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Home My WebLink AboutR-86-0590J-86-S87 7/10/86 RESOLUTION NO. A RESOLUTION APPROVING, IN PRINCIPLE, THE APPLICATION OF SOUTH FLORIDA I, LTD., FOR SUBMISSION BY THE CITY OF MIAMI TO THE U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT FOR A HOUSING DEVELOPMENT GRANT FOR THE CONSTRUCTION OF A 120 UNIT RENTAL HOUSING PROJECT. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The application of South Florida I, Ltd. is hereby approved, in principle, for submission by the City of Miami to the U. S. Department of Housing and Urban Development for a Housing Development Grant for the construction of a 120 unit rental housing project. PASSED AND ADOPTED this loth day of nTrjr.v 1986. XAVIER L. SUARRI, MAYOR ATTES . NATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY APPROVE AS TO F AND CORRECTNESS: LUCIA A. DOUGHERTY CITY ATTORNEY RFC/rr/M188 CITY COMMISSION MEETING OF JUL 10 1980 )N No. SG - 590 n CITY OF MIAMI, FLORIDA L INTER -OFFICE MEMORANDUM 6%W Honorable Mayor and DATE: J U L 1 1986 FILE: To. Members of the City Commission SUBJECT: Resolution Approving Submission of HDG Application(s) Cesar H. Odio City Commission Agenda FROOC i ty Manager REFERENr4%Lly 1 0, 1986 ENCLOSURES: It is recommended that the City Commission approve in principle the Housing Development Grant applications of certain developer(s) for submission by the City of Miami to the U. S. Department of Housing and Urban Development per the attached resolution. On June 5, 1986, the U. S. Department of Housing and Urban Development announced the availability of funding in the amount of $72,175,000 under the Housing Development Grant Program (HDG) and established a proposal submission deadline of July 21, 1986. r: Through the Housing Development Grant Program, U. S. HUD will provide i financial assistance to local governments to assist in financing construction or rehabilitation of rental housing. U. S. HUD will provide assistance for projects containing at least twenty and no more than two hundred dwelling units. HDG funds may be used to provide grants, loans, interest reduction payments or other forms of assistance to developers for the construction or substantial rehabilitation of rental housing in which at least twenty percent (20%) of the units will be occupied by lower income households. The City of Miami has been determined by U. S. HUD as an area that is experiencing a severe shortage of decent rental housing opportunities for families and individuals without reasonable and affordable housing alternatives in the private market place. As a result, the City is eligible to participate and apply for funding assistance under the HDG Program. The City, acting as the applicant for a developer, is required to submit a separate application for each project which it seeks to have funded under the Program. 86-590, 86-59a. Submission of HDG Al,flication(s) Page 2 The abbreviated application time frame established by the federal government has placed an extreme burden both on the City of Miami and interested developers in meeting application submission requirements. In order to meet the July 21, 1986 HUD submission deadline and accommodate the need for City Commission action on all applications received at the regular meeting of July 10, 1986, it has been necessary to allow interested developers less than thirty (30) days to meet the extensive application requirements and staff only two (2) days to perform the HUD mandated local review. This extremely tight time frame will no opportunity to review Housing received prior to July 10, 1986, Commission must act upon them. provide the City Commission with Development Grant applications the date on which the City Therefore, the resolution accompanying this cover memorandum is pro forma and cannot be completed until the City Commission has had the opportunity to receive staff recommendations at the July 10, 1986, Commission meeting. JG/mc 86-590. 86--591; AS _T600.MISMo HCM1a J$ ndny..June29,19SG CITY OF MIAMI HOUSING CONSERVATION AND DEVELOPMENT AGENCY NOTICE OF PUBLIC NEARING The City of Miami will conduct a public hearing on the submittal of Hous- ing Development Grant Program appikof ri(s) to the United States Deportment of Housing and Urban Development. The Housing Development Grant Program provides local units of govern j ment, on behalf of private developers, the opportunity to apply for feller - of assistance in financing the substantial rehabilitation of existing rental housing projects or the new construction of rental housing projects where ( at least 20% of the units are of fordable to very low income families. Date: Thursday, July 10, 1986 Timet 11:30 A.M. Place: City Commission Chambers City of Miami City Hall 3500 Pan American Drive Individuals will be given the opportunity to comment on the proposed Housing Development Grant opplication(s) at the public hearing. Should any person desire to appeal any decision of the City Commission with respect to any matter considered at the July 10th, 1986 hearing before the Commission, that person should ensure that a verbatim record of the proceedings is made, including all testimony and evidence upon which any appeal may be based. Ad #2841 86-590, 86-591; - q J rJ• ("CJ/ City of Miami Housing Conservation and Development Agency Housing Development Grant Application Summary 1. Name of Projec`• Blue Lagoon Villas 2. Project Location The Site is located at 5297-5303 NW 7 Street Miami, Florida 3. Project Description 4. Number of units proposed affordable to very low income f amilies. 5. Projected Unit F,�nt(s) 1 bedroom 2 bedroom 3 bedroom 6. Project Developer 7. Total Development Cost of Project 8. Average cost per unit 9. HODAG Request 10. Type of financing The one hundred twenty (120) unit project consists of 90 two bedroom -two bath apart- ments and 30 three bedroom -two bath apartments. 25% Very Low Income Units -0 - Market Units IM $280 $460 $310 $505 South Florida I Ltd. 401 Miracle Mile Suite 302 Coral Gables, Florida 33134 $4,716,900 $ 39,307 $2,3009000 Low -interest loan to fund fifty (50%) percent of construction cost. Loan amount of $2,300,000 commencing at 1% for first 2 years during construction phase (interest only). Years 3-20, loan amount of $1,200,000 commencing at 1% (princi- pal and interest only). Balance of loan amount at $1,100,000 commencing 2% during years 3-20, with balloon payment made for the outstanding balance in 20th year. 86-59G. 86--591. lob 11. Source: of other financing 12. Private Leverage Ratio 13. New Taxes generated (City) t Page -2- Owner Equity - $ 566,S5:) Security Federal - $2,300.000 Savings and Loan Association 1.24:1 $56,131 ti sb-SSO