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ANNUAL REPORTS - SHIP PROGRAM <br />Community Development Director Bob <br />Keating reviewed a <br />Memorandum of October 29, 1996 and called attention to the figures <br />on the chart: <br />TO: James E. Chandler <br />County Administrator <br />DE TMENT HEAD CONCURRENCE: <br />i <br />Robert M. Keating, AICP <br />Community Develol VID-ir—ectc�/- <br />FROM: Sasan Rohani, AICP "-' • W <br />Chief, Long -Range Planning <br />DATE: October 29, 1996 <br />SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY SHIP PROGRAM ANNUAL <br />REPORTS <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at their regular meeting of November 5, 1996. <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 Agency approval of the plan, Indian River County became eligible to <br />receive State Housing Initiatives Partnership (SHIP) Program funds. <br />The purpose of the SHIP program is to provide affordable housing for qualifying households. As <br />structured, the county's SHIP Program provides low interest, deferred payment, subordinated loans <br />to very low income, low income, and eligible moderate income households. Most of these loans <br />provide downpayment and closing cost assistance, with local financial institutions providing <br />principal mortgages. <br />Since the plan was approved, the county received a $250,000.00 per year SHIP fund allocation for <br />FY 92/93, FY 93/94, and FY 94/95. The county also received $565,773 for FY 1995-96. <br />The following table indicates the fiscal year allocations and number of loans given to the applicants <br />by fiscal year and by income category. <br />83 <br />November 5, 1996 <br />"OK 99 'AGE RJO <br />