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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 2024-25, full funding estimated at approximately $1.2 million was approved by the Legislature. F111 ki F11 MAN -V 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: • A new strategy for Demolition/Reconstruction has been added with a proposed award of $380,000.00 in line with the median property sales price in Indian River County as at 12.31.2024. • The maximum home values have been increased from $300,000 to $400,000. • Increased the lien term for New Construction (Federal or State Programs Matching Loans) Strategy Code 21 from 10 years to 15 years per SHIP Statute 67-37.007 (15) • Added language relating to the use of Neighborly Software for SHIP applications. • Added a mandatory training video for First Time Homebuyers who do not get loans through Habitat for Humanity. • Window replacement projects to be classified as major rehabs to allow for contractors to submit bids. • Updated Essential Service Personnel to include county workers, municipal workers and skilled laborers. The proposed revisions are intended to enhance the LHAP. Additionally, the revisions reflect the current surge in housing market prices by increasing the home value limits. The Demolition Reconstruction Strategy was created to assist homeowners whose repairs are above the maximum rehabilitation limit. Affordable Housing Advisory Committee Review The LHAP was reviewed by the Affordable Housing Advisory Committee (AHAC) of the county on February 26, 2025. The AHAC reviewed the proposed revisions and expressed their overall agreement with them. The proposed plan meets all state and local requirements, and the proposed 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. 7 94