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detached housing, condos, HUD and manufactured homes. People who want to participate - in the non -targeted areas, families of 1 or 2 can have incomes up to $42,200; for families of 3 and above the level would be $48,530. In the targeted areas, for the 1 and 2 member households, the income is $50,640 and for 3 and above would be $59,080. These figures may be adjusted slightly as time goes on by the Federal government. Also the acquisition limits for housing in non -targeted areas in Indian River County, a new house can be as much as $106,366; an existing house $98,523. In the targeted areas, the new house can be $130,002; and an existing structure can be $120,417. Director Baird stated that some mortgages last year were as low as 6.3% on a 30 year mortgage. The reason for bringing this item to the Board today is they are seeking allocation in our district, District 9B, which includes St. Lucie, Okeechobee, and Martin. Counties. If we do not take a portion, St. Lucie will take the entire portion and our residents would not have an opportunity to participate in this program. Banks which have participated in the past are Harbor Federal Savings & Loan, SunTrust, Chase Manhattan Mortgage, Crossland Mortgage Corporation, and Delwood Corporation. Director Baird explained that last year's program was very successful with 10 mortgages. After 120 days banks can go across county lines to allocate any unused funds. Chairman Eggert remarked that this has been a good program and gives good opportunity to people who cannot participate in the SHIP program. Commissioner Adams understood that this program does not cost the County, and Chairman Eggert assured her that her understanding was correct. There was a short philosophical discussion on whether this is a beneficial program. The Chairman opened the public hearing and asked if anyone wished to be heard in this matter. Rene Renzi, of 340 Waverly Place, asked how the County advertises this program, and Director Baird explained that the participating banks will run a quarter page ad in the newspaper about a low -rate mortgage and the program. A person wishing to participate should contact the bank(s) directly. He also explained that this is not a tax subsidized program, but uses the tax exempt status of local governments to issue tax exempt bonds. 37 December 9, 1997