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TO: James E. Chandler County Administrator DPTBIION HEAD CONCURRENCE: 41j1,f,.f 10, 0 - Obert M. irertiAIC Community Develo ment irector FROM: Sasan Rohani, AICP <; -� Chief, Long -Range Planning DATE: February 20, 1995 RE: CONSIDERATION OF PROPOSED AMENDMENTS TO THE INDIAN RIVER COUNTY LOCAL HOUSING ASSISTANCE PLAN It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at their regular meeting of February 28, 1995. DESCRIPTION AND CONDITIONS • Background On April 5, 1994, the Board of County Commissioners adopted resolution #94-48, which approved the Indian River County Local Housing Assistance Plan for FY. 94-95, FY 95-96, and FY 96-97. By approving this plan, the Board ensured that Indian River County would be eligible to receive SHIP funds for the next three fiscal years. Currently, the county receives $2501000.00 per year in SHIP funds. That amount is scheduled to increase to $572,942.00 in FY 95-96. The Florida Housing Finance Agency then approved the county's revised plan on August 29, 1994, and authorized the disbursement of SHIP funds until June, 1997. That plan may be amended, as needed, but need not be amended until the plan expires in 1997. • Concerns Although the county's approved plan addresses all state requirements, some concerns were raised by the County's Affordable Housing Advisory Committee (AHAC). Specifically, the AHAC questioned whether the County's current program is structured to provide assistance only to recipients needing assistance and then only in the minimum amount necessary. Although AHAC's general concerns were whether SHIP funds are targeted only to those who need assistance and whether the amount of assistance is limited to the minimum needed, several specific concerns arose. Generally, these specific concerns were as follows: • Are current downpayment/closing cost assistance loans too high? • Are current maximum asset amounts too high? FEBRUARY 28, 1995 44