SUBJECT:
Title
Request Approval of State Housing Initiatives Partnership Program Annual Report and Local Housing Incentives Certification (Budget Impact - None)
Body
INITIATOR: DEPARTMENT:
Cheryl Martin, Director Community Services
DESCRIPTION/BACKGROUND:
The State Housing Initiative Partnership (SHIP) allocates funding to Marion County annually through revenues from documentary stamp taxes, subject to availability. These funds are utilized to advance affordable housing initiatives in accordance with the Marion County Local Housing Assistance Plan (LHAP). SHIP regulations stipulate that entitlement communities must fully commit these funds within two years and expend them by the end of the third year.
Additionally, SHIP requires the submission of an Annual Report for both the closeout and interim periods. The SHIP fiscal year (FY) spans from July 1 to June 30. Attached is the Annual Report Marion County is required to submit to Florida Housing Finance Corporation to finalize the FY 2021-22 and provide an update for the interim FY 2022-23. A short summary of efforts is also provided below.
FY 2021-22 Allocation:
• Funding Received: $2,098,574 plus $1,595,708.80 in program income (from interest and repayments).
• Total Spent: $3,684,528.26.
• Remaining Balance: $24,758.41, which will be added to next year's funds.
Achievements for FY 2021-22:
• Assisted eight (8) households with purchase assistance.
• Rehabilitated 62 housing units.
• Replaced homes for two (2) households through demolition.
• Acquired and rehabilitated 19 rental units, focusing on those with incomes between 50%-80% of the Area Median Income (AMI).
• Leverage funds from public, private, and owner contributions in the amount of $1,169,900.35
FY 2022-23 Allocation:
• Funding Received: $3,042,889 from SHIP plus $1,540,925.16 in program income, totaling $4,583,814.16.
Goals for FY 2022-23:
• Rehab thirty-five housing units.
• Fund approximately six new single-family homes.
• Support an Affordable Housing tax credit project.
• Acquire approximately seventeen rental units.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute the Local Housing Incentives Certification and all other necessary documentation associated with SHIP FY 2021-22 Annual Report.
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