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DEC 7_ J ON MOTION by Commissioner Scurlock, SECONDED by Commissioner Bird, the Board unanimously approved the Housing Finance Authority Policy Report and authorized the signature of the Chairman. HOUSING FINANCE AUTHORITY OF INDIAN RIVER COUNTY, FLORIDA DMIM RIVER COUNTY - TAX IDENTIFICATION NUMBER 59-6000674 POLICY REPORT UNDER SECTION 103A DATED AS OF DECEMBER 1, 1985 HOUSING FINANCE AUTHORITY OF INDIAN RIVER COUNTY, FLORIDA ANNUAL POLICY REPORT ON MORTGAGE REVENUE BONDS The Indian River County Housing Finance Authority, Florida (the "Issuer") was created pursuant to the Florida Housing Finance Authority Law, Chapter 159, Part IV, Florida Statutes, as amended, (the "Act") and an approving ordinance of the Indian River County Board of County Commissioners in order to alleviate the shortage of housing available at prices which many Indian River County persons and families can afford and to respond to the shortage of capital for investment in such housing. Under the Act the Issuer is authorized to provide financing for the rehabilitation, construction and/or purchase of new and existing housing throughout Indian River County, or other larger area of operation for moderate, middle and lesser income persons and families. This Policy Report has been prepared in accordance with the Tax Reform Act of 1984 (including Section 103A (J)(5) of the Internal Revenue Code of 1954 as amended) for the purpose of setting forth policies to be followed in issuing mortgage revenue bonds and mortgage credit certificates. The Policy Report is also to provide an assessment of the Issuer's performance in complying with the preceeding year's policy and Congressional intent that local governments are ex- pected to use their authority to issue mortgage revenue bonds and mortgage cred- it certificates, to the greatest extent feasible, to assist lower income persons and families before assisting higher income persons and families. The Issuer is providing information on how the Issuer, as a participant in the Prior Year Pro- gram (as defined below) -has attempted to target funds and to address the needs of lower income persons and families as set forth in the Issuer's 1984 Policy Report, as well as provide policies to be followed in 1986. I. PRIOR PROGRAM Under the Issuer's mortgage purchase program for the year 1985 (the "Prior Year Program") $31,340,000 in single family mortgage revenue bonds were issued on November 12, 1985 by the Leon and Polk Counties Housing Finance Authorities in a multicounty program to provide $1,000,000 in funds to purchase mortgage loans on residential facilities in Indian River County from certain lending in- stitutions (the "Participants"). Under the 1985 Program each Participant is ob- ligated to use its best efforts to enter into firm commitments to originate loans with certain eligible borrowers. An eligible borrower is a first-time homebuyer (subject to certain limited exceptions) whose adjusted family income did not exceed $34,725, which is 150% of the median family income in Indian Riv- er County, Florida, for the immediately preceding taxable year. Each mortgage loan must be for the permanent financing of the purchase of a residence located within Indian River County, Florida, which is to be occupied as the principal residence of the eligible borrower. The Issuer structured the bond program so that funds were available for conventional loans; condominiums could be purchased; and there was a limit on builder reservations for new construction loans. The Issuer considered altern- ative financing structures and chose the one resulting in the lowest initial costs to -the borrower. The Prior Year Program specifies the type of residence which may be finan- ced under its terms. All residences must be a single family detached or attach- ed structure intended for residential housing for one family. Such residence may not have an acquisition cost in excess of $81,290 for new homes and $76,670 for existing homes (110% of the average purchase price of residences in Indian -- River County) . 129 18 1985 BOOK 3 mur ._ a J