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r M a <br />An issue- that has arisen is whether moderate income <br />applicants even need assistance at all. According to <br />staff research, a number of programs in the state either <br />restrict or severely limit assistance to moderate income <br />applicants, and instead target the more needy low and <br />very low income households. Currently, the County's plan <br />allows for downpayment/closing cost assistance loans to <br />be given to any eligible moderate income person. As <br />_ recommended by the Affordable Housing Advisory Committee <br />and reflected in the revised plan, the county would <br />provide downpayment/closing cost loans only to persons <br />whose income falls within the first half of the moderate <br />income range. <br />ALTERNATIVES <br />The Board of County Commissioners has three alternatives with <br />respect to the Local Housing Assistance Plan. These are: <br />c To adopt the revised plan <br />c To adopt the revised plan with changes <br />o To not adopt the revised plan. <br />Either of the first two alternatives is acceptable. Choosing the <br />third alternative, however, would cause the county to become <br />ineligible to receive additional SHIP funds. Staff supports the <br />first alternative. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners adopt the <br />county's Local Housing Assistance Plan and direct staff to forward <br />the revised plan to the Florida Housing Finance Agency. <br />Community Development Director Bob Keating discussed the <br />recommended changes, which are the result of suggestions made by <br />some lenders and other participants in the State Housing Initiative <br />Partnership-Progriim (SHIP). <br />Commissioner Adams asked whether the County assists home <br />buyers with payment of property taxes. She was concerned that <br />people would buy a home and then find that they could not afford <br />the monthly payments. <br />Director Keating responded that the County does not assist <br />with monthly costs associated with home ownership. The financing <br />institutions create an escrow account for taxes and insurance. He <br />stressed that financial institutions have requirements that <br />applicants must meet in order to ensure they can afford the home <br />they are buying. One of the recommended changes in the Housing <br />Assistance Plan is to establish the same criteria for owner - <br />financed mortgages. He pointed out that many of the homes <br />27 Ma 92 FAu 51 <br />L- APR - 51994 J <br />