HomeMy WebLinkAboutR-90-0506r
6/6/906
90- 506
RESOLUTION NO.
WITH ATTACHMENT,
A RESOLUTION,/AUTHORIZING THE CITY MANAGER TO
MARKET AND CONVEY TO QUALIFIED LOW AND
MODERATE INCOME HOMEBUYERS TEN (10) NEW
SINGLE FAMILY HOMES UNDER CONSTRUCTION ON
CITY -OWNED PARCELS (MORE PARTICULARLY AND
LEGALLY DESCRIBED IN THE ATTACHED EXHIBIT
"A") IN THE ALLAPATTAH AND MODEL CITY
COMMUNITY DEVELOPMENT TARGET AREAS IN
CONNECTION WITH THE CITY'S SCATTERED SITE
AFFORDABLE HOMEOWNERSHIP DEVELOPMENT PROGRAM;
FURTHER REALLOCATING $135,000 FROM CAPITAL
IMPROVEMENT PROJECT NO. 321024, "AFFORDABLE
HOUSING PROGRAM," THE FUND BALANCE FROM THE
$275,000 IN 1976 GENERAL OBLIGATION HOUSING
BONDS -INTEREST INCOME PREVIOUSLY AUTHORIZED
THROUGH RESOLUTION NO. 87-6311 ADOPTED JULY
9, 1987, TO PROVIDE SECOND POSITION HOME
PURCHASER MORTGAGE FINANCING TO THE
PROSPECTIVE PURCHASERS OF THE AFOREMENTIONED
CITY FINANCED SINGLE FAMILY HOMES.
WHEREAS, in October of 1986, the City Commission took a
major step toward the resolution of the existing housing
affordability gap in approving implementation of the City
sponsored Scattered Site Affordable Homeownership Development
Program, which has as its major objective the development of
owner -occupied residential housing units at cost on an in -fill
basis in the City's Community Development Target Areas; and
WHEREAS, to date, the City has successfully developed and
marketed to qualified low and moderate income homebuyers seven
(7) new single family homes in the Model City neighborhood on the
former City -owned Carver Branch YMCA Site located at Northwest
57th Street and 15th Avenue and two (2) new single family homes
in the Wynwood neighborhood on two (2) City -owned parcels located
at 49 and 51 Northwest 35th Street; and
WHEREAS, construction is now underway in the Allapattah and
Model City Community Development Target Areas on City -owned
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parcels for purchase by low and moderate income homebuyers; and
a
15
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r 1� o r ou an a iver new single
family homes through the program to low and moderate income
families at affordable monthly mortgage payments through the
application of a tandem mortgage financing plant and
WH REAS, Citibank Federal Savings Bank has tentatively
agreed to provide first position homebuyer mortgage financing
commitments for the ten (10) homes under construction in the
Allapattah and Model City neighborhoods; and
WHEREAS, the provision of second position mortgage financing
to homebuyers by the City will further insure that low and
moderate income families with annual incomes ranging from $15,150
to $35,625 will be able to qualify for the purchase of such a
home; and
WHEREAS, in April of 1990, the City was successful in
securing $170#000 in second position home purchaser mortgage
financing commitments from the State of Florida's Department of
Community Affairs under the State of Florida's Affordable Housing
Demonstration Program for the purpose of providing financing to
the .prospective homebuyers in the aforementioned neighborhoods=
and
WHEREAS, additional City funds will be necessary in order to
also provide second position home purchaser mortgage financing
commitments to the prospective homebuyers; and
i
-' WHEREAS, in July of 1987, through Resolution No. 87-631, the
City Commission approved the use of up to $275,000 in 1976
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General Obligation Housing Bonds -Interest Income for the purpose
of providing second mortgage financing commitments to the
purchasers of seven (7) new single family homes constructed on
'i the former City -owned Carver Branch YMCA Site located in the
Model City neighborhood; and
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WHEREAS, approximately $135,000 in 1976 General Obligation
Housing Bonds -Interest Income proceeds previously allocated as
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per Resolution No. 87-631 is available to provide second position
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home purchaser financing commitments to the prospective n
purchasers of the new single family homes under construction in
the Allapattah and Model City neighborhoods:
NOS, THERgVORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
sr-
OF MTAMI, FLORIDAt -
Section 1. The City Manager is hereby authorised to market
anti convey to prospective qualified low and/or moderate income
homebuyers the ten (10) new single family homes under "
construction on City -owned parcels in the Allapattah and Model
City Community Development Target Areas and are particularly and
legally described in the attached Exhibit A.
Section 2. Funding in the amount of $135,000 is hereby
reallocated from Capital Improvement Project Account, No. 321024,
"Affordable dousing Program," from the $275,000 in 1976 General
Obligation Housing Bonds -Interest Income remaining as per
Resolution No. 87-631, adopted July 9, 1987, for the purpose of
providing second position mortgage home purchase financing to the
purchasers of the ten (10) homes under construction in the
C 't D v to men* Tar et Areas
Allapattah and Model City ommuni y e s p g •
Section 3. All recitals and fundings contained in the
preamble of this Resoluton are hereby incorporated by reference
thereto and are hereby adopted as if fully set forth in this
Section.
Section 4. This Resolution shall become effective
immediately upon its adoption pursuant to Law.
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ATTE$T
MA. IRAI, CITY CLERK
CAPITAL'_ IMPROVEMENT BUDGET REVIEW:
�o�9v
EDUA 0 RO R GUEZ
C.I. PR JE T MANAGER
FINANCE DEPARTMENT REVIEW:
CAR ARCIA, DIRECTOR
FINANC DEPARTMENT
PREPARED AND APPROVED BY:
E.,MAXWELL
H F ASSISTANT CITY ATTORNEY
4
JOG L. ANDEZ
CI Y ATTOR Y
PARM NMERt
PAWRL ADDRESS I
VIROPSM LEGAL DESCRIPTION:
FOLIO NUMBER:
pAKEL NUMBER:
PARCEL ADDRESS:
PROPERTY LEGAL DESCRIPTION:
FOLIO NUMBER:
PARCEL NUMBER:
P?=gL ADDRESS:
PROPERTY LEGAL DESCRIPTION:
FOLIO NUMBER:
PARCEL O MBER:
PARCEL ADDRESS:
PROPERTY LEGAL DESCRIPTION:
FOLIO AiMER:
03-11
1221 Northwest 26th Street
West End Park Amd. P1., P.B.
142, Lot 6 & S. 35 ft. Lot 26 & S. x
35 ft. of E 3 ft. of Lot 25, Block ,
11 =y
01-3126-039-2240
03-15
779 Northwest 34th Street
Suwnnee Park, P.B. 12-69, Lot: 29:
Block: 1
01-3126-008-0250
03-13
3247 Northwest llth Avenue
Bruce Terrace, P.B. 6-181, Lot: 7►
Block: 2
01-3126-035-0152
03-17
1111 Northwest 32nd Street
26
Beginning 615 feet West and
feet South of Northwest corner2of
the NE 1/4 for
Northeast 1/4 of
Point of Beginning, thence West
63.812 feet; thence South 99.47
East
feet more or less; thence
63.812 feet and 99.47 feet
more or less to pointhof Beginning
Township 53 South,
in Section 26.
41 East. all lying -and being
Range
in Dade County, Florida.
01-3126-003--0190
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PARCEL NUMBER:
PARCEL ADDRESS:
PROPERTY LEGAL DESCRIPTION:
FOLIO NUMBER:
PARCEL NUMBER:
PARCEL ADDRESS:
PROPERTY LEGAL DESCRIPTION:
FOLIO NUMBER:
02-11
1590 Northwest 58th Street
Floral Park 1st Amd., P.B. 6-5,
Lot: 7, Block: 32
01-3122-052-7510
02-47
5845 Northwest 12th Avenue
Gable Subdivision #4, P.B. 16-23,
Lots: 18 & 19, Block: 2
01-3114-023-0420
PARCEL NUMBER:
02-44
PARCEL ADDRESS:
1360 Northwest 59th
Street
PROPERTY LEGAL DESCRIPTION:
Orchard Villa Ext., P.B.
17-55,
Lot: 4, Block: 8
FOLIO NUMBER:
01-3114-043-1390
- PARCEL NUMBER:
02-48
-
- PARCEL ADDRESS:
1601 Northwest 52nd
Street
PROPERTY LEGAL DESCRIPTION:
First Amd. Plat of
Floral Park, k
-
P.B. 8- 5, Lot: 18,
Block:
3
FOLIO NUMBER:
01-3122-052-0600
PARCEL NUMBER:
02-50
;I PARCEL ADDRESS:
1741 Northwest 55th
Street
PROPERTY LEGAL DESCRIPTION:
Floral Park lst Amd.
Plat,
P.B. 6-
5, Lots: 19 & 20, Blocks
13
FOLIO NDMBBR:
01-3122-052-2500
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pAgc2t, lit mane
PARCEL ADDIMSS
02-50 (A) r
17XX Northwest 55th Street
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No
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Honorable Mayor and Members DATE JUL Fu:
of the City Commission
Resolution Authorizing
SUBJECT Disposition of Scattered
Sites Housing Units in
Allapattah and Model City
mm: Cesar He Odio REFERENCES: City Commission, Agenda. -s'......
City Manager Item July 12, 1990
ENCLOSURES:
RZCONMMATIONt
it is respectfully recommended that the City Commission ,adopt :the
attached resolution authorizing the City Manager to market and,
convey to qualified low and/or moderate income homebuyers#_ four
(4) new 1: single family homes in the Allapattah Community
Development Target Area and six (6) new single family homes in the
Model City Community Development Target Area, currently,, Under
construction on City -owned parcels in connection with the Cityls'
Scattered Site Affordable Homeownership Development Program. -
Further reallocating from Capital improvement Project No. 321024p
"Affordable Housing Program,* funds in the amount of $135&000 from
the 1976 General Obligation Housing Bonds -Interest Income, for the
'purpose of providing second position home purchase mortgage
financing to the prospective ten (10) low and/or moderate income
purchasers of the new single family homes under construction in
th* Allapattah and Model City Community Development-Target,Arease
BACKGROUNDt
VV
The Department of Development and Housing Conservation recommends -
ratification of the attached resolution. -authorixing the
Manager to market and convey to qualified low and/or moderate
income homebuyers.. ten (10) now single family homes, curront.;-y-
under construction in the Allapattah and Model City - CON=_ City;
Development Target Areas in connection with .the,City's
Site Affordable Homeownership Development Program. It to forth
_!,O
recommended that the City Commission reallocate from �j'
Improvement Project No. 321024, "Affordable Housing PkO -9 tax i
funds in the amount of $135, 000 from the 1976 -Generai. ObU444,0"
Housing Bonds -Interest Income, for the purpose of proVW1h1r*0,000d,i`
position home purchase, mortgage financing to the prospO400-1,01O.-
(10) low and/or moderate income purchasers of tbo now 04 Ae
family homes under construction in the Allapattah and MOOi t'
Community Development Target Areas.
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Authoritation for Disposition of Housing.
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units in Allapattah and Model City
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Among Miami's greatest needs in the housing area is the need for
saleshousing 'within the affordability range of low and/or
moderate income families, those families with annual incomes
ranging from $15,150 to $35,625. The cost of land, materials, and
labor in the Miami housing market place effectively preclude the
development of new single family homes within the purchasing power `
and affordability range of the City's low and moderate income
residents by the private housing industry.
rft an attempt to address this tremendous need for new affordable
homeownership opportunities for low and/or moderate income .City
residents, but more specifically in the City's Community
Development Target Areas, the City Commission;.in October of 1966:
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approved the implementation of the City sponsored Scattered Site
Affordable Homeownership Development Program. With the City,of
Miami serving as developer, it is possible for the City to
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construct and deliver new single family residential units at sales
prices affordable to low and moderate income homebuyers in the.
City's Community Development Target Areas.
To date, nine (9) new single families homes have been sold and are.
occupied by low and/or moderate income bomebuyers in the Model
;
City and Wynwood Community Development Target Areas.
rn Map of 1990, construction commenced on ten (10) City -owned lots
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in the Allapattah and Model City neighborhoods in connection with
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the development of new single family homes under the Program.
Construction on the ten 3-bedroom, 2-bath single family homes .is
afir.
estimated to be completed on or before September 15, 1990. The
purchase price for the 1,300 square foot unit is $59,900;`
inclusive of the cost for site acquisition by the City,
rn order to insure that the homes remain affordable to the
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bomebuyers through lower monthly mortgage payments (prineipaxf
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interest, taxes and insurance), it is necessary that the City.
provides each homebuyer a second mortgage loan not to exc eerd
$30,000 per unit to consummate the purchase _transactlon,..
approximately $135,000 in City funds are available from` Froj+sot
No* 321024, 'Affordable Housing Program," the fund balance from
the $2751,000 in 1976 General Obligation Housing Bonds- Intereat
income, previously authorized by the City Commission tbrOq
Resolution No. 67-631, adopted duly 9, 1987 to provide 00060. ,
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mortgages to the purchasers of the homes developed on t¢
owned Carver branch YMCA site in the Model City nolghbbrhoodR: +
;
aforementioned City funds will be used to provide second *Ot
loans to the prospective purchasers of the six (6) b010e0 0b efF, ti ;
construction in the Model City neighborboo�
Authorization for Disposition of Housing
Units in Allapattah and Model City
Page-3—
Moreover, in April of 1990, the Department of Development and
Housing Conservation was successful in securing approximately
$170#000 in state funding from the State of Florida's Department
of Community Affairs under the State's Affordable Housing
Demonstration Loan Program. The $170#000 in state funding will be
used to assist and provide second mortgage financing commitments
to the purchaser of the four (4) new single family homes currently
under construction in the Allapattah neighborhood. Citicorp
Savings of Miami has agreed to provide first mortgage financing to
the prospective ten (10) homebuyers in both the Allapattah and
Model City neighborhoods.
City Commission ratification of the attached resolution is
recommended.
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