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activities which result in homeownership for eligible persons; (2) A minimum of seventy-five (75) percent of the funds shall be reserved for construction, rehabilitation, or emergency repair of housing which will be utilized by eligible persons, and (3) A maximum of five (5) percent of the funds may be expended to provide for the costs of administration and implementation of the Indian River County Local Housing Assistance Program. The Indian River County Board of County Commissioners may make a finding by separate resolution that expenditures to administer and implement the Indian River County Local Housing Assistance Program may exceed five (5) percent; however, at no time shall the funds expended for administration and implementation of the Indian River County Local Housing Assistance Program exceed ten (10) percent. (4) The percentages identified in items 1, 2 and 3 above shall be based upon the existing annual balance of funds in the Indian River County Local Housing Trust Fund on the first day of the fiscal year combined with the expected annual allocation from the State SHIP Program for the commencing fiscal year. The monetary amounts determined by the percentage allocations shall be revised on a quarterly basis during the fiscal year to reflect variations in the funds received from the State as a part of the County's Local Housing Distribution and additional contributions to the Indian River County Local Housing Trust Fund from other sources. following distribution requirements. (1) All housing units provided or assisted by the Indian River County Local Housing Assistance Program must be occupied by Eligible Persons, River E. The housing units provided or assisted by the Indian County Local Housing Assistance Program shall comply with the following distribution requirements. (1) All housing units provided or assisted by the Indian River County Local Housing Assistance Program must be occupied by Eligible Persons,