Agenda 12/10/2024 Item #16D 6 (Budget Amendment to recognize $105,112.14 in program income from Overnight and Investment interest for the State Housing Inititatives Partnership Program Fiscal Year 2024-2025 (SHIP Grant Fund 1053))12/10/2024
Item # 16.D.6
ID# 2024-1912
Executive Summary
Recommendation to authorize a Budget Amendment to recognize $105,112.14 in program income from Overnight and
Investment interest for the State Housing Initiatives Partnership Program Fiscal Year 2024-2025 (SHIP Grant Fund
1053).
OBJECTIVE: To continue to promote affordable housing strategies for low to moderate income persons through the
State Housing Initiatives Partnership (SHIP) Program.
CONSIDERATIONS: On July 7, 1992, the Florida legislature enacted the William E. Sadowski Affordable Housing
Act to provide additional funding to local communities to promote and advance affordable housing initiatives. Funds are
generated through documentary stamp tax on real estate transactions. Under the SHIP Program, Collier County and the
City of Naples receive funds from the State of Florida through the Florida Housing Finance Corporation to undertake
eligible homeownership and rental-related activities.
Program income from interest in the amount of $105,112.14 was received from Overnight interest ($69,462.12) and
Investment interest ($35,650.02).
The proposed budget will be used to implement SHIP strategies and administrative support as identified in the 2022-
2025 Local Housing Assistance Plan, approved on April 26, 2022, Agenda Item #16.D.3
FISCAL IMPACT: The Budget Amendment recognizes $105,112.14 in program income from interest of which five
percent 5% ($5,255.61) will be used as administrative funds. The Funds from Overnight ($69,462.12) and Investment
($35,650.02) interest are available in SHIP Grant Fund (1053), Project 33907. The interest was received from July 1,
2024, through September 30, 2024. The proposed action does not have an impact on the General Fund.
GROWTH MANAGEMENT IMPACT: Acceptance of these funds will allow the County to expand affordable
housing opportunities for its citizens and further the goals of the Housing Element of the Collier County Growth
Management Plan.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues and
requires a majority vote for Board approval. - JAK
RECOMMENDATIONS: To authorize a Budget Amendment to recognize $105,112.14 in program income from
Overnight and Investment interest for the State Housing Initiatives Partnership Program Fiscal Year 2024-2025 (SHIP
Grant Fund 1053).
PREPARED BY: Dharam Paul Nohar, Accountant I, Community and Human Services Division
ATTACHMENTS:
1. BA Q1 33907 $105,112.14
2. SAP INT 33907
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