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MAY 5 1995 BOOK 60 E. Funding Approval Form and Grant Agreement __HUD Rental Rehabilitation Program for Small Cities The Board reviewed the following memo: TO: The Honorable Members of the DATE: May 8, 1985 FILE: Board of County Commissioners Through: Michael Wright County Administrator SUBJECT: HUD Administered Rental Rehabilitation Program for Small Cities (Non Formula) FROM: Edward J. , g, REFERENCES: Executive dim for IRC Housing Authority It is recomaended that the data herein presented be given formal consideration by the County Commission. DESCRIPTION AND CONDITIONS: The Department of Housing and Urban Development (HUD) has informed Indian River County in a letter to your Chairman dated May 3, 1985, that our Rental Rehabilitation Program Application has been reviewed and approved and includes the obligation of $100,000 in Rental Rehabilitation Program grant funds. This program is designed to assure an adequate supply of standard housing affordable to lower-income tenants as it increases the supply of private market rental housing available to lower-income tenants by providing goverramnt finds to rehabilitate existing units and provide rental assistance to lower-income persons to help them afford the rent of these twits. One Section 8 Certificate or Voucher is pro- vided for each rehabilitated unit. In order to leverage the maxinaan amount of private ' capital, rehabilitation subsidies are generally limited to 507. of the cost of rehabilita- tion, not to exceed $5,000 per unit adjusted for high cost areas. Grant funds may only be used to correct substandard conditions, make essential improvements, and repair major sys- tems in danger of failure. Units will be leased at fair market rents, and no special project rent controls or restrictions will be used. Within the lower-income and neighbor- hood targeting requirements, the Rental Rehabilitation Program leaves broad opportunities for local program design and flexibility. ALTERNATIVES AND ANALYSIS• This is the first year Indian River County .has been placed on the eligibility list for this program and parallels our existing rehabilitation housing efforts. RECOH4aMTIONS : We respectfully request the County Commission to authorize its Chairman to execute the Funding Approval Form (HUD 40015) and the Grant Agreement (HUD 40015.1). This program will rehabilitate twenty (20) substandard rental units in the lower- income areas of the county and will provide twenty (20) Certificates or Vouchers to lower- income families. This program requires no additional County funds. ON MOTION by Commissioner Scurlock, SECONDED by Com- missioner Bowman, the Board unanimously authorized the Chairman to execute the Funding Approval Form (HUD 40015) and Grant Agreement (HUD 40015.1) as described above. 10