HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
%= Matter ID No.
FILE ID: CEL 3SS
Date: 11/20/2009 Requesting Department: Community Development
Commission Meeting Date: 12/17/2009 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AMENDING THE AFFORDABLE HOUSING TRUST FUND GUIDELINES
Purpose of Item:
TECEPTING THE MODIFICATION OF THE AFFORDABLE HOUSING TRUST FUND GUIDELINES,
AS SPECIFIED IN EXHIBIT "A", ATTACHED AND INCORPORATED, AND AUTHORIZING THE
CITY MANAGER TO IMPLEMENT THE PROGRAM AS MODIFIED.
Background Information:
Pursuant to Resolution No. 07-0203, adopted April 12, 2007, the Miami City Commission authorized
the acceptance of the Affordable Housing Trust Fund Guidelines ("Guidelines").
The Guidelines includes a methodology for awarding funds which is not very clear, terms that are
inconsistent with the current Department of Community Development's loan terms for tax credit
projects and outdated income and subsidy limits.
The Administration recommends the acceptance of the amended Affordable Housing Trust Fund
Guidelines which clarifies the methodology for awarding funds, modify the affordability period from 30
years to 20 years for rental projects to be consistent with the loan terms for tax credit projects and
update the income and subsidy limits.
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:
-V
ing or receiving capital funds
Final Approvals
(SIGN AND DATE)
Budget
Risk
Dept. Director
City Manager_
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