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�\ V <br /> CONSE <br /> INDIAN RIVER COUNTY, FLORIDA <br /> MEMORANDUM <br /> i <br /> TO: Joseph A. Baird <br /> County Administrator <br /> DEPARTMENT HEAD CONCURRENCE: <br /> Stan Boling, A k-P <br /> Community De pment Director <br /> .� <br /> FROM: Sasan Rohani, AICP S <br /> Chief, Long-Range Planning <br /> DATE: October 6, 2015 <br /> SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY'S SHIP PROGRAM ANNUAL <br /> REPORT FOR STATE FY 2013-14 FUNDING <br /> i <br /> i <br /> It is requested that the data herein presented be given formal consideration by the Board of County <br /> Commissioners at its regular meeting of October 13, 2015. <br /> i <br /> DESCRIPTION AND CONDITIONS <br /> In the early 1990's, the State Housing Initiatives Partnership (SHIP) Program was created by the <br /> State of Florida. Through that program, the state collects <br /> g p gr documentary stamp tax revenue and <br /> allocates those funds to local governments to be used for affordable housing purposes. <br /> On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local <br /> Housing Assistance Plan (Ordinance #93-13). By adopting the plan and subsequently receiving <br /> Florida Housing Finance Corporation approval of the plan,Indian River County became eligible to <br /> receive State Housing Initiatives Partnership (SHIP) Program funds. <br /> The purpose of the SHIP program is to provide affordable housing for income qualified households. <br /> As structured,the county's SHIP Program provides low interest,deferred payment,and subordinated <br /> loans to eligible extremely low income, very low income, low income, and moderate income <br /> households. Those loans are provided primarily for purchase assistance and rehabilitation assistance. <br /> As part of the SHIP purchase assistance program, private financial institutions provide principal <br /> 1 <br /> 28 <br />