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RESOLUTION 2009-121 RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, SUPPORTING ELIMINATION OF THE CAP ON THE STATE AND LOCAL HOUSING TRUST FUNDS (HOUSING TRUST FUNDS) AND SUPPORTING FULL APPROPRIATION OF THE HOUSING TRUST FUNDS FOR THE HOUSING PROGRAMS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Indian River County has an obligation to provide for the housing needs of its current and anticipated populations and assisting lower income families is dependent upon sufficient housing assistance from federal and state programs; and WHEREAS, the William E. Sadowski Affordable Housing Act of 1992 created a dedicated revenue source for the state and local housing trust funds expressly and specifically to fund state and local housing programs that assist local governments in meeting the housing needs of their population; and WHEREAS, the Legislature enacted a cap on the Housing Trust Funds of approximately $243 million per year, beginning in Fiscal Year 2007-2008; and WHEREAS, this cap is currently higher than the projected revenue for the Housing Trust Funds for fiscal years 2010-2011, 2011-2012, and 2012-2013, and therefore removal of the cap will have no negative fiscal impact on the state budget; and WHEREAS, housing trust fund monies are the single greatest boost to the economy, providing $7.66 million of economic impact for every $1 million of state funding, and full appropriation of housing trust fund monies is critically needed to stimulate our local and state economy; and WHEREAS, the umnet housing needs of low income Floridians is substantial and the downturn in the real estate market creates opportunities for acquiring, constructing, rehabilitating, and preserving housing to meet these needs, and these opportunities are lost without Housing Trust Fund monies. NOW, THEREFORE, BE IT RESOLVED BY THE INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS: Section 1. That the foregoing clauses are ratified and confirmed as being true and correct and are made a specific part of this Resolution. Section 2. That the Board of County Commissioners supports repeal of the cap on the Housing Trust Funds, and urges the Governor and Legislature to adopt statutory changes during the 2010 Legislative Session to repeal the cap. Section 3. That the Board of County Commissioners supports full appropriation of housing trust fund monies for housing in the Fiscal Year 2010-2011 Budget. Section 4. That the appropriate County Officials are authorized to do all things necessary and expedient to carry out the provisions of this Resolution. Section 5. That this Resolution shalt take effect immediately upon adoption hereof F9Community Development\Users\CDADMIN\AGENDA\2009\Elimination of Cap on Housing Trust Funds 2009 _.doc