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boor, <br />7. The Local Housing Assistance Plan shall provide for the <br />expenditure of SHIP funds within 24 months following the end <br />of the State fiscal year in which they are received. <br />S. The plan conforms to the Local Government Comprehensive Plan. <br />9. Amendments to the approved Local Housing Assistance Plan shall <br />be provided to the Agency within 21 days after adoption. <br />10. The trust fund shall be maintained with a qualified depository <br />for all SHIP funds as well as moneys generated from activities <br />such as interest earned on loans. <br />11. Amounts on deposit in the local housing assistance trust fund <br />shall be invested as permitted by law. <br />12. The local housing assistance trust fund shall be separately <br />stated as a special revenue fund in the county's audited <br />financial statements, copies of the audits will be forwarded <br />to the Agency as soon as available. <br />13. SHIP funds will not be pledged for debt service on bonds or as <br />rent subsidies. <br />14. Developers receiving assistance from both SHIP and the Low <br />- Income Housing Tax Credit (LIHTC) program shall comply with <br />the income, affordability and other LIHTC program <br />requirements, similarly, any units receiving assistance from <br />other federal programs shall comply with all Federal and SHIP <br />program requirements. <br />15. Loans shall be provided for periods not exceeding 30 years, <br />except for deferred payment loans or loans that extend beyond <br />30 years which continue to service eligible persons. <br />16. Rental units constructed or rehabilitated with SHIP funds <br />shall be monitored at least annually for 15 years for <br />compliance with tenant income requirements and -affordability <br />requirements. <br />17. The document being submitted is the Indian River County Local <br />Housing Assistance Plan and all provisions of the plan conform <br />to the requirements of Sec. 420.9072, F.S., and Chapter 9I-37, <br />F.A.C. <br />Witness <br />Commissioner Car yn K. Eggert <br />n Chairman, Board of County Commissioners <br />Ailtn;:eAs- Name and Title <br />OR <br />Attest •OIL -P-911 <br />\u\v\h\haplan66. 36 <br />March 11, 1997 <br />3/11/97 <br />Date <br />Indian River Ca I <br />Approved <br />Date <br />Admin. <br />V�re_ <br />'3 YM <br />Legal <br />Budget <br />ui <br />pr -_'e <br />Dept. <br />Ake <br />-211-9'h�pp <br />flisk Mgr. <br />