THE ENVIRONMENTAL PROTECTION AND GROWTH MANAGEMENT DEPARTMENT AND THE HOUSING FINANCE AND COMMUNITY REDEVELOPMENT DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board’s vision of offering sustainable, compatible, innovative housing options for all income levels, including integrated supportive housing and rapid-rehousing: Goal 1: Facilitate a regional approach to growth and redevelopment through coordination and collaboration at the federal, state, county, and local levels; Goal 2: Strengthen stakeholder partnerships to increase the availability of affordable housing options of all types (e.g. rental, purchase, supportive, etc.), county-wide, in every community; and Goal 3: Develop, through effective community collaboration, neighborhoods and communities incorporating intermodal connectivity, while integrating energy efficiency, community resilience, and other livability standards and initiatives.
The funds being recognized in the amount of $75,673 were derived from SHIP Program Income generated from October 2016 through September 2017. SHIP Program Income is generated from the interest earned on the balance in the Local Housing Assistance Trust Fund account, repayment of second mortgage loans, and from SHIP Program assisted recipients who pay off their deferred payment loans prior to the expiration of the loan terms. The funds will be made available for use in the SHIP Program's Purchase Assistance strategy option. The SHIP funds awarded to recipients will be used to provide purchase assistance, up to a maximum amount of $40,000 for each qualified home buyer. These funds will assist a minimum of two homeowners. Five percent (5%) or $3,784 of the funding is allocated for SHIP Program administration.
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