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INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Jason E. Brown <br />County Administrator <br />THROUGH: Roland DeBlois, AICP <br />Interim Community Development Director <br />FROM: Bill Schutt, AICP <br />Chief, Long -Range Planning <br />DATE: July 22, 2019 <br />SUBJECT: Consideration of the Indian River County SHIP Program 2019 Annual Report <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at its regular meeting of August 13, 2019. <br />DESCRIPTION AND CONDITIONS <br />In the early 1990's, the State Housing Initiatives Partnership (SHIP) Program was created by the <br />State of Florida. Through that program, the state collects documentary stamp tax revenue and <br />allocates those funds to local governments to be used for affordable housing purposes. <br />On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local <br />Housing Assistance Plan (Ordinance #93-13). By adopting the plan and subsequently receiving <br />Florida Housing Finance Corporation approval of the plan, Indian River County became eligible to <br />receive State Housing Initiatives Partnership (SHIP) Program funds. <br />The purpose of the SHIP program is to provide affordable housing for income qualified households. <br />As structured, the . county's SHIP Program provides low interest, deferred payment, and <br />subordinated loans to eligible extremely low income, very low income, low income, and moderate <br />income households. Those loans are provided primarily for purchase assistance and rehabilitation <br />assistance. As part of the SHIP purchase assistance program, private financial institutions provide <br />principal mortgages, while SHIP loans are generally structured as soft second mortgages. <br />Since SHIP is a state funded program, the SHIP program fiscal year (FY) is concurrent with the state <br />165 <br />