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APP m 6 1993 DESCRIPTION AND CONDITIONS: BOOK 89 FADE 247 Very low-, low-, and moderate -income households typically encounter various obstacles in their attempt to obtain "affordable housing". These obstacles include, but are not limited to, obtaining sufficient funds for the payment of impact fees and/or down payments for housing units. To address this issue, Housing Element Policy 4.4 of the County Comprehensive Plan was adopted. That policy reads as follows: "The county shall establish a Housing Trust Fund which will provide below-market interest rate financing and/or grants for land acquisition, construction and other related costs for the development of affordable housing units in the unincorporated area. The fund will also assist non-profit facilitators with pre -development expenses associated with very low, low and moderate income housing development. Some disbursements from the Housing Trust Fund will be grants, but the majority of funds will be revolving loans, with borrowers paying back into the trust; therefore ensuring a permanent source of financing." In March, 19911 the Board of County Commissioners established the county's current Indian River County Affordable Housing Advisory Committee. This Committee was charged with the duty of reviewing the Housing Element Policies of the Comprehensive Plan, including Policy 4.4.1 to determine suitable actions which could be undertaken by the county in order to satisfy the adopted policies. During the course of the Committee's investigations, the State of Florida Legislature adopted the William E. Sadowski Affordable Housing Act which created a number of statewide programs. One of the programs created by the Act provides for the creation and funding of local Housing Trust Funds. That program is the State Housing Initiatives Partnership (SHIP) Program. The SHIP Program provides a specialized funding source to be utilized in meeting the "affordable housing" needs of very low-, low- and moderate -income households. Funds are collected for this program by the state and allocated to counties through a program titled State Housing. Initiatives Partnership (SHIP). Indian River County will be eligible to receive an estimated $250,000.00 each year for the 1992-93, 1993-94, and 1994-95 fiscal years, with an estimated increase to $574,186.00 for the 1995-96 fiscal year. In order to qualify to receive the allocation of funds from the SHIP Program, the county must comply with the following three requirements: 1. Adopt a local ordinance which establishes a Local Housing Assistance Program (LHAProgram) and a Local Housing Assistance Trust Fund. 2. Adopt a Local Housing Assistance Plan (LHAPlan) which details the intent and guidelines of the Local Housing Assistance Program (LHAProgram). 3. Create a Local Affordable Housing Advisory Committee which will conduct a regulatory review of the county's regulations and develop a Local Housing Incentive Plan (LHIPlan) to be adopted by the county within one (1) year of adoption of the ordinance establishing the LHAProgram. - 50