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g� <br /> INDIAN RIVER COUNTY, FLORIDA <br /> MEMORANDUM <br /> TO: Joseph A. Baird <br /> County Administrator <br /> D A TMENT HEAD CONCURRENCE: <br /> "z/_." i we I I <br /> Robert M. Keating, AI P yO;r Community Development Dire <br /> FROM: Sasan Rohani, AICP '�'' <br /> Chief, Long-Range Planning <br /> DATE: August 27, 2013 <br /> SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY'S 2013 SHIP PROGRAM <br /> ANNUAL REPORTS <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 September 10, 2013. <br /> DESCRIPTION AND CONDITIONS <br /> In the early 1990's, the State Housing Initiatives Partnership Program (SHIP) was created by the <br /> i State of Florida. Through that program, the state collects 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, subordinated <br /> loans to eligible extremely low income, very low income, low income, and moderate income <br /> households. Those loans are provided primarily for downpayment/closing cost and rehabilitation <br /> assistance. As part of the SHIP downpayment/closing cost assistance program, private financial <br /> 1 46 <br />