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INDIAN RIVER COUNTY, FLORIDA MEMORANDUM TO: Jason E. Brown; County Administrator THROUGH: Phillip J. Matson, AICP; Community Development Director FROM: John Stoll; Chief Long Range Planning DATE: December 5, 2022 SUBJECT: American Rescue Plan Act of 2021 — Low Income Housing Tax Credit (LIHTC) award recommendation. It is requested that the following information be given formal consideration by the Board of County Commissioners at its regular meeting on December 13, 2022 BACKGROUND: On March 11, 2021, the $1.9 trillion -dollar American Rescue Plan Act of 2021 was signed into law. The American Rescue Plan (ARP) is a stimulus package that was intended to speed up the United States' recovery from the impacts of COVID-19. Indian River County received funding through ARP in the amount of $31,063,168. On May 18, 2021, the BCC considered a presentation by staff regarding several new housing programs utilizing ARP funding. These programs included the Supplemental Housing Assistance Rehab and Purchase (SHARP) Program; the Non -Profit Housing Community Rehab (RENO) Program; the Non -Profit Housing Construction (CENO) Program, and Low -Income Housing Tax Credit (LIHTC) assistance program. As part of the presentation, staff requested input from the BCC on these programs and committed to returning with specific information on each program at a later date. On July 12, 2022, the BCC approved the Low -Income Housing Tax Credit (LIHTC) program and directed staff to begin implementation of the Program. Proiect Assistance Program The LIHTC program provides both nonprofit and for-profit developers with a dollar -for -dollar reduction in federal tax liability in exchange for the development of affordable rental housing. Florida Housing gives LIHTC applicants points towards their application score when local government funding match contributions are included.