HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
�Law Department
• Matter ID No.
Qa FILE ID• le -[Coq
Date: 01/22/2009 Requesting Department: Community Development
Commission Meeting Date: 02/12/2009 District Impacted: 1,23,45
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AUTHORIZING THE CITY MANAGER TO EXECUTE AGREEMENTS TO PURCHASE
AND/OR LEASE REAL PROPERTIES IN THE CITY OF MIAMI UNDER THE NEIGHBORHOOD
STABILIZATION PROGRAM
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO EXECUTE AGREEMENTS TO PURCHASE
AND/OR LEASE REAL PROPERTIES LOCATED WITHIN THE CITY OF MIAMI,
PURSUANT TO TITLE III OF DIVISION B OF THE HOUSING AND ECONOMIC
RECOVERY ACT, 2008, FOR THE PURPOSE OF ASSISTING IN THE REDEVELOPMENT
OF ABANDONED AND FORECLOSED HOMES UNDER THE EMERGENCY ASSISTANCE
FOR REVEDEVELOPMENT OF ABANDONED AND FORECLOSED HOMES, AKA
NEIGBORHOOD STABILIZATION PROGRAM ("NSP"), FROM THE UNITED STATES
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD-), WITH FUNDS
AWARDED TO THE CITY OF MIAMI BY HUD TO THE CITY OF MIAMI, IN THE AMOUNT
OF $12,063,702, FOR AN EIGHTEEN (18) MONTH PERIOD; FOR SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
PurchasLTA
OMff-,
Final Approvals
(SIGN AND DATE)
Budget
Risk M
Dept. I
City M
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 30, 2008, the President of the United States signed the Housing Economic Recovery Act of
2008 ("HERA"), which includes the Neighborhood Stabilization Program, administered by the U.S.
Department of Housing and Urban Development ("HUD").
The Neighborhood Stabilization Program ("NSP") provides targeted emergency assistance to state
and local governments to acquire and redevelop foreclosed properties that might otherwise become
sources of abandonment and blight within their communities.
The City of Miami has one of the highest rates of foreclosed homes in the nation.
HUD has awarded a grant in the amount of $12,063,702 to the City of Miami in Community
Development Block Grant (CDBG) funds.
The Department of Community Development administers CDBG funds and has the sole
responsibility to administer these CDBG funds to effectuate the purposes of NSP.
HERA mandates that these CDBG funds must be committed "within 18 months of receipt of the
amounts, as required by HUD."
The negotiation for purchase of foreclosed and abandoned properties must be completed within the
18 month" time period as contemplated by HUD.
Most lenders require buyers of foreclosed properties to be able to quickly go into contract and close
on the properties.
The Department of Community Development shall use due diligence in identifying properties to
purchase that will effectuate the purpose of NSP and will also be in accordance with policies as
approved by the City Commission.
For the limited purpose of complying with the requirements of NSP, the City Manager has the
authority to execute agreements for the purchase of real properties located within the City of Miami.