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The county's plan meets all state and local requirements and provide the basic framework and <br />operating procedures, including program strategy qualification requirements and other provisions, for <br />the SHIP program for the next 3 fiscal years. The state's approval of the new plan makes the county <br />eligible to receive SHIP funds until June 2021. <br />As previously indicated, the FHFC recently approved the County's proposed plan with only a few <br />minor changes including a change to the county's new construction (Federal or State programs <br />matching grant) strategy. Those changes revised the new construction strategy from being a grant to <br />developers to being 10 year deferred payment loan, structured so that the loan amount and <br />accumulated interest will be forgiven after 10 years of compliance with appropriate Federal and State <br />housing program requirements. <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 />The attached approved LHA plan for FY 2018-2019, FY 2019-2020, and FY 2020-2021 is provided <br />to the Board for its information. No action is needed at this time. <br />ATTACHMENTS <br />1. Approved Indian River County Local Housing Assistance Plan for FY 2018-2019, FY 2019- <br />2020, and FY 2020-2021 <br />FACommunity DevelopmenOSHIPTHAP\2018-2021 LHAP\BCC-4-3-18 LHAPIan 2018-2021 information.doc <br />9 <br />