Which entity establishes the final income limits for a specific SHIP assistance offering?
Answer
The local administrative agency (county or city) sets the final limit.
While the Florida Housing Finance Corporation establishes the overall parameters and general tiers based on Area Median Income (AMI), such as 80% AMI or 115% AMI, the ultimate authority for setting the precise income limit for a specific SHIP product rests with the local government—the county, city, or regional authority—that administers the block grant. This localized determination is crucial because it means that the exact dollar amount considered 'qualified' can vary significantly from one jurisdiction to the next, even within the same state network, leading to differing eligibility based on local economic conditions.
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?