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WABASSO CORRIDOR PLAN <br />County SHIP loans are deferred payment loans that do not require a monthly payment. A SHIP loan <br />will be forgiven after an applicant has lived in an assisted unit for a certain period of time. The county <br />has utilized State Housing Initiatives Partnership (SHIP) program in West Wabasso to: <br />• Increase the availability of affordable housing units for very low and low income households <br />• Provide loans for down payment and closing costs <br />• Provide loans for impact fees (water and sewer hook-ups) <br />• Provide loans for renovation/rehabilitation of substandard housing units <br />Below is the summary of West Wabasso SHIP assistance provided between 1995-2014. <br />Type <br />Total <br />Impact fee Loan (IFL) in conjunction with Water and Sewer Connection (5 Year <br />Loan <br />33 <br />Rehabilitation & Impact Fee (10 Year Loan) <br />21 <br />Rehabilitation (10 Year Loan) <br />13 <br />Down Payment Closing Costs and Rehabilitation Loan (30 Year Loan) <br />1 <br />Total of all Loans <br />68 <br />SHIP funds continue to be made available to low income residents as well as developers of affordable <br />housing projects in West Wabasso. <br />CORRIDOR BOUNDARIES <br />Being an unincorporated area, Wabasso has no legal boundaries. The corridor's boundaries were <br />established with community input to include the area generally known as Wabasso. The boundaries run <br />along US #1 from 77th Street (all sides of the 77th Street/U.S. 1 intersection) to 95th Street and along CR <br />510 from 66th Avenue all sides of 66th Avenue/CR 510 intersection to the Atlantic Ocean. The planning <br />area boundaries and boundaries of West Wabasso are shown on Figure 1, which follows. <br />The heart of Wabasso is located at the intersection of the area's two main roads; CR 510 and U.S. #1. <br />East of 58th Avenue, most properties within the planning area that front these roads have a <br />commercial/industrial land use designation (see figure 2). The eastern portion of the planning area, as <br />well as the portion west of 58th Avenue, are mainly designated for residential development (see figure <br />3). <br />CR 510 and U.S. #1 are both classified as urban principal arterials on the county's future roadway <br />thoroughfare plan map. U.S. #1 is the main north -south roadway through the county, while CR 510 is <br />one of the major east -west roadways in the county. CR 510 connects the barrier island to I-95 and <br />western portions of the county, and is planned for widening and major improvements from CR 512 to <br />58th Avenue through an FDOT (state) project and between 58th Avenue and the Indian River Lagoon via <br />a county roadway project. <br />INDIAN RIVER COUNTY PAGE <br />P249 <br />