HomeMy WebLinkAboutR-10-0447Vop City of Miami
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Resolution: R-10-0447
File Number: 10-01112
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 10/14/2010
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING AN EXCEPTION TO THE AFFORDABLE HOUSING TRUST FUND
("AHTF") GUIDELINES, AS SPECIFIED IN EXHIBIT "A", ATTACHED AND
INCORPORATED, FOR PENINSULA HOUSING DEVELOPMENT, INC. XVII, IN
CONNECTION WITH THE LA PALMAAPARTMENTS PROJECT ("PROJECT");
AUTHORIZING THE SUBSTITUTION OF COMMUNITY DEVELOPMENT BLOCK
GRANT FUNDS, IN THE AMOUNT OF $253,787, AND HOME INVESTMENT
PARTNERSHIP FUNDS, IN THE AMOUNT $2,021.55, WITH AHTF MONIES, FOR
THE PROJECT LOCATED AT 1040 SOUTHWEST 1 ST STREET, MIAMI, FLORIDA,
IN THE FORM OF A GRANT; AUTHORIZING THE CITY MANAGER TO EXECUTE
THE NECESSARY DOCUMENTS FOR SAID PURPOSE(S).
WHEREAS, on September 17, 2004, the Housing and Commercial Loan Committee ("HCLC")
approved the allocation of Community Development Block Grant ("CDBG") funds in the amount of
$261,340 to Peninsula Housing Development, Inc. XVII ("Peninsula"), in connection with the La
Palma Apartments Project ("Project"); and
WHEREAS, on January 21, 2005, the HCLC approved the allocation of Home Investment
Partnership ("HOME") funds in the amount of $487,213 to Peninsula in connection with said Project;
and
WHEREAS, pursuant to Resolution No. 07-0203, adopted April 12, 2007, the Miami City
Commission authorized the acceptance of the Affordable Housing Trust Fund ("AHTF") Guidelines;
and
WHEREAS, on April 20, 2007, the HCLC approved the City of Miami Department of Community
Development's recommendation to substitute HOME and CDBG expended funds in the amount of
$2,021.55 and $253,787 with AHTF monies to prevent the recapture of those funds due to land
banking; and
WHEREAS, according to the AHTF Guidelines, the AHTF can only be provided to multifamily
rental as a loan based on cash flow of the development; and
WHEREAS, the AHTF provided to Peninsula Apartments was in the form of a grant rather
than a loan based on the cash flow of the project as required by the guidelines; and
WHEREAS, this grant approval was relied on by other creditors including Department of
Housing and Urban Development to provide financing to Peninsula; and
WHEREAS, the Project is a completed senior citizen project with 90 units located at 1040
Southwest 1st Street, Miami, Florida; and
City of Miand Page 1 of 2 File Id. 10-01112 (Version: 2) Printed On: 8/10/2017
File Number: 10-01112
Enactment Number: R-10-0447
WHEREAS, the Administration recommends approving an exception to the AHTF Guidelines, as
specified in Exhibit "A", attached and incorporated, for Peninsula in connection with the Project and
allowing the substitution of $253,787 in CDBG funds and $2,021.55 in HOME funds with AHTF for the
project located at 1040 Southwest 1st Street, Miami, Florida to be a grant instead of a loan;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. An exception to the AHTF Guidelines, as specified in Exhibit "A", attached and
incorporated, for Peninsula in connection with the Project is approved and the substitution of
$253,787 in CDBG funds and $2,021.55 in HOME funds with AHTF for the project located at 1040
Southwest 1st Street, Miami, Florida, to be provided as a grant instead of a loan, is authorized.
Section 3. The City Manager is authorized{1} to execute the necessary documents for said
purpose(s).
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed by
the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from
the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission
City of Miami Page 2 of 2 File Id. 10-01112 (Version: 2) Printed On: 8/10/2017