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INTERGOVERNMENTAL COORDINATOR THOMAS EXPLAINED THAT WHAT THIS <br />DOES IS TAKE ADVANTAGE OF THE COUNTY'S POSITION TO ISSUE TAX FREE BONDS, <br />AND IT REPRESENTS ABOUT A 2% SAVING IN INTEREST TO THE FINAL BORROWER, <br />WHICH OVER A 30 YEAR PERIOD AMOUNTS TO A SAVING OF MANY THOUSANDS OF <br />DOLLARS. ALSO THE DOWN PAYMENT AND MONTHLY PAYMENTS BECOME LESS THAN <br />THE USUAL CONVENTIONAL LOAN. THIS HELPS THOSE WHO CANNOT QUITE QUALIFY <br />FOR REGULAR LOANS, I.E., THE YOUNG MARRIED COUPLES AND SOME RETIRED <br />PEOPLE, OR ABOUT 10% OF THE POPULATION. MR. THOMAS NOTED THAT WE HAVE <br />A NEED IN BOTH AREAS. HE COMMENTED THAT THERE HAS BEEN SOME PUBLICITY <br />THAT THE FEDERAL GOVERNMENT WANTS TO BLOCK THIS PROGRAM, BUT HE FELT A <br />COMPROMISE HAS BEEN WORKED OUT AND THOSE WHO HAVE ALREADY STARTED WOULD <br />BE GRANDFATHERED IN AT ANY RATE. <br />CHAIRMAN WODTKE ASKED MR. THOMAS TO EXPLAIN HOW THIS PROGRAM <br />IS CARRIED OUT. <br />MR. THOMAS STATED THAT THE FIRST THING TO BE DONE, AFTER THE <br />ORDINANCE IS ADOPTED AND THE DECLARATION OF NEED IS MADE, IS TO SET UP <br />THE HOUSING FINANCE AUTHORITY, WHICH IS COMPOSED OF FIVE MEMBERS, THREE <br />OF THESE TO BE FROM THE FIELDS OF FINANCE, LABOR AND COMMERCE. WHEN <br />THAT IS DONE, THE HOUSING FINANCE AUTHORITY BECOMES ALMOST AUTONOMOUS, <br />ALTHOUGH THE BOARD OF COUNTY COMMISSIONERS RETAINS THE RIGHT TO REMOVE <br />ANY MEMBER FROM THE AUTHORITY, MR. THOMAS EXPLAINED THAT THE HOUSING <br />FINANCE AUTHORITY WOULD BE RESPONSIBLE FOR DAY TO DAY ARRANGEMENTS WITH <br />THE BONDING COMPANY, AND IT IS ESTIMATED THAT THE ORIGINAL BOND ISSUE <br />WOULD BE FOR 7 OR 8 MILLION DOLLARS. THE COUNTY HAS NO LIABILITY WHAT- <br />SOEVER, AND MR. THOMAS INFORMED THE BOARD THAT A GOOD MANY STATS HAVE <br />HAD THIS PROGRAM FOR QUITE A FEW YEARS AND IT HAS BEEN VERY SUCCESSFUL. <br />IT IS DESIGNED TO MEET HOUSING. NEEDS AROUND THE $30-$35,000 RANGE. HE <br />STATED THAT THEY HAVE HAD A STRONG RESPONSE FROM THE FINANCIAL INSTI- <br />TUTIONS IN INDIAN RIVER COUNTY AND HAVE HAD INTEREST FROM A BANK IN <br />FORT PIERCE. <br />CHAIRMAN WODTKE ASKED WHETHER THE.REGULATIONS-AS TO ELIGIBILITY <br />ARE SET OUT IN THE LEGISLATIVE ACT OR IF THE BOARD.HAS ANY LATITUDE IN <br />SETTING THE RULES, <br />28 <br />JUN 61979 BOOK PAGEww <br />