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Home My WebLink AboutR-89-0447J--89-461 5/3/89 89-447 RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO MARKET AND CONVEY TO QUALIFIED LOW AND MODERATE INCOME HOME BUYERS TWO NEW SINGLE FAMILY HOMES UNDER CONSTRUCTION ON CITY -OWNED LOTS 34 AND 35 LOCATED AT 49 NORTHWEST 35TH STREET IN THE WYNWOOD COMMUNITY DEVELOPMENT TARGET AREA; FURTHER ALLOCATING FUNDS IN THE AMOUNT OF $50,000 FROM CAPITAL IMPROVEMENTS PROJECT ACCOUNT NO. 321037, "SECOND MORTGAGE LOAN POOL", 1976 GENERAL OBLIGATION BONDS - INTEREST INCOME, FOR THE PURPOSE OF PROVIDING SECOND POSITION HOME PURCHASER MORTGAGE FINANCING TO THE PROSPECTIVE LOW AND/OR MODERATE INCOME PURCHASERS OF THE TWO NEW SINGLE FAMILY HOMES UNDER DEVELOPMENT IN THE WYNWOOD NEIGHBORHOOD. �E WHEREAS, in October, 1986, the City Commission took a major step toward the resolution of the existing housing affordability gap in approving implementation of the Scattered Site Housing Development and Affordable Homeownership Opportunity Program, which has as its major objective the development of owner - occupied residential housing units at cost on a inf ill basis in the City's Community Development Target Areas; and WHEREAS, the City's first undertaking in the development of new single family homes under the Program has been completed in the Model City neighborhood on the City -owned Carver Branch YMCA Site located at Northwest 57th Street and 15th Avenue, where seven new single family homes have been constructed- and were purchased by qualified low and moderate income home buyers; and i WHEREAS, construction is now underway- in the Wynwaod Community -Development Target Area on City -owned Lots 34 and 35 located at 49 Northwest 35th Street for purchase by low and/or moderateincomehome buyers; and - .CITY COMMISSION r tt Y s. MEETING Or..MAY v 1 RESOLUTION N](�� f v 9!w 44 T ,r x o. d: r REMARKS: N WHERgA.S t it is possible to deliver 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 plan; and WHEREAS, Sun Bank has tentatively agreed to provide first position home buyer mortgage financing commitments for the two homes under construction in the Wynwood neighborhood; and WHEREAS, the provision of second position mortgage financing to the home buyers by the City will further insure that lore 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; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY —� OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to market and convey to prospective qualified low and/or moderate `income home buyers the two new single family homes under construction on City -owned Lots 34 and 35 at 49 Northwest 35th - Street in the Wynwood neighborhood. Section 2. Funding in the amount of $50,000 is hereby allocated from Capital Improvement Project Account No. 321037, 4 "Second Mortgage Loan Pool", 1976 General Obligation Bonds- r Interest Income, for the purpose of providing second position mortgage home purchase financing to the purchasers of the two 4 . homes under construction. x v Section 3. This Resolution on shall become effective. immediately upon its adoption pursuant to law. f to{ -a vA rt it r„i2i r,Fs�.y, s5`7,,. Jnw" sm 1.h."'�`+�C,+�Mt K .. 7 a:r.,y&f,''m'`•�S .. _ �71, Axr.' r • -. +Y'�fi'.�Pe��..'—.ia4�° `�,`r*v{: vnt4 fit_ . Gay:. l5 r � x�k° aP'�ini'F' ""+SaG'�—`— nliiER91S, it is possible to deliver 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 plan; and WHEREAS, Sun Bank has tentatively agreed to provide first Position home buyer mortgage financing commitments for the two homes under construction in the Wynwood neighborhood; and WHEREAS, the provision of second position mortgage financing to the home buyers 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; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: IC Section 1. The City Manager is hereby authorized, to -i market and convey to prospective qualified low and/or moderate s income home buyers. the two new single family homes under construction on City -owned Lots 34 and 35 at 49 Northwest,35th r Street in the Wynwood neighborhood. ,i " Section 2. Funding in the amount of $50,000 is hereby allocated from Capital Improvement Project Account No. 321037, "Second Mortgage Loan Pool", 1976 General Obligation Bonds - Interest Income, for the purpose of providing second position mortgage home purchase financing to the purchasers of the two n homes under construction. €j Section 3. �^ This Resolution on shall become, effeGtve immediately upon its adoption pursuant to law. rc sS 4^ .Y' Ha ,a�:..E�i�ty R�e -. 4,s✓ .zy �rt•'t„hs u � � � cad .5 . tr.+z-' s kY,Yfr x r 5+d �' � 'x hva4`y'� S11 i vTay $ i.{tii.� tbxf ;iya rTl a chi �7, ^r, r.,Yv�t';h< clay of MaY _ MASSED AND ADOPTED this llth 1989. ATTESTAn Y&-6460�� — MATTY KIRAI, CITY CLERK U,bp � rt' ' �, m :a a.s" 1+�"��`�,` �•'�'m? o .� c k r...' 3 r p� t � _ 7,'�t�� 4 ��.C�ei ,ysy3 t r _�A, INTER -OFFICE MEMORANDUM Honorable Mayor and Members DATE : FILE TO: of the city Commission MAY - 1 1989 sualEcr : Resolution Authorizing Disposition -of Wynwood Scattered Site. Housing Units - Phase I FROM : Cesar H. Odio REFERENCES: City Commission Agenda City Manager Item - May 11, 1989 '� ENCLOSURES: 'I sl RECOP1MEBDATION: �j. It is respectively recommended that. the City Commission ..:adopt .the - attached ,resolution authorizing the City Manager to market: -.and coInvey;ao qualified low and/or moderate income homebuyers, two,.(2). new single family homes: under construction, on City -owned lots .34 and 35 located at 49 Northwest 35th Street in the Wynwood Community Development Target Area._ Further allocating from hrojest No.; 321037, "SECOND MORTGAGE.,LOAN .POOL":Account,; Capital Improvements Ordinance -,No 10521, funds . in the amount of . $54,.000 from .the 10 j General Obligation Bonds -Interest Income for, the purpose of, providing:,second position home purchase mortgage financing to,ahe: two (2) prospective low, and/or moderate, income purchasers ';of the vs� two (2) single._; family homes under construction in the Wynwood neighborhood: a `. BACKGROUND: �1 The Housing:; Conservation and Development Agency recommends +F ratificationof ;.,the attached resolution, author zin the City. Manager to.. market, and convey to qualified:low .and/or moderate k income homebuyers•, two (2) new single family homes , currently undQX development n .she Wynwood Community Development Target Area'on City -owned lots 34 and 35 at 49 Northwest 35th" Street. It is 4, further recommended; that funds in .the amount QfS�Q,�000 s n Pr.o ject .No. 321037, "SECOND.,,MORTGAGE, .; LOW,, .p00L" Aecount,i ��ap �� ant,, Ordiinance . No .'. 10521, ; be a� located for the purpose providing second posit OAn home purchase -mortgage ffnancin At he r prospective . purchasers..,of..the two afn'gler family development..in'.the Wynwood neighborhood. ' Amont ;emi's grsat*at .needs in the :housing area. , is that need fors u L4 iz r s i�a h�uei�ig wikhin _ kh�- mffordabilit `:ran a of :.low '.:and ,or ,+�de��te$ g a.��` �r�—�t �� {� . ,��m � ,�� with• annual inectmes ranging :.#ra�a:� $i��5� ��o" �� .� �� tOf r�a�s�• `; materials, . ;and �abo� irk. ��{rs��,,�l��.� ��, { X r ♦. Disposition of Wynwobd Scattered Site Housing Units Phase I Page - 2 - 'y In an attempt to address this tremendous need for new affordable homeownership opportunities for low and/or moderate income City residents, the City Commission approved in October. of -198&, the implementation of the City's sponsored Scattered Site Housing 4_ Development and Affordable Homeownership,--Development-,Program.", With the City of Miami serving as developer, it is possible for -the City ° to construct; and :deliver -.new, single family residential units at sales prices affordable to low and moderate income purchasers in j the City 's,:Community .Development <Target Areas.. 4; In February- �of -1989, • construct.ion -commenced-, on two (2) City -owned lots located in the Wynwood neighborhood in connection with the' development -of new, single family homes, :Gunder -the..City;'s Scattered Site Affordable Homeownership Development Program. Construct on the=, two 3-bedroom, 2-bath single family . homes`..: are "estimated to k be completed on/or before June 15, 1989. The purchase price for the 1, 300 ;square :foot : unit, is $59, 500, " inclusive of ;:the cost: -for site,g acquisition by the City. Marketing efforts undertaking by the Housing Agency have been ', successful. in securing Purchase and Sale contracts, in addition to earnest deposits from two (2) potential homebuyers. Sure Bank Miami has tentatively,�agreed to provide first mortgage financing=:to ,Tt the prospective homebuyers. In order to insure that the mont2ly t kf' mort a e , a ments are -'affordable to the homebu ers, its, is necessa► that g he City provides each homebuyer "soft" econd mortgagesnQ u to,exceed. exceed. $2.5; 000 ; per•. unit •..' In an ,attempt .to insure`;;..,that,. the two n®w .- single = #a►aatiXy hQ s u' a"` developed in Ote Wynwood .. neighborhood provide of#QrdableAz homeownershipQpportunit:fes,.: theq #°prospective r thomebmyersfy p Commission.ratificatiQn.of the attached resolution is recommends , - 4 :, i I .' s J- ij,.Y z tw: r •• ,,:a� "' he �rx �F��' �c{ i�st3`� r X P �'�:� R . 3��.,�i v ..x s.,. iic•`K?r"'aFp+4 ii+.vi �. ?f M� k�yy .