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Show Low-Cost Mortgage Money Is Available A special allocation of $123,000 In low-interest mortgage loans has been set-aside for use in Piute County because of its targeted area status. This special set-aside of 11.05 percent mortgage moneys will be available, according to William II. Erickson, executive director of the Utah Housing Finance Agency, through May 1, 1985 to finance the purchase of owner-occupied single family homes. The $340,000 allocation is part of the more than $197 million made available for home mortgages through the Agency in November 1984. According to federal law which regulates tax-exempt financings, the agency was required to set-aside 20 percent of the total issue ($39,000,000) for use in targeted areas of the state. ' Targeted areas are those areas which the federal government has given special consideration to for the purpose of stimulating economic and housing development. The $39 million pool of targeted area funds is divided among the state's targeted areas based on population. After the May 1, deadline, Piute County funds not reserved will go into a general pool of targeted funds and will be available for use in any targeted area within the state. The main advantages of buying a home in a targeted area, according to Erickson, is that the buyer does not have to be a first-time homebuyer and the funds may be more accessable than in other areas. To qualify for a targeted area mortgage, the homebuyer's annual gross income may not exceed: $33,000 for a one person household plus $1500 for each additional person up to four persons and $500 for each additional household member above four. Also, the maximum purchase price on the home cannot exceed $60,000 for an existing home and $05,000 for a newly constructed home with the appraisal not exceeding $4000 above the respective maximum purchase prices. "It is our hope," said Erickson, "that the influx of mortgage moneys into the county, will help stimulate owner-occupied housing and subsequently, private investment into the area." |