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a t loans , and rehabilitation loans for affordable housing units in the county . The fund will also assist non - profit facilitators with pre - development expenses associated with very low , low and moderate income housing development . Some disbursements from the Housing Trust Fund will be grants , but the majority of funds will be revolving loans , with borrowers paying back principal and applicable interest into the trust ; therefore ensuring a permanent source of financing . " The intent of this policy is to maintain the financial mechanism which provides affordable housing for very low - , low - , and moderate - income households in Indian River County . When the comprehensive plan was being developed , it was anticipated that a Housing Trust Fund could be established and funded by a variety of sources , including contributions from barrier island municipalities , developer contributions from a density bonus program , and other sources . In June , 1992 , the Florida Legislature passed the William E . Sadowski Affordable Housing Act , a law which created a state funded program whereby participating communities receive monies for a Local Housing Assistance Trust Fund . The program created by the Sadowski Act is titled the State Housing Initiatives Partnership ( SHIP ) Program . SHIP Program requirements have been codified and established in Section 420 . 907 of the Florida Statutes ( FS ) and Rule 67 - 37 of Florida Administrative Code ( FAC ) . The Administrative Rules listed in Rule 67 - 37 establish specialized compliance requirements for communities participating in the SHIP Program . In order to participate in the SHIP Program , a community must complete the following activities : 1 . Adopt a local ordinance which establishes a Local Housing Assistance Program ( LHAProgram ) and a Local Housing Assistance Trust Fund ( LATF ) . 2 . Adopt a Local Housing Assistance Plan ( LHAPlan ) which details the intent and guidelines of the Local Housing Assistance Program ( LHAProgram ) . 3 . Create a Local Affordable Housing Advisory Committee which will conduct a regulatory review of the county ' s regulations and develop a Local Housing Incentive Plan ( LHIPlan ) to be adopted by the community within one ( 1 ) year of adoption of the ordinance establishing the LHAProgram . In compliance with the county Comprehensive Plan and the State Housing Initiatives Partnership ( SHIP ) Program , the Indian River County Board of County Commissioners adopted Ordinance 93 - 13 which established the Indian River County 2