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ZX Indian River County State Housing Initiatives Partnership <br /> (SHIP) Program Funds Annual Report <br /> The Board reviewed a Memorandum of August 15 , 2001 : <br /> TO : James E . Chandler <br /> County Administrator <br /> D AR ENT HEAD CONCURRENCE : <br /> rr <br /> Robert M . eating , AICP <br /> Community Development Di ctor <br /> FROM : Sasan Rohani , AICPA -//. <br /> Chief, Long-Range Planning <br /> DATE : August 15 , 2001 <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 September 4 , 2001 . <br /> DESCRIPTION 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 and rehabilitation assistance, with private financial <br /> institutions providing principal mortgages . <br /> September 4 , 2001 <br /> 33 <br /> E119PG311 <br />