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v <br /> disbursements from the Housing Trust Fund will be grant, but the <br /> majority of funds will be revolving loans, with borrowers paying <br /> back principal and applicable interest into the trust, therefore <br /> ensuring a permanent source of financing. <br /> - Housina Element Policy 4.5 <br /> POLICY 4.5: The county shall enter into interlocal agreements with <br /> any county municipality which because of unusually high property <br /> values or coastal high hazard area constraints cannot meet is <br /> affordable housing needs within its jurisdiction, and desires to <br /> contribute to the Housing Trust Fund. The amount and method of <br /> payment will be established prior to execution. <br /> - Housina Element Policy 4.6 <br /> POLICY 4.6: The county shall maintain its affordable housing <br /> partnership with financial institutions for leveraging State <br /> Housing Initiatives Partnership Program (SHIP) funds. <br /> - Housina Element Policy 4.7 <br /> POLICY 4.7: The county shall encourage increased home ownership by <br /> providing downpayment/closing cost loan assistance to eligible very <br /> low income, low income, and moderate income households through the <br /> county's local housing assistance program. <br /> - Housina Element Policy 4.9 <br /> POLICY 4.9: The county shall require all applicants for <br /> downpayment/closing cost loan assistance from the Indian River <br /> County Local Housing Assistance Program to attend a homebuyers' <br /> educational program workshop as a prerequisite for getting a loan. <br /> The homebuyers' educational program provides useful information to <br /> people wanting to buy their own home. Typical subjects presented <br /> are as follows: <br /> • Preparing for homeownership (including budgeting, saving, <br /> etc. ) <br /> • Shopping for a home <br /> • Obtaining a mortgage (qualifying, processing, etc.) <br /> • Understanding mortgages and the closing process <br /> • Life as a homeowner (includes maintenance and <br /> responsibilities) <br /> • Credit and credit reports <br /> 68 <br />