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National Objective Low -Income Housing to Meet 25% Set -Aside (LH25) Activity Description The County will select one or more nonprofit partners to use NSP3 funds to purchase, rehabilitate and re -sell to income qualified households (at or below 50% of AMI) within the identified target area. If the County selects a "developer" housing partner, that partner will be eligible to receive a reasonable developer's fee for service performed. That developer will take ownership of each housing unit and may provide a 1S` mortgage to each home purchaser using its own funds or require the purchaser to obtain a first mortgage from a financial institution. NSP funds may be used to provide a deferred payment, subordinated second mortgage covering downpayment, closing cost, and gap financing assistance. The second mortgage will have a zero percent (0%) interest rate. The exact terms will be negotiated between the County and the developer. All properties receiving NSP funding will have a minimum affordability time - period restriction on the deed and/or recorded mortgage on the property, as defined under the "Long -Term Affordability' definition of this Abbreviated Action Plan The County will monitor the properties that are assisted with NSP funds during the affordability time period. NSP3 funds will be recaptured if the property is sold during the affordability time period. All homebuyers will be required to have a minimum of eight hours of homebuyer counseling from a HUD approved counseling agency. To the maximum extent feasible the County will provide for hiring of employees that reside in the vicinity of NSP3 funded projects or contract with small businesses that are owned and operated by persons residing in the vicinity of NSP3 projects. The County will work with its NSP3 housing partner organizations to provide opportunities for local contractors and small businesses that employ people residing in the vicinity of the NSP3 projects to participate in the NSP3. The County will specify in housing partner contracts that housing partners will reach out to individuals in the target area when hiring new employees and when selecting service providers. Services that are needed to carry out the County's NSP3 Abbreviated Action Plan that are not secured by the County's NSP3 housing partner organization(s) will be advertised in accordance with the County's CDBG Procurement Policies, as modified by State, and Federal procurement procedures. A reference to the NSP3 local hiring preference will be included in advertisements. According to County Property Appraiser data, there are a total of 3,6599,030 housing units within the expanded target area Of those 3,6599,030 housing units, 3,4428,483 (94493 9%) are designated as Single Family, 48371 (L14.1%) are designated as residential condominiums, and 1746 (4-81 9%) are designated as rental apartments. All of the 1746 rental apartments are included as part of 1 apartment complex. Because the target area consists overwhelmingly of single family owner occupied homes and owner occupied condominium units, it would REVISED NSP3 Abbreviated Action Plan Indian River County 2 11 117 2 12 Page 11