HomeMy WebLinkAboutR-84-0486i
J-84•-405
RESOLiJTIf)i? NO.
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A r;ESOLUTTON APPROVING TN PRINCIPLE
THE APPLICATION OF THI? FOLLONTNG
DEVELOPER FOR SUBMTSSION BY THE CITY
OF MIAMI TO THE U.S, DEPARTMENT OF
HOUSING AND URBAN DFVET.,OPME;NT FOR AN
URBAN DEVELOPMENT ACTION GRANT:
OVERTOWN ECONOMIC DEVELOPMENT
CORPORATION, INC.,FOR CONSTRUCTION OF
TWENTY UNITS OF SALES HOUSING IN THE
OVERTOWN COMMUNITY DEVELOPMENT AREA.
WHEREAS, it is recognized that the future growth and stability
of the City of Miami's neighborhoods is in major part dependent
upon the need to provide new homeownership opportunities for low
and moderate income families; and
WHEREAS, the development of twenty units of sales housing in
the Overtown neighborhood will provide new homeownership
opportunities for low and moderate income families; and
WHEREAS, the proposed total development cost will be
approximately $1,000,000 of which a combination of public and
private sector funds +,,ill be made available; and
WHEREAS, the City of. Miami has initiated an application for
$240,000 from the U.S. Department of Housing and Urban Development
in the form of an Urban Development Action Grant to be used to
provide second mortgages to purchasers of the above mentioned
housing;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to proceed with
the submission of an application for an Urban Development Action
Grant to the U.S. Department of Housing and Urban Development for
development of twenty units of sales housing in the Overtown
Community Development Area by the Overtown Economic Development Cor-
poration., Inc.
PASSED AND ADOPTED this 26th day of April ,
1984.
ATTEST:
4
A HirlG. ONGIE, CITY CLE
Maurice A. Ferre
Maurice A. Ferre, Mayor
CITY COM ISS OI N
MEETING OF
APR wB 19jg
RK,
PREPARED AND APPROVED BY:
ROBERT F. CLARK
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
P
s
'E GARCIA-PEDROSA
TY ATTORNEY
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Howard V. Gary
City Manager
CITY OF MIAMI. FLORIDA
INTER -OFFICE Nir-MI ORANOUM
Dena Spillman, Director
Department of Community Development
ti" NK'
JATF April 18, 1984 It.E:
'U3JEC- Resolution approving
submission of Urban
Development Action Grant
-F4R F t(,-: City Commission Agenda Item
April 26, 1984
NCLO ;U°.
It is recommended that the City
Commission approve in principle the
attached resolution authorizing the
preparation and submission by the
City of Miami an application to U.S.
Department of Housing and Urban
Development for an Urban Development
Action Grant for the following
developer, Overtown Economic
Development Corporation, Inc., for
development of twenty (20) units of
sales housing in the Overtown
Community Development Target Area.
Over the past several months, staff has diligently worked with
the Overtown Economic Development Corporation, Inc. (OEDC) in
putting together an Urban Development Action Grant for submission
to U.S. HUD for the development of twenty (20) units of for -sale
housing in the Overtown neighborhood.
The proposed townhouse development will be
located on a site
currently owned by OEDC at N.W. 10th and
11th Street between
N.W. 4th Court and 5th Avenue. The proposed
project development
cost is approximately $1,000,000. The sales
price for the two
- bedroom -two bath units and three bedroom -two
bath units will be
$49,000 and $51,500, respectively.
Approximately $240,000 in UDAG Grant funds
are being requested
— . and will be used to provide deferred second mortgage financing
to the prospective purchasers. Amerifirst Federal Savings and
Loan Association has agreed to make available
residential first
_ mortgage loans to qualified purchasers in
an amount not to
-? exceed $800,000. The benefit of the UDAG
award will be to
n substatially lower the monthly mortgage
payments of the
purchasers.
84'-486
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Through this memorandum, it is requested that a public hearing
be scheduled before the City Commission on April 26, 1984.
Commission approval of this item is recommended.
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