HomeMy WebLinkAboutExhibit 2Exhibit B
Performance Requirements and Restrictions
The following requirements will apply to the affordable housing to be developed (the
"Project") on the City -owned sites described on Exhibit A (the "Property"):
Property Convevance
1. The construction of the Project must commence within (6) six months from the
date of Property conveyance.
2. The Project must be completed (all units constructed, Certificates of Occupancy
issued, and all units sold to qualified buyers) within thirty (30) months of Property
conveyance.
3. Any developer mortgages on the Property will be subject to approval by the City
of Miami, Department of Community Development.
4. Evidence of firm financial commitments from lender(s) for full Project financing
must be provided to the City prior to the Closing.
ProNet Restrictions
1. A minimum of seven (7) single family homes shall be constructed on the
Property.
2. The Property must be sold to buyers whose household income does not exceed
120% of the Area Median Income as published by the Florida Housing Finance
Corporation. However, for properties purchased using federal funds, the buyer's
household income cannot exceed 80% of area median income. The price for
these units cannot exceed $236,000.
3. The Deed from the developer to each buyer will restrict the Property as an
owner- occupied, affordable property for a period of twenty (20) years.
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