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SUBJECT: CONSIDERATION OF INDIAN RIVER COUNTY 2002 SHIP PROGRAM ANNUAL REPORTS It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of September 3 2002. DESCRIPTION AND CONDITIONS On April 6, 1993, the Board of County Commissioners adopted the Indian River County Local Housing Assistance Plan (Ordinance #93-13). By adopting the plan and subsequently receiving Florida Housing Finance Corporation approval of the plan, Indian River County became eligible to receive State Housing Initiatives Partnership (SHIP) Program funds. The purpose of the SHIP program is to provide affordable housing for qualified households. As structured, the county s SHIP Program provides low interest, deferred payment, subordinated loans to eligible very low income low income, and moderate income households. Most of these loans provide downpayment and closing cost and rehabilitation assistance with private financial institutions providing principal mortgages. The following table indicates the SHIP allocations and number of loans given to eligible applicants by fiscal year and by income category. SHIP PROGRAM REPORT AMOUNT OF SHIP FUNDING (state funding only) # OF LOANS AND % OF LOANS APPROVED APPROVED BY INCOME CATEGORY VLI % LI % MI 4-95 95-96 96-97 7-98 $ 250,000.00 41 $ 250,000.00 37 $ 250,000.00 30 $ 565,773.00 58 $ 632,136.00 74 $ 622,455.00 13 31.71 17 41.66 11 26.83 12 32.4318 48.65 7 18.92 11 36.6713 43.33 6 20.00 19 32.76 35 60.34 4 6,90 35 47.30 34 45.95 5 6.76 65 22 33.85 36 55.38 7 10.77 $ 903,723.00 35.94 37 57.81 4 6.25 9-2000 $ 749,773.00 19 42.22 21 46.67 5 11.11 2000-01 001-02 YTD $1,205,592.00 $1,023,335.00 1$7,617,798.00 1537 VLI: LI: MI: September Very Low Income Low Income Moderate Income 3, 2002