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At the end of the November 15th meeting discussion, the AHAC recommended, and staff agreed to <br />support reducing the term for purchase assistance loans to 20 years from the current 30 years. That <br />change is reflected on page 9 of the LHAP, under purchase assistance strategy. The AHAC also <br />unanimously recommended that the BCC adopt the new (revised) LHAP with the previously <br />referenced purchase assistance loan term change. <br />FUNDING <br />All SHIP loans are funded from state SHIP allocations and program income. Therefore, no local <br />funds are involved. <br />RECOMMENDATION <br />Staff and the Affordable Housing Advisory Committee recommend that the Board of County <br />Commissioners approve the new Indian River County Local Housing Assistance Plan by adopting <br />the attached resolution and authorizing the Chairman to sign the certification page. <br />ATTACHMENTS <br />1. SHIP Program Funds and Applicant Income Information Summary <br />2. Indian River County Local Housing Assistance Plan for FY 2018-2019, FY 2019-2020, and <br />FY 2020-2021 <br />3. Resolution Approving the New Plan <br />4. Plan's Certification Page <br />5. Unapproved Minutes of AHAC November 15, 2017 Meeting <br />FACommunity Development\SHIP\LHAP\2018-2021 LHAP\BCC-12-5-17-LHAPIan 2018-202Ldoc <br />P121 <br />3 <br />