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loans or grants, and rehabilitation loans or grants for affordable housing units in the county. The fund will also assist non-profit facilitators with pre -development expenses associated with very low, low and moderate income housing development. Some disbursements from the Housing Trust Fund will be grants, but the majority of funds will be revolving loans, with borrowers paying back principal and applicable interest into the trust; therefore ensuring a permanent source of financing." The intent of this policy is to maintain the financial mechanism which can be utilized to provide affordable housing units for households with very low-, low-, and moderate - incomes in Indian River County. When the comprehensive plan was being developed, it was anticipated that a Housing Trust Fund could be established and funded by a variety of sources, including contributions from barrier island municipalities, developer contributions from a density bonus program, and other sources. In June, 1992, the State of Florida Legislature approved and passed the William E. Sadowski Affordable Housing Act which created a state funded program whereby participating communities can receive monies for a Local Housing Assistance Trust Fund. The program created by the Sadowski Act is titled the State Housing Initiatives Partnership (SHIP) Program. SHIP Program requirements have been codified and established in Section 420.907 of the Florida Statutes (FS) and Chapter 9I-37 of Florida Administrative Code (FAC). The Administrative Rules listed in Chapter 9I-37 establish specialized compliance requirements for communities participating in the SHIP Program. In order to participate in the SHIP Program, a community must complete the following activities: 1. Adopt a local ordinance which establishes a Local Housing Assistance Program (LHAProgram) and a Local Housing Assistance Trust Fund (LATF). 2. Adopt a Local Housing Assistance Plan (LHAPlan) which details the intent and guidelines of the Local Housing Assistance Program (LHAProgram). 3. Create a Local Affordable Housing Advisory Committee which will conduct a regulatory review of the county's regulations and develop a Local Housing Incentive Plan (LHIPlan) to be adopted by the community within one (1) year of adoption of the ordinance establishing the LHAProgram. In compliance with the county Comprehensive Plan and the State of Florida State Housing Initiatives Partnership (SHIP) 2