1990: The average home mortgage interest rate is 9.75%
Yearly Inflation Rate: 5.4%
Average Cost of a New House: $123,000.00
Average Income per year: $28,960.00
Average Monthly Rent: $465.00
Cost of a Gallon of Gas: $1.76
During the 90’s: “Toy Story” was the first movie to be completely created from computers and “The Simpsons” debuted on TV. Iraq invaded Kuwait, which resulted in “Operation Desert Shield.” The 27th Amendment to the Constitution, limiting when salary increases or decreases can take effect for members of Congress, was passed after originally being introduced for passage in 1789. Both the World Trade Center and the Alfred P. Murrah Federal Buildings were bombed, sadly resulting in the loss of over 150 lives. In sports: Major League Baseball’s World Series was cancelled for only the second time in history, and a 21-year-old Tiger Woods won his first Masters Golf tournament, breaking ground as being both the youngest and the first non-white player to achieve such a goal. Dolly, the sheep, became the first mammal to be cloned, and the first internet web browser went online.
In 1991, First Housing created its Affordable Housing Lending Pool (AHLP) in which many of its stockholders participated (and are still participate today). Proceeds committed to this pool are specifically used to make first mortgage loans for the new construction or rehabilitation of affordable rental housing units in the state of Florida.
In 1999, First Housing became a PAE (Participating Administrative Entity) for the Office of Multifamily Housing Assistance Restructuring (OMHAR), the entity created to facilitate the restructure of debt secured by Section 8 contracts as the contracts expired. The program was known as the Mark to Market program and First Housing played an integral role in the process, handling properties throughout the southeastern United States.