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9 <br />2015 Exhibit E <br />67-37.005(1), F.A.C. <br />RESOLUTION #: 2015 - 050 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY <br />FLORIDA APPROVING THE LOCAL HOUSING ASSISTANCE PLAN AS REQUIRED BY THE STATE <br />HOUSING INITIATIVES PARTNERSHIP PROGRAM ACT, SUBSECTIONS 420.907-420.9079, <br />FLORIDA STATUTES;AND RULE CHAPTER 67-37, FLORIDA ADMINISTRATIVE CODE; <br />AUTHORIZING AND DIRECTING THE COMMUNITY DEVELOPMENT DIRECTOR TO EXECUTE <br />ANY NECESSARY DOCUMENTS AND CERTIFICATIONS NEEDED BY THE STATE; AUTHORIZING <br />THE SUBMISSION OF THE LOCAL HOUSING ASSISTANCE PLAN FOR REVIEW AND APPROVAL <br />BY THE FLORIDA HOUSING FINANCE CORPORATION; AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, the State of Florida enacted the William E. Sadowski Affordable Housing Act, Chapter <br />92-317 of Florida Sessions Laws, allocating a portion of documentary stamp taxes on deeds to local <br />governments for the development and maintenance of affordable housing; and <br />WHEREAS, the State Housing Initiatives Partnership (SHIP) Act, ss. 420.907-420.9079, Florida <br />Statutes (1992), and Rule Chapter 67-37, Florida Administrative Code, requires local governments to develop <br />a one- to three-year Local Housing Assistance Plan outlining how funds will be used; and <br />WHEREAS, the SHIP Act requires local governments to establish the maximum SHIP funds <br />allowable for each strategy as shown in the attached Local Housing Assistance Plan; and <br />WHEREAS, the SHIP Act further requires local governments to establish an average area purchase <br />price for new and existing housing benefiting from awards made pursuant to the Act; The methodology and <br />purchase prices used are defined in the attached Local Housing Assistance Plan; and <br />WHEREAS, as required by section 420.9075, F.S. It is found that 5 percent of the local housing <br />distribution plus 5 percent of program income is insufficient to adequately pay the necessary costs of <br />administering the local housing assistance plan. The cost of administering the program may not exceed 10 <br />percent of the local housing distribution plus 5% of program income deposited into the trust fund, except that <br />small counties, as defined in s. 120.52(17), and eligible municipalities receiving a local housing distribution <br />of up to $350,000 may use up to 10 percent of program income for administrative costs. <br />1 <br />