Interoffice Memorandum
DATE: August 6, 2025
TO: Mayor Jerry L. Demings and County Commissioners
THROUGH: N/A
FROM: Frantz Dutes, Executive Director, Orange County Housing Finance Authority
CONTACT: Sahwn Tan, Director, Program Operations
PHONE: 407-894-0014
DIVISION: N/A
ACTION REQUESTED:
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Approval and execution of Resolution 2025-B-11 authorizing the issuance of Homeowner Mortgage Revenue Bonds; Homeowner Subordinate Mortgage Revenue Bonds; and/or Homeowner Revenue Bonds in one or more series, in a combined aggregate principal amount not-to-exceed $200,000,000. (Housing Finance Authority)
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PROJECT: Funding for Single-Family Homeowner Mortgage Revenue Bond Program.
PURPOSE: This proposal would assist first-time homebuyers in the purchase of a new or existing "owner-occupied" single-family home located within Orange, Seminole, Lake, or Osceola counties and/or refund indebtedness incurred for such purposes. The Orange County Housing Finance Authority's (OCHFA) Homebuyers Dream Program is designed to provide below market, 30-year fixed rate mortgages for first-time homebuyers (individuals and/or families) of low, moderate, and middle incomes purchasing homes in Central Florida. In the current market, it is anticipated that first mortgages offered by the Authority will bear interest at 6.375%. The mortgage rates will be determined at the time of pricing the bonds. The down-payment assistance loans associated with this program will be available in an amount up to $10,000, as a 30-year deferred loan at 0.00% interest. Additionally, the Housing Opportunities Program is a conventional loan product that also provides down-payment assistance. The interest rate for this mortgage product will be competitive with rates adjusted as needed weekly. The down-payment assistance for the conventional loan program is funded from the OCHFA's general fund in an amount up to $7,500; bearing 0.00% interest and are deferred over a 30-year period. The terms and amounts ...
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