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U.S. Treasury Department Local HFA Numbers The purchase price limit for new and existing homes is shown on the Housing Delivery Goals Charts L.Income Limits, Rent Limits and Affordability: Chapter 67-37.005(5)(e), F. A. C.. and Section 420.9071(2), F.S. The Income and Rent Limits used in the SHIP Program are updated annually by the U.S. Department of Housing and Urban Development and distributed by Florida Housing Finance Corporation. Affordable means that monthly rent or mortgage payments, including taxes and insurance do not exceed 30 percent of a household's gross income as indicated in Sections 420.9071 (19), (20) and (28), F.S. It is, however, not the intent of this plan to limit an individual household's ability to devote more than 30% of its income for housing. Consequently, housing for which a household devotes more than 30% of its income shall be deemed Affordable if the institutional lender providing the first mortgage is satisfied that the household can afford mortgage payments in excess of the 30% benchmark. In the case of rental housing, the amount of rent shall not exceed the rental limits adjusted for bedroom size as published in rent schedule by Florida Housing Finance Corporation. M. Wages to Work: Chapter 67-37.005(6) (b) (7)F.A.C. The County shall give priority to clients from the WAGES and Workforce Development Initiatives programs in the selection process. N. Monitoring and First Right of Refusal: Section 420.9075 (3) (e) and (4) (f) , F. S. In the case of rental housing, the County SHIP staff or the entity that has administrative authority for implementing the local housing assistance plan assisting rental developments shall annually monitor and determine tenant eligibility or, to the extent that another governmental entity provides the same monitoring and determination, the SHIP staff may rely on such monitoring and determination of tenant eligibility. Any loan or grant in the original amount of $3,000 or less shall not be subject to annual monitoring and determination of tenant eligibility requirements. Tenant eligibility will be monitored annually for at least 15 years or the term of assistance whichever is longer, unless as specified above. Eligible sponsors that offer rental housing for sale before 15 years or that have remaining mortgages funded under this program must give a first right of refusal to eligible nonprofit organizations for purchase at the current market value for continued occupancy by eligible persons. 0. Administrative Budget: Chapter 67-37.005(6)(f)3, F.A.C. A detailed Administrative Budget, including a line -item budget of proposed Administrative Expenditures, is attached as Exhibit A. These are presented on an annual basis for each state fiscal year, submitted. Indian River County commits to using the funds deposited in the local housing assistance trust fund to administer and implement the local housing assistance plan. In accordance with Chapter 67-37, Florida Administrative Code, the cost of administering the plan does not exceed 10 percent of the local housing distribution funds and 5 percent of program income deposited into the trust fund. The cost of administering the program may not exceed 10 percent of the local housing distribution plus 5 percent of program income deposited into the trust fund. The county has adopted the above findings in the attached resolution, Exhibit E. 3