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The program is designed to assure an adequate. supply of standard housing affordable t� <br />-=.lower-income tenants as it increases the supply of private market rental housing available <br />s: to lower-income tenants by providing government funds to rehabilitate existing units and <br />provide rental assistance to lower-income persons to help them afford the rent of these <br />units..One Section 8 Certificate and/or Voucher can be provided for each $7,500 of grant <br />funds to help eligible lower-income tenaants.to pay the rent for rehabilitated units. In <br />order to leverage the maxiniui+ amount of private capital, rehabilitation subsidies are <br />generally limited to 50 per cent of the cost of rehabilitation, not to exceed $7,500 per <br />unit adjusted for high cost areas. Grant funds may only be used to correct substandard <br />conditions, make essential improvements, and repair major systems in danger of failure. <br />Units will be rented at market rents, and no special project rent controls or restrictions <br />will be used. Within the lower-income and neighborhood targeting requirements, the Rental <br />Rehabilitation Program leaves broad opportunities for local program design and flexibility. <br />ALTERNATIVES AND ANALYSIS: <br />This is the fifth year Indian River County has been placed on the eligibility list to <br />enter the competition for finding, and this type of program parallels our existing <br />rehabilitation housing efforts. <br />RECONMENDATIONS : <br />We respectfully request the County Commission to authorize its Chairman to execute <br />the application for submission to the Department of Housing and Urban Development for <br />this grant. <br />This program will rehabilitate approximately twenty (20) substandard rental units in <br />the distressed neighborhoods within this jurisdiction and will make available additional <br />standard units to be utilized by the Indian River County Section 8 Rental Assistance <br />Program. Our total request for Federal assistance is One Hundred Thousand Dollars <br />($100,000.00). <br />This program requires no additional County funds. <br />ON MOTION by Commissioner Scurlock, SECONDED by Com- <br />missioner Eggert, the Board <br />the Chairman to execute the <br />for a grant from the Rental <br />as described above. <br />19 <br />MAR 21 1989 <br />unanimously authorized <br />application to the DHUD <br />Rehabilitation Program <br />BOOK <br />6 f'"r;% 411 <br />