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• The table below indicates the number of loans foreclosed and the number of loans repaid. Funds from repaid loans are deposited in the Housing Trust Fund and subsequently provided to other applicants. SHIP Program Loan Foreclosures or Repayments Total number of loans granted Foreclosure Action Loan Repayments Number % of Total Number % of Total 573 (as of 7/25/02) 9 1.68 49 9.12 As per the requirements of the SHIP Program, the county must submit an annual report for each fiscal year for which SHIP funds have been used. These reports must be signed by the Chairman of the Board of County Commissioners or his designee. The closeout reports for FY 1992-93, FY 1993-94, FY 1994-95, FY 1995-96, FY 1996-97, FY 1997-98, FY 98-99, and FY 99-2000 were previously submitted to the state. Attached to this staff report are the county's SHIP Program FY 2000-01 and FY 2001-02 annual reports. The SHIP annual report for FY 2000-2001 is a close-out report. These reports must be submitted to the state by September 15 2002. ANALYSIS According to state regulations, SHIP funds must be utilized in such a manner that all state requirements and all requirements of the county's Local Housing Assistance Program are met. Among the State Housing Initiatives Partnership Program (SHIP) requirements are the following: • At Least 30% of funds must be utilized by very low income (VLI) households • At least 30% of funds must be utilized by low income (LI) 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 • Not more than 10% of funds can be utilized for administration costs In administering the SHIP program, the county has met all of these requirements as well as local requirements for homeownership, credit, employment, assets and others. These annual reports have been distributed to members of the county's Affordable Housing Advisory Committee, the Affordable Housing Partnership Group, municipalities, Treasure Coast Builders Association and other interested persons for their review and comment. The purpose of this staff report is to request that the Board of County Commissioners review the attached Annual SHIP reports and authorize the Chairman to sign the SHIP annual reports for fiscal year 2000-2001 and fiscal year 2001-2002. ALTERNATIVES The Board of County Commissioners has two alternatives with respect to the SHIP Annual Report. These are: September 3, 2002 31 u; •