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RESOLUTION NO. 2011 - 010 <br /> A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br /> COUNTY,FLORIDA,AUTHORIZING THE COMMUNITY DEVELOPMENT DIRECTOR <br /> TO MAKE APPLICATION TO THE FEDERAL DEPARTMENT OF HOUSING AND <br /> URBAN DEVELOPMENT FOR A NEIGHBORHOOD STABILIZATION PROGRAM 3 <br /> COMMUNITY DEVELOPMENT BLOCK GRANT FOR FEDERAL FISCAL YEAR 2010- <br /> 2011. <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 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 to submit an <br /> application to the Federal Department of Housing and Urban Development for those earmarked <br /> Neighborhood Stabilization Program 3 Community Development Block Grant funds to benefit <br /> persons of low and moderate income; and <br /> WHEREAS, acquisition and rehabilitation of foreclosed homes for sale to very low, low, and <br /> moderate income households achieves the 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 COMMISSIONERS OF <br /> INDIAN RIVER COUNTY; THAT <br /> 1 <br />