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Board of County Commissioners Meeting Minutes - Final July 12, 2022 <br />A. Community Development <br />12.A.1. 22-0539 Exception To Cut And Fill Balance Requirements For Commercial / Industrial <br />Development In Flood Hazard Areas <br />Recommended action: Staff recommends that the Board of County Commissioners review the proposed <br />changes to Land Development Regulation Subsection 930.07(2)(i) and provide <br />direction to Staff regarding the requested cut and fill balance exception. <br />Attachments: Staff Report <br />Proposed LDR Subsection 930.07(2)(i) <br />FEMA Compensatory Storage Information <br />Excerpt of 8-15-17 BCC Meeting Minutes <br />Deleted <br />12.A.2. 22-0542 American Rescue Plan Act of 2021 - Low Income Housing Tax Credit (LIHTC) <br />project assistance program. <br />Recommended action: Staff recommends that the Board of County Commissioners consider the <br />proposed LIHTC project assistance program, and approve the program and <br />direct staff to begin administration of this program, or direct staff to make any <br />necessary changes to the program. <br />Attachments: Staff Report <br />LIHTC Application <br />LIHTC Application Attachments <br />Scoring Matrix <br />Community Development Director Phil Matson introduced John Stoll, Chief of <br />Long Range Planning, who presented his department's recommendation to set <br />aside $400,000 from the American Rescue Plan (ARP) package to fund the Low <br />Income Housing Tax Credit (LIHTC) Project Assistance Program which would <br />provide grants to developers to create affordable rental housing. Mr. Stoll <br />displayed demographic data to indicate high -need areas, and noted that any <br />applicants would be brought before the Board for approval. <br />Commissioner Adams received information regarding the value of building in the <br />high -need areas, and was advised the estimated rent for a family -sized unit would <br />be $1,100 to $1,300. Chairman O'Bryan was informed that the State had <br />demographic requirements Developers must meet to ensure affordability. <br />A motion was made by Commissioner Adams, seconded by Chairman <br />O'Bryan, to approve staffs recommendation. The motion carried by the <br />following vote: <br />Indian River County Florida Page 11 <br />