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SUBRECIPIENT AGREEMENT <br /> BETWEEN INDIAN RIVER COUNTY AND <br /> INDIAN RIVER COUNTY HOUSING AUTHORITY <br /> This Agreement is made and entered in this 22 day of 2010, by and between the <br /> Board of County Commissioners of Indian River County, a Political Subdivision of the State of <br /> Florida, hereafter referred to as "COUNTY", and the Indian River County Housing Authority a <br /> Local Authority, hereafter referred to as "SUBRECIPIENT" <br /> WITNESSETH : <br /> WHEREAS, COUNTY has been awarded a Neighborhood Stabilization Program <br /> Community Development Block Grant (CDBG) Contract # 10D13 4X40-40=01413 , from the <br /> Department of Community Affairs (DCA), hereafter referred to as "DEPARTMENT", which <br /> provides for the purchase, rehabilitation, administration, and sale of foreclosed properties to <br /> eligible very low, low and moderate income families; and <br /> WHEREAS, said Grant allows COUNTY to contract with local housing authorities to <br /> administer and implement projects that are eligible for Neighborhood Stabilization Program <br /> CDBG funding; and <br /> WHEREAS , it is in the best interest of COUNTY to enter into a special Agreement with <br /> SUBRECIPIENT for the implementation of a portion of said Grant; and <br /> WHEREAS , COUNTY wishes to engage the services of SUBRECIPIENT to implement <br /> a portion of the Neighborhood Stabilization Program Community Development Block Grant for <br /> purchase, rehabilitation, and sale of foreclosed properties; and <br /> WHEREAS , on April 13 , 2009, the County issued a Request for Proposals (RFP) for <br /> qualified organizations to purchase foreclosed and/or abandoned NSP eligible residential housing <br /> units in Indian River County, maintain the housing units during rehabilitation, obtain sufficient <br /> information from an applicant to qualify the applicant as a potential homebuyers, and provide <br /> guidance to qualified applicants toward obtaining a first mortgage from a conventional lender. <br /> Said first mortgage to be used to purchase an affordable housing unit previously acquired by the <br /> SUBRECIPIENT in compliance with all the rules required by NSP1 and administered by the <br /> State of Florida's utilizing the NSP1 Substantial Amendment; and <br /> WHEREAS, on May 6, 2009 , two (2) applications were received by COUNTY in <br /> response to the RFP, but only the application from SUBRECIPIENT was deemed responsive to <br /> carry out the purchase, rehabilitation, and resale activity; and <br /> WHEREAS , SUBRECIPIENT has agreed to utilize up to $2 , 101 ,264 . 50 in Neighborhood <br /> Stabilization Program CDBG funds to acquire, rehabilitate, and sell a minimum of ten housing <br /> units, unless the County/DCA contract is amended to revise the number of units; and <br /> 3 <br />