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-I <br />,BOOK�.' <br />TO: James Chandler <br />County Administrator <br />HEAD CONCURRENCE: <br />Robert M. Keating, AICP <br />Community Development <br />FROM: Sasan Rohani, AICP S -W <br />Chief, Long Range Planning <br />DATE: September 11, 1998 <br />SUBJECT: CONSIDERATION OF A RESOLUTION OF SUPPORT FOR THE COMMUNITY <br />INITIATIVES DEVELOPMENT CORPORATION'S PROPOSED 100 UNIT <br />MODERATE INCOME HOUSING PROJECT <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at their regular meeting of September 22, 1998. <br />DESCRIPTION AND CONDITIONS <br />On July 24, 1998, Mr. Curtis Musgrove of the Community Initiatives Development Corporation <br />(CIDC) sent the attached letter to County Commissioner Carolyn Eggert, requesting a resolution of <br />support for the CIDC's proposed moderate income housing project in Indian River County. <br />According to Mr. Musgrove, CIDC is a non-profit corporation (501(c)(3)) located in Hudson, New <br />York. As part of its charter, CIDC may develop affordable housing projects for moderate income <br />families. In Indian River County, CIDC is planning to develop a 100 unit project, consisting of 3 <br />bedroom, 2 bath homes. The project's location is not finalized as of yet. <br />As proposed, CIDC will provide these units on a "lease to own" basis to households that meet <br />regular mortgage standards, but do not have sufficient savings for a downpayment. The lease <br />payment will be approximately $865.00 per month. <br />The CIDC proposes to finance the project through the sale of taxable bonds. Although these bonds <br />will be "unconnected to the county in any way", CIDC is requesting that the county adopt a non- <br />binding and liability free resolution supporting the project, to provide proof to the IRS that they are <br />fulfilling their charter purpose by lessening the burdens of local governments. <br />ANALYSIS <br />Overall, the County, through its Local Housing Assistance Plan and the housing element of the <br />County's comprehensive plan, supports increased home ownership and the provision of affordable <br />housing for low and moderate income persons. As proposed, this project would be consistent with <br />those obiectives. <br />September 22, 1998 <br />