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Be Local Housing Assistance Program Strategies <br />The strategies available for use in the IRCLHAProgram shall <br />serve to effectively reduce the cost of housing in two ways. <br />The first is by awarding grants or deferred loans to eligible <br />recipients, whereby a portion of the initial cost encountered <br />in acquiring or providing housing may be eliminated entirely <br />or deferred indefinitely until a time when the eligible <br />recipients may then be able to afford the costs. The second <br />method of reducing the cost of housing is by the provision of <br />loans at an interest rate lower than current market rates <br />offered by private financial institutions. Such low interest <br />loans result in reduced costs by decreasing the amount of <br />funds to be paid back over time. By utilizing assistance <br />strategies which provide these two methods of either <br />deferring or reducing costs, the IRCLHAProgram will encourage <br />the provision of affordable housing. <br />A total of seven (7) assistance strategies are available for <br />use by the Indian River County Local Housing Assistance <br />Program (IRCLHAProgram) in providing assistance to eligible <br />persons or sponsors. Of the seven strategies, emphasis and <br />priority for use will be placed upon the Impact Fee Grant, <br />Impact Fee Loan, Downpayment/Closing Cost Loan, Land <br />Acquisition Loan and Rehabilitation Loan strategies. <br />Utilization of the two Land Banking strategies will occur <br />solely if funds are available which may not be effectively <br />utilized under one of the initial five strategies. These <br />strategies are generally summarized in the Housing Delivery <br />Tables included as Exhibit "A" and "B" of this Plan, and <br />further described as follows: <br />1. Impact Fee Grants <br />a. Description <br />The IRCLHAProgram anticipates providing grants for the <br />payment of water, sewer, electric, and traffic impact <br />fees for eligible housing units for qualified eligible <br />persons or sponsors. Funds for impact fee grants shall <br />be transferred directly to the appropriate impact fee <br />account corresponding to the eligible housing unit. <br />Grants may be provided in conjunction with the <br />construction of new homes, or in conjunction with <br />existing owner -occupied homes which must be connected to <br />public services. <br />For new homebuyers, the provision of such grants will <br />reduce the financial cost, as the grant will eliminate <br />the need to include impact fees in the overall, up front, <br />financing costs for a housing unit. Grants provided to <br />pay impact fees to connect existing housing units to <br />