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I—_ J <br />STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM <br />SUMMARY OF REQUIREMENTS <br />AFFORDABILITY <br />Local governments must assure that monthly rents or monthly <br />mortgage payments, including taxes and insurance, do not exceed <br />30% of the area median income limits, unless the first mortgage <br />lender is satisfied that the household can afford mortgage <br />payments in excess of the 30% benchmark. <br />ELIGIBLE HOUSING <br />SHIP funds assist only housing that is designed to meet the <br />standards of Chapter 553, F.S. SHIP funds may not be used to <br />assist mobile homes or manufactured housing; however, <br />manufactured buildings with the Department of Community <br />Affairs insignia are permitted. <br />MAXIMUM PURCHASE <br />Must not exceed 90% of the Median Area Purchase Price as <br />PRICE OR VALUE <br />established by the U.S. Department of Treasury. <br />ELIGIBLE ACTIVITIES <br />The SHIP program provides flexibility for a local government to <br />design affordable housing strategies in response to local needs <br />based, in part, on the local government comprehensive plan. <br />FORMS OF ASSISTANCE <br />Local governments provide assistance in the form of grants, <br />deferred payment loans, or direct loans. The terms are locally <br />established. Local governments must provide for recapture of <br />funds in event of default. Recycling of funds is encouraged. <br />MATCH REQUIREMENT <br />No match is required for SHIP; however, public/private leveraging <br />is strongly encouraged. <br />25 <br />February 27, 1997 BOOK �FhG <br />