HomeMy WebLinkAboutR-81-0848■
■ g�,..848
RESOLUTION NO*
A RESOLUTION APPROVING THE IMPLE-
MENTATION GUIDELINES FOR THE CITY
' OF MIAMI'S AFFORDABLE RENTAL HOUSING
DEVELOPMENT PROGRAM, DIRECTING THE CITY
MANAGER TO SUBMIT THE GUIDELINES TO THE
METROPOLITAN DADE COUNTY COMMISSION FOR
APPROVAL AND TO IMPLEMENT THE PROGRAM.
WHEREAS, the City Commission has determined the existence
of a critical shortage of rental housing in the City affordable
to families and individuals of low and moderate income; and
WHEREAS, federal housing assistance funding is insufficient
to meet the demand for such housing; and
WHEREAS, the City Commission has determined that the avail-
ability of Rental Housing Affordable to families and individuals
is critical to the long-term economic stability of the City; and
WHEREAS, the City Commission has determined that public
participation and assistance is necessary to obtain participation
by the private housing industry in the development of such rental
housing resources; and
WHEREAS, guidelines have been prepared for the purpose of
implementing such public participation and assistance in the
development of rental housing for low and moderate income families
and individuals; and
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The guidelines for implementing the City of
Miami's Affordable Rental Housing Development Program are hereby
approved.
Section 2. The City Manager is hereby directed to submit the
attached guidelines to Metropolitan Dade County Commission for
RA PIi G. 7NGI�E��C�ITYCLERK
PREPARED AND APPROVED BY:
r 81_848
TO Howard Gary
City Manager
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CITY OF MIAMI FLORIDA
INTEROFFICE MEMORANDUM
oATE: September 23, 1981 FILE
sUeJECi Affordable Rental Housing
Development Program
FROM Dena Spillman, Director REFERENCESCity Commission Agenda Item
Department of Community Development. October 7, 1981
_NClO5URE5
It is recommended that the City
Commission approve guidelines for
implementing the proposed Affordable
Rental Housing Development Program.
On June 25, 1981, the City Commission approved a staff report
on methods for assisting the private housing industry in the
production of rental housing affordable to .low and moderate
families and individuals.
Guidelines have been developed for implementing a housing devel-
opment assistance program in line with the recommendations contained
in the staff report with a 1,000 unit production goal. The proposed
guidelines together with a program implementation schedule are
enclosed.
Approval of these guidelines by the City Commission will allow
for the preparation of documentation for court action to determine
the City's legal authority to implement the proposed program.
After City Commission approval, the guidelines must be approved
by the Dade County Commission. This step is necessary to meet
legal requirements for implementing the program, according to
bond counsel.
Approval of the guidelines is recommended.
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�'81 _84R w
AFFORDABLE RENTAL HOUSING DEVELOPMENT PROGRAM
PROGRAM IMPLEMENTATION SCHEDULE
This program implementation schedule provides information on the
_ key steps and a general time frame for implementing the 1,000
unit Affordable Rental Housing Development program proposed by
the City Commission. The actions by the City Commission necessary
to implement the program are indicated.
October 7, 1981
a
91 F A # iF
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City Commission approval of
Program Guidelines.
City Commission approval of
amendment to City/County Housing
contract.
City Commission approval of
.Invitation for Proposals.
County Commission approval of
above items.
The extent of County's invol-
vement in the program beyond
this point will be determined
by bond counsel.
Publication of Invitation for
Proposals.
City Commission approval of Site
Acquisition Plan.
To move the program into the
next stage of implementation,
$75,000 will need to be appro-
priated for site appraisals.
Funds advanced for this activity
will be refunded with Housing
Bond proceeds, after bonds are
validated.
City Commission approval to initiate
Mortgage Subsidy Bond validation
actions in Circuit Court.
.
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Key questions concerning the
use of both Mortgage Subsidy
Bonds and City general obliga-
tion Housing Bonds to fund the
proposed program will be pre-
sented for Circuit Court
determination. A negative
judgement would cause substan-
tial delays in implementing the
program or render it inoperative,
as proposed.
County Commission approval of above
items.
Program implementation activities
from this point forward assume
a positive circuit court judgement
on the City's Bond Validation
complaint by early January, 1982.
City Commission approval of selected
site acquisitions.
City Commission approval to issue
Housing Bonds for site acquisition.
County Commission approval of above
con -
The actual dates at which the
approved development sites will
be ready for development cannot
be determined at this point in
the program. The timing of next
steps assumes the availability
N
of one or more sites by April 15.
Jund 18,' 1982
>�t3
Completion of project development
documents by selected developer(s).
October 21, 1982 City Commission approval of
of Mortgage Revenue Bonds.
issuance
The date of issuance will be
determined by prevailing market
i __. conditions.
00tt5rer 26, 1982enty Commission approval of
AFFORDABLE RE14TAL HOUSING DEVELOPMENT PROGRAM
IMPLEMENTATION GUIDELINES
The following guidelines will govern the implementation of the
proposed Affordable Rental Housing Development Program.
PROGRAM OBJECTIVE
The objective of the City of Miami's Affordable Rental Housing
Development Program is to facilitate the construction of approxi-
mately 1,000 privately developed rental dwelling units for
occupancy by families and individuals of low and moderate income.
PROGRAM PARTICIPATION
The key participants in implementing the Affordable Rental Housing
Development Program will be the City of Miami, Metropolitan Dade
County *, and private sector project sponsors to be selected for
participation in the program through a competitive proposal sub-
mission and evaluation process.
GENERAL PROGRAM DESCRIPTION
To provide impetus for the development of approximately 1,000
units of privately constructed, operated, and owned rental housing
affordable to low and moderate income families and individuals, the
City of Miami proposes to:
A) Acquire and deliver development sites to private sector
project sponsors selected for participation in the
program through a competive selection process.
B) Provide below conventional rate construction and perma-
nent financing to participating sponsors through the
issuance of tax exempt mortgage revenue bonds.
PROGRAM FINANCING
The Affordable Rental Housing Development Program will be financed
through a combination of public and private funding, as follows:
1. DEVELOPMENT SITE ACQUISITION
Development site acquisition will be initially funded
with City of Miami general obligation Housing Bond
proceeds.
Metropolitan Dade County's participation in program implemen-
tation will be governed by statuatory provisions and contractual
agreements with the City of Miami.
PROJECT FINANCING
Tax exempt mortgage revenue bonds will be issued by
the City of Miami to provide selected project sponsors
with below conventional rate construction and perma-
nent financing, as necessary to achieve the program's
objective.
3. DEVELOPMENT EQUITY PARTICIPATION/RETURN
Participating project sponsors will be required to
secure private equity participation as determined by
the City of Miami, Equity return will be subject to
limitations established by the City of Miami.
4. OPEFATIONAL FINANCING
Project operating financial requirements including
debt service payments will be borne by project opera-
ting income.
DEVELOPMENT GUIDELINES
A) DEVELOPMENT STRATEGY
Housing Projects to be developed the program will be
developed on a "scattered site" basis, on sites located
in the City of Miami.
B) PROJECT TYPES
Project types will include garden apartments, townhouses,
and midrise apartment structures (5 stories maximum).
C) PROGRAM UNIT MIX
It is the objective of the City of Miami to
total program unit size mix compatible with
index of the City's Housing Assistance Plan:
achieve a
the needs
All projects to be developed through the program will
be developed in accordance with the quality standards
of the South Florida Building Code, the Federal Housing
Administration's Standards (if applicable) and'such
other requirements as applicable in Miami, Florida.
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U14IT OCCUPANCY REQUIREMENTS
Families and individuals of low and moderate income
Will be eligible to lease dwelling units developed
—! through the program. Low and moderate income is herein
defined as follows:
Low Income - 50% to 80% of median income for
the Dade County standard Metropo-
litan Statistical Area (SMSA)
Moderate Income - 80% to 120% of the median income
for the Dade County Standard
Metropolitan Statiscal Area
A minimum of 20% of the dwelling units developed through the
program must 'tee within the affordability range of families and
individuals of low income. The remainder must be within the
affordability range of moderate income families and individuals.
RENTAL AFFORDABILITY
The City of Miami has determined that annual rental rates for
families and individuals of low and moderate income should not
exceed 300 of annual income, inclusive of basic utilities.
Rent regulatory and management agreements will be executed by and
between project sponsors and the City of Miami to assure the con-
tinuing availability of all dwelling units developed under the
program to families and individuals of low and moderate income.
SELECTION OF SPONSORS AND PROJECTS
Through a publicly noticed Invitation, the City of Miami will
request housing development proposals from the private housing
industry, including profit motivated and non-profit sponsors.
Development proposals will be evaluated by a selection committee
using a preestablished set of criteria. Proposals viewed as
best suited to the accomplishment of program objectives will be
selected.
The following criteria will be used by the Selection Committee
in evaluating proposals.
1. Respondent's previous experience in the construction
of multi -family housing.
2 Respondent's previous experience in the management
and operation of multi -family housing.
3. Respodent's financial position.
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: estimated per unit development cost
t
Proposed dwelling unit mix
Proposed project and unit designs;"Y
Y }
T. Proposed rental structure
8. Proposed project management plan
9. Per unit site lease payment or per unit site acquisition
reimbursement proposed by the respondent
Proposals will be accepted for the development of 100 to approxi-
mately 1,000 dwelling units, the program goal.
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