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• According to a 1993 amendment to Rule 9I-37.005(2), Florida Administrative Code, the county must periodically submit a new Local Housing Assistance Plan to the Florida Housing Finance Corporation. Accordingly, the county's plan was revised in 1994 and 1997. On March 11, 1997, the Board of County Commissioners adopted resolution #97-16, which approved the county's revised 3 year plan for FY 97-98, FY 98-99, and FY 99-2000. The Florida Housing Finance Corporation then approved the county's revised plan on April 21, 1997, and authorized the disbursement of SHIP funds until June, 2000. The plan, however, can be amended as needed. One purpose of the county's local housing assistance program is to rehabilitate existing units owned by very low and low income persons to bring those units up to code and make them safe for occupancy. The proposed changes to the plan discussed in the next section of this report will strengthen the rehabilitation portion of the program. Revisions In the revised plan, additions to the plan are shown as underlined, and deletions are shown as strike- dffu. The revisions are as follows: o Change the maximum assistance amount for rehabilitation loans to $20,000 per unit instead of existing $10,000 per unit. For multiple -family units (3 or more), increase the maximum rehabilitation assistance amount to up to $60,000 instead of existing $45,000. o Remove the existing $15,000 cap for combination loans such as downpaymentJclosing cost and rehabilitation loan assistance. The rehabilitation loan amount maximum shall not exceed the combined maximums allowed by appropriate strategies for appropriate income category. o Change the interest rate charged for the low income group from 3% to 0%, similar to very low income group. o Some other minor changes to the existing plan. Changes are included on pages 13, 20, 25, 27, 28, 29, 30, 31, 35, 38, and 52 of the local housing assistance plan. A copy of the revised Indian River County Local Housing Assistance Plan is available for review at the Board of County Commissioners office. ANALYSIS The revised plan meets all state and local requirements. As revised, the Local Housing Assistance Plan still provides the basic framework and operating procedures for the SHIP program. As such, the Local Housing Assistance Plan includes SHIP program strategy qualification requirements and other provisions. The revised plan also increases the maximum rehabilitation loan amount, making it feasible to rehabilitate houses needing extensive repairs. On June 11, 1998, the county's affordable housing partnership group reviewed and approved the above referenced recommended changes to the local housing assistance plan. By revising the plan, the Board of County Commissioners can enhance maintenance of the existing affordable housing stock, reduce deterioration of existing units, upgrade existing substandard units to code, and make deteriorated housing safe for habitation. July 14, 1998 43 • 6OOK 1 113 f'r1[9