HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
ibLJ
TO :
FROM :
The Honorable Mayor and
Mepibers of le City Co sion
io Arriola
C. Manager
DATE
SUBJECT:
FEE 13 ZU�l4
FILE
To approve the SHIP Program's
revised 2001-2004 LHAP Plan
REFERENCES : City Commission Agenda
March 11, 2004
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution, with
Attachment, approving the revised City of Miami ("City") Local Housing Assistance Plan
("LI-IAP"), attached and incorporated, for the period of July 1, 2001 through June 30, 2004, for
the continued participation of the City in the Florida State Housing Initiatives Partnership
("SHIP") Program; authorizing the use of the maximum sale price determined by the Florida
Housing Finance Corporation's Bond Program, currently $199,117 for a new home and
$173,701 for an existing home, for the City's SHIP Program maximum sale price; authorizing
the City Manager to submit a modified plan for review and approval by the Florida Housing
Finance Corporation; and further authorizing the City Manager to execute all necessary
documents, in a form acceptable to the City Attorney, to implement the terms and conditions of
the SHIP Program and the LHAP.
BACKGROUND:
In July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing Act
(Sadowski Act), which provides for the allocation of a portion of new and existing documentary
stamp taxes on deeds on real estate transactions to local governments for the development and
maintenance of affordable housing. The Sadowski Act provided a dedicated revenue source for
affordable housing and created the SHIP Program.
In August 1994, the City of Miami was notified by the State of Florida ("State") that the City
would be eligible to received $1,353,387 in SHIP Program funds beginning with the State's
1995-96 Fiscal Year. In April 2001, the City Commission approved the submission of the LIIAP
to the Florida Housing Finance Corporation covering Fiscal Years 2001-2002, 2002-2003 and
2003-2004 to ensure continued eligibility for participation in the SHIP Program. Authorization
of the use of the maximum sale price determined by the Florida Housing Finance Corporation's
Bond Program, currently $199,117 for a new home and $173,701 for an existing home, for the
City's SHIP Program maximum sale price is recommended.
It is recommended that the City Commission adopt the attached Resolution, with Attachment,
approving the revised City of Miami LHAP, attached and incorporated, for the period of July 1,
2001 through June 30, 2004, for the continued participation of the City in the SHIP Program;
authorizing the use of the maximum sale price determined by the Florida Housing Finance
Corporation's Bond Program, currently $199,117 for a new home and $173,701 for an existing
home, for the City's SHIP Program maximum sale price; authorizing the City Manager to submit
a modified plan for review and approval by the Florida Housing Finance Corporation; and
further authorizing the City Manager to execute all necessary documents, in a form acceptable to
the City Attorney, to implement the terms and conditions of the SHIP Program and the LHAP,
Funds provided for this purpose are available from the SHIP Program and there is no
budget impact on the General Fund.
LMH/ : GR