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By way of history, the Housing Authority negotiated the loan for the purpose of acquiring land and developing a low-cost rental housing program to meet the needs of the lower income families in Indian River County. After the land was acquired, the Authority hired engineers and architects to develop a plan that would be approved by Farmers Home Administration. The original plans submitted to Farmers Home Administration on the Victory Park Project included one hundred units. Near the end of the review process, the Housing Authority was advised that Federal funding was available only for fifty units. Concurrently, the Farmers Home Administration notified us that they would lend funds to release property from the Department of Community Affairs' loan to the extent of the land under the fifty units, road improvements, and other related amenities. The Housing Authority had no alternative other than to accept the limitation on funding and get the Victory Park Project under way. All of you have now had an opportunity to tour Victory Park, and, I am sure, you appreciate that the Project.is one of quality and will be a substantial benefit to Indian River County and the residents who will reside therein. Because of the limitation in funding resulting in the inability to pay off the Department of Community Affairs in full, the Housing Authority immediately applied with the Farmers Home Administration for funding on Phase II of the Victory Park Project. We have been advised by the Farmers Home Administration that Phase II is viable and fundable including potential grant funds, but that no funding will occur until completion of Phase I. You are aware that the Department of Community Affairs, even though they are fully knowledgeable on the points mentioned above, have determined not to extend the loan with the Housing Authority for another year. You are also aware that a number of very positive benefits accrue to Indian River County and its residents from the development and - completion of the Victory Park Project. By way of example: 1- The Housing Authority has paid approximately $144,000.00 in utility impact fees and will be paying a duplicate amount on Phase II. 2- The Victory Park Project represents a means by which the Housing Authority can become self-sufficient, thereby reducing the funding requirements and dependency on the Board of County Commissioners. 3- The Victory Park Project will not only provide excellent low- cost housing to agriculturally related families in Indian River County, but will also allow the Board of County Commissioners to deal effectively with the substandard housing where these future occupants of Victory Park now reside. Historically, the Housing Authority on behalf of the Board of County Commissioners has acted as an arm of the Board in promoting the betterment of housing within the County. The Housing Authority handles the Section 8 Program; prepared and applied for Community Grant Programs; has administered a number of rehabilita- tion programs bringing substandard housing up to a level complying with the Southern Standard Building Codes. Treasure Coast Village upon build -out will provide over seventy families the opportunity to own a single family home. The accomplishments of the Housing Authority are shared with the Board of County Commissioners. Without the backing of the Board, the accomplishments, as cited above, would not have occurred. 63 BO SPR �98� OK F�1E 8 4 0