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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 />