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DEC 18 1985 BOOK 63 mn 130 The Issuer believes that the Prior Year Program will provide safe, sanitary and decent housing for residents of Indian River County at affordable prices, and that home ownership and local development activity will: (a) provide for and promote the public health, safety, morals and welfare; (b) relieve conditions of unemployment and encourage the increase of industry, commerical activity and economic development so as to reduce the evils attendant upon unemployment; (c) provide for efficient and well-planned urban growth and development including the elimination and prevention of urban blight and the proper coordination of industrial facilities with public services, mass transportation and residential development; and (d) preserve and increase ad valorem tax bases of local govern= mental units. Thus, for these reasons we believe that the proceeds of the bonds will be used to promote the general public welfare and lessen the burdens of government. II. ASSESSMENT OF PRIOR YEAR PROGRAM As bonds for the Prior Year Program were issued on November 12, 1985 data reflecting the average purchase prices and family income is not yet available. The Issuer did not issue single family mortgage revenue bonds in 1984. III. PROPOSED 1986 PROGRAM For calendar year 1986, the Issuer anticipates receiving an allocation from the State of Florida Housing Finance Agency of sufficient size to enable the Is- suer to participate in a viable multicounty single family mortgage revenue bond program. The Issuer intends to utilize its allocation for a single family mort- gage revenue bond program similar in structure to the Prior Year Program. With regard to its 1986 Program, the Issuer's policy will be to maximize the use of bond proceeds to benefit those eligible borrowers whose incomes are significantly below the average income of the homebuyer who purchases a resi- dence without any subsidy. The Issuer will consider one or more of the follow- ing actions in furtherance of this policy: 1. Continue to limit the maximum purchase price on residences and the max- imum annual income of eligible borrowers. 2. Make investigations to determine the average income of persons in In- dian River County purchasing residences without any subsidy. 3. Set aside a portion of bond proceeds for applicants whose income is be- low the average income of persons in Indian River County purchasing residences -- without any subsidy. 4. Encourage builders receiving reservations under the 1986 program to build residences that will be affordable to applicants in Indian River County whose income is below the average income of purchasing residences without any subsidy. 5. Monitor the average annual income of persons purchasing residences un- der the Prior Year Program and the 1986 Program to determine effectiveness of actions undertaken to further Issuer's policy. IV. CONCLUSION The 1986 Program is intended to provide housing for Indian River County residents at affordable prices. The Issuer believes that home ownership and lo- cal development will: (a) provide for and promote the public health, safety, morals and welfare of the residents of Indian River County; (b) preserve and in- crease ad valorem tax bases of local government units; and (c) reduce expen- ditures for crime prevention and control, public health, welfare and safety, fire and accident protection, and other public services and facilities. For these reasons the Issuer believes that the proceeds of the qualified mortgage bonds to be issued pursuant to the 1986 Program will be used to promote the gen- eral public welfare and lessen the burdens of government. The Housing Finance Authority of Indian River County, Florida 130jh_aW�Boia Commissioners