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The Board reviewed the following memos dated 12/5/94: <br />1'0: Members of the Board <br />of County Commissioners <br />DATE: December 5, 1994 <br />SUBJECT: ESCAM 31A HOUSING MORTGAGE PROGRAM <br />FROM: Joseph A. <br />William R. Hough & Company, underwriter, has approached Indian River County to see if they are <br />interested in participating in the Escambia Single Family Housing Program for low to moderate <br />income single family housing. This program involves utilization of Industrial Revenue Bonds. <br />Industrial Revenue bond allocations are released by districts each year beginning in January on a <br />first come first serve basis. Indian River County is in district 9B with St. Lucie, Martin and <br />Okeechobee Counties and the allocation should be over $9.5 million. <br />St. Lucie County has already committed. to the Escambia Family Housing Program. Indian River <br />County would be sharing the allocation with St. Lucie County, which we have done in the past. <br />With St. Lucie County and Indian River County participating in the same program, local <br />participating lenders can move the money between counties after the first 120 days of the program. <br />William R. Hough and Company is requesting.we waive the $1,000 administrative fee plus the .5% <br />ofthe face value of the bonds (.5% up to a maximum of $10,000) because this will be passed on to <br />the lending institutions and then eventually to the person attempting to obtain the loan. <br />Indian River County has also received a request from Art Ziev of Raymond James Underwriters to <br />participate in their program. I feel that it is more advantageous for the County to stay in the <br />Escambia Single Family Housing Program since St. Lucie County is already participating and this <br />will give lenders more flexibility at moving allocation of funds between the counties based on the <br />demand. Also, the lending institutions which have branches in both counties will be working with <br />requirements of one program not two. <br />Staff recommends the Board of County Commissioners waive only the .5% per bond fee and <br />approve the Inducement Resolution and Inter -local agreement with Escambia Housing. <br />Chairman Tippin opened the public hearing and asked if anyone <br />wished to be heard in this matter. There being none, he closed the <br />public hearing. <br />2 <br />December 20, 1994 <br />