Laserfiche WebLink
buyer can also select an interest rate 1% higher and receive downpayment assistance. This <br />additional amount of money for a downpayment is available for those employees making less <br />than $30,000 annually. The downpayment funds are payable only upon the sale of the home. <br />These funds really help individuals get into homes they otherwise could not afford. All <br />obligations are dedicated to Escambia County Housing Authority and there is no cost to <br />Indian River County. <br />Commissioner Ginn questioned whether this obligates the County in any way to repay <br />any of the funds, and Mr. Bulleit noted that the agreement indemnifies Indian River County <br />against any responsibility whatsoever. <br />The Chairman opened the public hearing and asked if anyone wished to be heard <br />regarding this matter. <br />Renee Renzi, 340 Waverly Place East, questioned where the application takes place. <br />Mr. Bulleit advised that his company solicits local lenders to participate in the <br />program. They process the loan as a normal loan and then use the bond funds. He estimates <br />approximately $3 to $4 million dollars will be allocated to Indian River County and noted <br />that there are more local lenders involved this year than in the past. Funds can be requested <br />beginning March 1' but advertisements will be run prior to that time advising the time and <br />place and qualifications necessary. <br />The Chairman asked if anyone else wished to be heard regarding this matter. There <br />being none, the Chairman recessed the public hearing to December 30, 1998. <br />ON MOTION by Commissioner Adams, <br />SECONDED by Commissioner Ginn, the Board <br />unanimously approved the Interlocal Agreement with <br />Escambia County Housing Finance Authority; <br />authorized the Chairman to execute all pertinent <br />documents; and adopted Resolution 98-139 <br />authorizing the Escambia County Housing Finance <br />Authority to operate within the boundaries of Indian <br />River County, to finance qualifying single family <br />mortgage loans on behalf of Indian River County; <br />DECEMBER 15, 1998 <br />-45- <br />OOK :107 PKE S,87 <br />