Laserfiche WebLink
Internal Revenue Code of 1986. The funds obtained <br />through these recapture provisions shall be redeposited <br />into the Indian River County Local Housing Assistance <br />Trust Fund for redistribution by the Indian River County <br />Local Housing Assistance Program. <br />(5) Rental housing constructed, rehabilitated, or otherwise <br />assisted from proceeds provided from the Indian River <br />County Local Housing Assistance 'Program shall be reserved <br />for Eligible Persons for the greater of fifteen (15) <br />years or the term of the assistance. Eligible sponsors <br />who offer eligible rental housing for sale before fifteen <br />(15) years or that have remaining mortgages funded under <br />the Indian River County Local Housing Assistance Program <br />must give a first right of refusal to eligible nonprofit <br />organizations for purchase at the current market value <br />for continued occupancy of the housing units by eligible <br />persons. <br />G. The activities and strategies to be undertaken by the <br />Indian River County Local Housing Assistance Program in providing <br />and encouraging affordable housing shall include, but not be <br />limited to, the following. <br />1. Impact fee assistance: Eligible persons or sponsors <br />may be awarded loans or grants for the payment of <br />impact fees for eligible housing for eligible <br />persons. <br />2. Purchase assistance: Ownership opportunities may be <br />created for eligible persons through mortgage <br />interest reductions, and/or low or no interest <br />loans for down payments and closing costs. <br />3. Predevelopment: Community-based organizations may <br />be awarded loans for site acquisition for the <br />development of eligible housing. <br />4. Rehabilitation: Eligible persons who own <br />substandard housing units may be awarded loans to <br />renovate such units for use as eligible housing. <br />