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Alham iHough &Co. <br />100 SECOND AVENUE SOUTH <br />SUITE 800 <br />P.O. BOX 57008 <br />ST. PETERSBURG, FLORIDA 33701-7008 <br />(813) 823-8100 <br />March 7, 1986 <br />Don C. Scurlock, Jr. <br />Chairman, Indian River County <br />Housing Finance Authority <br />1840 25th Street <br />Vero Beach, FL 32960 <br />RE: HOUSING FINANCE AUTHORITY OF INDIAN RIVER COUNTY PROPOSED TAX LEGISLATION <br />Dear Don: <br />The tax legislation bill, H.R. 3838, which has been passed by the House of <br />Representatives and is being considered by the Senate contains a number of <br />provisions which would adversely affect the ability of the Authority to issue <br />single and multifamily mortgage revenue bonds. Perhaps the most damaging is the <br />proposed volume cap which in most counties would greatly reduce the ability of <br />the Authority to finance middle, moderate, and lessor income housing. We have <br />enclosed our estimates of the mortgage revenue bond allocation that would be <br />made available to the local issuers in 1986 under the proposed tax bill. <br />In order to make our Senators and Representatives aware of the impact of <br />the proposed legislation, we have enclosed a letter highlighting the major <br />problems with the proposed legislation. The letters outline the most damaging <br />aspects of H.R. 3838, and request that the Senator or Representative support the <br />amendment offered by Senator Durenberger. Senator Durenberger's proposal, in <br />addition to eliminating the most damaging aspects of H.R. 383.8, would eliminate <br />the "sunset" requirement which under current law prohibits the issuance of <br />single family mortgage revenue bonds after 1987. We have enclosed a copy of an <br />ALHFA update which summarizes Senator Durenberger's proposal. <br />We urge you to sign and forward the enclosed letters in the envelopes <br />provided. It is critical that our Congressmen understand the adverse impact on <br />housing in Florida if H.R. 3838 is enacted in its present form. <br />If you have any questions, please do not hesitate to call. <br />Sincerely., <br />WILLIAM R. HOUGH & CO. <br />Gti✓ <br />Van C. Sayler <br />MRF/lb Vice President <br />Enclosures <br />STATE, COUNTY AND MUNICIPAL BANDS <br />Chairman Scurlock felt we should respond by letting the <br />legislature know how very important tax exempt bonds are to <br />county government. <br />40 <br />MAR19 1986 Boa 6 3 F,i,'-�E y?5 <br />