HomeMy WebLinkAboutR-87-11100-00
J-87-1078
11/19/87
RESOLUTION NO. S 7-1110
A RESOLUTION APPROVING REVISED PROGRAM _
GUIDELINES, ATTACHED HERETO AND INCORPORATED
BY REFERENCE, FOR THE SINGLE FAMILY
RESIDENTIAL REHABILITATION PROGRAM, AND
AUTHORIZING THE CITY MANAGER TO IMPLEMENT THE
PROGRAM IN ACCORDANCE HEREWITH.
WHEREAS, in order to encourage neighborhood redevelopment
and the conservation of existing housing stock, the City of Miami
continues to administer a Community Development Block Grant
funded Single Family Residential Rehabilitation Program, as —
initially authorized by the City Commission in February of 1978,
through Resolution No. 78-141; and
WHEREAS, certain revisions to the Program's implementation
guidelines are necessary to allow for the recapture of a portion of administrative and processing costs, thereby maximizing the
level of program funds available as rehabilitation financing;
NOW) THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY =
OF MIAMI, FLORIDA: -
Section 1. The revised Single Family Residential
Rehabilitation Program guidelines, attached hereto and
incorporated by reference, are hereby approved.
Section 2. The City Manager is hereby authorized to
implement the Program in accordance with said guidelines.
PASSED AND ADOPTED this loth day of December , 1987.
ATTEST:
i�
FEUTY HIRAISCITY CLERK
PREPARED AND APPROVED BY:
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ROBERT F. CLARK
CHIEF DEPUTY CITY AT
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APPROVED
ATTACHAIENTS
ENCLOSED
FORM AND CORRECTNESS:
. DOU HERTY CITY COMMISSION
roRN MEETING OF
DEC 10 1987
RESOLUTION NoV-ttt
04 4
ADDENDUM
FEE STRUCTURE
The following fee structure shall be in effect for the Single
Family Residential Rehabilitation Program:
A. Application Fee
A non-refundable application fee in the amount of $15.00
shall be assessed each application for financial assistance.
B. Loan Commitment Fee
A non-refundable loan commitment fee in the amount of one-
half (1/2) point (.005) calculated on the dollar amount of
the City's loan. This fee shall apply to the following types
of financial assistance:
1. Combination Grant and Loan
For program participants receiving this form of financial
assistance the fee shall apply only to the loan portion
of the financing.
2. Loan
For program participants receiving this form of financial
assistance the fee shall apply to the full amount of the
financing.
The payment of this fee may be made in one lump sum at the
time of loan closing OR the fee may be amortized over the
term of the loan.
8'7-1110
87-i110
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM -
- TO. Honorable Mayor and DATE: t1101V Z 05 W7
FILE:
Members of the City Commission
- SUBJECT: Adoption of Single Family
Residential Rehabilitation
Program guidelines
FROM Cesar H. Od REFERENCES:
City Manager City Commission Agenda
ENCLOSURESPecember 10, 1987
RECOMMENDATION:
It is respectfully recommended that the City Commission approve
the program guidelines in connection with the City of Miami
Single Family Residential Rehabilitation Program.
BACKGROUND:
The Housing Conservation and Development Agency recommends that — -
the City Commission approve the attached program guidelines for
implementation of the City. of Miami Single Family Residential
Rehabilitation Program funded through the Community Development —
Block Grant.
On February 23, 1978, through Resolution No. 78-141, the City
Commission adopted guidelines to implement the Single Family
Residential Rehabilitation Program. Below market rate financing
and grants provided through the Program have made possible the
rehabilitation of over 800 single family homes since the
inception of the Program in 1978.
The expenditure of approximately $12,624,626 in Community -
Development Block Grant dollars has provided financing at
reasonable rates for much needed home repairs which, in turn, has
helped to stabilize the City's neighborhoods, and provide
employment opportunities for small contractors, many of whom are
minority contractors.
The Single Family Residential Rehabilitation Program guidelines,
as presented for approval, have been revised to accomplish the
following:
V4 A-
8 7-1110
Honorable Mayor and
Members of the City Commission
Page 2
Address the gradual reduction in federal assistance
available for conserving the existing housing stock through
the initiation of a program fee structure designed to
generate funds which would defray program administrative
costs thereby maximizing the level of program funds
available as rehabilitation financing.
Therefore, it is recommended that the City Commission adopt the
revised program guidelines.
Attachments:
Proposed Resolution
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