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Home My WebLink AboutR-87-0630s J-87-586 6/8/87 RESOLUTION NO. ' �h, { A RESOLUTION APPROVING THE MARKETING AND HOME BUYER SELECTION PROCESS IN CONNECTION WITH THE CITY SPONSORED SCATTERED SITE HOUSING DEVELOPMENT AND AFFORDABLE HOME OWNERSHIP OPPORTUNITY PROGRAM. WHEREAS, in October 1986, the City Commission approved implementation of the Scattered Site Housing Development and Affordable Homeownership Program for the purpose of providing homeownership opportunities to qualified low and moderate income purchasers in the City's Community Development Target Areas; and WHEREAS, the City serving as Housing Developer, will be able to deliver the housing units planned for construction under the Program at sales prices affordable to low and moderate income home buyers; and WHEREAS, it is anticipated that the demand for owner - occupied residential housing units planned for development under the Program will exceed the City's ability to meet the need which exists for new affordable homeownership housing opportunities in the City; and WHEREAS, a public lottery selection process would afford an opportunity to purchase a home under the Program to all qualified low and moderate income families, including the elderly whose gross annual incomes do not fall below 50% and do not exceed 120% of the median income for the Dade County Standard Metropolitan Statistical Area (PMSA); NOW, THEREFOREPBE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. All housing units developed under the Program must be sold to families whose incomes do not fall below 50% and do not exceed 120% of the median income for the Dade County Primary Metropolitan Statistical Area (PMSA). Section 2. For the purpose of affording homeownership opportunities to all the City's low and moderate income families 1 CITY COMMISSION MEETING OF JUL 9 19a7 RESOLUTION No. AW ko under the Program, the City Commission hereby approves and adopts the Homebuyer Selection Process in connection with the Scattered Site Housing Development and Affordable Homeownership Opportunity Program. Section 3. The City Commission will determine the date and time of the public lottery for disposition of all housing units constructed under the Scattered Site Housing Development and Affordable Homeownership Opportunity Program. PASSED AND ADOPTED this 9th day of Ju]r , 1987. ATTEST MATTY HIRAI, CITY CLERK LEGAL REVIEW: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY APPROVEP�•;AS TO FROM AND CORRECTNESS : r UCA. C ITAATI 2 :AVIER L. SLKREZ, j��-6so I CIW OP MIAMI. PW*II%A AS 52 INTER-0irrIC-9 MEMORANDUM Honorable Mayor and Members Of the City Co=i ss ion FROM.. Cesar H. Odio City Manager RECOMMENDATION: DAM. J U N 1 71987 PILL: Resolution Approving Home- suuccT: buyer Selection Process - Scattered Site Affordable Homeownership Opportunity RERERENCEfPr ogr a m City Commission Agenda ENCLOSURES: Item - June 25, 1987 It is respectfully recommended that the City Commission adopt the attached resolution approving the Homebuyer Selection Process in connection with the City's Scattered Site Housing Development and Affordable Homeownership Opportunity Program. BAC&GROUND: In October of 1986, the City Commission took a major step toward addressing the existing housing affordability gap in the City by approving implementation of the Scattered Site Housing Development and Affordable Homeownership Opportunity Program. With the City of Miami serving as developer, it will be possible for the City to construct and deliver "at cost" new single family homes at sales prices affordable to low and moderate income purchasers in the City's Community Development Target Areas. The City Commission, in October of 1986 also approved the issuance of $4,290,000 in Special Obligation Bonds, 1986 Series A, the proceeds of which will be used asa revolving construction fund for this unique program. In May of 1987, the City Commissionapproved, subject to a public hearing, the acquisition of thirty-one (31) underutilized home sites in the Allapattah, Wynwood and Model City neighborhoods, for the purpose of developing the housing units planned in those neighborhoods under Phase I of the Program. Acquisition activities are currently underway in those neighborhoods. The Carver Branch -YMCA site, a .9 acre parcel currently under public ownership, located at 5770 Northwest 15th Avenue in the Model City neighborhood is being recommended as the location for the City's first undertaking in the development of new single family residential housing units under the Scattered Site Housing Development and Affordable Homeownership Opportunity Program. Seven 3 bedroom, 2 bath single family homes are being pfoposed for development on the above mentioned site. �"�#— i Resolution Approving 8omebuyer Selection Process Scattered Site Affordable Homeownership opportunity Program Page = 2 The anticipated demand for the new single family homes planned for development under the Program will no doubt exceed the City's ability to meet the enormous need which exists for new affordable homeownership housing opportunities in the City. In an effort to allow -all interested low and moderate income purchasers an opportunity to purchase a home under the Program, it is recommended that a two (2) phase homebuyer selection process be instituted. Phase I of the Homebuyer Selection Process will involve the establishment of a homebuyer's eligibility list which would be established after advertisement of the availability of homes for purchase under the Program. Prospective purchasers will be allowed to.mail-in the coupon application appearing in the newspaper or pick up an application form at designated City offices during normal work hours. During this phase, those applicants submitting application for the purpose of purchasing a home under this Program would be prescreened and evaluated for program eligibility. All applicants would be evaluated based on the following crite::Ia: 1) Determination of whether or not the family meets low and moderate income guidelines as established by the Program's guidelines, subject to City Commission approval. 2) Family size. 3) First time homebuyer status 4) Annual family income and ability to support the monthly related costs associated with purchase of such a home. 5) Duration and stability of employment. 6) Creditworthiness and other applicable loan underwriting requirements of private lending institutions participating in the Program. Phase II of the selection process will involve the disposition of the homes through a public lottery which would be conducted at a predetermined time and place, subject to City Commission approval. All applicants determined to be eligible for the Program during Phase I'(prescreening of applicants) would be allowed to participate in the lottery. Lottery winners would then be afforded the opportunity to proceed in purchasing a home under the Program. PON �j r�r .`.C`J^ Q 1 3'• r Resolution Approving Homebuyer Selection Process Scattered Site Affordable Homeownership Opportunity Program Page - 3 During the lottery additional applicants will be selected as alternates, in the event a lottery winner is unable to qualify or secure the required permanent mortgage financing in order to consummate the purchase of the home. All applicants not selected during the lottery will be allowed to reapply as additional single family homes are constructed and made available for purchase under the Program. City Commission approval of the Homebuyer Selection Process in connection with the City's Scattered Site Housing Development and Affordable Homeownership Opportunity Program is recommended. 7