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P <br />IN FURTHER DISCUSSION, THE BOARD INFORMED SIR. BROWN THAT WE <br />DO NOT HAVE ADEQUATE HOUSING IN THE COUNTY, ESPECIALLY FOR THE SERVICE <br />PEOPLE WHO ARE NEEDED HERE, AND WE HAVE TRIED TO SELECT A PROGRAM WHICH <br />WILL HELP THE PEOPLE WHO NEED HELP AND WILL CREATE THE LEAST POSSIBLE <br />CONFLICT WITH THE EXISTING INSTITUTIONS. <br />CHAIRMAN WODTKE POINTED OUT THAT A LENDING INSTITUTION LENDS <br />THE MONEY, AND THE COUNTY ACTUALLY IS NOT IN THE MORTGAGE BUSINESS. <br />MR. BROWN STATED THAT THEY READ ABOUT THIS PROGRAM IN THE PAPER <br />AND WERE NOT AWARE THAT IT WAS APPROVED AND COMING BEFORE THE COMMISSION. <br />INTERGOVERNMENTAL COORDINATOR THOMAS COMMENTED THAT WHEN THEY <br />INITIATED THE PROGRAM, THEY DECIDED TO DEAL ONLY WITH THOSE LENDERS WHO <br />HAD THEIR HOME OFFICES IN INDIAN RIVER COUNTY. MR. THOMAS NOTED THAT <br />IT IS A VOLUNTARY PROGRAM, AND TWO LOCAL INSTITUTIONS WANT TO GO INTO <br />THIS PROGRAM. HE FELT WE HAVE A HIGHLY TECHNICAL SITUATION AND, REFERRING <br />TO THE NATIONAL ECONOMY, FELT THEY ARE THE SOURCE OF OUR CURRENT INFLATION <br />PROGRAM, HE FURTHER NOTED IF THE INSTITUTIONS. DECIDE. .TO.MAKE•A LOAN, <br />THEY GET THE BENEFIT OF SERVICING THE LOAN, BUT THEY SELL IT TO THE <br />HOUSING FINANCE AUTHORITY. <br />MR. BROWN STATED THAT IF THE PROGRAM GOES THROUGH, THEY WANT <br />TO PARTICIPATE IN IT. HE FELT, HOWEVER, THAT PEOPLE MIGHT BE RELUCTANT <br />TO GIVE THEIR WHOLE FINANCIAL PICTURE IN ORDER TO QUALIFY FOR THE LOAN. <br />FINANCE OFFICER BARTON POINTED OUT THAT THIS DISCUSSION HAS ONLY <br />COVERED THE INCOME ASPECT. OTHER ASPECTS ARE NET WORTH OF THE INDIVIDUALS <br />WHO WISH TO QUALIFY AND THE PRICE OF THE HOUSE, <br />IT WAS POINTED OUT TO MR, BROWN THAT THIS PROGRAM IS INTENDED <br />TO PROVIDE HOUSING FOR THE INDIVIDUAL WHO CANNOT QUALIFY UNDER THE CURRENT <br />STANDARDS; I.E., IT WOULD SERVE THE PEOPLE THE BANKS WOULD REJECT FOR A <br />LOAN. IN SETTING THE GUIDELINES, IT IS HOPED WE CAN PROFIT BY THE MIS- <br />TAKES MADE IN OTHER LOCALITIES. <br />COMMISSIONER LYONS NOTED THAT IF ANYBODY ON THE HOUSING FINANCE <br />AUTHORITY BOARD DOES NOT FOLLOW THE GUIDELINES, THE BOARD HAS THE RIGHT <br />TO REMOVE HIM. <br />CHAIRMAN WODTKE REITERATED THAT THE COUNTY IS NOT GOING TO LEND <br />THE MONEY, WE ONLY AUTHORIZE THE BOND; WE DO NOT WANT TO.COMPETE WITH <br />THE LENDING INSTITUTIONS AND HOPE THEY DO NOT OPPOSE THE PROGRAM, <br />DISCUSSION FOLLOWED ON INTEREST RATES. <br />5 <br />JUN 2 0, 197'9 18,00K 41 P,r a, 0 <br />