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Mortgage Assignment and Loand Assumption
Local Housing Assistance Program
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RESOLUTION NO. 95- 23 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA AUTHORIZING THE COMMUNITY DEVELOPMENT <br />DIRECTOR OR HIS DESIGNEE TO REVIEW AND APPROVE LOCAL HOUSING <br />ASSISTANCE PROGRAM MORTGAGE ASSIGNMENT AND LOAN ASSUMPTION <br />AGREEMENTS <br />WHEREAS, Chapter 420, Florida Statutes, describes the State <br />Housing Initiative Partnership Program (SHIP), which has been <br />established to increase the amount of affordable housing within the <br />State of Florida; and <br />WHEREAS, On April 6, 1993, the Indian River County Board of <br />County Commissioners approved ordinance number 93-13, establishing <br />the Indian River County Local Housing Assistance Program; and <br />WHEREAS, on April 6, 1993, the Indian River County Board of <br />County Commissioners adopted the Indian River County Local Housing <br />Assistance Plan; and <br />WHEREAS, according to Rule 9I-37.005(2), Florida <br />Administrative Code, each Local Government had to submit a new <br />Local Housing Assistance Plan by May 2, 1994, to be eligible for FY <br />1994-95 SHIP funding; and <br />WHEREAS, on April 5, 1994, the Indian River County Board of <br />County Commissioners approved a revised Local Housing Assistance <br />Plan; and <br />WHEREAS, on August 29, 1994, the Florida Housing Finance <br />Agency approved the county's revised plan; and <br />WHEREAS, the Indian River County Local Housing Assistance <br />Program provides low interest loan assistance to very low income, <br />low income, and certain moderate income households; and <br />WHEREAS, non-profit organizations may be eligible sponsors to <br />receive SHIP loans, sign county mortgage documents and promissory <br />notes, and build housing units; and <br />WHEREAS, non-profit organizations must transfer ownership of <br />assisted housing units to eligible households, and new owner <br />households must sign mortgage assignment and loan assumption <br />agreements and assume all responsibilities to pay back county SHIP <br />loans when the assisted unit is sold; and <br />WHEREAS, the Board of County Commissioners must consent in <br />writing to any Local Housing Assistance Program mortgage assignment <br />
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