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match for KR as he was not part of that project. He thought it might have been a density bonus that at one time FHFC viewed as a contribution. Community Development Director Robert M. Keating advised that KR did receive a density 20% bonus and FHFC has changed their rules since KR came in. FHFC no longer considers a density bonus as an allowable local contribution. Ms. Merchant advised they were flexible as to the length of time on the deferral, which is one of the variables. Mr. Fabbri advised that FHFC has set a "discount rate" for this year at 7.403%, so any interest rate above that will not be considered a contribution. Additional information was requested and provided concerning the determination of the "net present value". Mr. Fabbri also advised that there is actually a calculation in order to reach the $300,000 amount, which will be verified by the FHFC during the application process. Commissioner Adams explained this has been an education since the County and Commissioners have not experienced this method in the past. She continued to ask questions about rentals in an affordable project versus a regular rental. Ms. Mitchell interjected that residents of Indian River County will have first priority on their rentals. They also do background checks on every applicant. Mr Baird gave a report on previous applications. Staff has previously advised applicants that the County does not give a local contribution. Both Lindsey Gardens and The Palms of Vero had also approached staff for local contribution and applied for industrial revenue bonds They both went forward with their projects without the benefit of either. Procedurally he had a big problem. The other groups have inquired for some time. He felt the County needed to be fair to all applicants. Staff needs time to develop the rules and determine how much the County can afford. It will take 30-60 days for staff to develop the March 6, 2001 - 92 BK 1 /PG35! ::A