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Florida CDD Report OverviewThere are 600 Community Development Districts in Florida, 438 of which were begun in 2003 through 2008. They have issued $6.5 billion in municipal bonds to finance their infrastructure. Since the collapse of the housing market, over 120 of these districts are in default on $3 billion of bonds and, in many cases, the project developer is in financial distress as well. Since some 204 of these projects were launched in 2006 through 2008, they have often not yet completed their infrastructure build out, so they have not yet defaulted. However, given the slow turnaround in housing this is often only a matter of time. We estimate that at least another 70 projects could default before a turnaround occurs. These districts are identified on the site with a "watch list" designation.
This website is designed to provide status information on those projects in default. We will also be providing information from developers interested in selling their projects, as well as bondholders interested in selling their holdings (Note that many projects have only one or a handful of bondholders). Status information will be drawn from various state sources, the official statement for the bonds and bankruptcy court filings. The information displayed for non-subscribers represents the first 10 districts. This will allow you to get a feel for the level of information available to subscribers for all the districts. Investors and institutions interested in subscribing to this website should contact Richard Lehmann at Income Securities Advisors at (800) 472-2680 for pricing and details. |
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