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BQOK M20 PAGE ,, e_3 11.A. SHIP PROGRAM ANNUAL REPORTS APPROVED The Board reviewed a Memorandum dated August 26, 1997: TO: James E. Chandler County Administrator 7DITMENT HEAD CONCURRENCE: Robert M. Keating, AICP Community Developmentirector� FROM: Sasan Rohani, AICP S . W Chief, Long -Range Planning DATE: August 26, 1997 SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY SHIP PROGRAM ANNUAL REPORTS It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at their regular meeting of September 2, 1997. DESCRIPTION AND CONDITIONS On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local Housing Assistance Plan (Ordinance #93-13). By adopting the plan and subsequently receiving Florida Housing Finance Agency approval of the plan, Indian River County became eligible to receive State Housing Initiatives Partnership (SHIP) Program funds. The purpose of the SHIP program is to provide affordable housing for qualified households. As structured, the county's SHIP Program provides low interest, deferred payment, subordinated loans to very low income, low income, and eligible moderate income households. Most of these loans provide downpayment and closing cost assistance, with private financial institutions providing principal mortgages. Since the plan was approved, the county received a SHIP fund allocation of $250,000.00 per year for FY 92/93, FY 93/94, and FY 94/95; $565,773 for FY 1995-96; and $632,136 for FY 1996-97. The following table indicates the allocations and number of loans given to applicants by fiscal year and by income category. ON MOTION by Commissioner Adams, SECONDED BY Commissioner Macht, the Board unanimously approved the Annual SHIP reports and authorized the Chairman to sign them, as recommended in the Memorandum. 44 September 2, 1997