12/20/1991 - Laserfiche WebLink

Home Browse Search

Mr. Bulleit noted the following statistics for home buyers in the single family bond program for loans approved through October 31, 1991: • 31 Loans have been approved for Indian River County . AHD AN ADDITIONAL 15-16 ARE IR PROCESS • The average annual income for a homeowner in the program is $27,701 • The average purchase price of a home in the program is $60,817 • The majority of the loans are for existing previously occupied structures • The typical loan has a loan to value ratio of 95% • The ,majority of loans in -Indian River County are anticipated. to be for the acquisition of single-family detached residences . • All loans approved in Indian River County have been FHA -,insured Mr. Bulleit recalled that last year the Board was concerned about the maximum acquisition price and the maximum income limits and wanted to make sure that this program gets used by those who really would benefit. We can see throughout the state that this program really does provide a needed program for middle to moderate income families. They are here today to ask the Commission to again adopt a resolution that authorizes the Escambia County Housing Finance Authority to operate this same program within the territorial boundaries. The resolution also will authorize the Chairman to execute an interlocal agreement when the terms of this program are determined in the future. Mr. Bulleit advised that the first step is to request private activity allocation on January 2, 1992, which gives us the ability to float revenue bonds for this transaction, and then solicit lenders through mid February, sell the bonds in late February, and close the transaction in March. We have 90 days from the date of January 2 when we request the allocation to close the transaction. Chairman Bird opened the Public Hearing and asked if anyone wished to be heard in this matter. There being none, he closed the Public Hearing. 5 BOOK¢ fAut.�c�