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advised them to go ahead and complete the 50 units and get them filled and then they will process the Phase II application. This puts them in a "Catch 22" situation since Phase I won't be finished until August or thereabouts. Mr. Hudnell has every expectation that Phase It will be funded but that avenue is not available to them until after the time when the DCA is saying they must be paid. Chairman Scurlock wished to know why the County should pursue this if the DCA and FHA have given up on it. Attorney Collins did not believe that FHA has given up on them. It was a national issue; they had to put the money somewhere else; and as a result the Indian River County Housing Authority got limited in their funding. Chairman Scurlock did not want to get this tangled up with Treasure Coast Village, but felt it appears we have done so poorly on that that it has had a negative effect, and the DCA, and even the FHA, is questioning rihether or not the agency has the ability to produce. Attorney Collins took issue with that as far as FHA is con- cerned, noting that that they have not received any communication stating that the FHA is unhappy with what has been happening here. Actually, the Housing Authority is unhappy with the FHA. For about two years the Housing Authority has had contracts on every single lot in Treasure Coast Village subject to FHA funding, and if the FHA would only process those loans quicker, they could have closed out on Treasure Coast Village several years ago. It is a very viable single family project, and they can sell all the units. The problem is the ability of the people to get the financing, and the problem also is dealing with the federal agencies. Attorney Collins advised the Board that Armfield-Wagner's first appraisal of the remaining 5.49 acres estimated the market value at $85,000, but after all the improvements that have been put in place to serve Phase 1I were pointed out to them, i.e., APR 7 1987 67 BOOK 67 FADE 844