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loans, and rehabilitation loans for affordable housing units in the county. The fund will also assist non-profit facilitators with pre -development expenses associated with very low, low and moderate income housing development. Some disbursements from the Housing Trust Fund will be grants, but the majority of funds will be revolving loans, with borrowers paying back principal and applicable interest into the trust; therefore ensuring a permanent source of financing." The intent of this policy is to maintain the financial mechanism which provides affordable housing for very low-, low-, and moderate -income households in Indian River County. When the comprehensive plan was being developed, it was anticipated, that a Housing Trust Fund could be established and funded by a variety of sources, including contributions.from barrier island municipalities, developer contributions from a density bonus program, and other sources. In June, 1992, the Florida Legislature passed the William E. Sadowski Affordable Housing Act, a law which created a state funded program whereby participating communities receive monies for a Local Housing Assistance Trust Fund. The program created by the Sadowski Act is titled the State Housing Initiatives Partnership (SHIP) Program. SHIP Program requirements have been codified and established in Section 420.907 of the Florida Statutes (FS) and Rule 67-37 of Florida Administrative Code (FAC). The Administrative Rules listed in Rule 67-37 establish specialized compliance requirements for communities participating in the SHIP Program. In order to participate in'the SHIP Program, a community must complete the following activities: 1. Adopt a local ordinance which establishes a Local Housing Assistance Program (LHAProgram) and.a Local Housing Assistance Trust Fund (LATF). 2. Adopt a Local Housing Assistance Plan (LHAPlan) which details the intent and guidelines of the Local Housing Assistance Program (LHAProgram). 3. Create a Local Affordable Housing Advisory Committee which will conduct a regulatory review of the county's regulations and develop a Local Housing Incentive Plan (LHIPlan) to be adopted by the community within one (1) year of adoption of the ordinance establishing the LHAProgram. In compliance with the county Comprehensive Plan and the State Housing Initiatives Partnership (SHIP) Program, the Indian River County Board of County Commissioners adopted Ordinance 93-13 which established the Indian River County E