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Gross Income Level FY 1997-98 <br /> Lower Half <br /> Very Low Low of Moderate <br /> Household Size 50% 80% 100% <br /> 1 Person 15,000 24, 000 30,030 <br /> 2 Person 17,150 27,450 34,320 <br /> 3 Person 19,800 30, 900 38,610 <br /> 4 Person 21,450 34, 300 42,900 <br /> 5 Person 23,150 37, 050 46,331 <br /> 6 Person 24,900 39, 800 49,764 <br /> 7 Person 26,600 42, 550 53,195 <br /> 8 Person 28,300 45,300 56,628 <br /> Median Income = $42, 900 <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 /> provision of support services as identified in <br /> this Plan. <br /> 9 <br />