1. WORKSHOP TOPICS October 16, 2018
Broward County Commission
WORKSHOP TOPICS October 16, 2018
TAX INCREMENT FINANCING (TIF)
AFFORDABLE HOUSING TRUST FUND
COUNTYWIDE REINVESTMENT PROGRAM (formerly BRP)
Broward County Board of County Commissioners
Mark D. Bogen • Beam Furr • Steve Geller • Dale V.C. Holness • Chip LaMarca • Nan H. Rich • Tim Ryan • Barbara Sharief • Michael Udine

2. CRA/TAX INCREMENT FINANCING (TIF)

3. Termination Fiscal Year
COMMUNITY REDEVELOPMENT AGENCIES (CRAs) BY TERMINATION YEAR & PAYMENTS
CRA
Base Year
Acres
Termination Fiscal Year
Payments thru' FY18 ($M)
Estimated Total Pymts ($M) **
FTL Beach (Central Beach)
1989
121
2020
$42.85
$52.21
Pompano Beach Central (NW CRA)
3085
$47.96
$56.37*
Hollywood Central (Downtown Hollywood)
1997
640
2025
$41.98
$65.60*
FTL Progresso (NW Progresso)
1995
1400
2026
$43.38
$92.42
Hallandale Beach
1996
1920
2027
$61.29
$117.15
Hollywood Beach
293
$125.00
$270.25*
Davie Original
1988
347
2028
$16.20
$24.20
Davie Expanded Area
1994
733
$7.26
$22.01
Davie 24 Acre 24
$0.29
$0.91
Margate
1900
$29.49
$60.17
Deerfield Beach
1999
136
2030
$16.38
$39.65
Lauderdale Lakes
2000
551
2031
$7.76
$22.55
Plantation
$6.54
$18.50
Pompano Beach East
2001
158
2032
$12.53
$38.09
Coral Springs
2011
$0.10
$2.79
Totals
$459.01
$882.86
*Prior to settlements **Inflated at 2% annually

4. COMMUNITY REDEVELOPMENT AGENCIES (CRAs) FUNDS AVAILABLE TO BROWARD COUNTY FOR AFFORDABLE HOUSING/ COUNTYWIDE REINVESTMENT PROGRAMS
$ millions
FY20
FY21
FY22
FY23
FY24
FY25
FY26
FY27
FY28
FY29
FY30
FY31
FY32
FY33
TOTAL TO BOCC -
9.17
9.36
9.54
9.73
9.93
13.81
20.86
46.31
53.48
54.55
57.90
61.59
65.31
Interlocal agreement - Pompano
(3.85)
(4.05)
(3.15)
(3.05)
(0.375)
Interlocal agreement - Hollywood Central
(3.00)
Interlocal agreement - Hollywood Beach *
1.32
(1.75)
NET TO BOCC
5.32
5.31
6.39
6.68
6.88
10.43
17.86
41.56
48.73
49.80
56.15
59.84
63.56
50% share to programs**
.660
2.66
3.20
3.34
3.44
5.22
8.93
20.78
24.37
24.90
28.08
29.92
31.78
* Reflects the projected return to Broward County in 2019 (34% less 25% retention)
**Provided TIF Obligations expire at termination dates 4

5. AFFORDABLE HOUSING 5

6. BROWARD COUNTY AFFORDABLE HOUSING CONDITIONS
Current demand for over 100,000 affordable units according to study by Florida International University with over 65,000 units for Low Income families.
Broward is the most cost burdened metro area in nation according to Harvard Joint Center for Housing Studies. (over 30% of household income spent on housing ).
Broward is the most severely cost burdened metro area in nation according to Harvard Joint Center for Housing Studies. (over 50% of household income on housing)
Broward’s housing plus transportation costs highest in nation at over 70% of household income - standard is 45% of household income.
Average rent in Broward is $1,858 per month - Highest in South Florida.
Median home price is $340,000 - Highest in South Florida.
Area Median Income is 64,100 for family of four. 

7. FY 19 STATE AND FEDERAL GRANT ALLOCATIONS
BROWARD COUNTY’S
FY 19 STATE AND FEDERAL GRANT ALLOCATIONS
Community Development Block Grant (CDBG) $2,536,328 HOME Investment Partnerships $2,706,513 State Housing Initiatives Partnerships (SHIP) $ ,968 Total $5,682,809

8. BROWARD COUNTY AREA MEDIAN INCOME (AMI) FAMILY OF FOUR
Extremely Low (30% of AMI) $ 25,100
Very Low (50% of AMI) $ 40,400
Low (80% of AMI) $ 64,650
Moderate (120% of AMI) $ 96,960
Workforce (140% of AMI) $113,120
Source: HUD March 2018 8

9. BROWARD’S FEDERAL AND STATE GRANTS AFFORDABLE HOUSING STRATEGIES
Purchase Assistance (Down Payment Assistance)
Minor Home Repair
New Infill Single Family Construction
Gap Financing for New Multi-family Development
Land Acquisition
Demolition
Acquisition and Rehabilitation
Predevelopment Costs 9

10. BROWARD AFFORDABLE HOUSING PROGRAMS TERMS AND RESTRICTIONS
DESCRIPTION
DOCUMENT
TERM – INTEREST
RESTRICTIONS
NOTES
Home Repair
Mortgage/Note
Term varies from 10 to 15 years based on loan amount and funding source - 0%
Income and Use restrictions: $40,000 limit
Full loan amount due on sale during the loan term
Purchase Assistance
15 years - 0%
Income and Use restrictions: $40,000 - $60,000 limit
Infill Land Donation
Restrictive Covenant
15 years - N/A
Income and Use restrictions
Home  owner income restrictions remain in place through entire restriction period; no early payoff or release
Multifamily Rental
30 years - 0%
Tenant income restrictions remain  in place through entire restriction period; no release due to property sale 10

11. MARCH TO 10,000 UNITS
Past two Housing Workshops - tentatively discussed one half of the value of future expiring TIFs returned to the County be dedicated for affordable housing.*
Estimated first year of TIF termination (FY 21) could yield $2.6M for affordable housing.
Until that time, an allocation of $5M per year for affordable housing has been allocated for FYs 18, 19, 20.
*It should be noted that funding availability is subject to no economic down turn.

12. HOUSING TRUST FUND
Charter amendment proposes a “lock box” for all contributions appropriated/allocated for affordable housing
Incomes up to 140 percent of Area Median Income (AMI), including affordable housing developments catering to this income level and below may receive trust funding assistance per proposed Charter amendment, subject to no other lower restrictions on fund source.

13. COUNTYWIDE REINVESTMENT PROGRAM13

14. COUNTYWIDE REINVESTMENT PROGRAM
Proposes to replace the Broward Redevelopment Program (BRP) in whole or in part
Funding subject to BOCC Annual Appropriation
No specified funding cycle to assure access to funds when projects are ready to be funded. 14

15. COUNTYWIDE REINVESTMENT PROGRAM GOALS
Improve tax base
Elimination of slum and blighting conditions
Job Creation 15

16. COUNTYWIDE REINVESTMENT PROGRAM FUNDING TERMS
Funding will be a Loan for “shovel ready” projects
Loans will have an interest rate and term for repayment established by the BOCC
Projects that meet new tax base/job goals are eligible to convert the loan to a grant
There will be a time limit for the loan to grant conversion 16

17. COUNTYWIDE REINVESTMENT PROGRAM ALLOWABLE USES
Land Acquisition
Public Infrastructure associated with development
Gap Financing for Public/Private Opportunities 17

18. COUNTYWIDE REINVESTMENT PROGRAM PROCESS
Application process, criteria and project funding limits approved by the BOCC.
Projects vetted by team of county and business experts
Interlocal agreements required for all projects
Only municipalities, County/Municipality Joint Ventures would be eligible. 18

19. THANK YOU