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units in the county. The fund will also assist non-profit <br />facilitators with pre -development expenses associated. with very <br />low, low, and moderate income housing development. Some <br />disbursements from the Housing Trust Fund will be grant, but the <br />majority of funds will be revolving loans, with borrowers paying <br />back principal and applicable interest into the trust, therefore <br />ensuring a permanent source of financing. <br />- Housing Element Policy 4.5 <br />POLICY 4.5: The county shall enter into interlocal agreements with <br />any county municipality which because of unusually high property <br />values or coastal high hazard area constraints cannot meet is <br />affordable housing needs within its jurisdiction, and desires to <br />contribute to the Housing Trust Fund. The amount and method of <br />payment will be established prior to execution. <br />- Housing Element Policy 4.6 <br />POLICY 4.6: The county shall maintain its affordable housing <br />partnership with financial institutions for leveraging State <br />Housing Initiatives Partnership Program (SHIP) funds. <br />- Housinq Element Policy 4.7 <br />POLICY 4.7: The county shall encourage increased home ownership by <br />providing downpayment/closing cost loan assistance to eligible very <br />low income, low income, and moderate income households through the <br />county's local housing assistance program. <br />Housing Element Policy 4.9 <br />POLICY 4.9: The county shall "require all applicants for <br />downpayment/closing cost loan assistance from the Indian River <br />County Local Housing Assistance Program to attend a homebuyers' <br />educational program workshop as a prerequisite for getting a loan. <br />The homebuyers' educational program provides useful information to <br />people wanting to buy their own home. Typical subjects presented <br />are as follows: <br />• Preparing for homeownership (including budgeting, saving, <br />etc.) <br />• Shopping for a home <br />• Obtaining a mortgage (qualifying, processing, etc.) <br />• Understanding mortgages and the closing process <br />• Life as a homeowner (includes maintenance and <br />responsibilities) <br />• Credit and credit reports <br />9 <br />