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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 2023-24, full funding estimated at approximately $1.8 million was approved by the Legislature. 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: • The Emergency Rehabilitation Loan cap has been increased from $25,000 to $35,000. • Mobile Homes have been included in the Emergency Rehabilitation Loan Strategy. • The maximum purchase price has been increased from $294,601 to $300,000. • The existing types of strategies available through the SHIP program have been clarified, and the strategy categories have been made more consistent with the categories specified by the state. • A new strategy for Foreclosure Prevention has been created. The proposed revisions are intended to increase the loan amount to adjust to the rising labor, materials, and general contractor services prices. Additionally, the revisions reflect the current surge in housing market prices by increasing the purchase price. The Foreclosure Prevention strategy was created to combat the mounting cost of homeowner insurance, property taxes, and homeowner association fees. Affordable Housing Advisory Committee Review The LHAP was reviewed by the county's Affordable Housing Advisory Committee (AHAC) on January 3, 2024, and February 7, 2024. AHAC reviewed the proposed revisions and expressed their overall agreement with them. The proposed plan meets all state and local requirements, and the submitted revisions address changed conditions. Once the state adopts and approves it, the LHAP will provide the basic framework and operating procedures for the SHIP program for the next three fiscal years. The new plan will also make the county eligible to receive SHIP funds until June 2027. FUNDING All SHIP loans are funded from state SHIP allocations and program income. Therefore, no local funds are involved. 2 70