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RESOLUTION NO. 2012 - 061 <br /> A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br /> COUNTY,FLORIDA,AUTHORIZING THE COMMUNITY DEVELOPMENT DIRECTOR <br /> TO SUBMIT THE REVISED NEIGHBORHOOD STABILIZATION PROGRAM 3 <br /> COMMUNITY DEVELOPMENT BLOCK GRANT ABBREVIATED ACTION PLAN TO <br /> THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. <br /> WHEREAS,the federal government enacted the Wall Street Reform and Consumer Protection Act, <br /> Public Law 111-203, which act appropriated $1 billion in Community Development Block Grant <br /> (CDBG) funds under the Neighborhood Stabilization Program 3 (NSP3) for local governments to <br /> purchase and redevelop abandoned or foreclosed properties; and <br /> WHEREAS, $1,500,428 from the $1 billion in NSP3 CDBG funds was earmarked by the Federal <br /> Department of Housing and Urban Development (HUD) for Indian River County; and <br /> WHEREAS, on February 15, 2011, the Indian River County Board of County Commissioners <br /> approved the submission of an NSP3 Abbreviated Action Plan (Application) to HUD for those <br /> earmarked CDBG funds to benefit persons of low and moderate income; and <br /> WHEREAS,the NSP3 Abbreviated Action Plan provides that the NSP3 funds will be used within a <br /> designated target area for the acquisition and rehabilitation of foreclosed homes for sale to very low, <br /> low, and moderate income households; and <br /> WHEREAS, HUD approved the County's NSP3 Abbreviated Action Plan and signed an NSP3 <br /> expenditure agreement with the County on March 10,2011,which was then approved and signed by <br /> the Indian River County Board of County Commissioners on March 22, 2011; and <br /> WHEREAS,said agreement includes a requirement that 50%of NSP3 funds be spent by March 10, <br /> 2013 and 100% of NSP3 funds be spent by March 10, 2014; and <br /> 1 <br />