HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
Matter ID No.
FILE ID •
Date: 06/14/2010 Requesting Department: Community Development
Commission Meeting Date: 07/08/2010 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING THE NEIGHBORHOOD STABILIZATION PROGRAM
SUBSTANTIAL AMENDMENT AND REVISED IMPLEMENTATION POLICIES
e of Item:
APPROVING THE CITY OF MIAMI'S ("CITY") NEIGHBORHOOD STABILIZATION PROGRAM
("NSP") SUBSTANTIAL AMENDMENT #2008.3 AND REVISED IMPLEMENTATION POLICIES, AS
INDICATED IN EXHIBIT "A", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY
MANAGER TO SUBMIT THE CITY'S AMENDED ANNUAL ACTION PLAN FOR FISCAL YEAR 2008-
2009 TO HUD 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:
CIP
If using of receiving capital funds
Grants
Purchasing
Chief 4 C --
Final Approvals
(SIGN AND DATE)
Budget -
Risk
Dept,
City
Page 1 of I
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.
Pursuant to Resolution No. 10-0158, adopted April 8, 2010, the Miami City Commission approved the
NSP Substantial Amendment 2008.2 and revised NSP Implementation Policies.
As all the funds must be committed prior to September 9, 2010 otherwise the City will lose the funds.
The amendments being recommended here will ensure that all the funds will be committed prior to
the September 9, 2010 deadline.
The Administration recommends the approval of the NSP Substantial Amendment #2008.3 and
revised Implementation Policies, as indicated in Exhibit "A", attached and incorporated; authorizing
the City Manager to submit the City's Amended Annual Action Plan for fiscal year 2008-2009 to HUD
for review and approval.