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ON MOTION BY Mr. Mathes, SECONDED BY. Chairman <br />Price, the members voted (8-0) to recommend the Board <br />of County Commissioners approve the incentive to amend <br />the requirement of a traffic impact analysis report prior to <br />affordable housing projects conceptual site plan <br />approval. <br />Consideration of Revised IRC Local Housing Assistance Plan for FY 2018-19 — 2020-21 — <br />Action Required <br />Mr. Sasan Rohani, Chief, Long -Range Planning,+rs'ummarized his memorandum dated <br />October 26, 2017, with Attachment 1; The SHIP Program Funds and Applicants Information <br />Summary and the Indian River County Local Hous g- :Assistance Plan for Fiscal Year 2018- <br />2019, Fiscal Year 2019-2020, and Fiscal Year 2x020=2021 . A copy of the memorandum with <br />attachments was distributed to members at the4meeting an on file in the Commission Office. <br />Discussion ensued regarding whether <br />program from 30 years. Mr. Boling pointed <br />have helped roughly 300 less households sin <br />Mr. Bowler expressed con'oer�n-*regardi <br />10 years vs. the purchase assistan`bbe ,of"3 <br />N� � <br />include: making the term of both loan's be 10 <br />so homeowners could sellsif�needed w` lit no 0 <br />� -i- �_ <br />of repayment based on income�level. <br />reduce the termm'limit of the purchase assistance <br />out that without the program income, they would <br />9,1.992. <br />ng the disparity between the rehabilitation loan of <br />0 years`Many alternatives were discussed, to <br />years, removing or reducing the 3% interest rate <br />r mimimal financial penalty, or using a sliding.scale <br />Mr. Boling interjected than the program- has a waiting list as is, and if they had more <br />program income they\,could felp,,,,more pepple, but discussion argued that the current <br />arrangemen zstops those o, -'tVant to ,move Itip from doing so. Mr. McAlhany suggested <br />timeframe ;for loan%forg venesskof 20 'yea��vs-30 would allow higher turnover of affordable <br />homest�id money coming;into tl e•SHIP program sooner. <br />Mr. Mathes inqui er drf^there were other options available to keep people in the homes <br />other than just4the,repayme4v interest* Shared appreciation was discussed. <br />Staff recommends that' AHAC recommend that the Board of County Commissioners <br />approve the new Indian .RiverCounty Local Housing Assistance Pian in order to receive new <br />SHIP funds for the next three years. <br />Mr. Mathes made a motion to recommend to change the term for purchase assistance <br />loans from 30 to 20 years, keep the simple interest rate at 3%, and continue case-by-case <br />assessment of forgiveness. <br />ON MOTION BY Mr. Mathes, SECONDED BY Mr. Myers, <br />the members voted (8-0) to change the new Indian River <br />County Local Housing Assistance Plan with the purchase <br />assistance loan term change to 20 years. <br />C <br />AHAC Unapproved Nov 15, 2017 <br />P157 <br />