Laserfiche WebLink
7.B. STA7EH0USJ7VGINITl4TIVES (SHIP) PROGRAMAMVUAL .REPORTS <br />The. Board reviewed a Memorandum of August 3, 2000: <br />TO: James E. Chandler <br />County Administrator <br />D TMENT HEAD CONCURRENCE: <br />obert M. Keating, AICP <br />Community Development Director <br />FROM: Sasan Rohani, AICP S. 4 <br />Chief, Long -Range Planning <br />DATE: August 3, 2000 <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 22, 2000. <br />DESCRIP'T'ION 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 eligible very low income, low income, and 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 per year for <br />FY 92/93, FY 93/94, and FY 94/95; $565,773 for FY 1995-96; $632,136 for FY 1996-97; $622,455 <br />for FY 1997-98; $903,723.00 for FY 1998-99; and $749,773.00 for FY 1999-2000. <br />AUGUST 22, 2000 GK { 14 PG 6 3 <br />-11- <br />