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�4 <br />BOCK PAGE I'� <br />STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM <br />SUMMARY OF REQUIREMENTS <br />ADMINISTRATION OF <br />Chapter 420, Part VII, F.S. <br />PROGRAM <br />Rule Chapter 91-37, F.A.C. <br />FUNDS AVAILABLE <br />In fiscal year 1996-97, $86.5 million is appropriated. Funds are <br />allocated on a population -based formula. The minimum allocation <br />is $250,000 and the largest allocation is $5 million. Funds are <br />disbursed monthly to eligible communities as documentary stamp <br />revenues are deposited into the Local Government Housing Trust <br />Fund. Total actual disbursements are dependent upon <br />documentary stamp collections. <br />ENTITLEMENT <br />SHIP channels revenues directly to Florida's 67 counties and 43 <br />TO COUNTIES AND CITIES <br />cities that are eligible for federal Community Development Block <br />Grant (CDBG) moneys as an entitlement community. <br />REQUIREMENTS <br />A local government must: <br />FOR PARTICIPATION <br />1. Establish a Local Housing Assistance Program by ordinance. <br />2. Submit and recieve approval of a Local Housing <br />Assistance Plan. <br />3. Submit a Local Housing Incentive Plan within 12 months <br />after adopting the ordinance. <br />4. Submit by November 15 of each year, a report of the local <br />government's affordable housing programs and <br />accomplishments. <br />TARGETING OF FUNDS <br />1. Minimum of 65% of funds must be spent on eligible <br />homeownership activities. <br />2. Minimum of 75% of funds must be spent on eligible <br />construction activities. <br />3. 5% of SHIP funds may be used for administrative expenses. <br />If a local government makes a finding of need by resolution <br />a local government may use up to 10%. <br />SET-ASIDE OF UNITS <br />1. At least 30% of the units produced must serve <br />very -low-income households (up to 50% of median income). <br />2. At least 30% of the units produced must serve low-income <br />households (51% to 80% of median income). <br />3. The remaining units may serve moderate -income <br />households (81 % to 120% of median income) or any <br />combination of very -low, low, and moderate. <br />ELIGIBLE APPLICANTS <br />SHIP funds assist households with very -love, low and moderate <br />incomes. Nonprofit or for-profit agencies may apply on behalf of <br />the targeted population. Application is made directly to the <br />appropriate local government. <br />24 <br />February 27, 1997 <br />