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1 <br />there as a stepping stone to binge able to afford their own home. The children attend Vero <br />Beach Elementary, a wonderful school. and the after school care is a wonderful program for <br />working parents. The playground and pool are big pluses. She saw no problems there and <br />felt there is a need for affordable housing. Just because they do not make a lot of money <br />does not mean that they do not deserve a good place to live and a nice place to raise their <br />children. <br />Sharon Merchant advised that she would address the concerns of the Board <br />concerning affordable housing. The Richman Group is sensitive to the fact that they are not <br />the only developers who wish to build affordable housing in Indian River County, but she <br />understood they are the only ones who have a viable application that has been submitted for <br />the 2001 Florida Housing Finance Corporation funding cycle. The second concern is that <br />Village Grove Apartments is looking to save $300,000 in interest income; they want to build <br />a high quality project in the community which the community will be proud of. In order to <br />comply with the rules, they must have a commitment of $300,000 net present value from the <br />County, and in exchange, Indian River County will have an $18 million multi -family project <br />of high quality. There is no question that the $300,000 would be passed on to the renters as <br />spoken of by the three ladies who have lived at KR She reviewed the amenities provided <br />for the adults and children which will be offered. Their application did not include projected <br />cash flows because the FHFC does not require it. They would be happy to cooperate further <br />with information desired by staff They would also cooperate with the County should it <br />require a first lien provision. Finally, regarding the concern about lack of time to review <br />their application, they had been working with County staff and the company staff is willing <br />and able to assist in the review. She reiterated that today is their last chance because their <br />grace period will expire in two days. <br />In response to Chairman Ginn, Todd Fabbri was not certain what was used on the <br />March 6, 2001 <br />91 <br />Bits <br />f^N <br />