TITLE
RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE DEBT OBLIGATIONS BY THE HOUSING FINANCE AUTHORITY OF MIAMI-DADE COUNTY, FLORIDA, IN ONE OR MORE SERIES, IN AN AMOUNT NOT TO EXCEED $16,500,000.00, THE PROCEEDS OF WHICH WILL BE LOANED TO LINCOLN GARDENS ELDERLY, LLC, TO FINANCE THE DEVELOPMENT OF A MULTIFAMILY HOUSING RENTAL PROJECT TO BE KNOWN AS LINCOLN GARDENS ELDERLY

BODY
WHEREAS, this Board desires to accomplish the purposes outlined in the accompanying memorandum, a copy of which is incorporated herein by reference; and

WHEREAS, Lincoln Gardens Elderly, LLC, a Florida limited liability company (the �Borrower�), has applied to the Housing Finance Authority of Miami-Dade County, Florida (the �Authority�) for multifamily mortgage revenue debt financing assistance in an aggregate principal amount not to exceed $16,500,000.00, in one or more series, at the same time or at different times (the �Debt�), to finance the acquisition and construction of Lincoln Gardens Elderly, located on an approximately 0.957 acre site located at 2425 NW 46th Street, Miami, Miami-Dade County, Florida (the �Project�); and

WHEREAS, the Project will preserve or provide approximately 77 units of rental housing to be occupied by elderly persons or families of low, moderate or middle income and will be owned by the Borrower; and

WHEREAS, the Authority passed Resolution No. HFA 2021-19 on June 28, 2021 attached hereto as Exhibit A, providing its initial approval of the issuance of the Debt in order to provide a loan to the Borrower for the financing of the Project and took further action recommending approval, subject to a favorable public hearing, for the purposes of TEFRA (as hereinafter defined), by the Board of County Commissioners of Miami-Dade County, Florida of the issuance of the Debt; and

WHEREAS, the Authority conducted a public hearing on October 14, 2021, notice of which hearing was posted on or before October 7, 2021 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 considering the issuance of the Debt by the Authority, in conformance with the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 (�TEFRA�) and Section 147(f) of the Internal Revenue Code of 1986, as amended, and such public hearing disclosed no reason why the Debt should not be issued; and

WHEREAS, the Board concurs in the findings of the Authority, that the Project will inure to the benefit of the citizens of Miami-Dade County, Florida (the �County�),

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

Section 1. The issuance of the Debt in an aggregate principal amount not to exceed $16,500,000.00, in one or more series, for the purpose of financing a loan to the Borrower in order to finance a portion of the costs of the Project, as previously described, is approved.

Section 2. The Debt and the interest on the Debt shall not constitute a debt, liability or general obligation of the Authority, the County or of the State of Florida or of any political subdivision thereof, but shall be payable solely from the revenues or other moneys specifically provided by the Borrower for the payment of the Debt and neither the faith and credit nor any taxing power of the County or of the State of Florida or of any political subdivision thereof is pledged to the payment of the principal or interest on the Debt. The Authority has no taxing power.

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Date:

To: Honorable Chairman Jose �Pepe� Diaz
And Members, Board of County Commissioners

From: Daniella Levine Cava
Mayor

Subject: Resolution Approving the Issuance by the Housing Finance Authority of Miami-Dade of its Multifamily Mortgage Revenue Bonds for Lincoln Gardens Elderly for the purpose of Section 147(f) of the Internal Revenue Code of 1986

STAFF RECOMMENDATION
Recommendation
As outlined in the enclosed memorandum from the Housing Finance Authority of Miami-Dade County (HFA), the attached resolution authorizes the HFA to issue Multifamily Mortgage Revenue Bonds (Bonds) in one or more series in an aggregate principal amount not to exceed $16,500,000 for the New Construction of Lincoln Gardens Elderly (Project).

Scope
The Project is located in Commission District 3 at 2425 NW 46th Street, in Miami, Miami-Dade County, Florida (the �County�).

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

Funding Impact/Funding Source
The principal and interest on the Bonds shall not constitute a debt, liability or a general obligation of the HFA, County, the State of Florida or any political subdivision of each, but shall be the responsibility of the owner of the Project.

Track Record/Monitoring
Lincoln Gardens Elderly will be owned by Lincoln Gardens Elderly, LLC, a Florida limited liability company.

Background
As stipulated in Section 147(f) of the Internal Revenue Code of 1986, as amended (Code), the Board of County Commissioners, as the highest governing body, must approve the issuance of the Bonds by the HFA as required by the Code after a public hearing. The public hearing was held by the HFA and such public hearing disclosed no reason why the Bonds should not be issued.

The Series 2022 Bonds are expected to be issued by May of 2022.




_________________________________
Edward Marquez
Chief Financial Officer