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Palm Bay raises SHIP award caps and shortens forgivable‑loan term in LHAP update
Summary
Council approved updates to the Local Housing Assistance Plan (LHAP) to raise maximum awards for purchase-assistance and owner-occupied rehabilitation from $75,000 to $100,000 and to shorten the forgivable-loan period from 30 to 20 years; funding comes from Florida SHIP program dollars.
The Palm Bay City Council on Monday unanimously approved revisions to the city’s Local Housing Assistance Plan (LHAP), increasing several award limits and aligning loan forgiveness terms with county and municipal practice.
Jason De Lorenzo, assistant city manager, told council the request would raise the maximum award for purchase assistance with rehabilitation and for owner-occupied rehabilitation from $75,000 to $100,000 and reduce the…
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