We accomplish our mission by issuing mortgage revenue bonds that lower first-time homebuyers' cost of purchasing; and the developers' costs of acquiring, constructing and rehabilitating rental housing. We embrace our responsibility with conviction and pledge our best efforts to serve the community and to act as Central Florida's principal catalyst for neighborhood investments.
OCHFA's work is done in partnership with developers, lenders, investors, and nonprofit organizations that use our financing to serve low- and moderate-income Central Florida families. We leverage government and private funds to invest in financially sound, well-designed projects that will benefit communities for many years to come. And our investments bear outstanding returns. The activities that we finance help families become more stable, put down roots, and climb the economic ladder. In turn, communities grow and prosper, broadening their tax base, creating new jobs, and maximizing local resources. OCHFA's work is truly a vehicle for economic growth, and it all starts at home.
Mission
The Authority was established to stimulate and expand homeownership and rental housing opportunities in Central Florida (Orange, Osceola, Lake and Seminole Counties).
The Orange County Housing Finance Authority's (OCHFA) is a public benefit, quasi-governmental organization whose mission is to promote and provide financial resources for affordable and workforce housing for Central Florida families and individuals. In addition, OCHFA's involvement in the affordable housing finance industry, contributes to and supports in sustaining the economic health and vitality of the Region, its communities and neighborhoods by providing financing resources for the development of housing for Central Florida residents. This is achieved by continually seeking out new and innovative financing products and funding sources and partners to maximize our efforts.
In addition to issuing bonds on behalf of Orange County, the Authority, through Inter-Local Agreements issue Tax-Exempt Single-Family Housing Revenue Bonds on behalf of Orange, Lake, Seminole and Osceola Counties. The Authority also issues Tax-Exempt Multi-Family Housing Revenue Bonds on behalf of Seminole and Lake Counties. The Authority maintains full operation of these programs at no cost to the Inter-Local Counties.
The Boards of County Commissioners authorizes the issuance of Single-Family and Multi-Family Bonds in their respective jurisdiction via authorizing Bond Resolutions. The Authority contributes its own monies to fund down-payment assistances programs in conjunction with the homeownership activity. Contribution funds make it possible for the Authority to offer Assisted Loans with competitive mortgage rates.
Nonprofit developers organized under IRS Code 501(c)(3) may partner in several ways with the Authority for production of affordable homeownership or rental housing.
Homes In Partnership, Inc. (HIP) An Orange County based nonprofit developer engages in the Self-Help Builders Assistance Program (SHBAP) in conjunction with USDA Rural Development. The Authority in partnership with this endeavor provided a $500,000 line of credit to Homes In Partnership for two years at 0% interest. These funds are utilized for construction related costs in affordable housing development. Homes In Partnership serves the multi-county area to include Orange, Osceola, Seminole and Lake Counties.
Central Florida Housing And Neighborhood Development Services (H.A.N.D.S of Central Florida) An Orange County nonprofit developer of Single Family and Multi-Family Housing in the multi-county area. Hands utilizes the Authority's Bond program for permanent financing of their single-family homes and utilizes the 501(c)(3) Multi-Family Bond program for acquisition and rehabilitation of apartments.
Florida Community Partners (FCP) A nonprofit organization that provides second mortgage and gap financing for multi-family development in the multi-county area. The FCP coordinates a loan pool from participating lenders in the region to provide construction and interim financing for multi-family developers. The Authority has provided FCP a $500,000 line of credit at 0% interest to be leveraged with market rate funding. The FCP recently became designated a Community Development Financial Institution (CDFI).
NOTICE
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