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Okaloosa County amends SHIP plan to restart down-payment aid, raises maximum to $65,000
Summary
The Board of County Commissioners approved changes to the county's Local Housing Assistance Plan to resume down-payment assistance under the state SHIP program, increase the maximum award to $65,000, change the forgiveness schedule and add eligible uses and rehab safeguards.
Okaloosa County commissioners on Feb. 4 approved amendments to the county's Local Housing Assistance Plan (LHAP) to restart a state-funded down-payment assistance program and expand eligible uses of funds. The change increases the maximum award to $65,000, revises the loan forgiveness schedule, requires certified home inspections for rehab, and adds closing costs, mortgage buy-downs, principal reduction and energy-efficiency upgrades as eligible uses.
The county uses funding from the State Housing Initiatives Partnership (SHIP) program to support affordable homeownership and rehabilitation. County staff said the state has resumed more substantial SHIP funding in recent years, making it…
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