HomeMy WebLinkAboutLegislationFile Number: 09-00765
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION ACCEPTING FUNDS FROM
FLORIDA HOUSING FINANCE CORPORATION IN THE AMOUNT OF $188,561,
FOR THE IMPLEMENTATION OF THE FLORIDA HOMEBUYER OPPORTUNITY
PROGRAM; AUTHORIZING THE CITY MANAGER TO EXECUTE THE
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, TO IMPLEMENT SAID PROGRAM.
WHEREAS, on February 17, 2009, the President of the United States signed into law The
American Recovery and Reinvestment Act of 2009 which established an $8,000 Federal First -Time
Homebuyer Tax Credit ("FFTHC") for eligible first-time homebuyers purchasing primary residences
before December 31, 2009; and
WHEREAS, on May 27, 2009, the Governor of the State of Florida signed the law implementing
the 2009-2010 Appropriations Act, which established the Florida Homebuyer Opportunity Program
("FHOP"); and
WHEREAS, the FHOP program is designed to ensure that residents of the State of Florida derive
the maximum possible economic benefit from the FFTHC by providing subordinate down payment
assistance loans to first-time homebuyers purchasing primary residences; and
WHEREAS, such loans can be repaid by the income tax credit refund the homebuyer is entitled to
under the FFTHC; and
WHEREAS, Florida Housing Finance Corporation is authorized to implement this program through
the State Housing Initiative Program ("SHIP"); and
WHEREAS, the City of Miami, as a SHIP recipient, is authorized to implement the FHOP which will
provide an opportunity for residents to benefit from the FFTHC; and
WHEREAS, the Administration recommends the acceptance of funds, not to exceed the amount of
$188,561, for the implementation of the FHOP;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The acceptance of funds, in the amount of $188,561 to the City of Miami, Department
of Community Development from Florida Housing Finance Corporation, for the implementation of the
FHOP, is authorized.
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Resolution
File Number: 09-00765
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION ACCEPTING FUNDS FROM
FLORIDA HOUSING FINANCE CORPORATION IN THE AMOUNT OF $188,561,
FOR THE IMPLEMENTATION OF THE FLORIDA HOMEBUYER OPPORTUNITY
PROGRAM; AUTHORIZING THE CITY MANAGER TO EXECUTE THE
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, TO IMPLEMENT SAID PROGRAM.
WHEREAS, on February 17, 2009, the President of the United States signed into law The
American Recovery and Reinvestment Act of 2009 which established an $8,000 Federal First -Time
Homebuyer Tax Credit ("FFTHC") for eligible first-time homebuyers purchasing primary residences
before December 31, 2009; and
WHEREAS, on May 27, 2009, the Governor of the State of Florida signed the law implementing
the 2009-2010 Appropriations Act, which established the Florida Homebuyer Opportunity Program
("FHOP"); and
WHEREAS, the FHOP program is designed to ensure that residents of the State of Florida derive
the maximum possible economic benefit from the FFTHC by providing subordinate down payment
assistance loans to first-time homebuyers purchasing primary residences; and
WHEREAS, such loans can be repaid by the income tax credit refund the homebuyer is entitled to
under the FFTHC; and
WHEREAS, Florida Housing Finance Corporation is authorized to implement this program through
the State Housing Initiative Program ("SHIP"); and
WHEREAS, the City of Miami, as a SHIP recipient, is authorized to implement the FHOP which will
provide an opportunity for residents to benefit from the FFTHC; and
WHEREAS, the Administration recommends the acceptance of funds, not to exceed the amount of
$188,561, for the implementation of the FHOP;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The acceptance of funds, in the amount of $188,561 to the City of Miami, Department
of Community Development from Florida Housing Finance Corporation, for the implementation of the
FHOP, is authorized.
City of Miami Page 1 of 2 Printed On: 71812009
File Number.- 09-00765
Section 3. The City Manager is authorized{1} to execute the necessary documents, in a form
acceptable to the City Attorney, to implement said program.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed
by the City Attorney, including, but not limited to, those prescribed by the City Attorney, including, but
not limited to, those prescribed by applicable City Charter and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 7/8/2009