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Income Level <br />Very Low Low Moderate <br />Household Size 50% 80% 120% <br />1 Person 12,450 19,950 29,880 <br />2 Person 14,250 22,800 34,200 <br />3 Person 16,000 25,650 38,400 <br />4 Person 17,800 28,500 42,720 <br />5 Person 19,200 30,750 46,080 <br />6 Person 20,650 33,050 49,560 <br />7 Person 22,050 35,300 52,920 <br />8 Person 23,500 37,600 56,400 <br />4. Monetary Allocations <br />Funds from the Indian River County Local Housing Assistance <br />Trust Fund (IRCLHATF) shall be distributed in conformance with <br />the following distribution requirements: <br />a. A minimum of seventy-five percent (75%) of the <br />annual balance of funds in the IRCLHATF shall be <br />expended on Indian River County Local Housing <br />Assistance Program Strategies which encompass <br />construction, rehabilitation or emergency repair <br />activities for eligible housing which will be <br />utilized by eligible persons. <br />b. A minimum of sixty-five percent (65%) of the annual <br />balance of funds in the IRCLHATF shall be expended <br />on Program Strategies which result in homeownership <br />for eligible persons or assist and improve housing <br />units owned by eligible persons. <br />A housing unit which is to be acquired by an <br />eligible person via a lease purchase agreement in <br />which the lease does not exceed two (2) years shall <br />also be classified as a homeownership unit. <br />Should the lease -purchase lease period exceed two <br />(2) years, the housing unit shall be classified�as <br />a rental housing unit. Furthermore, an initial <br />transfer of title for an assisted housing unit <br />between an eligible non-profit organization sponsor <br />and an eligible person(s) acquiring the unit via a <br />lease -purchase agreement shall not be considered <br />9 <br />