TO: Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
Michael C. Zito, Deputy County Administrator
Cynthia Emerson, Community Services Director
FROM: Siphikelelo Chinyanganya, SHIP Administrator
DATE: October 7, 2025
SUBJECT: Consideration of Proposed Changes to Exhibit I - Indian River County Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan (LHAP)
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BACKGROUND
Pursuant to the requirements of Section 420.907, F.S., and Rule 67-37.005, Florida Administrative Code (FAC), the Board of County Commissioners approved the County’s first Local Housing Assistance Plan (Ordinance #93-13) on April 6, 1993. Subsequently, the Florida Housing Finance Corporation approved the County’s plan and authorized the disbursement of State Housing Initiatives Partnership (SHIP) Program funds.
According to Rule 67-37.005(2), Florida Administrative Code, every three years, each local government receiving SHIP funds must submit a new Local Housing Assistance Plan (LHAP) to the Florida Housing Finance Corporation. Accordingly, the County’s plan was submitted in 1994, 1997, 2000, 2003, 2006, 2009, 2012, 2015, 2018, 2021, and 2024.
In 2024, the Board of County Commissioners approved the County’s current 3-year plan. This agenda item reviews the proposed amendments to the current LHAP for FY 2024-2025, FY 2025-2026, and FY 2026-2027
SHIP Program Activity
Since its initial adoption in 1993, the County’s LHAP has been successful in directing assistance to eligible households within the county. The attached table (attachment #1) identifies the County’sSHIP allocations and the number of loans given to eligible applicants by fiscal year and by income category.
Since SHIP is a state-funded program, the SHIP program fiscal year (FY) is concurrent with the state fiscal year and runs from July 1 to June 30. Because SHIP funds provided in one fiscal year can be spent over a three fiscal year period, the county often has two or more years of SHIP funding active.
For each fiscal year (FY), SHIP funds consist of state allocations and program income. Program income includes SHIP loan repayments and interest earned. For FY 2024-25, full funding estimated at approximately $1.2 million was approved by the Legislature.
ANALYSIS
To recognize changed conditions, staff, in conjunction with the County’s Affordable Housing Advisory Committee (AHAC), prepared a revised Exhibit I - Indian River County Guidelines and Procedures for Implementing Strategies of the LHAP (Attachment 2). The revised exhibit is a continuation of the county’s existing plan with the following changes:
• SHIP maximum subsidy for Purchase Assistance Down Payment and Closing Costs shall be capped at 35% for Moderate Income households (120% of the AMI) and 45% for Very Low- and Low-Income households (up to 80% of the AMI) of the purchase price of the home including cost of land.
• The maximum front-end ratio may be up to 40%
The proposed revisions are intended to enhance the LHAP. Additionally, the revisions reflect the current surge in housing market prices by increasing the maximum subsidy and front-end ratio.
Exhibit I was reviewed by the Affordable Housing Advisory Committee (AHAC) of the county on September 10, 2025. The AHAC reviewed the proposed revisions and expressed their overall agreement with them.
The proposed changes to Exhibit I address changing conditions, and do not need State approval as the exhibit is not submitted with the LHAP. Once the Board adopts and approves it, Exhibit I will provide Guidelines and Procedures for Implementing Strategies of Local Housing Assistance Plan (LHAP).
BUDGETARY IMPACT
There is no funding required for this item.
PREVIOUS BOARD ACTIONS
Approved 03.11.2025
POTENTIAL FUTURE BOARD ACTIONS
Approval of LHAP updates as required
STRATEGIC PLAN ALIGNMENT
Quality of Life
OTHER PLAN ALIGNMENT
Local Housing Assistance Plan - LHAP
STAFF RECOMMENDATION
Recommended Action
Staff and the AHAC recommend that the BCC approve the proposed changes to Exhibit I - Indian
River County Guidelines and Procedures for Implementing Strategies of Local Housing Assistance
Plan (LHAP).