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� � r <br />IN THE COUNTY ARE BEING PRICED OUT OF HOUSING. HE EXPLAINED THAT WHAT <br />THE HOUSING FINANCE AUTHORITY IS ALL ABOUT IS SHIFTING THE 'AFFORDABILITY <br />CURVE" TO GIVE A 2 POINT SPREAD FROM THE CONVENTIONAL LOAN WHICH WILL <br />ALLOW ABOUT $5,000 IN INCREASED HOUSING. HE CONTINUED THAT BUILDERS <br />TEND TO BUILD FOR THE HIGHER INCOME -BRACKET, AND THIS WILL INCREASE THE <br />SUPPLY OF AFFORDABLE HOUSING BY ENCOURAGING BUILDING AT A DIFFERENT <br />PRICE LEVEL. HE FURTHER NOTED THAT THE HOUSING FINANCE AUTHORITY CAN <br />ACTUALLY INCREASE THE SUPPLY OF AFFORDABLE HOUSING TO THE COMMUNITY <br />WITHOUT BUILDING ANY NEW HOUSING BECAUSE OF THE INTEREST RATE DIFFER- <br />ENTIAL. AT PRESENT 50% OF THE POPULATION CAN ONLY AFFORD 10% OF THE <br />HOUSING SUPPLY. <br />COMMISSIONER SIEBERT ENTERED THE MEETING AT 2:55 O'CLOCK P.M. <br />CHAIRMAN WODTKE INQUIRED ABOUT THE COUNTY'S LATITUDE TO SET <br />CRITERIA, I.E. THAT A CERTAIN AMOUNT OF DOLLARS CAN ONLY BE USED FOR <br />NEW CONSTRUCTION OR A CERTAIN PERCENTAGE FOR MORTGAGE MONEY FOR EXISTING <br />HOUSING. <br />MR. SELITTO STATED THAT THE AUTHORITY IS GIVEN THE POWER TO <br />SET THE ELIGIBILITY AND TO SAY WHAT THE FUNDS WILL BE USED FOR, THEY <br />MUST THEN PERSUADE THE BONDING COMPANIES THAT THEY HAVE THE PROPER MIX. <br />CHAIR -MAN WODTKE FELT WE ARE PRETTY WELL RESTRICTED TO SAVINGS <br />& LOAN INSTITUTIONS WHICH CAN GO 30 YEARS., AND IF THEY DO NOT WISH TO <br />PARTICIPATE IN THE PROGRAM, THE MONEY DOES NOT MEAN ANYTHING. <br />MR, SELITTO STATED THAT EXPERIENCE SHOWS THAT THE COMMERCIAL <br />BANKS, KNOWING THE MORTGAGES ARE GOING TO BE PURCHASED, ARE WILLING TO <br />PARTICIPATE AND MAKE THE LOANS UNDER THE 30 YEAR TERMS. HE CONTINUED <br />TO DISCUSS PROBLEMS FACING THE SAVINGS AND LOAN INDUSTRY IN THE CERTIF- <br />ICATE OF DEPOSIT MONEY MARKET. HE EXPLAINED THAT WE ARE NOT TRYING TO <br />PENETRATE THE SAVINGS AND LOAN MARKET, BUT ARE ACTUALLY TRYING TO INCREASE <br />THE MORTGAGES THAT ARE AVAILABLE TO CERTAIN INCOME LEVELS BY INCREASING <br />THE AFFORDABILITY RANGE. <br />COMMISSIONER LYONS ASKED IF THE COUNTY HAS ANY FINANCIAL <br />OBLIGATION REGARDING THE BOND ISSUE AT ANY TIME, I.E., SEED MONEY, <br />EXPENSE OF ISSUE, ETC, <br />33 <br />MAY 9 1979 40, PAGE 938 <br />