HomeMy WebLinkAboutSummary Formri..° AGENDA ITEM SUMMARY FORM Law Department
PH.Matter ID No.
FILE ID:
Date: 03/12/2010 Requesting Department: Community Develo ment
Commission Meeting Date: 04/08/2010 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING THE CITY OF MIAMI NSP SUBSTANTIAL AMENDMENT AND
AMENDING NSP REVISED IMPLEMENTATION POLICIES
Purpose of Item:
APPROVING THE CITY OF MIAMI'S ("CITY") NEIGHBORHOOD STABILIZATION PROGRAM
("NSP") SUBSTANTIAL AMENDMENT #2008.2, AS INDICATED IN EXHIBIT "A", ATTACHED AND
INCORPORATED, TO REFLECT A $1,350,000 TRANSFER OF ALLOCATED FUNDS FROM
STRATEGY A: ESTABLISH FINANCING MECHANISMS FOR PURCHASE AND
REDEVELOPMENT OF FORECLOSED UPON HOMES AND RESIDENTIAL PROPERTIES TO
STRATEGY E: REDEVELOPMENT OF DEMOLISHED OR VACANT PROPERTIES AND TO
INCLUDE THE NSP — FUNDED REHABILITATION PROGRAM; AMENDING THE NSP REVISED
IMPLEMENTATION POLICIES TO INCLUDE THE NSP — FUNDED REHABILITATION PROGRAM;
AUTHORIZING THE CITY MANAGER TO SUBMIT THE CITY'S AMENDED ANNUAL ACTION
PLAN FOR FISCAL YEAR 2008-2009 TO THE UNITED STATES DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT FOR REVIEW AND APPROVAL.
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:
Final Approvals
(SIGN AND DATE)
CIP Budget
if using or receiving capital furids
Grants Risk Management
Purchasing A Dept. Director
Chief City Manager / _
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 included the NSP, administered by HUD.
The 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.
On September 26, 2008, the City was awarded $12,063,702 for the implementation of the NSP which
provided emergency assistance to the City to acquire foreclosed properties that might otherwise
become sources of abandonment and blight and rehabilitate, resell, or redevelop the properties to
stabilize neighborhoods and stem the decline of house values of neighboring homes.
Pursuant to Resolution No. 08-0641 and 08-0642, adopted November 13, 2008, the Miami City
Commission approved the acceptance of said grant in an amount of $12,063,702 and amended the
Annual Action Plan respectively for the implementation of NSP.
According to the NSP plan, as approved by the City Commission and HUD, the City can purchase
and rehabilitate properties for sale to eligible homebuyers.
The Annual Action Plan has since been substantially amended to include changes to the previously
approved Neighborhood Stabilization Program plan by expanding the Areas of Greatest Needs and
modifying certain program strategies.
Due to the general conditions of the homeownership market, the demand for assistance under
Strategy A has not met expectation.
The Administration recommends the approval of the City's NSP Substantial Amendment #2008.2, as
indicated in Exhibit "A", attached and incorporated, to reflect a $1,350,000 transfer of allocated funds
from Strategy A: Establish financing mechanisms for purchase and redevelopment of foreclosed
upon homes and residential properties to Strategy E: Redevelopment of demolished or vacant
properties and to include the NSP — Funded Rehabilitation Program; amending the NSP revised
Implementation Policies to include the NSP — funded rehabilitation program.