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County-t_-esal-Housing Trust mad-from-other-se P-4equJati�s-w+11 <br /> SUPefGede-the-PeFGen es ued fa+tems (al,4t)-and4O-, <br /> (5) The-housing units provided or a6sisted-"e4ndia Mousing Assistance <br /> Program shall-cGmply with the4G4Gwing4str4b6qiGn4,eq-uifementc,-.L <br /> (a)-Allhousingunites-provided-or assfsted-by-the_Indiansaver CountyLoclousing <br /> Assistance Program must-be-eGc_upi gihlp e PeFSO,s_ <br /> (b) A minimum e€t#+rty-PO) percent-of-the-h provided or assist by the IRd+ar+ <br /> River-County-Local-Housing-Assistance- Must be GGGUpied by Very I <br /> lnsorn <br /> (r.) A minimum of thi4y404ersent of the housing units pFev0ded-Gr-assisted-by--the4ndian <br /> River-Ceunty--Local-Housing AssistanGe-PTogram must be GGGUp;ed by LOW IRGOMe <br /> Persons.._ <br /> (6) All-housing-units-provided-or-assis+e�'��Gu by-the-1 i;-;i-River County-Leoal-Heusi,.g-Assistance <br /> PrsgramS#alaGOMPIY Witllowing�riteraa: <br /> (a) The-sale e of new or sting-eligible-housing units s#alt ex;°ed ninety-{9a} <br /> pew4N4"f the-medlar-area PUFGhase prire-for-the-area where the eligible housing-4s <br /> lesatedTh inety-(99) Percent-Iim+t--pr+Ge-s#all-be established-by-the-United-States <br /> Department of Treasury Qgepagftment in-aGGerdanGe-wit"ec#on 3(b) 2 of the I Ir.lted <br /> State Hous' Act of 1937; <br /> (b) The amount of nthly mortgage-payments-op4he-anioun <br /> order to or_ purGha e the hG-using-unit must be affordable-to-e4gible persons <br /> GGGupy+ng4he housing ua+t; <br /> (4 G)Loans to income eligible households #on#ausing-units-from the Indian River County Local <br /> Housing Assistance Trust Fund shall be provided for periods not exceeding thirty (30)years. <br /> However, deferred payment soft-second loans or loans that extend beyond thirty (30) years <br /> may be provided with the condition that each assisted housing unit financed in either <br /> manner must be occupied by income eligible persons for the same period of time as the <br /> extended loan period. <br /> (5 d)Whenever an owner-occupied housing unit which was purchased or rehabilitated with a <br /> deferred payment loan seRstructed-retiab4i'tated, or othepMse assisted #fern proceeds <br /> provided from the Indian River County Local Housing Assistance Program is sold, <br /> refinanced with a cash out, or occupied by someone other than the original loan recipient, <br /> the entire loan amount and accumulated interest shall be due and payable to the local <br /> housing assistance program. shall be subjeGt to subsidy FeGa re <br /> identical-te- ose pecified434m}of t#e Revsnu . The <br /> funds obtained through these repayments recapture-provisions shall be redeposited into the <br /> Indian River County Local Housing Assistance Trust Fund for redistribution by the Indian <br /> River County Local Housing Assistance Program. <br /> (e) Deconstructed-rehabMated, or et# ed <br /> from the Indian-River County-LeGal-Housing Assistance program shall be reserved-her <br /> eligible persons for the greater of fifteen (15) years or the term Of the a66i6taRGe. <br /> Eligible Whoe4-ental ng for sale -before fifteen (15) yea F6 Gf <br /> ththat-have f"M`ernainin9-msrtgag F; Rover County LoGal Housing <br /> Assistance Program s4lve a first right of refusal to eligible nonprofit organizations <br /> for-purchase at the Gurfer:-market v lue for GOR ed GGsupanGy-of the housin";nits <br /> by e igible-persons- <br /> (6 7)The activities and strategies to be undertaken by the Indian River County Local Housing <br /> Assistance Program in providing and encouraging affordable housing shall be consistent <br /> with the most recent Indian River County Local Housing Assistance Plan approved by the <br /> Board of County Commissioners and Florida Housing Finance Corporation (FHFC)and meet <br /> 5 <br /> 85 <br />