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Home My WebLink AboutO-10456J-88-680 6/30/88 I 'L� ORDINANCE NO. 10456 AN EMERGENCY ORDINANCE AMENDING SECTION 1 OF ORDINANCE NO. 10347, AS AMENDED, ADOPTED NOVEMBER 19, 1987, THE CAPITAL IMPROVEMENTS APPROPRIATIONS ORDINANCE, BY ESTABLISHING A NEW PROJECT ENTITLED "SECOND MORTGAGE HOME LOAN POOL PROJECT" - PROJECT NO. 321037. AND BY APPROPRIATING FUNDS IN THE AMOUNT OF ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000) FROM 1976 HOUSING GENERAL OBLIGATION BONDS -INTEREST, FOR THE PURPOSE OF PROVIDING AFFORDABLE HOME PURCHASE FINANCING FOR QUALIFIED LOW AND MODERATE INCOME PURCHASERS IN CONNECTION WITH THE CITY'S AFFORDABLE HOUSING DEVELOPMENT PROGRAM; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. WHEREAS, the City Commission adopted Ordinance No. 10347 on November 19, 1987, appropriating funds for Capital Improvements projects; and WHEREAS, in accordance with Section 2.136 of the Miami City Code (1980), the Planning Department has prepared and submitted to the City Commission a Capital Improvements Program (CIP) that identifies the sources of funding of all proposed capital projects valued at $5,000 or more for the program years 1987- 1993; and WHEREAS, this Program was adopted by the City Commission by Resolution No. 87-935 on October 22, 1987; and WHEREAS, there exists, in the City of Miami, a severe shortage of sales housing within the affordability range of families and individuals of low and moderate income; and WHEREAS, the City Commission recognizes the necessity to stimulate the development of sales housing within the affordability limits and purchasing power of families and individuals of low and moderate income; and WHEREAS, in an effort to increase the supply of housing affordable to low and moderate income families, the City has implemented a housing strategy which entails the acquisition of development sites suitable for the development of housing t' affordable to low and moderate income families on a citywide basis; and WHEREAS, implementation of the City's Affordable Housing Development Program provides a strategy for the development of homeownership housing affordable to low and moderate income families on several publicly -owned parcels, which include the 8.5 acre Melrose Nursery site and a 2.9 acre Civic Center site located in the Allapattah and Civic Center area, respectively; and WHEREAS, in January of 1987, the City Commission designated Melrose Townhome Development, Inc. and CODEC, Inc. as sponsors for the construction of two affordable housing developments on the publicly -owned Melrose Nursery and Civic Center sites, respectively; and WHEREAS, on June 9, 1988, by Resolution No. 88-529, the City Commission approved in principle, the establishment of a home purchase financing loan pool for the purpose of providing affordable home purchase financing for qualified low and moderate income purchasers of the 153 unit townhomes proposed by Melrose Townhome Development, Inc. on the Melrose Nursery site; and WHEREAS, funding in the amount of $1,500,000 is available from 1976 Housing General Obligation Housing Bond -Interest to fund the said loan pool; and WHEREAS, the City Commission recognizes the urgent need to commence construction on the Melrose Nursery site as soon as possible in an effort to address the severe shortage of sale housing within the affordability range of families and individuals of low and moderate income; NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: - 2 - IL0456 Section 1. Section 1 of Ordinance No. 10347, adopted November 19, 1987, is hereby amended in the following particulars:l/ "Section 1. The herein appropriations are hereby made for implementation of all municipal capital improvements of the City of Miami, including new capital improvement projects scheduled to begin during fiscal year 1987-88. The herein appropriations which are hereby designated by reference to descriptive project title and number also include appropriations for previously approved scheduled projects as well as re -appropriations of prior fund appropriations. The source of revenues to support the herein appropriations is hereby identified by the fund and project with the project appropriations and revenues therefor being set forth for seven program areas (I-VII) based upon use or functional category within said areas, as follows: Total Appropriations ($ X 000) III. SOCIAL AND ECONOMIC ENVIRONMENT HOUSING A. Capital Projects 7. Second Mortgage Home Loan Pool Project 321037 $1,500.0 (a) $1,500.0 - 1976 Housing G.O. Bonds -Interest ?/ Section 2. All Ordinances or parts of Ordinances insofar as they are inconsistent or in conflict with provisions of this Ordinance are hereby repealed. 1 Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material. All figures are rounded to the nearest hundred dollars. 2/ The proceeds of the bond interest will be used to provide second mortgage home purchase financing to qualified low and moderate income purchasers. The initial funding is earmarked for the 153 townhome units planned on the publicly -owned Melrose Nursery site and any other housing developments constructed in connection with the Program as designated by the City Commission. - 3 - 10456 Section 3. If any section, part of section, paragraph, clause, phrase or word of this ordinance is declared invalid, the remaining provisions of this ordinance shall not be affected. Section 4. This ordinance is hereby declared to be an emergency measure on the grounds of urgent public need for the preservation of peace, health, safety, and property of the City of Miami and upon the further grounds of the necessity to make the required and necessary payments to generally carry out the functions and duties of municipal affairs. Section 5. The requirements of reading this ordinance on two separate days is hereby dispensed with by a vote of not less than four -fifths of the members of the Commission. =1 = PASSED AND ADOPTED ON this 14th day of July I 1988. ATTEST 4�� — MATTY HIRAI, CITY CLERK PLANNING REVIEW: SERGIGUEZ, D PL NING DEPARTMENT FINANCE REVIEW: C GARCIA, DIRECTOR FIN E DEPARTMENT PREPARED AND APPROVED BY: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: VIER L. SUA , MAYOR BUDGETARY REVIEW: G�C��"v0 e<, OHAR S. SURANA, DIRECTOR MANAGEMENT AND BUDGET JORG L. F RNAN EZ CITY ATTORNEY I, Matty Hirai, Clerk of the City of 'NIizn;' 1, 1 ri a, hereby cer S y Unt oll the —cl;ry of lti!li, true and correct cotlti of the nbovc uxl p.)sted Alt tlw S-:)'.lth Oo. --r of the U!a:.l:_ Mount:• C )llt't the t,': t.L i;ravi:icJ .01 Notices and �l..:lt'll'.`fltl')ll:i i)y cop,to rile place provided WITNLSS m hand an, th - . 'icial seal of sai City this ��— ..day of .,, ='�• D. 19! City Cleric — 5 — 106 65 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM Honorable Mayor and Members TO of the City Commission gt FROM: Cesar H. O d' City Manager �, RECOMMENDATION: DATE: J U - 5 1988 FILE: Amendment to CIP Ordinance SUBJECT: Second Mortgage Home Loan Pool REFERENCES: Melrose Townhome Project City Commission Agenda ENCLOSURES: Item - July 14, 1988 It is respectfully recommended that the City Commission adopt the attached Emergency Ordinance to amend the Capital Improvement Program Ordinance (No. 10347) by establishing a new project entitled "Second Mortgage Home Loan Pool" - Project No. 321037, and appropriating funds in the amount of $1,500,000 from 1976 Housing General Obligation Bond -Interest for the purpose of providing affordable home purchase financing for qualified low and moderate income purchasers in connection with the townhomes proposed for development on the publicly -owned Melrose Nursery site by Melrose Townhome Development, Inc. BACKGROUND: The Housing Conservation and Development Agency recommends adoption of the attached Emergency Ordinance amending the Capital Improvement Program Ordinance by establishing the Second Mortgage Home Loan Project as a new Project No. 321037 and appropriating $1,500,000 in interest income from the 1976 General Obligation Housing Bond - Interest for the purpose of establishing a home purchase financing loan pool for low- and moderate income purchasers of the townhome project planned on the publicly -owned Melrose Nursery site. In January of 1987, the City Commission through Resolution No. 87- .82, designated Melrose Townhome Development, Inc., a nct-for-profit housing corporation, as sponsor for the development of a. 153 unit townhome complex on the Melrose nursery site located in the Allapattah neighborhood. The City Commission's designation of Melrose Townhome Development, Inc., as sponsor of the project was contingent, among other things, upon the corporation's ability to secure second mortgage home purchase financing for low and moderato income purchasers through Metropolitan Dade County's Documentary Surtax financed Homeownership Assistance Loan Program. 1Q456 65- 1 Amendment to Capital Improvement Program Ordinance Second Mortgage Home Loan Pool Page - 2 - Despite innumerable attempts, Melrose Townhome Development, Inc., was unable to obtain the second mortgage financing required to make the townhomes affordable to low and moderate income purchasers through the "Surtax" Program. In- an attempt to'inove the proposed project Forward, on June 23, 1988, by Resolution No. 88-529, the City _Commission approved tbe. establishment of a home purchase' financing loan pool and allocated $1,500,000 in interest income from the 1976 General Obligation Housing Bond for the purpose of providing second mortgage financing to qualified low and moderate income purchasers in connection with the townhomes planned on the Melrose Nursery site. In view of the critical need for new affordable housing opportunities for low and moderate income families in the City, it is recommended that the City Commission adopt the attached ordinance as an emergency measure in order to expedite the start of construction on the townhome project planned. Attachment: Ordinance MIAMI REVIEW Published Daily except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Octelma V. Ferbeyre, who on oath says that she Is the Supervisor of Legal Advertising of the Miami Review, a daily (except Saturday, Sunday and Legal Holidays) newspaper, published at Miami In Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice IneioN OF MIAMI ORDINANCE NO. 10456 RE: "SECOND MORTGAGE HOME LOAN POOL PROJECT" x x x inthe ......................................... Court, was published in said newspaper in the Issues of July 26, 1988 Affiant further says that the said Miami Review is a newspaper published at Miami In said Dade County, Florida, and that the said newspaper has heretofore been continuously published in said Dade County, Florida, each day (except Saturday, Sunday and Legal Holidays) and has been entered as second class mail matter at the post office in Miami in said Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertlsement and afflant further says that she has paid not promtsec� any person, firm or corporation a disco t, rebate, commission or rgg��a d for the purpose ecuring this advertisement lot ouWf n in the•said no" qei. w �11 G� • Sworn to �i;�s Vcrlbed before me this E1. TA p ' .262-day if`,........!apxy.J..�....,A.D.19....... 88 ��tt�� Cherlfi H. Marmer Mbt Public, to of Florida at Large U j, •• ••O? �� (SEAL) 4i 9 r • • • • • p� My MR 114 mi,16 1>�'(ts;t`oIP``k%IN992. 1-