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ORDINANCE NO. 2012- 006 NOW, THEREFORE, BE IT ORDAINED by the Board of County Commissioners of Indian River County, Florida, that: SECTION 1. Findings The Board finds that the above "WHEREAS" clauses are true and correct, and hereby incorporates such clauses as findings of fact. SECTION 2. Creation of Part 11 of Section 308 Title III, Police Power, of the Code of Indian River County is hereby amended to create Part II Section 308, as follows: Section 308.11— Title This Part of Chapter 308, the terms and the provisions contained herein, shall be known as the Indian River County Neighborhood Stabilization Program Acquisition, Rehabilitation, and Sale Procedures and Standards. Section 308.12 — Purpose and Intent Since 2009, Indian River County has participated in the Neighborhood Stabilization Program, NSP, as created by the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009. The purpose of this chapter is to set forth procedures and standards whereby Indian River County can acquire foreclosed or abandoned properties using Neighborhood Stabilization Program (NSP) Funds, rehabilitate those properties with NSP funds, and sell those properties to qualifying low and moderate income households. As such, this chapter provides for: (1) Establishment of competition and qualification standards for county acquisition, rehabilitation and sale of foreclosed or abandoned properties in accordance with the NSP; (2) Provisions for notice to participants in the NSP (3) Establishment of a form and manner to acquire property; (4) Establishment of negotiation or qualification standards that must be met in order for a person to buy a property under the NSP (5) Establishment of a process to provide notice to potential qualified buyers for NSP rehabilitated housing Section 308.13 — Establishment of Procedures for County Acquisition of Foreclosed or Abandoned Properties with NSP Funds (1) The Community Development Director is hereby designated as the person responsible for administering the County's Neighborhood Stabilization Program. In this capacity, the Community Development Director shall comply with all procedures in the Community Development Block Grant (CDBG) Neighborhood Stabilization Program (NSP) Housing Assistance Plan (HAP). (2) Consistent with NSP guidelines, the County will acquire foreclosed or abandoned properties to rehabilitate and sell or rent to qualified low and moderate income households. All properties acquired through the NSP will be located in the designated NSP target area and will be acquired at no more than 99% of current appraised value. (3) To acquire properties, the County will work with qualified local real estate brokers, financial institutions, and federal housing agencies. For each potential purchase, the County will undertake all applicable pre- acquisition due diligence activities. This will involve obtaining surveys, appraisals, inspections, and title reports, as applicable. (4) In acquiring NSP properties, the Community Development Director is hereby authorized to execute purchase contracts, due diligence contract work orders, and other applicable documents. On a regular 2