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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, Chief, Long Range Planning <br />DATE: February 7, 2024 <br />SUBJECT: Consideration of the revised Indian River County Local Housing Assistance <br />Plan for the Fiscal Years 2024-2025, 2025-2026, and 2026-2027 <br />It is requested that the data herein presented be given formal consideration by the Board of <br />County Commissioners at its regular meeting on February 20, 2024. <br />DESCRIPTION AND CONDITIONS <br />Pursuant to the requirements of Section 420.907, F.S., and Rule 67-37.005, Florida Administrative <br />Code (FAC), the Board of County Commissioners approved the Count's first Local Housing <br />Assistance Plan (Ordinance #93-13) on April 6, 1993. Subsequently, the Florida Housing Finance <br />Corporation approved the County's plan and authorized the disbursement of State Housing <br />Initiatives Partnership (SHIP) Program funds. <br />According to Rule 67-37.005(2), Florida Administrative Code, every three years, each local <br />government receiving SHIP funds must submit a new Local Housing Assistance Plan (LHAP) to the <br />Florida Housing Finance Corporation. Accordingly, the County's plan was submitted in 1994, <br />1997, 2000, 2003, 2006, 2009, 2012, 2015, 2018, and 2021. <br />In 2020, the Board of County Commissioners approved the County's current 3 -year plan. The <br />Florida Housing Finance Corporation (FHFC) then approved the County's plan and authorized the <br />disbursement of SHIP funds until June 30, 2024. By May 2024, the County must submit to FHFC <br />a new 3 -year plan for FY 2024-2025, FY 2025-2026, and FY 2026-2027. This agenda item reviews <br />the proposed new LHAP. <br />0 SHIP Program Activity <br />Since its initial adoption in 1993, the County's LHAP has been successful in directing assistance to <br />eligible households within the county. The attached table (attachment #1) identifies the County's <br />SHIP allocations and the number of loans given to eligible applicants by fiscal year and by income <br />category. <br />Since SHIP is a state -funded program, the SHIP program fiscal year (FY) is concurrent with the <br />69 <br />