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ROOK m MAS 11994 Housing Act. That legislation addressed the major affordable housing issue - funding. One of the programs created by the Act provided for the creation and funding of local Housing Trust Funds. That program is the State Housing Initiatives Partnership (SHIP) Program. The SHIP Program provides a specialized funding source to be utilized in meeting the "affordable housing" needs of very low-, low- and moderate income households. Funds are collected for this program by the state and allocated to counties through the State Housing Initiatives Partnership (SHIP) program. For each of the 1992-93, 1993-94, and 1994-95 fiscal years, Indian River County is receiving $250,000.00 in SHIP funds; that amount will increase to $574,186.00 for FY1995-96 and subsequent fiscal years. To qualify for SHIP funds, the county undertook the following actions in April, 1993: 1. Adopted a local ordinance establishing a Local Housing Assistance Program (LHAProgram) and a Local Housing Assistance Trust Fund. 2. Adopted a Local Housing Assistance Plan (LHAPlan) which details the intent and guidelines of the Local Housing Assistance Program (LHAProgram). 3. Created a Local Affordable Housing Advisory Committee which conducted a regulatory review of the county's regulations and developed a Local Housing Incentive Plan (LHIPlan) to be adopted by the county within one (1) year of adoption of the ordinance established the LHAProgram. A copy of the County's adopted Local Housing Assistance Plan (LHAPlan) has been provided with this agenda item, and a copy of the County's informational brochure is attached. The brochure summarizes the program and strategies, while the LHAPlan provides more detail. For the last six months, staff has been following the plan and implementing the program in conjunction with the local housing assistance partnership - local bankers, builders, realtors. During this time, 22 loans have been approved for a total of $114,759.00. • Housing Incentive Plan One requirement of the SHIP program is that each participating local government, within one year of adopting its Local Housing Assistance Plan, must prepare, adopt, and submit (to the state) a Local Housing Incentive Plan. The purpose of that plan is to recommend specific incentives to encourage or. facilitate affordable housing while protecting the ability of property to appreciate in value." According to the SHIP administrative rule, 9I-37.010(2), each Housing Incentive Plan must include recommendations addressing the following areas: • The Affordable housing definition in the appointing resolution. • The expedited processing of permits issued by the Local Government for Affordable housing projects. Provisions for prioritizing Affordable housing projects must be identified. The modification reduction or waive payment. of impact -fee requirements, including r of fees and alternative methods of fee 24