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RESOLUTION NO. 2009 - 125 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA, AUTHORIZING THE CHAIRMAN TO EXECUTE <br />THE DOCUMENTS REQUIRED FOR THE COUNTY TO ENTER INTO A <br />CONTRACT WITH THE FLORIDA DEPARTMENT OF COMMUNITY AFFAIRS <br />FOR A FY 2009 NEIGHBORHOOD STABILIZATION PROGRAM, COMMUNITY <br />DEVELOPMENT BLOCK GRANT AND AUTHORIZING THE COMMUNITY <br />DEVELOPMENT DIRECTOR TO EXECUTE ALL DOCUMENTS REQUIRED <br />FOR THE ADMINISTRATION OF THE NEIGHBORHOOD STABILIZATION <br />PROGRAM COMMUNITY DEVELOPMENT BLOCK GRANT. <br />WHEREAS, in 2008 the federal government enacted the Housing and Economic <br />Recovery Act, Public Law 110-289, which act appropriated $3.92 billion in <br />Community Development Block Grant (CDBG) funds under a new Neighborhood <br />Stabilization Program (NSP) for local governments to purchase and redevelop <br />abandoned or foreclosed properties; and <br />WHEREAS, $4,680,825 of the $3.92 billion in NSP CDBG funds is earmarked by the <br />State of Florida for Indian River County; and <br />WHEREAS, it is the desire of the Indian River County Board of County <br />Commissioners to enter into a contract with the Florida Department of Community <br />Affairs for those earmarked Neighborhood Stabilization Program Community <br />Development Block Grant funds to benefit persons of low and moderate income; and <br />WHEREAS, acquisition and rehabilitation of foreclosed homes for rental to very low <br />income households and for sale to low and moderate income households achieves the <br />intent of the Neighborhood Stabilization Program; and <br />WHEREAS, the Strategies in the Neighborhood Stabilization Program (NSP) <br />Community Development Block Grant (CDBG) are consistent with the Indian River <br />County Comprehensive Plan; <br />