12/01/2020 - Laserfiche WebLink

Home Browse Search

SHIP allocations and the number of loans given to eligible applicants by fiscal year and by income category. Since SHIP is a state funded program, the SHIP program fiscal year (FY) is concurrent with the state 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 each fiscal year (FY), SHIP funds consist of state allocations and program income. Program income includes SHIP loan repayments and interest earned. For FY 2020-21, full funding estimated at approximately $1.6 million was initially approved by both the Legislature, but due to the recent COVID-19 health crisis was eliminated ($0 state allocation). ANALYSIS To meet the Florida Housing Finance Corporation's local housing assistance plan submittal requirements, and to recognize changed conditions; staff, in conjunction with the County's Affordable Housing Advisory Committee (AHAC), prepared a revised LHAP (Attachment 2). The revised plan is a continuation of the county's existing plan with the following changes: • Increases Rehabilitation Loan cap from $50,000 to $60,000. • Increases Emergency Rehabilitation Loan cap from $20,000 to $25,000. • Increases Purchase Assistance Loan with Rehabilitation Loan cap from $10,000 to $12,500. • Establishes a cap of $60,000 per housing unit in active SHIP loans (all categories except when disaster funding is necessary). • Prohibits a household/property from having two active SHIP rehabilitation loans (must wait for first 10 year rehab loan to expire before a new rehab loan may be given). Exception: A household/property may have an active SHIP rehabilitation loan and also obtain a SHIP emergency and/or disaster loan. • Provides for the County's Loan Review Committee to administratively reduce the per unit and per project award amounts for new construction projects (Federal or State Programs Matching Loans) when there are limited SHIP funds available or allocated from the state. • Updates to include state required definitions for "Essential Service Personnel" and for "First-time Homebuyer" and general clean-up text edits. • Edits to clarify the County's existing types of strategies available through the SHIP program and to make the strategy categories more consistent with categories specified by the state. The proposed revisions to increase loan amounts will help to accommodate labor, materials, and general contractor price increases. Proposed revisions to add a monetary benefit cap and a time period before a homeowner can re -apply for a 2nd rehabilitation loan will allow funds to be distributed to more properties without any one property excessively benefiting. 217