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BOOK Ili PAGE 7 7.K. EscambiaHousinMortgageProgramindustrialRevenueBond - Avnroval to Waive Fees and Advertise the TEFRA Public Hearing The Board reviewed a Memorandum of October 12, 1999: TO: Members of the Board of County Commissioners DATE: October 12, 1999 CONSENT AGENDA SUBJECT: ESCAMBIA HOUSING MORTGAGE PROGRAM INDUSTRIAL REVENUE BOND FROM: Joseph A. Baird OMB Director Escambia Housing Authority has approached Indian River County to see if they are interested in participating in the Escambia Single Family Housing Program for low to moderate income single family housing. This program involves utilization of Industrial Revenue Bonds. Industrial Revenue bond allocations are released by districts each year beginning in January on a first come, first serve basis. Indian River County is in District 9B with St. Lucie, Martin and Okeechobee Counties and the allocation should be over $9.0 million. Indian River County would be sharing the allocation with St. Lucie County, which we have done in the past. With St. Lucie County and Indian River County participating in the same program, local participating lenders can move the money between counties after the first 120 days of the program. Escambia Housing Authority is requesting that we waive the $1,000 administrative fee plus the .5% of the face value of the bonds (.5% up to a maximum of $10,000) because this will be passed on to the lending institutions and then eventually to the person attempting to obtain the loan. Indian River County must hold a TEFRA (Tax Equity Fiscal Responsibility Act) public hearing and pass a resolution. Escambia Housing Authority would like to hold the TEFRA hearing on Tuesday, November 16, 1999. RECOMMENDATION Staff recommends that the Board of County Commissioners waive the fees and approve advertising the TEFRA public hearing for Tuesday, November 16, 1999. October 19, 1999