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ORDINANCE NO. 93-13 <br />SECTION IV, ESTABLISHMENT OF THE INDIAN RIVER COUNTY LOCAL <br />HOUSING ASSISTANCE PROGRAM <br />A. The Indian River County Local Housing Assistance Program <br />is hereby created and established. <br />B. The intent of the Indian River County Local Housing <br />Assistance Program is to increase the availability of affordable <br />housing units to Eligible Persons by combining local resources and <br />cost-saving measures into an Indian River County Local Housing <br />Partnership and using private and public funds to reduce the cost <br />of housing. <br />C. The Indian River County Local Housing Assistance Program <br />shall use the funds held in the Indian River County Local Housing <br />Assistance Trust Fund to implement the Indian River County Local <br />Housing Assistance Plan. <br />D. The distribution and expenditure of funds from the Indian <br />River County Local Housing Trust Fund for implementing and <br />conducting the Indian River County Local Housing Assistance Program <br />shall comply with the following distribution requirements: <br />(1) A minimum of sixty-five (65) percent of the funds shall <br />be reserved for Local Housing Assistance Program <br />activities which result in homeownership for eligible <br />persons; <br />(2) A minimum of seventy-five (75) percent of the funds shall <br />be reserved for construction, rehabilitation, or <br />emergency repair of housing which will be utilized by <br />eligible persons; and <br />(3) A maximum <br />of five <br />(5) <br />percent <br />of <br />the funds may <br />be <br />expended to <br />provide <br />for <br />the costs <br />of <br />administration <br />and <br />implementation of the Indian River County Local Housing <br />Assistance Program. The Indian River County Board of <br />County Commissioners may make a finding by separate <br />resolution that expenditures to administer and implement <br />57 <br />APR — 61993 OoQK 9 Pvt-25 <br />