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RESOLUTION NO. 2012 - 061 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE COMMUNITY DEVELOPMENT DIRECTOR TO SUBMIT THE REVISED NEIGHBORHOOD STABILIZATION PROGRAM 3 COMMUNITY DEVELOPMENT BLOCK GRANT ABBREVIATED ACTION PLAN TO THE FEDERAL DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. WHEREAS, the federal government enacted the Wall Street Reform and Consumer Protection Act, Public Law 111-203, which act appropriated $1 billion in Community Development Block Grant (CDBG) funds under the Neighborhood Stabilization Program 3 (NSP3) for local governments to purchase and redevelop abandoned or foreclosed properties; and WHEREAS, $1,500,428 from the $1 billion in NSP3 CDBG funds was earmarked by the Federal Department of Housing and Urban Development (HUD) for Indian River County; and WHEREAS, on February 15, 2011, the Indian River County Board of County Commissioners approved the submission of an NSP3 Abbreviated Action Plan (Application) to HUD for those earmarked CDBG funds to benefit persons of low and moderate income; and WHEREAS, the NSP3 Abbreviated Action Plan provides that the NSP3 funds will be used within a designated target area for the acquisition and rehabilitation of foreclosed homes for sale to very low, low, and moderate income households; and WHEREAS, HUD approved the County's NSP3 Abbreviated Action Plan and signed an NSP3 expenditure agreement with the County on March 10, 2011, which was then approved and signed by the Indian River County Board of County Commissioners on March 22, 2011; and WHEREAS, said agreement includes a requirement that 50% of NSP3 funds be spent by March 10, 2013 and 100% of NSP3 funds be spent by March 10, 2014; and