HomeMy WebLinkAboutExhibit BCity Acquisition ofLand
Program Summary
Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels
of land suitable for the development of mixed use/mixed income affordable rental o/ homeownership developments/
units to be built by the City ofMiami orbyorganizations that have been procured through a competitive request for
proposa|u(RFP) process.
Development financing for projects that have been selected through an RFP process, nhoU be the responsibility of the
Deve|opmont/OwnerOrganization. If partial funding is provided by the City of Miami, it shall be in accordance with the
specifications detailed inthe RFP.
Maximum Award: Funding for projects developed by the City of Miami shall come from any Federal, State, and/or local
sources available to the City, and shall be determined based upon the needs and structure of the proposed development.
City Funding Sources: City ofMiami General Obligation Bond, Home Investment Partnership Program (HOME), State
Housing Partnership Program (SHIP), Community Development Block Grant (CDBG), Affordable Housing Trust Funds
(AHTF) and other sources offunding that may become available to the City. Any additional funding provided to the
development will he in accordance with the terms of the particular ytrateOy, that is, New Rental Construction or
Homeownership Development Strategies.
Development Type: Mixed income and mixed -use multifamily rental apartment bUilding(s) of 5 or more units, containing,
units cfvarious sizes, with or without common amenities and, single family development of 5 or more homeownership
units. Project designs and specifications in compliance with City ofMiami planning and zoning requirements. Building
construction in compliance with City of Miami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low and Workforce level incomes.
{nproportions aswill beenumerated inthe Request for Proposals,
Development ownership; Private fee simple or leasehold ownership through For -Profit or Not -For -Profit corporations
solely or through Partnerships, OR City ofMiami owned. Preference will be given to non-profit Land -trust so as to make
the units permanently affordable.
Compliance: The City of yWiumYo Department of Housing and Community Development shall be responsible for the
contractual/regulatory compliance of all developments assisted, Annual compliance monitoring shall be conducted by City
staff that will review project rent rolls, leases, tenertincomefi|es, financial statements,current operational licenses and
certificates, annual Inspection of units, etc.
Loan Servicing: The City of Miami's Department of Housing and Community Development shall provide all loan servicing,
iw.monthly billing and collection, maintaining current property insurances, tracking delinquencies, providing all required
reporting, etc.