HomeMy WebLinkAbout1984-001
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RESOLUTION /JOt 8f- 01
A RESOLUTION OF THE HOUSING FINANCE
AUTHORITY OF ST. LUCIE COUNTY, FLORIDA
PROVIDING FOR THE ADOPTION OF A RULE
DESCRIBING PERSONS ELIGIBLE TO
PARTICIPATE IN THE HOUSING FINANCE
AUTHORITY OF POLK COUNTY, FLORIDA, 1984
MULTICOUNTY SINGLE FAMILY MORTGAGE
REVENUE BOND PROGRAM.
WHEREAS, the Housing Finance Authority of St. Lucie
County, Florida (the "Authority"), has determined by
Resolution previously adopted that there continues to exist
a shortage of housing and capital for investment in housing
in St. Lucie County, Florida; and
WHEREAS, the Florida Housing Finance Authority Law,
Part IV, Chapter 159, Florida Statutes (the "Act"), provides
that the Authority shall determine by rule those persons of
moderate, middle or lesser income requiring such assistance
as is made available pursuant to the provisions of the Act;
and
WHEREAS, the Authority has previously entered into
an Interlocal Agreement with the Housing Finance Authority
of Polk County, Florida (the "Polk Authority") providing for
the participation of the Authority in the Polk Authority's
Housing Finance Authority of Polk County, Florida, Single
Family Mortgage Revenue Bonds, Series 1984, Multicounty
Program (the "Program"); and
WHEREAS, the Authority has determined that persons
of moderate, middle or lesser income, as hereinafter
described, are "eligible persons" requiring such assistance
as may be provided by the Act; now, therefore
BE IT RESOLVED, by the Housing Finance Authority of
St. Lucie County, Florida, a public body corporate and
politic of the State of Florida, that:
SECTION 1. Adoption of Rule SF-1984.
SF-1984, a copy of which is attached hereto as Exhibit
and made a part hereof, setting forth the criteria
"Eligible Persons" who are authorized to participate in
Program is hereby adopted.
Rule
"A"
for
the
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SECTION 2. Effective Date. This Resolution shall
become effective immediately upon its passage.
ADOPTED this 18~ day Of~~~r, 1984.
HOUSING FINANCE AUTHORITY OF
St. Lucie COUNTY, FLORIDA
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C airm .
(CORPORATE SEAL)
ATTEST:
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RULE OF THE
HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, FLORIDA
1984SF-1 ESTABLISHMENT
USE IN CONNECTION WITH THE HOUSING
COUNTY, FLORIDA, SINGLE FAMILY
SERIES 1984 (MULTICOUNTY PROGRAM).
OF "ELIGIBLE PERSONS" FOR
FINANCE AUTHORITY OF POLK
MORTGAGE REVENUE BONDS,
(a) The Housing Finance Authority of Polk County,
Florida (the "Polk Authority") may purchase, from and to the
extent of St. Lucie County's allocation of the net proceeds
received from the issuance of its Single Family Mortgage
Revenue Bonds, Series 1984 (Multicounty Program) (the
"Bonds"), only those mortgage loans (the "Mortgage Loans")
for the purchase of Single Family Residences located within
St. Lucie County (the "County") that are made by qualifying
lending institutions to Eligible Persons and that otherwise
meet the criteria and requirements for such mortgage loans
as established by resolutions of the Housing Finance
Authority of St. Lucie County (the "St. Lucie Authority")
adopted prior to the delivery of the Bonds (the "Program").
(b) "Eligible Persons" as used herein means any
individuals or families, irrespective of race, creed,
national origin or sex, of moderate, middle or lesser in-
come, who intend permanently to reside as a household in a
Single Family Residence, as defined below and who otherwise
meet the requirements of Section 103A of the Internal
Revenue Code of 1954, as amended (the "Code").
(c) A person or family in the County shall be
deemed to be of moderate, middle or lesser income if the
total current annual Adjusted Family Income of said person
or family does not exceed $33,750, as increased or decreased
by the Polk Authority to take into account fluctuations in
the Consumer Price Index for Urban Wage Earners and Clerical
Workers published monthly by the Department of Labor, Bureau
of Labor Statistics.
(d) As used in this Rule, the following terms
shall have the following meanings:
(1) "Adjusted Family Income" means the total
current annualized income (which includes primary base em-
ployment earnings and recognizable secondary income such as
bonuses, commissions, overtime, part-time earnings, divi-
dends and interest and net rental income, continuation of
which is probable based on forseeable economic circum-
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stances, all as computed at the time of application for a
Mortgage Loan pursuant to the credit underwriting standards
established by the FHLMC Sellers' Guides) of all adult mem-
bers of a family residing or intending to permanently reside
in the Single Family Residence (other than family members
who are treated as dependents under applicable federal in-
come tax laws) from whatever source derived and before taxes
or withholdings, less an amount equal to $1,200 for each
family member in excess of three, but not to exceed seven,
such family members, who reside or intend to reside in such
Single Family Residence.
(2) "Single Fami ly
dential unit in St. Lucie County,
an owner-occupied residence
Section 103A of the Code and that
the Program requirements.
Residence" means any resi-
Florida, that qualifies as
within the meaning of
otherwise complies with
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