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Mr. Heady then questioned the total. amount of mortgage money which will be <br />available here in Indian River County, and Director Baird estimated that it would be 3 to 4 <br />million dollars, depending on the interest in the community and the banks. <br />Mr. Heady then questioned whether applicants would need to meet general <br />requirements for mortgages to be sold in the secondary market. <br />Director Baird advised that this program is very similar to the veterans' mortgage <br />program. Once the bonds are issued, banks are asked if they are interested in participating <br />and advertisements are run in the newspapers. He assured Mr. Heady that he would be glad <br />to put him on the County's mailing list and make sure everyone keeps in touch with him. <br />Mr. Heady noted that, as a general rule, he was not in favor of so-called "affordable <br />housing". He believed that if the same amount of time and energy were spent providing <br />high-income jobs, the need for affordable housing would not exist. He felt that whenever <br />government becomes involved, the cost is passed on to the taxpayer. <br />Mr. Heady asked what the interest rate would be, and Director Baird responded that <br />it is usually 75 basis points lower than the general market. This is not a subsidy, just an <br />allowable use of the County's tax-exempt status. <br />There being no one else who wished to speak regarding this matter, Director Baird <br />closed the public hearing at 9:13 a.m. <br />ATTEST: <br />J. K. Barton, Clerk <br />Minutes Approve09-aAl <br />�O 1 q 9 <br />DECEMBER 30, 1998 <br />-3- <br />G01) C�.cJ� <br />seph ?4 -Baird, Budget Director <br />eou 107 FA -UE 9 77 <br />