Laserfiche WebLink
WHAT IS THE NEED FOR THIS PROGRAM IN INDIAN RIVER COUNTY? <br />To make housing affordable to more families <br />or <br />make more families eligible for housing <br />HOW DO YOU DO THIS? <br />Reduce the interest rates and the down payment <br />HOW DO YOU EXPLAIN THIS? <br />By example showing the in- The Housing Affordability Gap <br />creasing cost of a home.that ($000) Median Family Income <br />a median income family could 45 <br />buy in 1974 as compared with <br />that family's ability to pay <br />for such home during recent 40 <br />years.(The example assumes <br />a 10% down payment.) <br />35 <br />30 <br />25 <br />20 <br />15 <br />10 <br />5 <br />i <br />r r <br />* <br />'74 '75 '76 '77 '78 '79 '80 <br />Current Price of House That Median <br />------ In Thousand Dollars -------- <br />Income Family Could Afford in 1974 21.7 23.8 26.7 29.5 35.5 40.9 45.0 <br />Current Price of House That Median <br />Income Family Can Afford Under <br />Conventional Housing Program — — --- 21.7 22.8 24.6 27.7 28.0 28.8 29.8 <br />Current Price of House That Median <br />Income Family Can Afford Under <br />HFA Program * * 32.4 34.8 <br />Median Family Incomel • • • 9.3 10.02 10.7 12.2 13.0 13.93 14.93 <br />(1) From Hud <br />(2) 1975 not calculated by HUD. Amount shown is average of 2 years <br />(3 Projections based on HUD 1978 Median Income increased at 7% per year <br />JERRY $ELITTO, ALSO OF WILLIAM R, HOUGH & CO., PRESENTED <br />FIGURES SHOWING THAT THE PRICE OF HOUSING IN INDIAN RIVER COUNTY HAS <br />INCREASED 170% IN AN EIGHT YEAR PERIOD, AND STATED THAT 50% OF THE PEOPLE <br />32- <br />MAY <br />2- <br />MAY 91979BOOK .4 FACE 43" <br />