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mortgage for properties five (5) through seventeen (17). For those thirteen (13) mortgages, <br />IRHFH collects the monthly mortgage payments and sends a total monthly mortgage check to <br />the County. Those mortgage terms range from 20 to 30 years. The $311,392.19 in spent Program <br />Income funds resulted from the resale of the first four (4) properties and from the monthly <br />mortgage payments received prior to program close-out. <br />Currently, Indian River County has a program income balance of $48,952.14 in NSP3 funds and <br />has a total of $782,405.62 in outstanding (future) mortgage payments. The County is receiving <br />monthly mortgage payments of $3,210.70. Those monthly payments are gradually increasing the <br />amount of NSP3 funds that the County has on hand and decreasing the total balance of mortgage <br />payments owed. <br />Close-out <br />With respect to the County's original NSP3 allocation of $1,500,428 from HUD, the County has <br />completed its obligations associated with those funds, and staff has recently completed the <br />process to close-out the grant with HUD. That process involved completing necessary reports <br />and forms verifying that all grant requirements have been met and receiving acknowledgement <br />of HUD approval for the closeout. <br />Because Program Income funds are continuing to accumulate, the County is required to annually <br />report to HUD any NSP3 activities associated with those funds. Under current NSP3 rules, the <br />annual reporting will be conducted until all NSP3 funds are spent. <br />Once NSP3 program income funds substantially accumulate, staff will bring forward options for <br />how the Board can proceed with use of those funds. Based on current guidance provided by <br />HUD, those options may include but are not limited to purchasing and rehabilitating abandoned <br />or foreclosed homes to be re -sold or rented to income qualified applicants, demolishing blighted <br />structures, establishing land banks, and redeveloping demolished or vacant properties. <br />RECOMMENDATION: <br />The above referenced information is provided for the Board's information. No action is needed <br />at this time. <br />ATTACHMENTS <br />1. NSP3 Closeout Documents <br />C \Users\GRANIC-1\AppData\Local\Temp\BCL Technologies\easyPDF 7\@BCL@E805DBF3\@BCL@E805DBF3.doc <br />P27 <br />