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functioned as an advisory committee to both the <br /> Affordable Housing Advisory Committee (AHAC) and staff. <br /> The county has leveraged SHIP funds by providing <br /> downpayment/closing costs while financial institutions or <br /> Habitat for Humanity provide first mortgages. <br /> B. Local Housing Assistance Procrr m Rtrateaies <br /> The strategies available for use in the IRCLHAProgram shall <br /> serve to effectively reduce the cost of housing in two ways. <br /> The first is by awarding grants or deferred loans to eligible <br /> recipients, whereby a portion of the initial cost encountered <br /> in acquiring or providing housing may be eliminated entirely <br /> or deferred indefinitely until a time when the eligible <br /> recipients may then be able to afford the costs. The second <br /> method of reducing the cost of housing is by the provision of <br /> loans at an interest rate lower than current market rates <br /> offered by private financial institutions. Such low interest <br /> or no interest loans result in reduced costs by decreasing the <br /> amount of funds to be paid back over time. By utilizing <br /> assistance strategies which provide these two methods of <br /> either deferring or reducing costs, the IRCLHAProgram will <br /> encourage the provision of affordable housing. <br /> A total of seven (411) assistance strategies are available for <br /> use by the Indian River County Local Housing Assistance <br /> Program (IRCLHAProgram) in providing assistance to eligible <br /> persons or sponsors. Of the seven strategies, emphasis and <br /> priority for use will be placed upon the Impact Fee Grant, <br /> Impact Fee Loan, Downpayment/Closing Cost Loan, Land <br /> Acquisition Loan, and Rehabilitation Loan , and rehabilitation <br /> grant strategies. Utilization of the two Land Banking <br /> strategies will occur solely if funds are available which may <br /> not be effectively utilized under one of the initial five <br /> strategies. These strategies are further described as <br /> follows: <br /> 1. Impact Fes Grants <br /> a. Description <br /> The IRCLHAProgram anticipates providing grants for the <br /> payment of water, sewer, electric, and traffic impact <br /> fees for eligible housing units for qualified eligible <br /> persons or sponsors. Funds for impact fee grants shall <br /> be transferred directly to the appropriate impact fee <br /> account corresponding to the eligible housing unit. <br /> Grants may be provided for connection to bl is services <br /> 13 <br />