The Housing Finance Authority of Escambia County (the "Authority") is an active issuer of 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 Escambia HFA may issue bonds to finance any multi-family project in Florida pursuant to an Interlocal Agreement with the applicable County or Housing Finance Authority in which a proposed development is located. The Authority has adopted its Multi-Family Tax Exempt Mortgage Revenue Bond Program Policy and Procedures (the "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 the Guidelines where good cause is shown and adequate supporting documentation is provided. Any waiver is at the sole discretion of the Authority. In addition, the Guidelines may be amended, revised, repealed or otherwise altered by the Authority with or without notice. The Authority is specifically interested in receiving Applications for redevelopment, conversion and/or mixed income developments that provide affordable housing as an integral component and incorporate green, enhanced energy efficiency or other innovative features.
Interested Applicants should initially file a Rental Development Pre-application with the Authority to enable both parties to quickly determine the scope of the proposed development. Pre-applications may be submitted to the Authority anytime Monday through Friday.
Click here for the Pre-application.
The Pre-application will form the basis for entering discussions with the Applicant about the planned multifamily development, determining basic qualifications and securing initial review by the Authority's Registered Municipal Advisor. Assuming the Applicant, Authority and Authority's Policy Advisor and Registered Municipal Advisor collectively agree to move forward, a formal Multifamily Tax Exempt Bond Application, along with all required documentation, must be filed with the Authority by the Applicant. The formal Application will be requested by the Applicant by the Authority at the appropriate time in the review process. Applicants should not send documentation directly to the Authority's Municipal Advisor unless specifically directed to do so by the Authority's Executive Director.
Ultimately, the Authority's Board will decide if the Applicant will be invited into credit underwriting. Submission of a Pre-application or an Application does not entitle the Applicant to bond financing, even if sufficient bond allocation is available to fund the development.
The Authority will not consider issuing its revenue bonds to provide financing for any development unless the applicant has satisfied the general requirements set forth in the Guidelines, submits a timely, complete, and acceptable application, and complies with all of the procedures and requirements contained within the Guidelines. The Authority reserves the right to impose additional requirements on any particular development. Compliance with the 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 development. 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 for low and moderate income persons and families, foster investment of capital in the community, stimulate economic development, and create localized employment opportunities.