middle-income families.


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Carladenise Edwards
Chief Administrative Officer