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borrowers paying 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 any county <br />municipality which because of unusually high property values or coastal high <br />hazard area constraints cannot meet is affordable housing needs within its <br />jurisdiction, and desires to contribute to the Housing Trust Fund. The amount <br />and method of payment will be established prior to execution. <br />- Housing Element Policy 4.6 <br />POLICY 4.6: The County shall maintain its affordable housing partnership with <br />financial institutions for leveraging State Housing Initiatives Partnership <br />Program (SHIP) funds. <br />- Housing Element Policy 4.7 <br />POLICY 4.7: The County shall encourage increased home ownership by providing <br />downpayment/closing cost loan assistance to eligible very low income, low income, <br />and moderate income households through the county's local housing assistance <br />program. <br />- Housing Element Policy 4.9 <br />POLICY 4.9: The County shall require all applicants for downpayment/closing cost <br />loan assistance from the Indian River County Local Housing Assistance Program to <br />attend a homebuyers' educational program workshop as a prerequisite for getting a <br />loan. The homebuyers' educational program provides useful information to people <br />wanting to buy their own home. Typical subjects presented are as follows: <br />- Preparing for homeownership (including budgeting, saving, 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 responsibilities) <br />- Credit and credit reports <br />- Housing Element Policy 9.1 <br />POLICY 9.1: The County shall maintain its local housing assistance programs. As <br />part of this coordination process, the county will accept funds, land, in-kind <br />services, or other types of payments for housing assistance purposes from local <br />municipalities, which are unable to provide sites for low cost housing within <br />their jurisdictions. <br />Affordable Housing Incentive Strategies Evaluation <br />The county's affordable housing incentive strategies are implemented through <br />application of the county's Land Development Regulations and enforcement of the <br />county's Comprehensive Plan policies. <br />All of the county's affordable housing incentive strategies are being implemented <br />as intended. As a result, these strategies are reducing the cost of housing in <br />the county. <br />46 <br />