HomeMy WebLinkAboutItem #42 - First Reading Ordinance.-I%k is
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J-88-236
2/19/88
ORDINANCE NO.
AN ORDINANCE ESTABLISHING A NEW SPECIAL
REVENUE FUND ENTITLED: "HOUSING DEVELOPMENT
GRANT PROGRAM - 19877 APPROPRIATING FUNDS IN
THE AMOUNT OF $4,650,000 FROM THE U.S.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
FOR THE PURPOSE OF PROVIDING CONSTRUCTION
FINANCING TO DESIGN MANAGEMENT VII
ASSOCIATES, DEVELOPER/OWNER OF AN ONE HUNDRED
TWENTY-FIVE (125) UNIT RENTAL HOUSING
DEVELOPMENT FOR THE ELDERLY; CONTAINING A
REPEALER PROVISION AND SEVERABILITY CLAUSE.
WHEREAS, Section 17 of the United States Housing Act of 1937
was enacted into law in Section 301 of the Housing and Urban
Rural Recovery Act of 1983, establishing the Housing Development
Grant Program; and
WHEREAS, on June 25, 1987, the City Commission through
Resolution 87-620, approved the submission of a Housing
Development Grant Program application for Design Management VII
Associates, (developer/owner), for the construction of a one
hundred twenty-five (125) unit Adult Congregate Living Facility;
and
WHEREAS, in recognition of the City of Miami's severe
shortage of rental housing affordable to low and moderate income
families and elderly residents, the City was successful in
securing preliminary funding approval from the U.S. Department of
Housing and Urban Development in connection with the City's
application for funding under the Housing Development Grant
Program in the amount of $4,650,000 for the construction of a one
hundred twenty-five unit rental housing development for the
elderly in the City; and
WHEREAS, the Housing Development Grant Program funds will be
used to provide a combination grant and low interest construction
loan to Design Management VII Associates, (developer/owner) of
the proposed fourteen (14) story project, Residential Plaza at
Blue Lagoon; and