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• At least 30% of fiords must be utilized by low income (LI) households <br />® At least 65% of funds must be utilized for homeownership <br />• At least 75% of fiords must be utilized for construction, rehabilitation and emergency repair <br />• Not more than 10% of funds can be utilized for administration costs <br />In administering the SHIP program, the county has met all of these requirements as well as local <br />requirements for homeownership, credit, employment, assets and others. <br />These three annual reports have been distributed to members of the county's Affordable Housing <br />Advisory Committee, the Affordable Housing Partnership Group, municipalities, Treasure Coast <br />Builders Association and other interested persons for their review and comment. <br />The purpose of this staff report is to request that the Board of County Commissioners review the <br />attached Annual SHIP reports and authorize the Chairman to sign the SHIP annual reports for fiscal <br />years 1996/97, 1997/98, and 1998/99. <br />ALTERNATTWS <br />The Board of County Commissioners has two alternatives with respect to the SHIP Annual Reports. <br />These are: <br />To approve the attached SHIP Annual Reports and direct staff to submit the reports to the <br />Florida Housing Finance Corporation. <br />■ Not to approve the attached SHIP Annual Reports. Choosing the second alternative, <br />however, would cause the county to become ineligible to receive additional SHIP funds. <br />Staff supports the first alternative. <br />Staff recommends that the Board of County Commissioners approve the attached SHIP Annual <br />reports and authorize the Chairman to sign these reports. <br />AUGUST 24, 1999 <br />BOOK <br />-75- <br />