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C] ANALYSIS According to state regulations, SHIP funds must be utilized in such a manner that all state requirements and all requirements of the county's Local Housing Assistance Program are met. Among the State Housing Initiatives Partnership Program (SHIP) requirements are the following: 0 At least 30% of funds must be utilized by very low income (VLI) households • At least 30% of funds must be utilized by low income (LI) households • At least 65% of funds must be utilized for homeownership • At least 75% of funds must be utilized for construction, rehabilitation and emergency repair • Not more than 10% of funds can be utilized for administration costs In administering the SHIP program, the county has met all of these requirements as well as local requirements for homeownership, credit, employment, assets and others. These two annual reports have been distributed to members of the county's Affordable Housing Advisory Committee, the Affordable Housing Partnership Group, municipalities, Treasure Coast Builders Association and other interested persons for their review and comment. Also, the availability of the report was advertised in the Press Journal on July 22, 1998. Only one question regarding these reports was received, and clarification to address that question was provided to the interested party. The purpose of this staff report is to request that the Board of County Commissioners review the attached Annual SHIP reports and authorize the Chairman to sign fiscal years 1996/97 and 1997/98 reports. ALTERNATIVES The Board of County Commissioners has two alternatives with respect to the SHIP Annual Reports. These are: ■ To approve the attached SHIP Annual Reports and direct staff to submit the reports to the Florida Housing Finance Corporation. ■ Not to approve the attached SHIP Annual Reports. Choosing the second alternative. however, would cause the county to become ineligible to receive additional SHIP funds. Staff supports the first alternative. RECOMMENDATION Staff recommends that the Board of County Commissioners approve the attached SHIP Annual reports and authorize the Chairman to sign these reports. Attachments: - SHIP Annual Report for FY 1996-97 SHIP Annual Report for FY 1997-98 August 25, 1998 13 BOOK iO G PAGE Oj)