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fiscal year and runs from July 1 to June 30. Because SHIP funds provided in one fiscal year can be spent over a three fiscal year period, the county often has two or more years of SHIP funding active. For example, in the past year the county has expended funds from the following SHIP program fiscal years: FY 16/17, FY 17/18, and FY 18/19. For each fiscal year (FY), SHIP funds consist of state allocations and program income. Program income consists of SHIP loan repayments and interest earned. Attachment #1 shows historic SHIP fund information. That includes the number of loans provided to eligible applicants by fiscal year and by income category. According to SHIP Program requirements, the county must submit an annual report for the closeout fiscal year (FY16/17) showing that all allocated SHIP funds were expended for that FY. That report must also include interim year data for interim year 1 and 2 (FY 17/18 & FY 18/19). A certification form for the report must be signed by the Chairman of the Board of County Commissioners or his designee. For all previous fiscal years, closeout reports were previously submitted to and approved by the state. Attachment #2 to this staff report is the county's SHIP Program FY 2016-2017 annual closeout report with interim year data for FY 2017-2018 and FY 2018-2019. The FY 2016-2017 final closeout annual report must be submitted to the state by September 15, 2019. ANALYSIS According to state regulations, SHIP funds must be utilized in such a manner that all state requirements and all requirements of the county's Local Housing Assistance Program are met. Among the SHIP requirements are the following: • At least 30% of funds must be utilized by very low income (VLI) households • At least 30% of funds must be utilized by low income (LI) households • At least 65% of funds must be utilized for homeownership • At least 75% of funds must be utilized for construction, rehabilitation or emergency repair • At least 20% of funds must be utilized for disabled applicants or household members • Not more than 10% of funds may be utilized for administration costs In administering the SHIP program, the county has met all of those requirements as well as all local requirements for home ownership, credit, employment, assets, and others. A copy of the attached annual report has been distributed to members of the county's Affordable Housing Advisory Committee, Affordable Housing Partnership Group, municipalities, and other interested persons for their review and comment. Also, a notice of the availability of the reports was posted on the county website. To date, staff has received no comments. The purpose of this staff report is to provide the Board of County Commissioners with background information and the attached SHIP annual report, and to obtain Board authorization for the Chairman to sign the Certification Form for the attached SHIP annual report (see attachment #3). FUNDING 166