HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM :
The Honorable Mayor and
Mbers of T)ity Corr r ission
c5
Jo rriola
C ty Manager
DATE:
SUBJECT:
FEB 13 2004 FILE
Transfer of $428,386.24 in
G.O.B. funds to the Housing Loan
Recovery Fund
REFERENCES : City Commission Agenda
March 11, 2004
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution
authorizing the transfer of General Obligation Bond ("G.O.B.") funds from the fund entitled
"UDAG 2nd Mortgage Repayment," including funds in the amount of $391,994.06 from Account
No. 625004.045999.4.502, from the repayment of principal on affordable housing construction
loans and $36,392.18 from Account No. 625004.045999.4.323, from interest paid on affordable
housing construction loans, for a total amount of $428,386.24 to the Housing Loan Recovery
Fund for the purpose of protecting the City of Miami ("City") housing loan portfolio.
BACKGROUND:
In June 1998, the City Commission established a Housing Loan Recovery Fund for the purpose
of protecting the City's housing loan portfolio for loans provided through the Community
Development Block Grant ("CDBG") funded single-family and multi -family rehabilitation loan
programs, Home Investment Partnerships ("HOME") program and State Housing Initiatives
Partnership ("SHIP") program. The Administration is actively pursuing the resolution of
delinquent loans and requires funding for collection and litigation efforts.
During 2003, the City has received payments of principal and interest on General Obligation
Bond ("G.O.B.") funds that were previously awarded as affordable housing construction loans
for projects that have been completed.
It is recommended that the City Commission adopt the attached Resolution authorizing the
transfer of General Obligation Bond ("G.O.B.") funds from the fund entitled "UDAG 2nd
Mortgage Repayment," including funds in the amount of $391,994.06 from Account No.
625004.045999.4.502, from the repayment of principal on affordable housing construction loans
and $36,392.18 from Account No. 625004.045999.4.323, from interest paid on affordable
housing construction loans, for a total amount of $428,386.24 to the Housing Loan Recovery
Fund for the purpose of protecting the City of Miami ("City") housing loan portfolio.
The proposed Resolution reallocates G.O.B. funds and does not have a budgetary impact
on the. ; neral Fund.
LMH/ R