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COMMISSIONER ADAMS AMENDED HER MOTION TO PROVIDE FOR THE RECAPTURE OF 50% OF THE PROFITS FROM THE SALE OF A DWELLING AFTER 1 YEAR OR LESS, REDUCING THE AMOUNT BY 10% PER YEAR FOR 5 YEARS, AND ELIMINATING ANY RECAPTURE REQUIREMENT AFTER 5 YEARS. THE CHAIRMAN CALLED FOR THE QUESTION. It was voted on and carried unanimously. RESOLUTION NO 94-48 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA APPROVING THE COUNTY'S REVISED LOCAL HOUSING ASSISTANCE PLAN FOR FY 1994-95, FY 1995-96, AND FY 1996-97 AND PROVIDING FOR THE STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM (SHIP) REQUIREMENTS. WHEREAS, Chapter 420, Florida Statutes, describes the State Housing Initiative Partnership program (SHIP), which has been' established to increase the amount of affordable housing within the State of Florida; and WHEREAS, On April 6, 1993, Indian River County approved ordinance number 93-13, establishing the Local Housing Assistance Program; and WHEREAS, the approved Local Housing Assistance plan expires on June 30, 1994; and WHEREAS, according to Rule 9I-37.005(2), Florida Administrative Code, Local Governments must submit a new Local Housing Assistance Plan by May 2, 1994 to be eligible for FY 1994- 95 SHIP funding; and WHEREAS, on March 10, 1994, the Affordable Housing Advisory Committee recommended that the Board of County Commissioners approved the revised plan; and WHEREAS, on April 5, 1994, the Board of County Commissioners considered the adoption of the revised plan; NOW THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Indian River County, Florida that: Section 1. The above recitals are ratified in their entirety Section 2. The attached Indian River County Local Housing Assistance Plan for FY 1994-95, FY 1995-96, and FY 1996-97 is hereby approved by the Board of County Commissioners 29 �DDK 92 FADE 53 � :APR - 5194 �