§ 7.5-28. Establishment of the local housing assistance program.

A.

The local housing assistance program is hereby created and established.

B.

The local housing partnership shall use the funds received from the state pursuant to the State Housing Initiative Partnership Act to implement the local housing assistance program. The funds shall be distributed in the following manner:

(1)

Ninety (90) percent of the funds shall be used by the local housing partnership to provide down payment and closing cost assistance for first time homebuyers, purchase rehabilitation assistance of houses for first time homebuyers, rehabilitation or emergency repair cost for existing homeowners, and housing loan guarantee fee assistance.

(2)

A maximum of ten (10) percent of the funds shall be used to offset administrative costs.

C.

No more than ten (10) percent of the State Housing Initiative Partnership Act funds received by the city shall be used for administrative expenses; and if the city wishes to spend more than five (5) percent on administrative expenses, such expenditure must be approved by resolution of the city commission.

D.

The local housing assistance program shall include all other lawful objectives not previously listed if said objectives have been adopted into the local housing assistance plan in the manner provided for by Sections 420.907—420.9079, Florida Statutes and Rule 9I-37, Florida Administrative Code.

(Ord. No. 93-11, § V, 4-12-93; Ord. No. 94-09, § 1, 4-11-94; Ord. No. 95-2, § 1, 4-10-95)