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APR - 6 19 -03 <br />BOOK 89 u� F . <br />In order for the county to be eligible to receive funds from the <br />SHIP Program, the Board of County Commissioners must adopt the <br />ordinance establishing the Indian River County Local Housing <br />Assistance Program, approve the- Local Housing Assistance Plan, <br />adopt the resolution establishing a maximum expenditure of SHIP <br />funds per housing unit and establishing an estimated average amount <br />Of SHIP funds per unit by assistance strategy, and adopt the <br />resolution increasing the amount of SHIP funds which may be <br />utilized for administering the Local Housing Assistance Program <br />from five percent (5%) as permitted by the SHIP Program to ten <br />percent (10%). <br />RECOZWMNDATION: <br />Staff recommends that the Board of County Commissioners: <br />1. Adopt the Ordinance to establish the Indian River, County Local <br />Housing Assistance Program; <br />2. Adopt the Local Housing Assistance Plan; <br />3. Approve. the resolution which establishes monetary limits for <br />SHIP funds dispersed via the Local Housing Assistance Program; <br />and <br />4. Approve the resolution permitting administrative expenditures <br />Of up to ten percent (10%) of SHIP funds for the Local Housing <br />Assistance Program. <br />Community Development Director Bob Keating stressed that an <br />important aspect of a comprehensive plan is affordable housing. A <br />housing district fund was previously established but the sources of <br />revenue were tenuous. It was hoped that the barrier island <br />communities would contribute to the fund because they were unable <br />to provide affordable housing, but that did not happen. This money <br />from the State of Florida will enable IRC to help very low, low and <br />moderate income families to obtain affordable housing. <br />Director Keating discussed the major objectives of the <br />program: <br />1. Create a revolving fund so that the maximum number of <br />people will benefit from the program. <br />2. Keep the total amount provided each household to a minimum <br />so that more people can be assisted. The maximum award for any one <br />housing unit will be $15,000.00. <br />3. Provide loans or grants to pay impact fees. <br />4. Provide loans to pay down payments and closing costs. <br />5. Provide land acquisition loans to enable non-profit <br />organizations such as Habitat for Humanity and Bootstrap Housing to <br />construct affordable housing units. <br />6. Provide housing rehabilitation loans. <br />52 <br />