HomeMy WebLinkAboutSummary Form�g, AGENDA ITEM SUMMARY FORM jaw Department
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latter ID No.
FILE ID•
Date: 06/29/2009 Requesting Department: Community Development
Commission Meeting Date: 07/23/2009 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING THE REVISED CITY OF MIAMI LOCAL HOUSING ASSISTANCE
PLAN ("LHAP")
Purpose of Item:
APPROVING THE REVISED CITY OF MIAMI ("CITY") LOCAL HOUSING ASSISTANCE PLAN
("LHAP"), ATTACHED AND INCORPORATED, TO INCLUDE THE IMPLEMENTATION OF THE
CITY'S FLORIDA HOMEBUYER OPPORTUNITY PROGRAM ("FHOP"), FOR FISCAL YEAR 2009-
2010; AUTHORIZING THE CITY MANAGER TO SUBMIT THE AMENDED LHAP FOR REVIEW AND
APPROVAL OF THE FLORIDA HOUSING FINANCE CORPORATION; FURTHER AUTHORIZING
THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENT(S), TO IMPLEMENT THE
TERMS AND CONDITIONS OF THE SHIP PROGRAM AND THE LHAP.
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
o: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
Final Approvals
(SIGN AND DATE)
Budget_
Risk
Purchasin Dept.
Chief City
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 07-0204, adopted April 12, 2007, the Miami City Commission approved
the City's LHAP for the period of July 1, 2007, through June 30, 2010, for the continued participation
of the City in the State Housing Initiatives Partnership ("SHIP") Program.
On May 27, 2009, the Governor for the State of Florida signed the law implementing the 2009-2010
Appropriations Act, which established FHOP.
The implementation of FHOP requires the amendment of the City's LHAP to include a strategy for
FHOP.
The FHOP will provide subordinate down payment assistance loans to first-time homebuyers for
owner -occupied primary residences which can be repaid by the income tax refund the homebuyer is
entitled to under the First Time Homebuyer Credit.
The Administration recommends the amendment of the City's LHAP to include the implementation of
the City's FHOP.