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Show Gov. Supports Expanded Role For Housing Agency ': By TOM BISSELBERG In a state that has experi-enced experi-enced the worst construction slump in more than a decade and a nation with fewer housing hous-ing construction starts than in . the last quarter century, Gov. ; ' Mtheson has pledged adminis-; adminis-; trative support to alleviate the problem. SPEAKING TO the Utah Housing Coalition, he spoke of an expanded role for the Utah Housing Finance Agency, where funding has been provided pro-vided for more than 9,000 low-income low-income housing loans since 1975. Thousands of homes have received rehabilitation monies and emergency rental loans, as well. While $8 million was provided pro-vided to help market single-family single-family mortgage revenue bonds in 1981, he said "it appears the agency will be able to bond for approximately $110 million" to provide mortgage mort-gage loans for "no more than 12 percent," with the money "hopefully available in the next few weeks." "IN ORDER to encourae the production of new homes, at least 75 percent of the funds must be used for new housing starts," he told the group formerly for-merly presided over by Rosemary Davis, Davis Housing Hous-ing Authority director. "Loans will be made only to borrowers who have not had ownership interest in a principal princip-al residence at any time during the last three years." A "growing equity mortgage mort-gage program" will be implemented im-plemented with a 30-year amortization and fixed interest rate, he said. "At the end of each year, the payment will increase in-crease by five percent, with the increase being applied to the principal balance." That reduced loan term to about 12V2 years THE GOVERNOR proposed prop-osed the housing agency operate oper-ate a housing rehabilitation program, housing authority loan program and direct construction con-struction loans for borh single and multi-family dwellings. "I believe the time has arrived ar-rived to carefully assess the private state and local roles in housing issues. Changes in the demand for housing and the impact of housing inflation and housing costs not to mention the Regan Administration's reduced re-duced commitment to low income in-come housing have altered the economic and political climate cli-mate in which Utah must consider con-sider its housing policies. "MY VIEW is that needs do not disappearjust because federal fed-eral dollars dry up. And without with-out some form of public sector assistance, low and middle income in-come Utahns will no longer be able to afford adequate housing." The governor added, "My administration is totally committed com-mitted to forming an aggressive aggres-sive policy aimed at providing an adequate supply of housing for the people of Utah. Effective Effec-tive cooperation is essential if we are going to meet this mutual goal." IT COMES at a time when he noted those qualified to buy homes is declining, rental units become more scarce while demand de-mand for larger homes nationally nation-ally is falling as families are smaller and more work-oriented. work-oriented. In addition, land costs represent an ever-larger portion of a home's cost resulting result-ing in more compact housing with government regulations adding to those costs. |
