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• <br />ANALYSIS <br />One of the goals of the county's local housing assistance plan is to increase home ownership for very <br />low and low income households. In many cases, an eligible household can afford a mortgage <br />payment, but cannot save a sufficient amount of money for down payment and closing costs. With <br />SHIP program funds, eligible households have the opportunity to acquire a housing unit which is <br />affordable. <br />Besides its home ownership programs, the Local Housing Assistance Program provides SHIP funds <br />as loans for rehabilitation of either owner -occupied or renter occupied housing. Households who <br />occupy these rehabilitation units must be either very low or low income. <br />While implementing the county's local housing assistance plan, the county must ensure that all state <br />requirements and local requirements are met. One state requirement is that all funds for a state fiscal <br />year must be encumbered within 12 months after the end of the fiscal year and must be expended <br />within 24 months after the end of the fiscal year. Other state requirements are related to the <br />percentage of the SHIP funds that must be used by various income groups, as well as a minimum <br />percentage of funds that must be used for home ownership and construction. <br />HOME program related SHIP applications and HFH SHIP applications are associated with <br />construction of new units for very low and low income households and meet all of the above criteria. <br />Since there are many county residents needing housing assistance, the Board must decide how much, <br />if any. SHIP funds should be set aside for specific programs, and how much to have available for <br />applicants not associated with setaside programs. Following is a summary of the proposed FY <br />2001/02 SHIP budget, with the HFH request included. <br />PROPOSED <br />FY 2001-02 SHIP BUDGET <br />• FY 2001-02 State Allocation <br />• Administration Fees <br />• Home Program Set Aside <br />• Homeless Set Aside ($60,000 rental Rehab. <br />and $40,000 DPCC) <br />• HFH Requested Set Aside <br />• Remaining Funds for general SHIP applicants <br />• TOTAL <br />April 3, 2001 <br />75 <br />Estimated Proposed <br />Revenues Expenditures <br />$937,342 <br />$ 93,734 <br />$150.000 <br />$100.000 <br />$300.000 <br />$293.608 <br />$937342 $937,342 <br />SK 11 7 PG 7 6 3 <br />