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Home My WebLink AboutR-96-0320z �i 4/96-310 9 E7 ` 3 2 0 RESOLUTION NO. A RESOLUTION, WITH ATTACHMENT, RELATING TO THE DEVELOPMENT OF NEW HOPEIOVERTOWN ("PROJECT"), A 40 UNIT AFFORDABLE HOMEOWNERSHIP PROJECT PLANNED FOR DEVELOPMENT ON SEVERAL PARCELS OF VACANT LAND UNDER CITY -OWNERSHIP LOCATED AT NORTHWEST 6TH AND k 8TH STREETS BETWEEN NORTHWEST 5TH AND 6TI-I AVENUES IN THE OVERTOWN NET SERVICE AREA BY BAME DEVELOPMENT CORPORATION OF SOUTH FLORIDA, INC.; ALLOCATING FUNDING IN THE AMOUNT OF $800,000 FROM THE CITY'S STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM AND/OR HOME PROGRAM FOR THE PURPOSE OF PROVIDING CONSTRUCTION FINANCING AND PERMANENT SECOND MORTGAGE FINANCING TO THE SPONSOR IN CONNECTION WITH THE AFOREMENTIONED HOUSING PROJECT; FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE APPROPRIATE LEGAL DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY FOR DISBURSEMENT OF SAID FUNDING. 4 i WHEREAS, a severe shortage of low and moderate income housing exists in the City of Miami; and WHEREAS, the City Commission recognizes the need for public and private sector participation to develop affordable housing for low and moderate income families and individuals, including the elderly; and WHEREAS, pursuant to Motion No. 92-717, adopted November 12,1992 the City i Commission expressed support in connection with the development of an affordable housing project planned in the Overtown neighborhood, to be sponsored jointly by ATTACHMENT (S) CONTAINED CITY COMMISSION! MEETING OF MAY 2 3 1996 Resolution No. 96- 320 Revered John F. White of Greater Bethel A.M.E. Church and Christian Community Service Agency (CCSA); and WHEREAS, in March of 1994, through Resolution No. 94-191, the City Commission approved in principle, the designation of Christian Community Service Agency and BAME Development Corporation of South Florida, Inc., as sponsor to undertake the development of a 120 unit multigenerational housing project affordable to elderly individuals and families of low and moderate income on several parcels of city - owned land located at Northwest 6th and 8th Streets between Northwest 5th and 6th Avenues in the Overtown neighborhood; and WHEREAS, in May of 1995, through Resolution No. 95-303, the City Commission allocated $125,000 in FY' 1994 HOME Investment Partnership Program funding to BAME Development Corporation of South Florida, Inc., to defray the cost of predevelopment activities in connection with the proposed New Hope/Overtown Housing Project; and WHEREAS, in an effort to move the proposed housing project forward, the City Administration recommends allocating $800,000 from the City's State Housing Initiatives Partnership Program and/or HOME Program for the purpose of providing construction financing and permanent second mortgage financing to the prospective homebuyers of the proposed 40 unit project; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: - 2 - 96- 320 Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Funding in the amount of $800,000 from the City's State Housing Initiatives Partnership Program and/or Home Program is hereby allocated for the purpose of providing construction and permanent second mortgage financing to BAME Development of South Florida, Inc. and the prospective homebuyers, respectively, in connection with the NEW HOPE/Overtown Housing Project. Section 3. The City Manager is hereby authorized 1 to execute the necessary documents, in a form acceptable to the City Attorney in order to disburse the said funding. Section 4. This Resolution shall become effective immediately upon its adoption. i PASSED AND ADOPTED this 23rd day of May , 1996. rTg EN P. CLARK, MAYOR ATTEST: ALTER, F91MAN, CITY CLE The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provision. — 3 — 9G- 320 V. lJh It 3' i S0375-5 P. 02 I � i I BAME Develop�nent Corporation of South Flori4a, li1c. 24S Nortliwa4t 61h Street Mailing Address: Miami, Florida 33136 P.O. Box 016488 (305) 379-8250 Fmx (305)376-0355 Miami, Florida 33101 I i 1 i 1 i March 13, 1996 j 1 Elbert Waters, Dir ctor j NET 300 Biscayne Blvd Way, Suite 300 Miami, FL 33131 i I Dear Mr. Waters: , ll BAME Development C$rporation of South Florida, xnc. is a doh - profit 501c(3) CHIC Organization providing affordable housing �o the City of Miami and specifically the Overtown Community. I Since we were ablelto hire staff in September, 1996, the housing development projecir located at NW 8t" Street to NW 6th Stre4+-, NW 51t' Avenue to NW 6t" Avenue, consisting of 40 units of single family low to mode ate income family homes, has developed 'at a; rapid pace. The f llowing outlines where we are: I Final site plan being developed Final construction drawings being developed I ' Rezoning plat l PTJD - will. be submitted within 45 days. Construction/Perm financing is in place from local lenders. Homeownershi,p.itraining program begins March 5, 1.996. ! i Request for Appraisals will be issued within 60 days.; Request for b4ilder qualifications will be issued within 60 days and othe2j items required for development are on-goin , 1 i Our project is short one major ingrediet, GAP financing to. assist our low income families. By way of this letter, we are as ing that your staff: prepare the necessary documents to create i legislation from tYe City Commissioners to set aside GAP financing for this'project in the amount of'$800,000.00. ! Our preference would be to build -out 40 units at one time, however, if $800,000 is not available at one time, we would build the project over tvo funding cycles. 1 � I We have designed the project to be phased/built in two pare if necessary. If we have to build in two parts, we would require! $400,000:for''each phase, total $800,000. i i We qualify to receive funds for CDBG, HOME or the SHIP Projrams and we are willing to work with you as necessary, Your stw h1as �6-132o i '•r . L!h 1 t 3C i 543355 P. 03 i I j BAME Development Corporation of South Florida, Inc. i 245 Northwdii 81h Street Mailing Addre3s, Miami, Florida 33136 P.O. Box 015480 (305) 379.8250 Fix (305)375-0355 Miami, Florida 33101 f I I t j been very helpful �n our progress thus far. Your CDBG Program'is partially funding yur administration and the HOME has granted �se a predevelopment 1-yan , Overtown is long overdue for single family housing, but we need your assistance. should you'require additional data, please I ad -vise. Sincerely, � A� w Irv, NRev. John F. white, Pr sident i cc. Jeff Hepburn i ' I i I I I i � i I f i I ` a I I , i i 1 96: 320 i r CITY OF MIAMI, FLORIDA 43 INTER -OFFICE MEMORANDUM ro : Honorable Mayor and Members DATE : APR 15 1996 FILE of the City Commission SUBJECT: Resolution Relating to Development of New Hope/Overtown Housing Project FROM : Cesar H. Odlo REFERENCES: City Manager City Commission Agenda ENCLOSURES : Item - April 25, 1996 RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached resolution allocating $800,000 from the City's State Housing Initiatives Partnership Program (SHIP Program.) and/or HOME Program for the purpose of providing construction financing and permanent second mortgage financing to BAME Development of South Florida, Inc., and the prospective homebuyers, respectively, in connection with the proposed 40 unit NEW HOPE/Overtown Housing Project. The attached resolution further authorizes the City Manager to execute the appropriate legal documents, in a form acceptable to the City Attorney for the disbursement of said funding. { BACKGROUND: The Department of NET recommends ratification of the attached resolution relating to the development of the NEW HOPE/Over-town Housing Project, a 40 unit single family residential development being planned on several vacant city -owned parcels located at Northwest 6th and 8th Streets between Northwest 5th and 6th Avenues in the Overtown NET Service Area by BAME Development Corporation of South Florida, Inc. i I The attached resolution further authorizes the City Manager to allocate funding in the amount of $800,000 from the City's State Housing Initiatives Partnership Program (SHIP Program) and/or HOME Program for the purpose of providing construction financing and second mortgage financing to BAME Development Corporations of South Florida, Inc. and the prospective homebuyers in connection with the construction and subsequent purchase/mortgage closing of each individual home, respectively. I �.o 96— 320� r Honorable Mayor and Members of the City Commission Page 2 Approximately fifty (50%) percent of the City's financial assistance to the proposed project will be returned to the City from the proceeds of the first mortgage loans which each prospective i homebuyer will be required to qualify for and obtain to purchase their respective home. The remaining balance of fifty(50%) percent will be made available to the homebuyer in the form of a "soft" second mortgage and will be recaptured by the City over a period of thirty (30) years i through monthly mortgage payments to the City. The City is in a position to assist the private sector in the development of new homeownership housing, affordable to low and moderate income families in the Overtown NET Service Area, by making available $800,000 in City financial assistance available to BAME Development of South Florida, Inc. for the development of the proposed 40 unit NEW HOPE/Overtown Housing Project. In an attempt to further promote the development of new single family homes May 28, 1996 Ms. Rosa Green 415 N.W. 6th Street Miami, Florida 33136 Dear Ms. Green: Irby McKnight ACTING -PRESIDENT It was brought to my attention that Thursday May 23, 1996 you spoke against the development of new affordable housing that is badly needed in Overtown. (A Board approved project of Bethel AME C.D.C.) As a private citizen you MEMBERS have every right to oppose, and you have the right to voice your opinion. Cleomie Bloomfield Ms. Green, let me caution you. You cannot, must not, speak for the Dorothy Fields Overtown Advisory Board unless the OAB elects you as the spokesperson. Until then please refrain from speaking for the Board. Rebecco Jeff Rosa Green Thank you. Wilhelmenia Jennings Sincerely, Theodore Lyons Lillian Slater �r Annie Smith esi ent Irby Martin McKnigJBa Thirlee Smith Overtown Advisory d Trenese Turner cc: OAB Members Balam Welcome Mayor Clark Charles Flowers Comm. Dawkins Comm.Plummer Comm. Gort Comm. Carollo Manager Odioa 0 A Att: Jones, III W_ {"ri j Clerk: Foeman ryrn NET: Ms. Albury :Rm M n n b �- 00 1490 N.W. 3rd Avenue / Miami, FL 33136