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r: <br />INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Jason E. Brown; County Administrator <br />THROUGH: Phillip J. Matson, AICP <br />Community Development Director <br />FROM: John Stoll <br />Chief, Long Range Planning <br />DATE: April 25, 2022 <br />SUBJECT: American Rescue Plan Act of 2021— Supplemental Housing Assistance Rehab and <br />Purchase (SHARP) Program funding formula adjustment. <br />It is requested that the following information be given formal consideration by the Board of County <br />Commissioners (BCC) at its regular meeting of May 3, 2022. <br />BACKGROUND: <br />On March 15, 2022 the BCC approved the SHARP program application, and directed staff to begin <br />implementation of the program. The SHARP program combines State Housing Initiatives <br />Partnership Program (SHIP) funding with American Rescue Plan (ARP) funding to increase the <br />amount of assistance available to Very Low Income (VLI), Low Income (LI), and Moderate Income <br />(MI) applicants for the purpose of home purchase assistance, rehab assistance, or both. The SHARP <br />application contains an exact funding formula for each SHIP program strategy that ARP funding can <br />be combined with. For example, an applicant could potentially receive up to $35,000 in a SHIP loan, <br />and then could receive up to a $35,000 ARP grant for a total SHARP award of up to $70,000 for a <br />VLI or LI applicant. <br />PROPOSED REVISION: <br />The SHARP program has been initially well received, but as Staff has begun implementation of the <br />program we have identified a minor deficiency. Due to the increased cost of construction materials it <br />has become apparent that there are cases where the full SHIP allotment, combined with ARP <br />funding, would be necessary to successfully rehabilitate an applicant's home. <br />1. Rehabilitation Assistance Program: As previously explained in the Background section of <br />this report, a VLI or LI SHARP applicant currently may receive up to $35,000 from SHIP <br />and $35,000 as an ARP grant for a total of a $70,000 SHARP award. Currently the <br />maximum award available from SHIP for a VLI or LI applicant is $60,000. This means that <br />with the current funding formula for rehabilitation assistance, an applicant may only obtain <br />$10,000 more from the SHARP program than was available from the stand-alone SHIP <br />program. <br />123 <br />