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7.0 SHIP Program Annual Reports <br />The Board reviewed a Memorandum of August 10, 1998: <br />TO: James E. Chandler <br />County Administrator <br />7DEPTMENT HEAD CONCURRENCE: <br />WK�i <br />Robert M. Keating, AICP <br />Community Development Direct <br />FROM: Sasan Rohani, AICP S' ' /L <br />Chief, Long -Range Planning <br />DATE: August 10, 1998 <br />SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY SHIP PROGRAM ANNUAL <br />REPORTS <br />It is requested that the data herein presented be given formal consideration by the Board of County <br />Commissioners at their regular meeting of August 25, 1998. <br />DESCRIPTION AND CONDITIONS <br />On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local <br />Housing Assistance Plan (Ordinance #93-13). By adopting the plan and subsequently receiving <br />Florida Housing Finance Corporation approval of the plan, Indian River County became eligible to <br />receive State Housing Initiatives Partnership (SHIP) Program funds. <br />The purpose of the SHIP program is to provide affordable housing for qualified households. As <br />structured, the county's SHIP Program provides low interest, deferred payment, subordinated loans <br />to very low income, low income, and eligible moderate income households. Most of these loans <br />provide downpayment and closing cost assistance, with private financial institutions providing <br />principal mortgages. <br />Since the plan was approved, the county received a SHIP fund allocation of $250,000.00 per year <br />for FY 92/93, FY 93/94, and FY 94/95; $565,773 for FY 1995-96; $632,136 for FY 1996-97. and <br />$622,455 for FY 1997-98. <br />The following table indicates the allocations and number of loans given to applicants by fiscal year <br />and by income category. <br />August 25, 1998 <br />11 <br />BOOK 106 PACE�� <br />