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