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It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of March 11, 1997. 1 �l; I' Y 1► ►11 I I I YY 21INN Pursuant to the requirements of Section 420.907, F.S., the State Housing Initiatives Partnership Program (SHIP), and Rule 9I-37.005, Florida Administrative Code (FAC), the Board of County Commissioners approved the Indian River County Local Housing Assistance Plan (Ordinance #93- 13) on April 6, 1993. In June, 1993, the Florida Housing Finance Agency approved the county's plan and authorized the disbursement of SHIP funds for FY 92-93 and FY 93-94. According to a 1993 amendment to Rule 9I-37.005(2), Florida Administrative Code, the county had to submit a new Local Housing Assistance Plan by May 2, 1994, to be eligible for the FY 1994-95 allocation of SHIP funds. On April 5, 1994, the Board of County Commissioners adopted resolution #94-48, which approved the county's revised 3 year plan for FY 94-95, FY 95-96, and FY 96-97. The Florida Housing Finance Agency then approved the county's revised plan on August 29, 1994, and authorized the disbursement of SHIP funds until June, 1997. A new revised three year plan, covering FY 1997-98, 1998-99 and 1999-2000, is due to the state on or before May 2,1997, to make the county eligible for FY 1997-98 allocation of SHIP funds. On February 13, 1997, the Affordable Housing Advisory Committee reviewed the revised Indian River County Local Housing Assistance Plan and recommended that the Board of County Commissioners approve this plan and direct staff to submit the plan to the Florida Housing Finance Agency for their review and approval. The county's approved plan addresses all state requirements, local requirements and local concerns. The plan also ensures that assistance is provided only to recipients needing assistance and then only in the minimum amount necessary. Since state requirements mandate that the Local Housing Assistance Plan be updated to reflect the next three year period, staff took this opportunity to identify needled changes to the plan. The proposed revisions to the plan fall into one of the following categories: • To delete duplication • To set a new maximum purchase price based on FHA's current maximum loan amount • To revise the plan consistent with new changes in the state rule to allow the housing cost to income ratio to exceed the 30% threshold, if the first mortgage lender is satisfied that the applicant can afford mortgage payments that exceed the 30% benchmark • To provide for emergency repairs for weatherization activities • To limit the recapture provision to the original loan amount and applicable accrued interest • Other minor changes Additions to the plan are shown as underlined and deletions are shown as redlined. 31 71 March 11, 1997 Ecc�K :; Nu J'-xj