5/23/2000 - Laserfiche WebLink

Home Browse Search

• • At least 30% of funds must be utilized by very low income households • At least 30% of funds must be utilized by low income 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 • Up to 10% of funds may be utilized for administrative costs HOME program related SHIP applications and HFH SHIP applications are associated with construction of new units for very low and low income households, and meet all of the above criteria. For other applications which have a rental component, the following limits must be considered- Not onsidered Not more than 25% of the total annual SHIP allocations ($220,000 for FY 2000-2001) can be used for rental strategies (rental rehabilitation) Rental rehabilitation loans must be paid back within 15 years following the date of issuance of the loan Income of all households tenting these units must be verified every year Up to now, all SHIP applications have been reviewed based on first application received, first application reviewed If the Board decides to set aside funds for other programs, then the review process would need to be revised. Since there are a great number of county residents needing housing assistance, the Board must decide how much SHIP fund to set aside for specific programs, and how much to have available generally. Total SHIP allocation for next FY is $898,616.00. Of that amount, $150,000 has already been set aside for the HOME program match, and $89,861.00 will be used for administrative costs. The remaining balance is $658,755.00. As mentioned earlier, HFH's clients meet all state and local requirements since HFH builds new construction for very low and low income families. Homeless taskforce clients most likely will meet income requirements. Use of the SHIP fiords, however, must fall under one of the following categories to meet all state and local requirements: Rehabilitation loans (owner -occupied) to eligible households meeting Local Housing Assistance Program requirements Rehabilitation loans to a non-profit organization or an investor (renter -occupied) for units to be rented to very low and low income households. In the case of renter occupied loan must be paid back at the end of 15 year timeframe Downpaymendclosing cost and impact fee loans to eligible households meeting Local Housing Assistance Program requirements. ALTERNATIVES The Board of County Commissioners has four alternatives regarding the proposed SHIP fund set aside. These alternatives are: • Not to set aside any of the SHIP funds for either HFH or homeless task force clients • To set aside SHIP funds for HFH applicants only • To set aside SHIP funds for homeless taskforce clients only • To set aside SHIP funds for both HFH and homeless task force clients MAY 239 2000 • -39-BOOK 10' PAGE eia