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BOOK 99 PAGE 691 <br />SHIP PROGRAM REPORT <br />[3-94 <br />AMOUNT OF SHIP <br />FUNDING <br /># OF LOANS <br />PROVED <br />AND % OF LOANS APPROVED BY INCONM <br />ATEGORY <br />* <br />% <br />% <br />% <br />250,000.00 <br />1 <br />13 <br />1.71 <br />17 <br />1.66 <br />11 <br />.83 <br />250,000.00 <br />12 <br />43 <br />18 <br />.65 <br />18.92 <br />95 <br />S 250,000.00 <br />11 <br />.67 <br />13 <br />0.33 <br />20.00 <br />-96 year to <br />date <br />S 565,773.00 <br />1 <br />.84 <br />.89 <br />5.26 <br />OTAL <br />1,315,773.00 1165 <br />34.54 <br />1 <br />.09 <br />16.36 <br />AM V; vcwver 16y, I YY0 <br />* Very Low Income (VLI) <br />* * Low Income (LI) <br />* * * Moderate Income (MI) <br />As per the requirements of the SHIP Program, the county must submit an annual report for each <br />fiscal year for which SHIP funds have been used. These reports must be signed by the Chairman <br />of the Board of County Commissioners or her designee. The annual SHIP reports for FY 92-93, <br />FY 93-94, and FY 94-95 were submitted to the state last year, however, only the annual report for <br />FY 1992-93 was considered to be a close-out report that does not need to be re -submitted. Attached <br />to this staff report are the county's SHIP Program FY 1993-94, FY 1994-95, and FY 1995-96 annual <br />reports. These reports must be submitted to the state by November 15, 1996. <br />According to state regulations, SHIP funds must be utilized in such a manner that all state <br />requirements and all requirements of the county's Local Housing Assistance Program are met. <br />Among the State Housing Initiatives Partnership Program (SHIP) requirements are the following: <br />• At least 30% of recipients must be very low income (VLI) <br />• At least 30% of recipients must be low income (LI) <br />• At least 65% of funds must be utilized for homeownership <br />• At least 75% of funds must be utilized for construction, rehabilitation and emergency repair <br />• Not more than 10% of funds can be utilized for administration costs <br />In administering the SHIP program, the county has met all of these requirements as well as local <br />requirements for homeownership, credit, employment, and assets. <br />The purpose of this agenda item is to request that the Board of County Commissioners review the <br />attached Annual SHIP reports and authorize the Chairman to sign these reports. <br />84 <br />November 5, 1996 <br />0 <br />