10/5/1983 - Laserfiche WebLink

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OCT 5 1983 c5A rw 84 DISCUSSION RE DOCUMENT STAMP SURTAX LEGISLATION Attorney Brandenburg stated that this matter was placed on the Agenda today just as a matter of information. He explained that the surtax was only applicable to charter counties, which does not include Indian River County. However, several non -charter counties have banded together to have the act expanded to cover them.. The surtax would be used to establish and finance a Home Ownership Assistance Loan Trust Fund for low and moderate income families. Vice Chairman Scurlock asked if this might be a vehicle to repay the General Fund for an outstanding debt for the housing project up in the Gifford community and Attorney Brandenburg did not believe it would. Mr. Ed Regan, Executive Director the the Indian River County Housing Authority, did not feel it would provide for repayment directly, but indirectly it might. The Housing Authority is a non-profit operation and if they have funds that exceed their expenses, it is the intent of their Board to reimburse the Commission for the money it has put out. Their ability to do that would be enhanced if this bill was applicable to Indian River County: Mr. Regan reported that they had done a little study about what funds would be involved, and tax stamps account for $1,800,000 a year in this county; and the portion that would be taxed under this bill would be about $300,000. If it were not necessary for the Commission to pull this amount from ad valorem taxes, Mr. Regan believed it would put the Housing Authority on an even keel where they could meet the challenge of the times and pay the County back. He noted that there currently is a need for well over 1,000 dwelling units in the county. Vice Chairman Scurlock stated he did not plan to vote next year for any program that would pull from ad valorem 19