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Budget Amendment Transferring Funds From State Housing Initiative Partnership Budget Reserves to Various Accounts for Affordable Housing
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BRIEF OVERVIEW
Funding is available in the State Housing Initiative Partnership (SHIP) Budget Reserve account to address the affordable housing needs of the county. The program allows counties three (3) years to spend allocated funding on efforts to preserve and increase the county’s housing stock. Funds that are not spent are kept in budget reserve until needed. Staff has determined that additional funding is needed to meet the demands of the public to address the increase in the number of requests as well as the costs of home rehabilitation and homeownership.
The additional funding will also align the county for FY2023-2024 Close Out for SHIP.
STRATEGIC PLAN INITIATIVES
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FINANCIAL IMPACT
Funds totaling $940,000 are needed to address the uptick in housing repair and down payment assistance requests. Funding will be taken from reserves, after the attached budget amendment is approved.
Expense:
Fund: State Housing Init ptnrshp-133, Department: Health & Human Services-150, Group: Ship Grant Housing Authority-30169, Account: Budget Reserve Other-599902
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
Staff recommends that the Board approve the attached budget amendment transferring funds from reserve to the identified categories in order to address housing rehabilitation and downpayment assistance.