11/8/1994 - Laserfiche WebLink

Home Browse Search

M. Surety Bonds for Commissioners Eggert -and Tippin ON MOTION by Commissioner Eggert, SECONDED -by Commissioner Adams, the Board unanimously approved the renewal of 4 -year surety bonds for Commissioners Carolyn Eggert and John Tippin. N. SHIP Program Annual Reports The Board reviewed a Memorandum of November 7, 1994: TO: James E. Chandler County Administrator DEP TMENT HEAD CONCURRENCE Robert M. Keati , AIC Community Develmpment rector FROM: Sasan Rohani, AICP S• Chief, Long-Range'Planning DATE: November 7, 1994 __RE: Indian River County SHIP Program Annual Reports It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at their regular meeting of November 8, 1994. -DESCRIPTION AND CONDITIONS On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local Housing Assistance Plan (Ordinance #93- .13). --By. adopting the plan and subsequently receiving Florida Housing Finance Agency approval of the plan, Indian River County became eligible to receive $250,000.00 per year in State Housing Initiatives Partnership (SHIP) Program funds. The purpose of the SHIP program is to provide affordable housing for qualifying households. As structured, the County's SHIP Program provides low interest, deferred payment, subordinated loans to very low income, low income, and moderate income households. Most of these loans provide downpayment and closing cost assistance, with -=local financial institutions providing principal mortgages. Since the plan was approved, the county has received its full $250,000.00 allocation for FY 92/93 and FY 93/94, and has received $70,000.00 of its FY 94/95 SHIP funds. Of this amount, $560,000.00 has been committed, and 95 loans have been given. These funds have been committed and these loans have been given in the one year period that the program -has operated. 17 November 8, 1994 BOOK b3 PAuG, 7