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TREASURE COAST VILLAGE PROJECT Information The Board of County Commissioners of Indian River County transferred to the Indian River County Housing Authority its reservation under the Florida Rural Land Acquisition & Develop- ment Trust Fund. The reservation from the Land Trust Fund is for $400,000. The money is loaned to the Housing Authority for the acquisition and development of land. The loan bears inter- est at a rate of 3%, -.which helps keep the cost of development down. The finished lots are sold at cost for the development of a moderately priced home. To implement the program, the Housing Authority has optioned three parcels of land comprising 18.75+ acres located west of 40th Avenue and approximately 250' north of North Gifford Road. The options were obtained from the First Citrus Bank, Abco Sales & Construction and attorneys Charles Sullivan and William Cobb. The total cost of the land is $100,900. The land is currently zoned R-1, single-family residential housing. The Fund provides for the acquisition of land and the installation of water, sewer, drainage and streets. Treasure Coast Village will contain 71 single-family parcels. Our objective is to sell the improved single-family lots for approx- imately $6,000. This is consistent with the Farmers Home Administration 502 program. Lloyd C. Hoberg, their County Supervisor, advises me that the site is satisfactory. Once we have the roads, water and sewer in, they would be in a position to fund permanent mortgages. The program currently provides for a maximum of 13% interest to a low of 1% interest, depending on the income of the applicant. By combining the Land Trust Fund with the Farmers Home Administration mortgage assistance program, it should be possible to produce.a house in the low $30,000 category. With a modest downpayment, we are.looking to a monthly carrying -charge of about $300. This project should assist moderate -income families earning between $10,000 and $15,000 per year. MR. REGAN REPORTED THAT THEY HAVE ADVERTISED AS REQUIRED, HAVE NOTIFIED EVERYONE WITHIN 300', AND HAVE POSTED A NOTICE ON THE SITE ITSELF. HE NOTED THAT THIS IS A PROJECT FOR MODERATE INCOME FAMILIES, WHICH WILL ENABLE THEM TO OWN A HOUSE AT ABOUT 60% OF WHAT IT WOULD COST THEM OTHERWISE. THE FUTURE FOR LOW INCOME FAMILIES. ANOTHER PROJECT IS PLANNED IN CHAIRMAN LYONS ASKED IF THIS SUBDIVISION WILL BE PUT TOGETHER IN ACCORDANCE WITH THE RULES OF OUR ZONING, SUBDIVISION REGULATIONS, ETC., AND MR. REGAN CONFIRMED THAT THE HOUSING AUTHORITY MUST APPROACH THIS PROJECT FROM THE SAME STANDPOINT AS A PRIVATE DEVELOPER AND ADHERE TO EVERY RULE. 19 15 46 PAr'F 91