What unique source provides funding for the State Housing Initiatives Partnership Program (SHIP)?
Answer
A portion of the Documentary Stamp Surtax collected on real estate transactions.
The funding mechanism for the SHIP program is specifically tied to real estate activity within Florida. The funds are not solely derived from general tax revenues but originate from a specific stream of money collected through the Documentary Stamp Surtax levied on property sales. This connection intrinsically links the program's financial stability and availability to the health and volume of the state's real estate market. Florida Housing Finance Corporation acts as the central agency responsible for overseeing the distribution of these Surtax-derived funds to the local governmental entities that manage the final borrower assistance programs.
Related Questions
What unique source provides funding for the State Housing Initiatives Partnership Program (SHIP)?Which entity establishes the final income limits for a specific SHIP assistance offering?When assessing income for SHIP qualification, what specific total must fall at or below the local AMI percentage?What is the typical definition for a 'first-time homebuyer' according to most SHIP administering agencies?What property usage is strictly prohibited when utilizing SHIP assistance funds?What is the repayment structure often associated with SHIP assistance defined as Subordinate Financing?Where must a prospective buyer in Florida first identify their SHIP application contact point?What must applicants complete, often mandated *before* final application approval for SHIP funding?What is the consequence if a borrower moves out and rents their property before the silent second lien is fully satisfied or forgiven?Which other program shares the acronym SHIP, causing potential confusion with the housing initiative?