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Affordable means that monthly rents or mortgage payments including taxes and insurance <br />do not exceed 30 percent of that amount which represents the percentage of the median <br />annual gross income for the households as indicated in Sections 420.9071, F.S. However, it <br />is not the intent to limit an individual household's ability to devote more than 30% of its <br />income for housing, and housing for which a household devotes more than 30% of its <br />income shall be deemed Affordable if the first institutional mortgage lender is satisfied that <br />the household can afford mortgage payments in excess of the 30% benchmark and in the <br />case of rental housing does not exceed those rental limits adjusted for bedroom size. <br />N. Welfare Transition Program: Should an eligible sponsor be used, a qualification system and <br />selection criteria for applications for Awards to eligible sponsors shall be developed, which <br />includes a description that demonstrates how eligible sponsors that employ personnel from <br />the Welfare Transition Program will be given preference in the selection process. <br />0. Monitoring and First Right of Refusal: In the case of rental housing, the staff and any entity <br />that has administrative authority for implementing the local housing assistance plan assisting <br />rental developments shall annually monitor and determine tenant eligibility or, to the extent <br />another governmental entity provides the same monitoring and determination, a <br />municipality, county or local housing financing authority may rely on such monitoring and <br />determination of tenant eligibility. However, any loan or grant in the original amount of <br />$10,000 or less shall not be subject to these annual monitoring and determination of tenant <br />eligibility requirements. Tenant eligibility will be monitored annually for no less than 15 <br />years or the term of assistance whichever is longer unless as specified above. <br />Eligible sponsors that offer rental housing for sale before 15 years or that have remaining <br />mortgages funded under this program must give a first right of refusal to eligible nonprofit <br />organizations for purchase at the current market value for continued occupancy by eligible <br />persons. <br />P. Administrative Budget: A line -item budget of proposed Administrative Expenditures is <br />attached as Exhibit A. Indian River County finds that the funds deposited in the local <br />housing assistance trust fund shall be used to administer and implement the local housing <br />assistance plan. <br />Q. <br />Section 420.9075 Florida Statute and Chapter 67-37, Florida Administrative Code, states: <br />"A county or an eligible municipality may not exceed the 5 percent limitation on <br />administrative costs, unless its governing body finds, by resolution, that 5 percent of the local <br />housing distribution plus 5 percent of program income is insufficient to adequately pay the <br />necessary costs of administering the local housing assistance plan." <br />Section 420.9075 Florida Statute and Chapter 67-37, Florida Administrative Code, further <br />states: "The cost of administering the program may not exceed 10 percent of the local <br />housing distribution plus 5 percent of program income deposited into the trust fund, except <br />that small counties, as defined in s. 120.52(19), and eligible municipalities receiving a local <br />housing distribution of up to $350,000 may use up to 10 percent of program income for <br />administrative costs." <br />The applicable local jurisdiction has adopted the above findings in the resolution attached as <br />Exhibit E. <br />Program Administration: Administration of the local housing assistance plan will be wholly <br />performed and maintained by the Indian River County. <br />-5- <br />F:\Community Development\SHIP\LHAP\2018-2021 LHAP <br />