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The State Housing Initiatives
Partnership (SHIP) Program provides funds to produce and preserve
affordable housing through the creation of a partnership between the
public and private sectors. The funds are derived from the
collection of documentary stamp tax revenues, which are deposited
into the Local Government Housing Trust Fund. based on a
population-based formula, SHIP funds are distributed to local
governments each month.
The Florida Statutes
set forth that a minimum of 65% of SHIP funds be spent on eligible
homeownership activities. The Statutes also state that a minimum of
75% of funds must be spent on eligible construction activities. The
program was designed to serve very low, low, and moderate-income
families. At least 30% of each annual SHIP allocation must be
reserved for very low-income households; 30% must be reserved for
low-income households; and the remaining 30% may be reserved for
moderate-income households. The program allows local governments to
use up to 10% of each annual allocation for the administration of
the program.
As a requirement to
receiving SHIP funds, the local government must adopt a Local
Housing Assistance Plan (LHAP), which sets forth the strategies and
criteria for administering the program for a period of up to three
years. During the Fiscal Year 2004-2005 (July 1, 2004 through June
30, 2005), the City expects to receive $1,502,988. The funds will be
distributed to fund the following strategies:
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