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SHIP funds used for home repairs and down-payment assistance; staff reports heavy drawdown and new state allocation expected
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Summary
City SHIP staff reported $1.34 million in program funds for FY24'''''''''25, completion of 30 projects (25 owner-occupied rehab, 5 down-payment assistance) and an anticipated FY25'''''''''26 allocation of about $443,314 pending state appropriation.
Cedric Cox, assistant director of economic opportunity and community investment, summarized the city's State Housing Initiatives Partnership (SHIP) program fiscal activity for the 2024'''''''''25 program year. Cox said the program began the year with rollover funds totaling $923,458, received $422,345 in new funding and had total available funds of about $1,345,803.
Cox reported that $1,167,319 had been encumbered for projects since July 1, 2024, and that 30 projects were completed during the fiscal year: 25 owner-occupied rehabilitation projects totaling about $977,319 and five down-payment assistance awards totaling approximately $190,000. He said the encumbrance number had fallen by roughly $170,000 due to invoice payments in April and May and that the program balance was approximately $178,484 at the time of the briefing.
Cox told the commission the city expects a projected SHIP distribution of roughly $443,314 for FY25'''''''''26 (subject to state budget appropriation) and that staff already has applicants in the queue; he said the typical average SHIP award per applicant is about $50,000.
Manager and commissioners praised staff for moving funds quickly, citing five new homeowners assisted with down-payment support and 25 homeowners whose properties were repaired. Staff said they would continue to process applicants when the new funding is received and monitor state and federal block-grant programs that also support housing activities.
