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Household Gross Income Level <br />FY 2000-2001 <br />Very Low Low Moderate <br />Household Size 50% of MI 80% of MI 120% of MI <br />1 <br />Person <br />16,500 <br />26,400 <br />39,600 <br />2 <br />Person <br />18,850 <br />30,150 <br />45,240 <br />3 <br />Person <br />21,200 <br />33,900 <br />50,880 <br />4 <br />Person <br />23,550 <br />37,700 <br />56,520 <br />5 <br />Person <br />25,450 <br />40,700 <br />61,080 <br />6 <br />Person <br />27,300 <br />43,700 <br />65,520 <br />7 <br />Person <br />29,200 <br />46,700 <br />70,080 <br />8 <br />Person <br />31,100 <br />49,750 <br />74,640 <br />MI = Median Income = $47,100 <br />4. Monetary Allocations <br />Funds from the Indian River County Local Housing Assistance <br />Trust Fund (IRCLHATF) shall be distributed in conformance with <br />the following distribution requirements: <br />a. A minimum of seventy-five percent (75%) of each <br />fiscal year funds in the IRCLHATF shall be expended <br />on Indian River County Local Housing Assistance <br />Program Strategies which encompass construction, <br />rehabilitation or emergency repair activities for <br />eligible housing which will be utilized by eligible <br />persons. <br />b. A minimum of sixty-five percent (65%) of each <br />fiscal year funds in the IRCLHATF shall be expended <br />on Program Strategies which result in homeownership <br />for eligible persons or assist and improve housing <br />units owned by eligible persons. <br />An initial transfer of title for an assisted <br />housing unit between an eligible non-profit <br />organization sponsor and an eligible person(s) <br />acquiring the unit via a lease -purchase agreement <br />shall not be considered the resale of the unit <br />requiring repayment of the loan amount, and <br />applicable interest amount. <br />C. One hundred percent (100%) of all funds held in the <br />IRCLHATF shall be expended in a manner consistent <br />with this Plan and Section 420.907 of the Florida <br />Statutes (F.S.). All funds expended from the <br />IRCLHATF shall be expended for administration and <br />implementation activities as outlined for the <br />assistance strategies identified, or for the <br />0 <br />