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In 2012, the Board of County Commissioners approved the County's current 3 year plan. The Florida Housing Finance Corporation (FHFC) then approved the county's plan and authorized the disbursement of SHIP funds until June 30, 2015. Now, the County must submit a new 3 year plan for FY 2015-2016, FY 2016-2017, and FY 2017-2018 to the FHFC by May, 2015. Since its initial adoption in 1993, the county's Local Housing Assistance Plan has been successful in directing assistance to eligible households within the county. The attached table (attachment #1) identifies the county's SHIP allocations and the number of loans given to eligible applicants by fiscal year and by income category. Since SHIP is a state funded program, the SHIP program fiscal year (FY) is concurrent with the state fiscal year and runs from July 1 to June 30. Because SHIP funds provided in one fiscal year can be spent over a three fiscal year period, the county often has two or more years of SHIP funding active. For each fiscal year (FY), SHIP funds consist of state allocations and program income. Program income includes SHIP loan repayments and interest earned. For FY 2014-15, the county received a $660,086.00 state allocation. ANALYSIS To meet the Florida Housing Finance Corporation's local housing assistance plan submittal requirements, county staff has prepared a revised Local Housing Assistance Plan. The revised plan is a continuation of the County's existing plan with only minor changes. As proposed, the new plan includes updated information, projected expenditures for the new fiscal years, and revisions to the County's assistance strategies names to correspond with the State's assistance strategies names. As indicated in the new plan, the County will continue its affordable housing incentives and utilizing ten percent (10%) of the state SHIP allocation for administration of the SHIP Program. As drafted, the proposed plan meets all state and local requirements. Once adopted and approved by the state, the Local Housing Assistance Plan will provide the basic framework and operating procedures, including program strategy qualification requirements and other provisions, for the SHIP program for the next 3 fiscal years. The new plan will also make the county eligible to receive SHIP funds until June 2018. On November 19, 2014, the Affordable Housing Advisory Committee (AHAC) met and reviewed the revised LHAP. At that meeting, the AHAC unanimously recommended that the Board of County Commissioners approve the new (revised) LHAP. FUNDING All SHIP loans are funded from state SHIP allocations and program income. Therefore, no local funds are involved. 104 2