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Amended Local Housing Assistance Plan for Use in State Housing Initiatives Partnership Program and Associated Resolution
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BRIEF OVERVIEW
Attached for the Board’s review and approval is a copy of the amended Local Housing Assistance Plan (LHAP) for Hernando County’s State Housing Initiatives Partnership (SHIP) Program for State Fiscal Years 2020 through 2023.
The attached LHAP amends the Down Payment Assistance with or without rehabilitation strategy (located on page 7-8, amendment in red). The revisions will allow the County to serve households at the moderate-income level and to increase the maximum award amount to the very low, low and moderate-income levels. By approving this amendment, the County can serve a wider range of households in the purchase of a home within Hernando County. The forgiveness clause will also be removed. The loan is currently forgiven at the end of the term which is thirty (30) years.
FINANCIAL IMPACT
None.
LEGAL NOTE
Hernando County has the authority to take this action pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached resolution approving the amendment to the Local Housing Assistance Plan (LHAP).