SUBJECT:
Title
Approved Technical Update to Marion County’s State Housing Initiative Partnership (SHIP) Local Housing Assistance Plan (LHAP) 2022-2023, 2023-2024, 2024-2025 (Budget Impact - None)
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INITIATOR: |
DEPARTMENT: |
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Cheryl Butler, Director |
Community Services |
DESCRIPTION/BACKGROUND:
On April 15, 2025, the Board of County Commissioners approved the new LHAP for FY 2025-2028. To ensure consistency, staff aligned the existing LHAP (2022-2025) with the newly adopted plan. Florida Housing Finance Corporation (FHFC) has approved these updates, which are presented here for notation.
The FHFC provides SHIP (State Housing Initiatives Partnership) funding to local governments, including Marion County, to support affordable housing. These funds are governed by the County’s LHAP, which must be updated every three years to reflect changing needs and comply with state guidelines.
Key Revisions to the 2022-2025 LHAP (now aligned with the 2025-2028 LHAP):
A. Purchase Assistance
• For households ≤ 80% AMI:
o Increase assistance from $50,000 to $100,000
o Extend lien forgiveness from 20 to 30 years
• For households at 120%-140% AMI:
o Increase assistance from $50,000 to $75,000
o Lien forgiveness remains at 20 years
B. Homeowner Rehabilitation
• Increase assistance from $50,000 to $75,000
• Reduce lien forgiveness from 20 to 15 years
• Raise income eligibility up to 120% AMI
C. New Construction Homeownership
• Increase assistance from $50,000 to $100,000
• Extend lien forgiveness from 20 to 30 years
These revisions allow for greater support to low- to moderate-income households and reflect current housing costs and demand.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
For information purposes only
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