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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. ANALYSIS To recognize changed conditions, staff, in conjunction with the County's Affordable Housing Advisory Committee (AHAC), prepared a revised Exhibit I - Indian River County Guidelines and Procedures for Implementing Strategies of the LHAP (Attachment 2). The revised exhibit is a continuation of the county's existing plan with the following changes: ❑ SHIP maximum subsidy for Purchase Assistance Down Payment and Closing Costs shall be capped at 35% for Moderate Income households (120% of the AMI) and 45% for Very Low- and Low - Income households (up to 80% of the AMI) of the purchase price of the home including cost of land. ❑ The maximum front-end ratio may be up to 40% The proposed revisions are intended to enhance the LHAP. Additionally, the revisions reflect the current surge in housing market prices by increasing the maximum subsidy and front-end ratio. Exhibit I was reviewed by the Affordable Housing Advisory Committee (AHAC) of the county on September 10, 2025. The AHAC reviewed the proposed revisions and expressed their overall agreement with them. The proposed changes to Exhibit I address changing conditions, and do not need State approval as the exhibit is not submitted with the LHAP. Once the Board adopts and approves it, Exhibit I will provide Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan (LHAP). BUDGETARY IMPACT There is no funding required for this item. PREVIOUS BOARD ACTIONS Approved 03.11.2025 POTENTIAL FUTURE BOARD ACTIONS Approval of LHAP updates as required STRATEGIC PLAN ALIGNMENT Quality of Life OTHER PLAN ALIGNMENT Local Housing Assistance Plan - LHAP STAFF RECOMMENDATION Staff and the AHAC recommend that the BCC approve the proposed changes to Exhibit I - Indian River County Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan (LHAP). Indian River County, Florida Page 2 of 2 Printed on 10/1/2025 powej9 I legistarT"