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712494
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RESOLUTION NO. 85-02
A RESOLUTION OF THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA,
APPROVING AND AUTHORIZING REVISED LOAN
ORIGINATION GUIDELINES FOR THE HOUSING
FINANCE AUTHORITY OF POLK COUNTY,
FLORIDA, 1985 MULTI-COUNTY SINGLE FAMILY
MORTGAGE REVENUE PROGRAM WITH RESPECT TO
ST. LUCIE COUNTY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, pursuant to Resolution 85-23 adopted by
the Board of County Commissioners of St. Lucie County,
Florida on January 22, 1985, the Housing Finance Authority
of Polk County, Florida (the "Polk Authority") is authorized
to operate within the territorial boundaries of St. Lucie
County, Florida (the "County") with respect to the issuance
of its Single Family Mortgage Revenue Bonds and the use of a
portion of the proceeds thereof to acquire mortgage loans
from persons and families of middle, moderate or lesser in-
come within the County (the "Single Family Mortgage Loan
Program"); and
WHEREAS, to facilitate the implementation of the
Single Family Mortgage Loan Program within the County, the
Housing Finance Authority of St. Lucie County, Florida (the
"St. Lucie Authority") and the Polk Authority entered into
an Interlocal Agreement dated as of January 30, 1985 (the
"Interlocal Agreement"); and
WHEREAS, pursuant to the Interlocal Agreement, the
St. Lucie Authority desires to approve and authorize the
Loan Origination Guidelines with respect to the County for
the Single Family Mortgage Loan Program, attached hereto as
Exhibit A.
NOW THEREFORE BE IT RESOLVED BY THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA THAT:
SECTION 1. The Loan Origination Guidelines for the
Single Family Mortgage Loan Program wi~h respect to the
County attached hereto as Exhibit A are hereby authorized
and approved.
SECTION 2. The Chairman of the St. Lucie Authority
is hereby authorized and directed to inform the Polk
Authority of the approval and authorization by the St. Lucie
Authority of the Loan Origination Guidelines attached hereto
as Exhibit A and to request the use of such Loan Origination
Guidelines as Exhibit A to the Interlocal Agreement.
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SECTION 3. This resolution shall become effective
immediately upon its adoption.
APPROVED AND ADOPTED this 11th day of June, 1985.
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HOUSING FINANCE AUTHORITY
OF ST. LUCIE COUNTY, FLORIDA
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EXHIBIT A
LOAN ORIGINATION GUIDELINES FOR
St. Lucie County
1. Maximum Family Income Limits. The maximum
family income as of June 1, 1985 is $33,750 and for families
of more than three members such amount plus $1,200.00 for
each family member over three members up to seven members.
2. Maximum Home Purchase Price.
Maximum Home Purchase Price as of the date of
the Bonds is as follows:
The current
issuance of
Targeted Areas
Maximum Home Purchase Price - New - $ 85,440
Maximum Home Purchase Price - Existing - $ 78,000
Non-Targeted Areas
Maximum Home Purchase Price - New - $ 78,320
Maximum Home Purchase Price - Existing - $ 71,500
3. Builder Reservations. The maximum amount of
each Participant's Allocation Amount which may be reserved
for builders in the County is 100%.
Builder reservations must be committed within the
following time periods:
50% in 6 months
75% in 7 months
100% in 9 months
4. Optional Seller Buy-Downs. Optional seller
buy-downs are permitted for two years. The buy-downs cannot
exceed 2% in the first year and 1% in the second year.
5. Eligible Residences. Condominium units not
more than four stories in height, single family attached and
detached residences and manufactured housing with an
economic life of thirty (30) years or more are Eligible
Residences.
6. Targeted Areas. Such percentage of each
Participant's Allocation Amount must be held aside for a
period of twelve months for origination of Mortgage Loans in
the Targeted Area, which is Census Tract number 0002, as
shall be necessary to comply with the requirements of
Section 103A of the Internal Revenue Code of 1954, as
amended, and the regulations thereunder. 712494
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