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Edwin M. Bulleit, First Vice President of William R. Hough & <br />Co., read the following letter into the record: <br />William R Hough & Co. <br />100 SECOND AVENUE SOUTH <br />SUITE 800 <br />ST: PETERSBURG, FLORIDA 33701 <br />(813) 823-8100 <br />November 26, 1991 <br />Mr. Joseph Baird <br />Director of Management and Budget <br />Indian River County, Florida <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Dear Mr. Baird: <br />William R: Hough & Co. is in the process of developing another multi -county <br />single family .bond program to be administered by the Escambia County Housing <br />Finance Authority. We are again interested in having Indian River County as a <br />participant in the Program. <br />Enclosed with this letter is a term sheet and homebuyer profile summary of <br />Indian River County's participation in the Escambia Single Family Bond Program. <br />,As can be seen by the homebuyer profile sheet, the program provides affordable <br />housing for middle to moderate income families purchasing moderately priced <br />homes. The average annual income for a homeowner is $27,701, and the average <br />purchase price is $60,817. Overall, I feel the County Commission was successful <br />in providing, an additional affordable housing vehicle for residents of the <br />County. <br />As you probably know, the Tax Law provision that allows local governments <br />to issue mortgage revenue bonds for these programs is due to sunset on December <br />31, 1991. Prior to a recent change in the focus of Congress (see enclosed <br />article), it was generally agreed that Congress would not be extending this tax <br />provision. Thus, our firm did not want to have the County waste time approving <br />the program. when it looked like there was little or not, chance of having a <br />program. However, currently we believe there is a strong possibility of an <br />extension of the sunset provision and we feel it would benefit the County to <br />again approve the program. <br />As noted above, we are again interested in Indian River County <br />iparticipating in the Escambia Single Family Bond Program. Because you are <br />currently Director of Management and Budget, I am providing you with a form of <br />the TYRA notice, resolution, and interlocal agreement that will need to be <br />adopted and authorized prior to December 31, 1991 in order for Indian River <br />County to participate in the Program. <br />The County would need to publish a TEFRA public hearing notice at least 14 <br />days prior to consideration by the Board of County Commissioners regarding the <br />Program. If the County Commission agrees to the Program, the resolution provides <br />for the Chairman of the Board of County Commissioners to execute the interlocal <br />agreement after the parameters of the Program have been determined. For your <br />information, I have also sent this letter to Don Scurlock, Chairman of the <br />Financial Advisory Committee; Dick Bird, Chairman of the County Commission; and <br />Carolyn Eggert, Chairman of the Affordable Housing Task Force. <br />If you need.any additional information or have any questions, please do not <br />hesitate to call me at 1-800-800-0061. <br />Sincerely, <br />WILLIAM R. HOUGH & CO. <br />Edwin M. Bulleit, CPA <br />First Vice President <br />cc ® 1W BOOK 'Cd rNiJt x <br />