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aw 44 PuE 24 <br />CHAIRMAN OF THE HOUSING AUTHORITY, J. E. EGAN, III, BE— <br />LIEVED THAT THE HOUSING AUTHORITY IS AWARE OF WHAT THEY HAVE TO GO <br />THROUGH. HE EMPHASIZED THAT THEY HAVE A HOUSING AUTHORITY WHICH <br />HAS BEEN ESTABLISHED SIX MONTHS: THEY ARE READY TO GET TO WORK: AND <br />THEY WANT TO GET TO WORK, HE NOTED THAT THEY ONLY HAVE TWO THINGS <br />GOING SO FAR - THEY HAVE MADE APPLICATION TO HUD FOR 116 UNITS, AND <br />THE SECOND THING IS THIS APPLICATION TO THE STATE. MR. EGAN NOTED <br />THAT THE COMMISSION HAS MANY, MANY MATTERS THEY ARE CONCERNED WITH <br />WHILE THE HOUSING AUTHORITY CAN PUSH THIS PARTICULAR PROJECT AND <br />CONCENTRATE ON IT. HE FURTHER NOTED THAT HE IS NOT SURE THE HOUSING <br />AUTHORITY WOULD WANT THE BOARD TO PICK OUT THE LAND AND THEN SAY THE <br />HOUSING AUTHORITY IS TO DEVELOP IT. MR, EGAN INFORMED THAT BOARD THAT <br />THE MEMBERS OF THE HOUSING AUTHORITY HAVE GONE TO GREAT PAINS TO LOOK <br />AROUND THE STATE AT HOUSING AUTHORITIES AND HAVE BEEN TO EIGHT CITIES <br />TO FORMULATE IDEAS. HE REITERATED THAT THEY NEED SOME DOLLARS AND <br />A PROGRAM, AND HE BELIEVED THEY CAN HANDLE THIS. <br />COMMISSIONER LOY ASKED IF THIS PARTICULAR $400,000 CAN BE <br />USED TO PURCHASE LAND THAT THE HOUSING AUTHORITY WOULD USE FOR A <br />RENTAL PROGRAM. <br />MR, REGAN STATED THAT THE FUNDS COULD BE USED TO PURCHASE <br />LAND. THE HOUSING AUTHORITY COULD THEN SELL THE LAND TO THE FEDERAL <br />GOVERNMENT TO BUILD A PUBLIC HOUSING RENTAL PROJECT. HE NOTED THAT <br />ON A SINGLE LOT, YOU HAVE TO OFFER IT TO AN INDIVIDUAL TO BUILD <br />THEMSELVES A HOUSE. IF THERE ARE NOT ENOUGH INDIVIDUALS TO BUY THE <br />LAND, YOU THEN OFFER IT TO PRIVATE DEVELOPERS TO DEVELOP HOUSES <br />FOR THE PEOPLE. WHEN YOU DEVELOP THE LAND FOR MULTI -FAMILY USE, <br />IT WOULD EITHER GO TO THE HOUSING AUTHORITY VIA THE FEDERAL GOVERN- <br />MENT FOR A PUBLIC HOUSING PROJECT, OR IT WOULD BE SOLD OFF TO A <br />PRIVATE DEVELOPER, WHO THEN BUILDS A MULTI -FAMILY PROJECT, MOST <br />PROBABLY FINANCED BY THE FHA UNDER SEC. 515, WHICH ALLOWS FOR LOW <br />INTEREST RATES FOR LOW INCOME FAMILIES. THEN THAT DEVELOPER WOULD <br />RENT IT TO INDIVIDUALS OR THE HOUSING AUTHORITY COULD ENCOURAGE <br />THE DEVELOPER TO BUILD IT AND THEN SELL IT TO A COOPERATIVE. THERE <br />ARE VARIOUS POSSIBILITIES. <br />COMMISSIONER LOY FELT HIS ANSWER WAS NO - THAT IT HAS TO <br />BE SOLD TO SOME ONE, A HOUSING AUTHORITY OR THE FEDERAL GOVERNMENT. <br />m W24 <br />