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INDIAN RIVER COUNTY, FLORIDA <br />MEMORANDUM <br />TO: Board of County Commissioners <br />THROUGH: John A. Titkanich, Jr., County Administrator <br />PREPARED BY: Chris Balter <br />Chief, Long -Range Planning <br />DATE: August 03, 2023 <br />SUBJECT: Consideration of the Indian River County SHIP Program 2023 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 on August 15, 2023. <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 SHIP program aims to provide affordable housing for income -qualified households. As <br />structured, the county's SHIP Program provides low-interest, deferred payment, and subordinated <br />loans to eligible extremely low-income, very low-income, low-income, and moderate -income <br />households. Those loans are provided primarily for purchase assistance and rehabilitation assistance. <br />As part of the SHIP purchase assistance program, private financial institutions provide principal <br />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 />fiscal year and runs from July 1 to June 30. Because SHIP funds provided in one fiscal year can be <br />spent over a three fiscal year period, the county often has two or more years of SHIP funding active. <br />For example, in the past year, the county has expended funds from the following SHIP program <br />fiscal years: FY 20/21, FY 21/22, and FY 22/23. <br />For each FY, SHIP funds consist of state allocations (unless funds are withheld or swept to fund <br />other state purposes) and program income. Program income consists of SHIP loan repayments and <br />251 <br />