HomeMy WebLinkAboutPrevious Legislation (2)J-03-424
05/08/03
RESOLUTION NO. 03- 454
A RESOLUTION OF THE MIAMI CITY COMMISSION,
WITH ATTACHMENT(S), AUTHORIZING THE
ALLOCATION OF 29TH YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT ("CDBG") PROGRAM FUNDS, IN THE
AMOUNT OF $1,500,000, TO CREATE THE LITTLE
HAVANA HOME OWNERSHIP ZONE TRUST AND
29TH YEAR HOME INVESTMENT PARTNERSHIPS
("HOME") PROGRAM FUNDS, IN THE AMOUNT OF
$500,000, TO 'CREATE THE DISTRICT 4 HOUSING
PILOT PROJECT FOR THE DEVELOPMENT OF
AFFORDABLE HOUSING; AND FURTHER ADOPTING THE
29TH YEAR CDBG PROGRAM AND HOME PROGRAM
POLICY FOR CDBG HOUSING DEVELOPMENT CATEGORY
AND HOME HOMEOWNERSHIP ACTIVITIES, ATTACHED
AND INCORPORATED.
WHEREAS, the Administration has proposed the 29th Year
Community Development Block Grant ("CDBG") Program and Home
Investment Partnerships ("HOME") Program Policy for CDBG Housing
Development Category and HOME homeownership activities, attached
and incorporated; and
WHEREAS, the City Commission wishes to authorize the
allocation of funds from (1) 29th Year Community Development
Block Grant ("CDBG") Program Funds, in the amount of $1,500,000,
to create the Little Havana Home Ownership Zone Trust and (2)a
29th Year Home Investment Partnerships ("HOME") program funds, in
� w •0i ' A rt r' ra a R w r
ahCi I .`
uric ivE .�
CITY COMMISSION
MEETING OF
MAY 0 C 2003
Resolution No.
03- 454
1
the amount of $500,000, to create the District 4 Housing Pilot
Project for the development of affordable housing;
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. The allocation of (1) 29th Year Community
Development Block Grant ("CDBG") Program Funds, in the amount of
$1,500,000 to create the Little Havana Home Ownership Zone Trust
and (2) 29th Year Home Investment Partnerships ("HOME") Program
Funds, in the amount of $500,000, to create the District 4
Housing Pilot Project for the development of affordable housing
are authorized.
Section 3. The 29th Year CDBG Program and HOME Program
Policy for the CDBG Housing Development Category and HOME
Homeownership Activities, attached and incorporated, is adopted.
Page 2 of 3
03- 454
Section 4. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.i'
PASSED AND ADOPTED this Rth day of may
ATTEST:
L&) 5(3 `
�ILLA A. THOMPSON
CLERK
APPROVED
ORM A . CORRECTNESS,
VILARtO
Y A ' ORNEY
W7 8:tr:AS:BSS
I/
, 2003.
NOEL A. DIAZ, MAYO
If the Mayor does not sign this Resolution, it shall become
effective at the end of ten (10) 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.
Page 3 of 3
03- 454
29TH YEAR CDBG PROGRAM AND HOME PROGRAM POLICY
(CDBG Housing Development Category and HOME Homeownership Activities)
Priority Activities by Districts:
The Request for Proposals (RFP) for 29th Year CDBG Program funding of housing development
activities and HOME Program funding of homeownership activities will limit funding to the
following District -specific priorities:
District Priority Activities
District 1 - (1) Down payment Assistance / Second Mortgage
(2) New Construction, Homeownership
District 2 - (1) New Construction, Homeownership
(2) Down payment Assistance / Second Mortgage
District 3 - (1) Down payment Assistance / Second Mortgage
(2) Multi -family Rehabilitation
(3) New Construction, Homeownership
District 4 - (1) Multi -family Rehabilitation
(2) Down payment Assistance / Second Mortgage
(3) New Construction, Homeownership
District 5 - (1) New Construction, Homeownership
(2) Down payment Assistance / Second Mortgage
Elimination of use of U.S. HUD funds for Housing Administration:
Housing administrative costs on Brick and Mortar activities of affordable housing projects will
be covered through developer fees of funded projects, thereby eliminating the use of U.S. HUD
funds for housing administration.
HOME Program Brick and Mortar activities:
The HOME Program funding of Brick and Mortar housing development activities will continue
to be directed as follows:
75% - New Construction, Homeownership
25% - Rehabilitation and New Construction, Rental units
Levera in Re uirements Confirmed:
Housing developers will be required to leverage City funds using other public and/or private
funding as follows:
5:1 - Rental housing projects
2:1 - Homeownership projects
Page 1 of 2
03- 454
•
TIMING of Prolect Construction
For any housing development project to be eligible for funding, construction must be ready to
begin within six (6) months of executing an agreement with the City and the project must be able
to be completed within twenty-four (24) months of executing the agreement.
Down Payment Assistance and Second Morteages:
The down payment assistance and second mortgage programs for CDBG and HOME funding
will be project -driven. The maximum funding per eligible home purchase will be $30,000.
Funding will be in the form of 0% interest deferred loans which will come due and payable, in
full, at sale or in the event that the property is leased or rented during the term of the loan. In the
event that the homebuyer seeks to refinance the home prior to the termination of the loan, the
City Manager or designee will determine what portion of the loan must be repaid.
W7218 attachment
Page 2 of 2