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11. Indian River County Affordable Housing Partnership Indian River County has formed an Affordable Housing Partnership Committee (Lenders Committee). The SHIP affordable housing partnership committee is composed of representatives from financial institutions_,..non-profit housing_, organizations, builders, contractors, real estate agents, and county staff. Because of its members, knowledge of and expertise with the housing industry, the SHIP affordable housing partnership committee has functioned as an advisory committee to both the Board of County Commissioners and staff. B. Local Housing Assistance Program Strategies The strategies available for use in the IRCLHAProgram shall serve to effectively reduce the cost of housing in two ways. The first is by awarding grants to eligible recipients, whereby a portion of the initial cost encountered in acquiring or providing housing may be eliminated entirely or deferred. The second method of reducing the cost of housing is by the provision of deferred payment loans. Such loans result in reduced costs indefinitely until a time when the eligible recipients may then be able to afford the costs. By utilizing assistance strategies,, the IRCLHAProgram will encourage the provision of affordable housing. A total of .eight (8) assistance strategies are available for use by the Indian River County Local Housing Assistance Program (IRCLHAProgram) in providing assistance to eligible persons or sponsors. Of the eight strategies, emphasis and priority for use will be placed upon the Impact Fee/capacity charge Grant, Impact Fee/capacity charge Loan, Downpayment/ Closing Cost Loan, Land Acquisition Loan, Rehabilitation Loan, and Rehabilitation grant strategies. Utilization of the two Land Banking strategies will occur solely if funds are available which may not be effectively utilized under one of the initial five strategies. These strategies are further described as follows: 11