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ac, <br />INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Joseph A. Baird <br />County Administrator <br />DEPARTMENT HEAD CONCURRENCE: <br />Stan Boling, A <br />Community De <br />pment Director <br />FROM: Sasan Rohani, AICP �/1 <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 />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 />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 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 />