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RESOLUTION NO . 2011 - 019 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY , FLORIDA , AUTHORIZING THE CHAIRMAN TO EXECUTE THE DOCUMENTS REQUIRED FOR THE COUNTY TO ENTER INTO A CONTRACT WITH THE U . S . DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR A FY 2010 NEIGHBORHOOD STABILIZATION PROGRAM 3 , COMMUNITY DEVELOPMENT BLOCK GRANT AND AUTHORIZING THE COMMUNITY DEVELOPMENT DIRECTOR TO EXECUTE ALL DOCUMENTS REQUIRED FOR THE ADMINISTRATION OF THE NEIGHBORHOOD STABILIZATION PROGRAM 3 COMMUNITY DEVELOPMENT BLOCK GRANT . WHEREAS , the federal government enacted the Wall Street Reform and Consumer Protection Act, Public Law 111 - 203 , which act appropriated $ 1 billion in Community Development Block Grant (CDBG) funds under the Neighborhood Stabilization Program 3 (NSP3 ) for local governments to purchase and redevelop abandoned. or foreclosed properties ; and WHEREAS , $ 1 , 500 , 428 from the $ 1 billion in NSP3 CDBG funds is earmarked by the Federal Department of Housing and Urban Development for Indian River County ; and WHEREAS , it is the desire of the Indian River County Board of County Commissioners to enter into a contract with the Federal Department of Housing and Urban Development for those earmarked Neighborhood Stabilization Program 3 Community Development Block Grant funds to benefit persons of low and moderate income ; and WHEREAS , acquisition and rehabilitation of foreclosed homes for rental to very low income households and for sale to low and moderate income households achieves the intent of the Neighborhood Stabilization Program ; and WHEREAS , the proposed NSP3 Community Development Block Grant (CDBG) Abbreviated Action Plan is consistent with the Indian River County Comprehensive Plan ; NOW THEREFORE , BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY THAT 1