Laserfiche WebLink
CHAIRMAN WODTKE NOTED THAT IF THE PROGRAM SHOULD GO INTO <br />EFFECT, HE FELT IT WOULD MAKE A CONSIDERABLE ADDITIONAL AMOUNT OF MONEY <br />AVAILABLE IN THE HOME MARKET THAT IS NOT HERE NOW. <br />ATTORNEY COLLINS NOTED THAT THERE IS ANOTHER ADVANTAGE WE HAVE <br />NOT DISCUSSED BEFORE, AND THAT IS.THAT THE MONIES CAN BE USED FOR DEVELOP- <br />MENT OF A SUBDIVISION OR A HOUSING PROJECT. -THEREFORE, IF WE HAVE A� <br />CONTRACTOR WHO WILL GO AND DEVELOP HOUSING FOR MEDIUM AND LOW INCOME, <br />THIS WILL BE GREAT FOR HIM BECAUSE HE CAN GET THE MONEY TO FRONT TO BUILD <br />THE UNITS AND SUBSEQUENTLY TAKE OUT MORTGAGES WITH THE'INDIVIDUAL <br />PURCHASERS, <br />COMMISSIONER SIEBERT STATED THAT IF WE INTEND TO PURSUE THIS, <br />HE FELT WE SHOULD AT LEAST INDICATE WE INTEND TO MOVE IN THAT DIRECTION - <br />NOT NECESSARILY MAKE A FIRM COMMITMENT NOW - BUT HE WOULD HATE TO ASK <br />HOUGH & CO. TO DO THIS JUST ON A WHIM. <br />DISCUSSION FOLLOWED IN REGARD TO WORKING THROUGH THE SAVINGS & <br />LOAN INSTITUTIONS, AND THE CHAIRMAN ASKED IF A COMMISSIONER WERE A <br />DIRECTOR IN A BANKING INSTITUTION, WOULD THERE BE A CONFLICT? <br />ATTORNEY COLLINS DID NOT FEEL THERE WOULD, AND COORDINATOR <br />THOMAS POINTED OUT THAT THE AUTHORITY WOULD BE THE ONE CONTRACTING WITH <br />THE INSTITUTION, NOT THE BOARD OF COUNTY COMMISSIONERS. <br />COMMISSIONER SIEBERT STATED THAT HE IS IN FAVOR OF THIS PROGRAM, <br />BUT NOTED THAT THE MINIMUM INCOME TO QUALIFY WOULD BE AROUND $14,000 TO <br />$15,000 A YEAR, WHICH IS NOT "LOW INCOME." <br />' COMMISSIONER LYONS SAID HE STILL FELT IT WOULD BE A BIG HELP. <br />DISCUSSION FOLLOWED ON LOANS FOR RENOVATIONS AND HOME IMPROVE- <br />MENT PROGRAMS, AND COMMISSIONER Loy STATED THAT THE PROGRAM WOULD APPLY <br />TO "LOANS FOR THE PURCHASE, CONSTRUCTION AND RENOVATION OF SINGLE FAMILY <br />AND MULTIFAMILY HOUSING." SHE FELT THIS PROGRAM WILL HELP REDUCE LOCAL <br />MORTGAGE RATES BY 1-1/27 TO 2%. <br />CHAIRMAN WODTKE ASKED IF THE AUTHORITY HAD THE ABILITY TO <br />NEGOTIATE WITH VARIOUS LENDING INSTITUTIONS. <br />ATTORNEY COLLINS EXPLAINED THAT THE AUTHORITY CAN GO OUT AND <br />MAKE THE BEST DEAL THEY CAN IN PLACING THESE FUNDS. THEY -JUST GET A FEE <br />FOR HANDLING THE MONEY AND PLACING THE LOANS. <br />49 <br />r . <br />BOOK • 38 PAGE 410 <br />JAN 101979 <br />