Board approves HFA bond authorization up to $250 million to support single‑family below‑market mortgages

The Pinellas County Board approved a resolution on Sept. 4 authorizing the Housing Finance Authority (Pinellas HFA) to issue single‑family mortgage revenue bonds with an aggregate principal amount not to exceed $250 million for calendar years 2025 to 2028. The resolution also authorizes the county’s continued participation in a joint issuance program with Pasco and Polk counties.

Why it matters: The HFA issues tax‑exempt mortgage revenue bonds that support below‑market, home‑purchase financing and down‑payment/closing‑cost assistance for eligible borrowers. The joint program allows smaller HFAs to participate in bond issues that might otherwise be infeasible to execute individually and aims to maintain below‑market mortgage availability for Pinellas County residents.

Staff explanation: Catherine Driver, representing the Pinellas Housing Finance Authority, explained that new bond allocation generated in Pinellas County is limited for local use, but carry‑forward allocation (older allocation) can be used in partnering counties. The joint program allows the HFA to rapidly access bond pricing and market opportunities without seeking board approval for every issuance, which can be time‑sensitive in municipal bond markets.

Board discussion and decision: Commissioners asked whether county taxpayer dollars were being used in other counties; Driver said the HFA uses its own program income and interest earnings to finance down‑payment and closing cost assistance in partner counties and that no county general fund dollars are provided to those programs. The board voted unanimously to adopt the resolution.

Next steps: The HFA will proceed with financing plans and may issue bonds under the authorized $250 million cap over the stated calendar years. The county’s approval allows the HFA to price bonds on a time‑sensitive basis and continue its single‑family mortgage programs in partnership with neighboring HFAs.

Attribution (select quote): Catherine Driver, Housing Finance Authority of Pinellas County: “If they don't have a program with us, they're not able to offer these below‑market interest rate mortgages. We can only use new allocation in Pinellas County, but any carry forward allocation we have… we can use that in the other counties as well.”