[I. CALL TO ORDER]
[00:00:07]
BEING IS KNOWN AS THIS AND ROLL CALL PLEASE. ALL RIGHT.
GOOD MORNING, GERMANY. AND I WANT TO KNOW IS THERE MAYOR JAMES WAYNE CHAMBERS NAPLES HERE? DOUG, YOU HEAR BEFORE YOU LIKE IN MOTION TO SET THE AGENDA
[III. ADOPTION OF THE AGENDA]
THIS BEFORE YOU ALL MOVE. SO I DON'T THINK I POLLS HAVE IT THE SAME AS IT IS FOR MY[IV. ADOPTION OF MINUTES]
STATE IN WHICH WE RECEIVE THE MOTION TO ACCEPT SO SO ON THE FEDERAL GUY.[VI.1. FY23 Neighborhood Assistance Program Budget Update]
WHAT WAS THAT? THANK YOU ALL IN NEW BUSINESS WILL BE ENJOYED AND GIVEN US HER REPORTS. ALL RIGHT. GOOD MORNING AGAIN AND WELCOME YOU ALL IN THE MIDDLE OF APRIL ALREADY. ALL RIGHT.ON YOUR SCREEN, YOU KNOW THE DOCKET BUDGET FOR THE FISCAL YEAR 23 NEIGHBORHOOD ASSISTANCE PROGRAM WAS $190,000. AN ADDITIONAL 20,000 WAS PLACED IN THE ACCOUNT ON JANUARY 20TH, 2023 TO MAKE IT A MINI BUDGET OF 210,000. DURING THE MARCH 14, 2023 TOWN COUNCIL MEETING, COUNCIL APPROVED AN ADDITIONAL 100,000 TO BE ADDED TO THE NEIGHBORHOOD ASSISTANCE PROGRAM WHICH BROUGHT THE OVERALL FUND BALANCE TO A TOTAL OF $310,000 AS OF APRIL SIX, 2023 A TOTAL OF 48 HOMES HAVE BEEN SERVICE FOR HOME REPAIRS SUCH ROOFING WET AND DAMAGED FLOOR REPAIRS AND SEPARATE PUMP OUT TOTALING JUNE ONE UNIT 57 920,000 $7,920 INTENSIVE. THE REMAINING BUDGET FOR THE 2023 FISCAL YEAR IS 52,079 ANALYSIS. ANY QUESTIONS ON THAT MEMO? THERE'S A LOT OF NUMBERS AND A LOT OF NEEDS IN THERE BUT WE KIND OF WENT OVER THIS EACH TIME THAT WE HAD TO SPEAK ON IT. SO YOU GUYS ANY QUESTIONS REGARDING OUR FISCAL YEAR IS OUR FISCAL YEAR RUN THIS JUNE THROUGH JUNE 30TH JULY SO WE ARE ENDING IN JUNE.
WE ENDING THIS FISCAL YEAR 23 AT THE END OF JUNE. SO THAT 52,000 IS TO FOR THE REMAINING THREE MONTHS. SO THAT'S A YEAR? YES.
OKAY TODAY SIX RESIDENTS ARE WAITING FOR REPAIRS AND HAVE BEGUN ON SIX HOMES.
SO TO GO OVER THAT AND SEE THE THINGS SIX WAITING FOR REPAIRS ESTIMATES ALREADY BEEN APPROVED SO CABINETS ALREADY AND THOSE THINGS ARE BEING REPAIRED SO NOW OR ALREADY SCHEDULED SO THERE THEIR BUDGET IS ALREADY IN SO WE'RE NOT GOING TO HAVE SIX REMAINING THE SIX THAT ARE WAITING WE'RE NOT COUNTING THAT INTO THE BUDGET THAT ARE BECAUSE THEY HAVE ALREADY BEEN WITHDRAWN. OKAY SO THE ISSUES ARE 48 THEY ARE PART OF THE 48.
EXCUSE ME HERE WE HAVE A BREAKDOWN OF THE NUMBERS. ANY QUESTIONS, COMMENTS OR CONCERNS THERE? DO WE HAVE ANY OTHER APPLICATIONS OUTSIDE OF THE SIX OUTSIDE OF THE SIX? NO, MA'AM. SO THAT'S EXACTLY WHAT REGIONAL GOVERNMENTS NO NOTHING. I DID GET SOME OUT. THEY HAVEN'T COME BACK INTO ME YET SO AND LIKE WITH EVERY MONTH WE'RE MOVING ALL IN SO I HAD A QUESTION I NOTICE ABOUT KYLE AND THE OTHER DAY LET'S SAY THAT YOU'RE NO AND YOU TURN LEFT ON TO BUG ISLAND OKAY YOU'RE AT THE BASE LAFAYETTE NO ,NO. ALL RIGHT, ALL RIGHT.
DOWN ON THE RIGHT I NOTICED A HOUSE ABOUT FOUR HOUSES DOWN WHERE I WAS HOUSE OR MOBILE HOME. ANYWAY, IT HAD A TARP ON THE BACK HALF OF THE ROOF.
I DIDN'T HAVE IT WITH ME WITH THAT OR NOT. YES.
THE TOWN HAS DIED. WE PUT THE TALK ON THE HOUSE HAD A FIRE SO WE PUT THE TARP ON. WE CANNOT GET IT ISN'T BECAUSE THEY'RE NOT ACTUALLY LIVING IN THE HOME YET THEY HAD A FIRE SO WHEN THEY GET BACK IN THEN WE'LL BE ABLE TO GET SOME AIR.
[VI.2. 2023 Fair Housing Month Proclamation]
OKAY. YOU. ANY OTHER QUESTIONS? OKAY. I'M GOING TO MOVE DOWN. WE HAVE ALREADY DID OUR APRIL[00:05:05]
11. WE HAD TO PUT EVERYTHING BUT THIS WAS DISCUSSED AT THE TOWN COUNCIL MEETING ON TUESDAY BUT APRIL 2023 MARKS THE 35TH ANNIVERSARY UNDESIGNATED TITLE OF THE 1968 CIVIL RIGHTS ACT AS AMENDED WHICH GUARANTEES HOUSING OPPORTUNITIES FOR ALL AMERICANS AND RESOLUTION WILL BE PRESENTED. IT WAS PRESENTED AT THE APRIL 11, 2023 TOWN OF LONDON TOWN COUNCIL MEETING DECLARING APRIL FAIR HOUSING MARKET IN THE TOWN OF LONDON. THIS ACTIVITY WILL OCCUR A CONTINUED DEDICATION TO FAIR HOUSING PRINCIPLES AND REGULATIONS ESTABLISHED BY THE STATE OF SOUTH CAROLINA IN THE UNITED STATES FEDERAL GOVERNMENT A OF THE PROPOSED RESOLUTION IS ATTACHED AND AGAIN WAS ANNOUNCED IT AT TOWN COUNCIL ON TUESDAY IN QUESTION THAT EXPANDED LANDLORDS I AM GOING TO PAUSE RIGHT HERE I DO HAVE WELL DO YOU GUYS HAVE ANY QUESTIONS BEFORE I MOVE FORWARD WE WENT KIND OF THIS TO I DO WANT TO ADD THAT TO THE RECORD MIKE JAMES HAS JOINED US GOOD MORNING. GOOD MORNING. SO I SPOKE WITH ONE THAT SPOKE WITH MATT LAUER OF LAW CONSTRUCTION WAS WORKING ON OUR SIDE OF THE ROAD HAS AN EMAIL ON THE BACK AND I JUST WANTED TO GIVE YOU GUYS A QUICK UPDATE ON THAT THIS EMAIL IN ON APRIL 30 A MAN AND A WOMAN WHO MET A MAN IS FROM ARIZONA AND THEY MET AND THEY WENT OVER TO REVIEW DRAFT FOR LAND FOR OUR NEIGHBORHOODS IN FACT NOT TOO MUCH INFORMATION BUT THEY ARE ALLOWING THREE BUILDINGS CONSISTING OF FOUR UNITS EACH FOR PRIVATE WELLS.SO OUR MAIN RIVER IN THAT PART OF THE CONSIST OF 12 TOWNHOMES AND THEY ARE PLANNING FOR THE EIGHT UNITS TO BE THREE BEDROOM UNITS AND THE INTERIOR UNITS BE A MIX OF TWO BEDROOM AND THREE BEDROOM UNITS NOT A LOT OF INFORMATION BUT THAT'S A BIG STEP FOR US.
SO I JUST WANTED TO SHARE THAT ALL WITH AND I CAN COPY AND PASTE THAT AND ARE YOU GOING TO HAVE IT FOR YOUR RECORD SO YOU'LL KNOW THE TOTAL COUNT IN BEDROOMS OUT OF THOSE 12 AND THAT CAME FROM THAT. OKAY. I ALSO DID A LITTLE BIT OF RESEARCH WE ARE WORKING WITH MADISON MADISON GROUP IS AN APARTMENT COMPLEX THAT'S COMING OVER IN THE NEW MEMBER AREA NEW RIVER AREA TO A A FORESTRY COURSE AND THEY ARE GOING TO HAVE A COUPLE OF UNITS FOR US AT FAIR MARKET RATE IS WHAT THEY HAVE IN MIND BUT FOR OUR UNITS THAT YOU'RE GIVING US THEY'RE GOING TO BE FIVE UNITS AT 60 PRESENT AT YOUR MIND AND THEY'RE GOING TO BE FIVE UNITS AT 80%. SO THAT IS GOING TO BE SIZES FOR OUR AFFORDABILITY HERE IN NEW RIVER, NEW RIVERSIDE IT'S A NEW APARTMENT AND THE ADDRESS IS 12 BY FOUR STREETS THAT'S AWESOME AND PUBLIC ON THAT CIRCLE OKAY SO I DID SOME RESEARCH AND WHAT I LOOKED AT WAS FAIR MARKET RATE. I REACHED OUT TO THEM TO SEE IF THEY CAN GIVE US THE ACTUAL AFFORDABILITY RATE BUT THEY HAVEN'T HAD THAT CALCULATED OUT YET. THESE APARTMENTS WILL BE DONE AT THE END OF MAY SO YOU KNOW THEY'RE WORKING THERE SO WE'LL BE ABLE TO PLAY TEN AFFORDABLE UNITS IN THERE.
BUT THEIR FAIR MARKET RATE AND I SPOKE WITH COUNCILMAN HAMMONDS AND WHEN LOOKED AT IT IT WAS YESTERDAY. SO A ONE BEDROOM, ONE BATH, 749 SQUARE FEET ON YESTERDAY WAS GOING FOR 1695 AND BETWEEN THE 2016 AND 1740 COUNCIL HAD JUST LET UP AND IT IS NOW 1885 TO 19 THREE. SO IN A TWO DAY TIME FRAME THAT HAS JUMPED ABOUT $200 $280 FOR THAT ONE BEDROOM ONE DAY PATH OF AFFORDABILITY WHAT THE FAIR THAT IS THE FIT MARKET RATE.
YES, THAT'S THE FAIR MARKET RATE. SO THIS IS THE ALGORITHMS RUNNING AGAINST WHAT'S YES. COMPUTERS. EXACTLY.
SO THAT IS WHAT TWO BATH WHEN I LOOKED IT WAS RUNNING FROM 2140 TO 2185 COMPANY IN HAMILTON 2342 2385 AND THAT'S A TWO BEDROOM, TWO BATH 1186 SQUARE FOOT.
SO THESE NUMBERS ARE THEY'RE JUMPING IN AS YOU ALL KNOW THAT ALGORITHM THAT THEY'RE USING IS JUST RIDICULOUS. SO WE JUST WANT TO KEEP IN MIND THAT THIS IS WHAT EVERYONE BEEN FIGHTING WITH RIGHT NOW. BUT AGAIN THAT IS NOT WHAT ABILITY RAISE.
WHEN I GET THAT I'LL LET YOU KNOW WHERE THEY ARE PUTTING BACK UNITS AT 60% BMI AND VOLUME IS AT 8% AND I AND THESE WILL BE OPEN THE END OF MAY OKAY SO I'LL COME BACK THIS MORNING INFO ONE SIDE GET THAT CLARIFICATION OF WHAT THOSE NUMBERS WILL BE ANY QUESTIONS
[00:10:01]
THAT WHAT SHE SAID IS OUR UNITS IT REALLY NOT OUR NOT OUR UNITS IS THE NUMBERS ARE LOOKING AT THESE UNITS THAT THE YIELD REQUIRES THEM TO BUILD 20% UNITS FOR LONG 40 YEARS 30 YEARS 30 YEARS SO WHAT REQUIRES THEM TO DO THAT CHAIRMAN THE ANYTIME WE HAVE A NEW DEVELOPMENT COME IN NOW AND THE UDL DICTATES THAT IT DEPENDS ON THE TYPE OF DEVELOPMENT IS RIGHT THE DETAILS THAT THEY HAVE BUILD 20% OKAY AND THEN THE BLUFFTON REQUIREMENT CITY WORKERS ANY TIME THEY GET A PERMIT THEY HAVE TO AGREE TO THAT THAT NOT EVERY PROPERTY FALLS UNDER THE CATEGORY IT DEPENDS ON HEAVEN HELP ME WITH THAT YES SO THE STATE OF SOUTH DOES PROHIBIT INCLUSIONARY ZONING WHICH THAT THE REQUIREMENT THAT EVERY DEVELOPMENT LIKE I THINK NORTH CAROLINA HAS OTHER STATES IT WHERE ANYTIME YOU BUILD SO YOU BUILD A SUBDIVISION IN OLD TOWN YOU BUILD A SUBDIVISION OVER 23 YEARS AND IT HAS TO BE AFFORDABLE SOUTH CAROLINA IT GOES LET'S SAY IF THAT'S NO WE CAN'T DO THAT WHETHER WE CAN PUT REQUIREMENTS IN OUR COMMUNITIES, IN OUR INVOLVEMENT BECAUSE THAT'S A CONTRACT.IT'S ALMOST A CONTRACT ZONING FOR LACK OF A BETTER TERM. SO THEN YOU HAVE WHAT THESE RULES AND STIPULATIONS AND A DEVELOPER IN RIVERSIDE VILLAGE HE WAS KIND OF CAUGHT IN THAT TIMING WHERE IT WAS A REQUIREMENT IT WAS A LITTLE BIT YOU KNOW JUST KIND OF BACK AND FORTH BUT HE HERMAN COUNCIL COUNCIL OKAY. HERE'S HOW MANY UNITS WE'RE GOING TO DO AT THIS BREAKDOWN AND IN ADDITION TO THAT YOU HAVE TO BUILD THOSE FIRST SO YOU KNOW, YOU KIND OF CAN'T GET THE CAN DOWN THE ROAD SO TO SPEAK.
SO I THINK THAT WAS GREAT FOR COUNCIL THE DEVELOPER TO PUT ALL THAT PLACE OUT.
WELL THEY INVITED ME I GUESS THOSE UNITS WILL BE A LOT CHEAPER THAN THAT 600 I SURE HOPE SO. SO PARDON ME. DISMISSED.
SCREAM FIND A REPLACEMENT. YEAH I DO NOT KNOW I KNOW I'M WORKING WITH HER BUT THE REASON I BRING IT UP IS OBVIOUSLY SHE OUT OF ONE OF THESE WELL I KNOW WE WERE LOOKING AT THE NUMBERS TO SEE IF SHE WOULD AND 100% SHE WOULD SHE WOULD MAYBE THE 80 BUT NOT SAY THAT AGAIN SHE'S DONE 100% ARMY UNITS SHE WOULD IF I'M NOT SURE I KNOW IS 60 SHE IS BUT WELL I'M WORKING WITH SINCE OUR LAST MEETING AND I'M GOING TO TELL YOU WE DID LOOK FOR OTHER APARTMENTS OR I DID SHE IS IT'S CHEAPER FOR HER OWN A HOME SO WE ARE WORKING WITH USDA AND OTHER AVENUES GET HER HOME AND THEN IT IS ALMOST $500 A MONTH LESS TO OWN HER HOME BUT WHERE SUN CITY SHE WAS SHE WAS NOT ABLE TO LIVE IN SIN CITY. THAT'S WHAT I THOUGHT THOUGHT SHE'D BE. YOU'RE NOT OLD ENOUGH FOR THAT. YEAH, SO BUT THERE IS SEVERAL PLACES SOME OF THE FARM THERE'S SOME NEW DEVELOPMENTS YOU KNOW NOT IN BLUFFTON BUT IT'S JUST AMAZING WHAT WE WHAT WE UNCOVERED SO SHE IS GOING TO BE SHE RENEWED HER LEASE BECAUSE IT WAS SHE'S GOING TO BE RENTING AT A SLIGHT INCREASE IF SHE HAD A FOR JUST A FEW MONTHS UNTIL WE CAN SEE WHAT SHE CAN GET IN BUT THEY WERE GOING INCREASE THEIR RENT I THINK TO THE TUNE OF ABOUT $700 A MONTH. THIS IS IN HARD INFILL. WELL, YOU KNOW AND I WOULD AND THANK YOU THANK YOU FOR DOING THAT SHE IS HER STORY STUCK WITH ME OBVIOUSLY LEARNING ABOUT THESE ALGORITHMS MAKES ME NAUSEOUS BUT REGARDLESS I WAS GOING TO SAY THAT IF SHE IF THINGS DON'T WORK OUT MR. MITCHELL IS THE OWNER OF THESE APARTMENTS HE KIND OF DID HE DID HE WORKED WITH US TO GIVE US THOSE TEN UNITS HE DIDN'T REALLY HAVE AT THE TIME AND HE WANTED TO DO MORE AFFORDABLE HOUSING UNITS POSSIBLY IN THE FUTURE HE MIGHT BE WILLING TO TAKE A PHONE CALL. WE CAN GET AROUND IT 100%. IF SHE CAN'T FIND A PLACE TO BUY HE MIGHT BE WILLING ENTERTAIN THAT YOU DON'T KNOW. AS WE ASKED BUT MAYBE SHE WOULD HAVE GOTTEN WILL THAT BE IF YOU WANTED TO BE HERE BY THE WAY? BUT SHE HAD A CHAT WITH THAT
[00:15:09]
AND SAID I PULLED UP ON RENTAL NUMBERS. WELL IT'S BECAUSE I WOULD GO OUT. IT'S FUNNY THAT YOU ARE ALL KIND OF WAITING IN THAT DIRECTION. THE AVERAGE MINIMUM WAGE RIGHT NOW IS 7.5.THE AVERAGE HOURLY WAGE 1592 THE BEDROOM HOUSING WAGE WAGE IS 1930.
THE NUMBER OF RENTAL HOUSEHOLDS IS 30 858 6090 PRESENT RENTERS IS 30%.
SO THIS IS JUST KIND OF A BREAKDOWN OF THE RENTAL RATES IN SOUTH CAROLINA IN ORDER TO SURVIVE IF YOU'RE GOING TO BE A RENTER IF CAN SEE THE HOURS HERE THAT YOU WOULD NEED TO WORK AT THAT 1725 MINIMUM WAGE, YOU'RE LITERALLY JUST BARELY MAKING IT AND THE WAY THAT THE NUMBERS ARE GOING IS JUST YOU KNOW SO I'M GLAD THAT WE ARE WORKING ON OUR MAYBE RECORD ON FILE AND I'M GLAD THAT WE ARE HAVE THOSE AFFORDABILITY RENTAL UNITS GOING INTO APARTMENTS BECAUSE THE WAY IS WORKING I THINK WE'RE GOING THE RIGHT DIRECTION KNOW IT'S KIND OF SAD WHEN YOU LOOK AT IT AND SEE IT ON PAPER BUT THAT'S THE REALITY I WENT TO A HOUSING OPPORTUNITY CONFERENCE IN ARIZONA MARCH 27, 29TH AND IT JUST SAT ON IT ALL THE BIG CITIES AND SMALL CITIES ARE ALL HAVING ISSUES FINDING AFFORDABLE HOUSING FOR THEIR INCOME YOU KNOW CERTAIN INCOME RESIDENTS. SO IT'S A TEAM EFFORT. I LEARNED A LOT SO I WILL BE GIVING YOU GUYS A SUMMARY AND AN OVERVIEW OF WHAT I LEARNED NEXT MONTH.
SO I JUST WANTED TO KEEP KEEP PUSHING AND WORKING THIS CAUSE BECAUSE PEOPLE MY AGE STRUGGLING FOR HOUSING SO YOU JUST GOT TO KEEP WORKING AT IT BECAUSE.
THIS IS REALLY AN EYE OPENER ON WHAT'S GOING ON AND THEN THE NEXT SHEET JUST KIND OF LET YOU KNOW WHERE WE FALL. DO YOU GO BACK TO SORRY BUT I NEED TO GET SOME SORRY IF YOU TO LOOK AT THAT MOST EXPENSIVE AREAS LIKE THAT'S VERY ENLIGHTENING YES WHERE WE FIND YOU LOOK AT THE ACTUAL COST OF THE MOST EXPENSIVE AREAS IN CHARLESTON BECAUSE IT'S A LITTLE BIT MORE EXPENSIVE THAN US AND WHERE EITHER COUNTY WERE OR THE 2120 5% HIGHER THAN GREENVILLE. SO WE'RE PUSHING IT BECAUSE I WAS LIKE OH YES I KNOW THAT I WOULDN'T BE INCLUDING THAT OUR MEETING AND THEN WITH THE CONVERSATION THAT WE JUST HAD YOU I THINK SO ALISON IS AS YOU SAID YOU WOULD LIKE BUT IT'S JUST KIND OF A A BREAKDOWN OF WHERE WE ARE. RIGHT. ANY QUESTIONS? COMMENTS, THE WORD INVENTORY THANK YOU AND AND THANK YOU, VICTORIA FOR US THE PALMETTO STATE HOUSING STUDY THAT YOU SAID AFTER LAST MONTH IT I MEAN IT JUST BLEW MY MIND REALLY THAT YOU KNOW, SO MANY PEOPLE IN OUR OUR AREA I GUESS THEY CALL IT HOUSING BURDENED JUST REALLY AFFORD IT. MORE MONEY IS GOING OUT FOR HOUSING THEN OUT THEN IS LEFT AT THE END OF THE MAP IT'S MAN SO OUR NEIGHBORHOOD ASSISTANCE PROGRAM IS KEEPING A LOT OF OUR RESOURCES IN PLACE SO THAT'S PAT ON THE BACK FOR ALL THAT WE THAT EXTRA MONEY IN THERE AND WE'RE BUSTING TO KEEP OUR LIFELONG RESIDENT WHERE THEY CAN BE SO RIGHT NOW I'M GOING TO IN MY COMMUNICATION AND I'M GOING TO LET THEM IS MARRIED AND COME UP WE MET I WAS MARRIED AND IT'S ABOUT TWO MONTHS AGO SHE IS FROM SOME STATE BANK SHE HAD A SMALL THAT SHE WOULD LIKE TO SHARE WITH US AND AS THE LIKE THANK YOU VERY SO I WAS HERE A COUPLE OF MONTHS AGO AND SHARED WITH YOU SOME INFORMATION ABOUT OUR AFFORDABLE HOUSING LOAN PROGRAM CALLED OUR BUYERS ADVANTAGE LOAN PROGRAM AND I THINK IT'S PERFECT.
I'M HERE TODAY JUST LISTENING TO THE AGENDA THIS MORNING BECAUSE I'M GOING TO GIVE SOME EXAMPLES. DAN, YOU HAD ASKED A COUPLE QUESTIONS ASKING IF I CAN COME UP WITH SOME SCENARIOS AS TO IF WE HAVE A PARTICULAR CLIENT THAT'S LOOKING TO BUY IN BLUFFTON MEAN 80% OF THE AREA MEDIAN INCOME HOW MUCH COULD THEY AFFORD IN BLUFFTON SO I HAVE SOME SCENARIOS HERE BUT THE FACT THAT I'M JUST A LITTLE BIT ABOUT SOUTH STATE BANK WE HAVE OVER 240 LOCATIONS WITHIN SIX STATES 44 BILLION IN ASSETS, 5000 EMPLOYEES, 36 BILLION IN DEPOSITS OVER A MILLION CUSTOMERS AND THEN 30 BILLION AND LOANS.
SO WE'RE VERY DIVERSIFIED BANK HEALTHY. WE'RE OVER SIX STATES OF VIRGINIA, NORTH CAROLINA SOUTH CAROLINA, GEORGIA, FLORIDA AND ALABAMA.
BUT LET'S INTO THE B OF EVERYTHING. SO THIS IS OUR BUYER'S
[00:20:04]
ADVANTAGE PORTFOLIO LOAN AGAIN TO RECAP IT'S A 30 YEAR FIXED PRODUCT IS WE CAN OFFER 100% FINANCING WITH NO PRIVATE MORTGAGE INSURANCE THE CLIENT CANNOT HAVE ANY OWNERSHIP INTEREST IN ANY OTHER PROPERTIES EXCEPT THE ONE THEY'RE PURCHASING AND BUYING OR GETTING ALONG WITH HAS TO BE THEIR PRIMARY RESIDENCE THE MINIMUM CREDIT SCORE REQUIREMENT IT'S GOING TO BE 640. WE ARE GOING TO REQUIRE ESCROWS ,TAXES AND INSURANCE. THEY HAVE TO HAVE ONE MONTH OF RESERVES MEANING ONE MONTH OF PAYMENT. SO THE PRINCIPAL TAXES INSURANCE THEY HAVE TO HAVE ONE MONTH OF RESERVES AN ACCOUNT THAT WE CAN VERIFY AND THE PROPERTY LOCATIONS AND OR LIMIT INCOME LIMITS APPLY AND I'LL GET INTO THAT IN THE NEXT COUPLE SCORE SCREENS SO TO QUALIFY FOR THE BUYER'S ADVANTAGE PORTFOLIO LOAN ONE OF THE FOLLOWING MUST BE TRUE TO QUALIFY SO ONE THE PROPERTY MUST BE LOCATED IN A LOW OR MODERATE INCOME CENSUS TRACT TWO THE PROPERTY LOCATION HAS TO BE IN A HIGH MINORITY INTEREST TRACK GREATER THAN 50% OR THIRD THE BORROWER'S INCOME HAS TO BE 80% OR LESS OF THE MEDIAN FAMILY INCOME.SO ONE OF THOSE THREE HAVE TO APPLY TO QUALIFY FOR THE BUYER'S ADVANTAGE PROGRAM.
SO HOW DO WE DETERMINE WHAT THOSE THREE ITEMS IS THROUGH TWO OF ABC CENSUS TRACT I'VE PROVIDED THE LINK HERE ANYBODY CAN GO ON IT BUT IT'S THE FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL SO IT IDENTIFY THAT PROPERTY IF IT'S IN A LOW TO MODERATE INCOME CENSUS TRACT OR WITHIN HIGH MINORITY CENSUS TRACT AND IT ALSO TO IDENTIFY THE 80% AREA MEDIAN. SO FOR EXAMPLE JUST PLUGGED IN A PROPERTY IN BLUFFTON PARK BECAUSE I KNOW IT'S IN THE TOWN LIMITS AND I JUST WANTED TO KIND OF LET YOU KNOW WHAT I LOOK FOR SO PLUGGED IN A PROPERTY INVOLVED IN PARK AND I HIGHLIGHTED THE TRACK SO YOU CAN SEE THIS PARTICULAR PROPERTIES IN A MIDDLE TRACK THE AREA MEDIAN IS 94 SIX THAT'S AT 100% SO WE WOULD TAKE 80% OF THAT AND THEN TRY TRACK MINORITY 49.73 SO IF I WERE TO LOOK AT THIS PROPERTY AND I HAVE A CLIENT INTERESTED IN PURCHASING THIS PROPERTY IT'S NOT IN A LOW TO MODERATE INCOME CENSUS TRACT AND IT'S NOT IN THE HIGH MINORITY CENSUS TRACT AND THAT IS ALL OF LOCKDOWN SO I LOOK AT EVERY SINGLE CENSUS TRACT IN BLUFFTON AND NOT KNOW PROPERTIES LOCATED IN BLUFFTON ARE IN A LOW MODERATE OR HIGH MINORITY.
SO FOR A CLIENT THAT IS INTERESTED THIS PRODUCT THEY HAVE TO BE BELOW 80% OF THE AREA MEDIAN. OKAY SO WHAT IS THAT THE $75,680 SO ANY CLIENTS IS THAT IS INTERESTED IN THIS PROGRAM AT 100% FINANCING AND HAS TO BE BELOW THEIR THEIR ANNUAL HAS TO BE BELOW $75,680 ESSENTIALLY BASED ON THE SIZE OF THE FAMILY.
SO IT'S NOT SO IT'S BASED ON THE APPLICATION. SO HIS WIFE IS JUST ON THE LOAN HUSBAND CAN ALSO MAKE INCOME BUT WE'RE NOT INCLUDING THAT SO IS WHOEVER IS ON THE APPLICATION SO IT'S NOT LIKE USDA WHERE THEY LOOK AT HOUSEHOLD INCOME AND YOU GET THIS WEBSITE AGAIN FROM OH YEAH IT'S HOME SO WOULD YOU SAY THEY'RE GETTING MARRIED AT ABOUT THE MOMENT THE AM I SURE IT'S NOT YOU KNOW IT'S NOT I LEARNED A LITTLE BIT AND I WAS GOING TO ASK THAT ARE CREDIT IRONMAN IT'S NOT THE AREA IT'S NOT AREA MEDIAN INCOME IT'S THE FEC WHEN THEY'RE YES IT'S $1,000 DIFFERENCE I AT I DON'T KNOW WHY OR WHAT THE DIFFERENCE IS BUT IT'S THOUSAND DOLLARS DIFFERENCE FROM THE AREA MEDIAN INCOME AND IF I SEE SO WE HAVE TO USE THIS ONE THE 94 SINCE THAT YOU JUST SHOWED US THAT FOR A FAMILY ISN'T THAT FOR TWO PEOPLE AND A FAMILY OF FOUR THAT'S WHAT THE 2022 FEC ESTIMATED MEDIAN INCOME IS FAMILY INCOME. THIS IS JUST FROM THE WEBSITE. I DON'T KNOW HOW THEY DETERMINE THIS NUMBER BUT IT IS FROM THE AREA MEDIAN INCOME I'LL FIND OUT I THE FAMILY OF FOUR AND AND I THINK IT'S A FRIEND OF THE FAMILY BIGGER THAN A FAMILY OF FOUR BECAUSE A FAMILY OF FOUR WAS ABOUT I DON'T KNOW I PUT NUMBERS ON THE RECORD SO IF WE DON'T LOOK AT THE NUMBER OF HOUSEHOLD MEMBERS OR SO WE DON'T IDENTIFY THAT. OKAY.
AND THIS WHOLE PROGRAM THAT MAKES IT A MORE ATTRACTIVE RIGHT.
WE'RE NOT VERIFYING INCOME A NON BORROWER ON AN APPLICATION SO I UNDERSTAND WHAT YOU'RE SAYING WE'RE I'M A LITTLE CONFUSED AND LET'S TAKE THE EXAMPLE WERE TALKING TO KIND
[00:25:05]
OF TOUCHED ON A SECOND AGO WAS SO YOUR NUMBER $75,000 TO QUALIFY FOR THIS ONE RIGHT UNDER 70,000 RIGHT AND IS THERE IN THIS AREA RIGHT. AND SO SOMEBODY QUALIFIES IT $73,000 ASSUMING THEIR INCOME $73,000. RIGHT.SO THEY QUALIFY OR THEY DON'T QUALIFY FOR THEIR INCOME AS $77,000.
THEY DO NOT QUALIFY AS THE PROPERTY LOW TO MODERATE INCOME CENSUS TRACT OR A HIGH MINORITY . GUESS THIS IS WHERE I'M GOING. SO THE SPOUSE IF THEY HAVE A SPOUSE IS $50,000 A YEAR. YOU ONLY LOOK AT THE ONE ON THE APPLICATION WRITING ON AN APPLICATION. SO IF WIFE CAN QUALIFY AND HAVE JUST HER INCOME AT 75,000 IF I'M QUALIFIED HER THEN THAT'S HOW TO QUALIFY FOR THIS LOAN PROGRAM EVEN IF HUSBAND'S MAKING AN ADDITIONAL 50,000. SO WE'RE ONLY LOOKING AT BASED ON THE APPLICATION WE'RE NOT LOOKING AT THE HOUSEHOLD INCOME LIKE USDA LOOKS AT AND YOU SAY THAT IN THIS AREA ONLY YOU CAN'T QUALIFY THEN WITH THE OTHER TWO TRACTS WE IN BLUFFTON RIGHT AND ALL BOOKED IN I LOOKED AT EVERY SINGLE CENSUS TRACT WE KNOW ABOUT AMONG OUR INCOME OR MINORITY OR MINORITY.
CORRECT OVER 50% IT'S THERE'S ONE POCKET IN HILTON HEAD AND THEN JASPER COUNTY IS WHERE YOU GET INTO WHAT MARKETHILL AND THEN JUST FORGET AND THEN A LOT OF JASPER COUNTY AND THEN ALL OVER THE STATE THERE ARE SEVERAL BUT I KNOW YOU GUYS WANT THE INFORMATION FOR SO NO NO NO THIS IS THE BLUFFTON YEAH OF COURSE. SO WE DO THIS PRODUCT A LOT IN OUR AREAS IN SOUTH CAROLINA, HAMPTON COUNTY, JASPER COUNTY VIGILANCIA SO I WOULD THINK ONE OF THE MOST DIFFICULT HURDLES OVERCOME IS THE CREDIT SCORE FOR ME IS ACTUALLY INCOME PEOPLE ARE ON BY THE RAGGED EDGE AND I THINK THEY THINK THE CREDIT SCORE WILL FLUSH OUT A LOT OF PEOPLE. YOU KNOW, FHA IS MINIMUM IS 580 SO CONVENTIONAL IS 620 SO I MEAN WE'LL GET INTO SOME SLIDES HERE AND I'LL GIVE SOME EXAMPLES ON A SCENARIO WITH A CLIENT THAT HAS SOME DEBT VERSUS NO DEBT THEY WOULD QUALIFY FOR IN BLUFFTON BECAUSE I KNOW THAT'S WHAT YOU WERE WANTING BUT YEAH I MEAN THEY HAVE TO HAVE CREDIT, THEY HAVE TO HAVE A MINIMUM OF 640 CREDIT SCORES. WE ARE WE'RE WE'RE LENDING 100% WITH NO MORTGAGE INSURANCE. SO IT IS YOU KNOW OF COURSE WE HAVEN'T SEEN RISK ASSOCIATED COURSE AND IT THIS IS ALL THESE THEY ALSO HAVE TO BE QUALIFIED AND THIS IS IT I DIDN'T EVEN TALK ABOUT WHAT WE FOR QUALIFYING AS FAR AS YOU KNOW DETERMINE THE DEBT TO INCOME RATIO AND YOU KNOW INCOME AND ASSETS AND ALL THAT SO BUT I WILL GET INTO SUBSIDIARIES HERE THAT I THINK YOU'LL FIND INTERESTING BUT I WANTED TO KIND OF JUST TALK TO YOU ABOUT WHAT I DO A LOAN OFFICER AND QUALIFY ON A CLIENT. YOU KNOW I LOOK AT THEIR CURRENT AND THEN I LOOK AT THEIR CURRENT MONTHLY QUALIFIED INCOME SOME EXAMPLES OF DEBTS YOU KNOW, CAR LOANS, CREDIT CARDS, STUDENT PERSONAL INSTALLMENT LOANS, ALIMONY, CHILD SUPPORT OR ANY LEADS JUDGMENT OR ON PAYMENT PLAN. SO THOSE ARE SOME DEBTS THAT I'M CURRENTLY LOOKING AT A CREDIT REPORT AND THEN I'M ALSO LOOKING AT WHAT THEIR QUALIFIED INCOME IS SO THEIR SALARY, THEIR PENSION OR SOCIAL SECURITY DISABILITY OVER TIME COMMISSIONS FOR SO FIRST SCENARIOS I WANT TO GIVE A SCENARIO WITH A CLIENT IN BLUFFTON THAT IS MAKING $75,000 A YEAR EVERYTHING THAT WHEN WE QUALIFY WE LOOK MONTHLY SO WHEN WE TAKE 75,000 DIVIDED BY 12 MONTH AT $6,250 AND IF YOU THE MAXIMUM DEBT TO INCOME RATIO ON THIS PROGRAM IS 43%. SO IF YOU TAKE THAT TIMES 43% THEIR TOTAL MAXIMUM THAT IS CANNOT EXCEED $2,687. SO THIS FIRST PERFECT WORLD SCENARIO THE CLIENT THAT I'M MEETING TODAY HAS NO DEBT ONLY THE PROPOSED MORTGAGE FOR EXAMPLE ON A 30 YEAR FIXED TODAY'S RATES AT 6.25 THAT IS OF COURSE SUBJECT TO CHANGE BUT TODAY THE RATE IS 6.25.
SO IF A CLIENT COMES TO ME AND ARE INTERESTED IN $360,000 PURCHASE PRICE FOREGOING 360,000 AT 6.25 THE MONTHLY PRINCIPAL AND INTEREST IT WOULD BE 2000 TO 70 ESTIMATED TAX AND 200 ESTIMATED HOMEOWNERS INSURANCE 150 AND THEN ESTIMATED REDUCE $100 SO THAT A TOTAL MONTHLY PAYMENT OF $2,667 AGAIN IN THIS CLIENT HAS NO DEBT AND ONLY DEBT THAT THEY HAVE IS PROPOSED MORTGAGE THEN THE CLIENT WOULD QUALIFY BECAUSE IF YOU TAKE THAT $2,667
[00:30:06]
DIVIDED BY THE $6,250 IN THEIR MONTHLY INCOME THAT'S A 42.7% DEBT TO INCOME RATIO.BUT IN REAL WORLD MOST PEOPLE HAVE SOME DEBT SO SAME SCENARIO 360,000 SAME MONTHLY PAYMENT BUT THIS NEXT CLIENT HAS A $300 PART PAYMENT, A $50 CREDIT CARD PAYMENT AND A $50 STUDENT LOAN PAYMENT. SO ALONG WITH THE MORTGAGE THAT TOTAL DEBT IS $3,067.
IF YOU TAKE THAT DIVIDED BY THEIR INCOME THAT ARE AT 49%. SO THEY WOULD NOT QUALIFY IN THIS SCENARIO. SO I WANTED TO GIVE YOU A SCENARIO FOR A REALISTIC SO LET'S SAY THE CLIENT DOES HAVE THIS DEBT LOAD IN THIS SPECIFIC SCENARIO THEY'RE LOOKING AT AROUND A $300,000 LOAN FOR SOMEBODY THAT MAKES 75,000. AND SO THESE ARE TAXES BASED ON TOWN OF BLUFFTON AND A HOMEOWNER'S INSURANCE ESTIMATE IS PRETTY REASONABLE.
HVAD IS OF COURSE VERY SO IT'S REALLY HARD TO TELL. YOU KNOW, IT'S ALL GOING TO BE BASED ON THE CLIENT DEBT, YOU KNOW. SO IF THEY HAVE MORE IT'S LESS I CAN FAULT MY MORTGAGE HAVE NO DOUBT AT ALL I CAN QUALIFY MORE ON A MORTGAGE.
SO LET'S GIVE ANOTHER SUMMARY FOR A CLIENT IS MAKING 60,000 A YEAR THAT'S 5000 A MONTH THANKS FOR YOU 3% AT 2150 IS A TOTAL MAXIMUM MONTHLY THAT AGAIN PERFECT SCENARIO WE'RE AT 280,000 THIS IS FOR A CLIENT THAT HAS NO DEBT THEY WOULD QUALIFY FOR A $280,000 LOAN ON THIS LOAN PROGRAM WORLD THEY HAVE $400 MONTHLY DEBTS SO AT 280 THEY WOULD NOT QUALIFY THEY'D BE OVER THE RATIOS SO THEY'RE RIGHT AT 230,000 WOULD BE IDEAL AND FOR CLIENT THAT HAS $400 A MONTH IN DEBT SO THAT I'LL GIVE YOU A LITTLE BIT OF YOU KNOW JUST REAL SCENARIOS AS TO ANY QUESTIONS. YES, THAT'S IT IS BUT ONE OF THE THINGS THAT I NOTICE THOSE THE INCOME AND THE ENTRY OF HOMES IN THE AREA THAT I MEAN THAT PRICE BRACKET THAT'S WHAT I WAS VERY FAMILIAR WITH DOING I THIS CENTURY CAN SPEAK TO THAT MORE TO IT'S THIS CHALLENGE FOR SURE YOU KNOW EVEN THE 300 THERE'S THERE'S THERE'S NOTHING UNLESS IT'S MOBILE HOMES AND THEY JUST DON'T COME UP FOR SALE ANYMORE WE CAN DO MOBILE HOMES ON THIS PRODUCT AND IT HAS TO BE TITLED CAN GO BACK TO YOUR CHART WHERE THEY DIDN'T QUALIFY FOR 360 I THINK IT WAS WORK SO WHERE THEY DIDN'T QUALIFY HERE WITH A DOWN PAYMENT HELP IN THIS SITUATION YEAH OF COURSE BUT IT'LL BE A SUBSTANTIAL AMOUNT I COULDN'T TELL YOU OFF HAND BUT I WOULD SAY 20 30,000. YEAH SO THAT'S ANOTHER THING THAT COMES OF MARKET ALSO SO WE YOU KNOW I WAS TALKING TO VICTORIA REALLY LOVE TO DO A HOME BUYER COURSE WITH YOU GUYS OVER THE TOWN ANYBODY THAT CAN COME BECAUSE THESE CLIENTS THAT ARE LOOKING TO YOU KNOW HAVE THEIR FIRST TIME BUYING A FIRST HOME AS A FIRST TIME HOMEBUYER NEED TO UNDERSTAND, YOU KNOW, HOW NEGATIVE THAT IS AND WHEN WHEN WHEN GOING TO BUY A NEW HOME MEANING MORTGAGE REAL QUICK JUST I WANTED TO SPEAK ON IF YOU HAVE A CLIENT THAT IS YOU KNOW PURCHASING HOME THE SELLERS CAN PAY FOR THE CLOSING COSTS UP TO 6% OUT OF THE PURCHASE PRICE SO.
I HAD CLIENTS THAT HAD DIDN'T HAVE TO COME OUT OF POCKET AT ALL.
THEY JUST HAD TO HAVE ONE MONTH RESERVES, $2,000 IN AN ACCOUNT AND THEY DIDN'T HAVE TO PUT ANYTHING DOWN. THEY DIDN'T HAVE TO PAY COSTS BECAUSE THE SELLERS WERE WILLING TO PAY THE CLOSING FEE. SO IN A PERFECT SCENARIO THEY JUST HAD TO HAVE 2000 AND RESERVES SO THAT'S IT. THAT WAS MY PRESENTATION. GIVE ANY QUESTIONS YOU MIND SHARING IT? SO THIS SLIDE I HAVE HAVE IT VETTED OUT TO BE APPROVED WITHOUT AID HAS NOT YET SO ONCE IT IS APPROVED THEN I WILL OF COURSE WE CAN SHARE THAT AND THANK YOU FOR YOUR EFFORT THAT'S A LOT OF REALLY I MEAN I KNOW YOU GUYS WOULD WANT YES, YOU'RE WELCOME. THANK YOU. THANK YOU.
THANK YOU. MEREDITH. THANK YOU.
SO IF I MAY JUST I AM TRYING TO LINE UP A HOMEBUYERS CLASS. I REACHED OUT TO A COUPLE OF LOCALS IN THE AREA THAT WORK WITH HOME BUYING SO THEY'RE TRYING TO MATCH SCHEDULES AND LOCATION THIS IS A BUSY TIME OF THE YEAR EVERYBODY GETS OUT OF BED SO WE ARE WORKING ON PUTTING SOMETHING TOGETHER THAT AND WHAT I FOR YOU GUYS I'M GOING TO KIND OF BACK INTO THE
[00:35:09]
HANDS OF CHAIRMAN FOR THE RECORD PLEASE NOTE THAT YES FOR THE RECORD MS..GWIN CHAMBERS JOINED US OUR NO WE OPEN UP FOR PUBLIC COMMENT. YOU KNOW IT'S PROBABLY NOT IS IT WOULD LIKE TO SHARE ANYTHING IT WOULD COME IN MORNING THANK FOR RECOGNIZE WE APPRECIATE IT ALL RIGHT ANYTHING FOR THEM MAYBE I KNOW IT'S LIKE TAKING A DEEP BREATH EVERY TIME IS AN AIRWAY IS THAT WE COULD DO IS PART OF THAT NARRATIVE SHARED WITH HOMEBUYERS OF BUSINESS AND WITH WITH THE HOME WRITING CLASS I'M SORRY TO SAY THE OUTLIERS IS THIS IS ARE A PRODUCT OF HOMEBUYERS BUSINESSES MEANING MAYBE HELPING WITH THE DOWN PAYMENT TAXES YOU ALWAYS COME BACK WITH THAT I MEAN $20,000 THE WAY I READ IT WHEN YOU'RE IN A PLACE WHERE THERE'S VERY LITTLE TO NO INVENTORY OF A 300,000 PLUS HOME.
YEAH AND I THINK I HAD IT WASN'T HARD TO SAY THAT THERE'S A LOT TO COME OUT OF POCKET WHEN YOU'RE ALREADY TRYING TO LIVE AN AFFORDABLE LIFE SO I KNOW WE HAVE A PARTNER OR NOT PARTNERSHIP BUT WE HAVE A CONNECTION WHEN WE WORK AND THEY ARE DOING SOME THINGS AND BEFORE THAT TIME WITH THE CITY OF BEAUFORT AND WHAT WOULD BE FOR MEMORIAL BUT IF THERE'S AN OPTION THAT WE CAN VISIT REVISIT IN THEN AND BULLETINS THE L.A. LOCAL GOVERNMENT MEETINGS ON A MONTHLY BASIS THAT HAVE NOW AND FOR LOCAL I'M SORRY HAVE NOW THAT A PROGRAM THAT MIGHT BE ABLE TO ASSIST IS BASICALLY FOR DEVELOPERS TO BUILD AFFORDABLE HOMES I DON'T THINK I WE TALK ABOUT THAT WE CONFIRMED THAT IT'S GOING TO HAVE A DOWN PAYMENT SYSTEM THE FIRST MOVE SO I COULDN'T FIND ANSWER AGE BARRIER LIKE YEARS AGO WITH WACHOVIA USED TO HAVE A DOWNSIZE DOWN PAYMENT ASSISTANT PROGRAM YOU GO THROUGH A CLASS LIKE A HOMEBUYERS YEARS AGO THAT ME I THINK PART OF THE WELL THIS ONE OF THE MOST CHALLENGING THINGS THAT I'VE EXPERIENCED IN THE WHOLE TIME SAT ON COUNCIL IS YOU KNOW AND THEN THE PRICES JUST KEEP ESCALATING AND WE KEEP TRYING TO THINK OUTSIDE THE BOX TO FIND A WAY TO PUT A SQUARE IN AROUND IT I REMEMBER YEARS AGO SAYING YOU CAN THEY WERE TELLING ME AT THE TIME WERE SAYING FIVE $10,000 WITH AN EMPLOYEE AS A DOWN PAYMENT IN A NEGATIVE AND GIVE THAT AT THE END OF FIVE YEARS BUT BUT THE EMPLOYEE BASICALLY HAD AN AGREEMENT WITH THEIR ON THEIR EMPLOYERS AND I WILL SAY BEFORE THAT YEARS WHEN THEY DID THEY FORGAVE IN FRED AND I GUESS IT WAS LAST YEAR SURGE GREW AND DON'T KNOW WHERE THEY GOING WITH THIS THEY THEY MET WITH THE COMMUNITY FOUNDATION LOWCOUNTRY AND THEY WERE GOING TO RAISE $15 MILLION TO TRY TO PURCHASE HOUSING FOR EMPLOYEES OF THEIRS TO LIVE HERE WHETHER THEY WERE GOING TO RENT OUT.
AND SO I THINK ABOUT WHAT THEY'RE GOING TO DO. DO YOU KNOW WHETHER THERE'S GOING TO BE A RENTAL OR RENTAL SO ANYWAY WE'RE I GUESS I'M TRYING TO GO WITH IS WHEN IS IT'S WORTH TRYING STRATEGIZE TO TRY TO COME UP WITH A METHOD THAT MAYBE SOME PEOPLE COULD COME UP WITH SOME GREATER DOWNPAYMENT ASSISTANCE THEY MAY HAVE TO SIGN A CONTRACT WITH AN YOU KNOW MAYBE EMPLOYERS OR LAWYERS MAY BE WILLING TO DO IT IS WHAT I'M GETTING AT NOW 20,000 IS A LARGE NUMBER AND I DON'T KNOW CAN OVERCOME THAT OR NOT BUT YOU KNOW WE GOT A GOOD EVENING EVERYBODY TEN WILL HELP WITH IT'S 20,000 PLUS 7000 CLOSING QUALIFY FOR 30,000 ESSENTIALLY SO IT IN LITTLE BIT TO HELP WITH THE HOMEBUYER ESPECIALLY WITH FIRST TIME HOMEBUYER BUT TO HELP THE AFFORDABILITY OF IT ALL AND MAYBE WE SHOULD START LOOKING
[00:40:05]
INTO PARTNERSHIPS WITH EMPLOYERS LARGE EMPLOYERS AROUND HERE TO SEE WHAT THEY CAN OFFER. BUT WE DEFINITELY HAVE A PILOT OR RESOURCE WITH COMMUNITY WORKERS AND A CONNECTION SO WE SHOULD DEFINITELY LOOK INTO IT AS AN YOU KNOW WORKS OFTEN NOW I MORE REALLY I THINK FOR MEMORIAL AS 2000 AND I WANT TO SAY FOR THE CITY OF IT'S 5000 AND IT DOES HAVE THOSE SAME LIKE YOU SAY ALONG WITH IN FOUR OR FIVE YEARS OR UNDER CONTRACT FOR FIVE YEARS AND IF YOU WE FOR REASONS NOT TELLING YOU EXACTLY BUT YOU KNOW IT'S A MOMENT I LOOK INTO SO THANK IS PROBABLY ONE OF THE MOST AGGRESSIVE BANKERS IS TRYING TO MOVE THE NEEDLE FOR US IN OFTEN 100% IS IS ALSO BIG DEAL HERE UNUSUAL AND PMI IS HUGE AND CAN I JUST SORRY FORGOT TO MENTION THAT WE ARE HERE OF A FEW PRODUCTS COMING DOWN THE PIPE HERE SOON IT'S 100% PMI THE NEW MORTGAGE INSURANCE I DON'T HAVE ANY SPECIFIC DETAILS AS TO IF IT'S HAS TO BE IN A LOW TO MODERATE INCOME SITUATION. I THINK IT'S I DON'T THINK THOSE QUALIFICATIONS APPLY SO I WILL I THINK THERE'S A COUPLE OTHER LOAN PROGRAMS BECAUSE WE ARE AS A BANK BEING AGGRESSIVE IN TRYING TO CAPTURE FIRST TIME HOMEBUYERS IN SO I'LL I'LL FOLLOW UP WITH YOU AS SOON AS I HEAR ANYTHING BUT IT'S IT'S COMING SOON SO THE MEDIAN INCOME COME A WELL MAYBE I WOULD PASS ALONG THAT INFORMATION BACK HERE BUT I SAW TWO EMAILS LAST WEEK AND I WAS SUPER EXCITED SO I WILL SHARE WITH YOU THE FIRST I HEAR.ALL RIGHT. THANK YOU. ALL RIGHT.
SO WE GAVE OUT A OF INFORMATION FOR US TO GO BACK TO OUR DESK AND PARTNER WITH.
SO WITH THAT BEING SAID BACK TO CHAIRMAN OKAY, ANY OTHER THOUGHTS AND CONCERNS NOT CONCERNED. JUST AN OBSERVATION LAST MONTH MEREDITH AND I ATTENDED THE RELATIVES LUNCHEON AND HILTON HEAD ITSELF IS HAS TAKEN A PAGE OUT OF OUR BOOK AND WITH THEIR AFFORDABLE HOUSING AND THEY'RE GOING TO AND THEY HAVE SOME LAND RIGHT AS YOU GET ON THE ISLAND I THINK ARE SQUARE QUOTE OR SOMETHING LIKE THAT THEY'RE GOING TO THE TOWN OWNED THAT THEY'RE GOING TO BE BUILDING DEFINITE MULTIPLE UNITS MULTIPLE BUILDING UNITS SO THAT I THOUGHT ABOUT THAT JUST NOW IT'S LIKE OH YEAH THEY REALLY DO TAKE A PAGE OUT OF OUR OF OUR BOOK SO IT'S MORE GLOBAL PAGE YOU EVEN HAVE A WHOLE NEIGHBORHOOD PROGRAM NOW.
OKAY SO YEAH WHICH IS GOOD. YEAH. SO THANK YOU ALL FOR YOUR TIME AND ALL OF IT DID YOU ALL THANK YOU VERY MUCH FOR BEING HERE WITH US TODAY.
YOU BROUGHT A WEALTH OF INFORMATION AND HOPEFULLY WE CAN GET SOME THINGS OVER THE MEETING IS UNDER WAY. THANK YOU ALL OKAY OKAY
* This transcript was compiled from uncorrected Closed Captioning.