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0 <br />TO: James E. Chandler _ <br />County Administrator - <br />D TMENT HEAD CONCURRENCE: <br />r <br />Robert M. Keating, P <br />Community DevelopmAnt Dftv Zor <br />FROM: Sasan Rohani, AICP S •/Z_ <br />Chief, Long -Range Planning <br />DATE: August 17, 1999 <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 its regular meeting of August 24, 1999. <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 SHIP fund allocations 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 />$903,723.00 for FY 1997-98. <br />The following table indicates the SHIP allocations and number of loans given to eligible applicants <br />by fiscal year and by income category. <br />AUGUST 24, 1999 <br />-73- <br />