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Section 308.03. - Definitions. The definitions provided in Rule 67-37.002, Florida Administrative Code (FAC), F.S. § 420.9071 and in the Indian River County Local Housing Assistance Plan shall apply to the terms used in this chapter. (Ord. No. 93-13, 4-6-93; Ord. No. 2014-008, § 1(App. A), 4-15-14) Section 308.04. - Creation of the Indian River County Local Housing Assistance Trust Fund. The Indian River County Local Housing Assistance Trust Fund (IRCLHATF) is hereby created and established consistent with F.S. § 402.9075 and Rule 67-37.008 FAC. The Indian River County Local Housing Assistance Trust Fund shall be a separate fund account maintained by the Indian River County Board of County Commissioners. Expenditures from the trust fund must meet all requirements of F.S. § 420-9075 and Rule 67-37 FAC. (Ord. No. 93-13, 4-6-93; Ord. No. 2014-008, § 1(App. A), 4-15-14) Section 308.05. - Establishment of the Indian River County Local Housing Assistance Program. (1) Consistent with F.S. § 420.9072 and Rule 67-37 FAC, the Indian River County Local Housing Assistance Program is hereby created and established. (2) The intent of the Indian River County Local Housing Assistance Program is to increase the availability of affordable housing units to Eligible Persons by combining local resources and cost- saving measures into an Indian River County Local Housing Partnership and using private and public funds to reduce the cost of housing. (3) The Indian River County Local Housing Assistance Program shall use the funds held in the Indian River County Local Housing Assistance Trust Fund to implement the Indian River County Local Housing Assistance Plan. (4) Loans to income eligible households from the Indian River County Local Housing Assistance Trust Fund shall be provided for periods not exceeding thirty (30) years. However, deferred payment soft - second loans or loans that extend beyond thirty (30) years may be provided with the condition that each assisted housing unit financed in either manner must be occupied by income eligible persons for the same period of time as the extended loan period. (5) Whenever an owner -occupied housing unit which was purchased or rehabilitated with a deferred payment loan provided from the Indian River County Local Housing Assistance Program is sold, refinanced with a cash out, or occupied by someone other than the original loan recipient, the entire loan amount and accumulated interest shall be due and payable to the local housing assistance program. The funds obtained through these repayments shall be redeposited into the Indian River County Local Housing Assistance Trust Fund for redistribution by the Indian River County Local Housing Assistance Program. (6) The activities and strategies to be undertaken by the Indian River County Local Housing Assistance Program in providing and encouraging affordable housing shall be consistent with the most recent Indian River County Local Housing Assistance Plan approved by the Board of County Commissioners and Florida Housing Finance Corporation (FHFC) and meet requirements of F.S. § 420.9075 and Rule 67-37 FAC. (7) The Indian River County Board of County Commissioners may elect to provide additional funding to supplement and/or augment funds provided from the Indian River County Local Housing Assistance Trust Fund for administration and implementation of the Indian River County Local Housing Assistance Program. Page 3