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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 is the county ' s SHIP Program FY 2000-01 annual report . The SHIP annual report must be submitted to the state by September 15 . 2001 . 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 0 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 . This annual report has 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 report and authorize the Chairman to sign the SHIP annual reports for fiscal year 2000- 2001 . ALTERNATIVES The Board of County Commissioners has two alternatives with respect to the SHIP Annual Report . These are : ■ To approve the attached SHIP Annual Report and direct staff to submit the report to the Florida Housing Finance Corporation . ■ Not to approve the attached SHIP Annual Report. Choosing the second alternative, however, would cause the county to become ineligible to receive additional SHIP funds . Staff supports the first alternative . RECOMMENDATION Staff recommends that the Board of County Commissioners approve the attached SHIP Annual report and authorize the Chairman to sign the report . Attachments : SHIP Annual Report for FY 2000-2001 September 4 , 2001 35