HomeMy WebLinkAboutR-04-0235City of Miami
Legislation
Resolution: R-04-0235
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00316 Final Action Date: 4/8/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION ACCEPTING UNITED
STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
ENTITLEMENT GRANTS, UNDER THE AMERICAN DREAM DOWNPAYMENT
INITIATIVE PROGRAM FOR FISCAL YEARS 2003 AND 2004, FOR USE AS
DOWNPAYMENT ASSISTANCE IN THE PURCHASE OF SINGLE FAMILY
HOUSING BY LOW-INCOME FAMILIES WHO ARE FIRST-TIME HOME BUYERS,
TO BE PROVIDED IN THE FORM OF A DEFERRED, NON -INTEREST BEARING,
NON -AMORTIZING TWENTY-YEAR LOAN TO BE REPAID BY THE HOME
BUYER, IN FULL, IN THE EVENT THAT THE HOME IS SOLD, LEASED OR
RENTED DURING THE TWENTY-YEAR PERIOD; AUTHORIZING THE CITY
MANAGER TO DETERMINE WHETHER REPAYMENT BY THE HOME BUYER IS
REQUIRED IN THE EVENT OF REFINANCING OF THE HOME DURING THE
TWENTY-YEAR PERIOD, ON A CASE BY CASE BASIS; AUTHORIZING THE
CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, TO IMPLEMENT ACCEPTANCE OF
SAID GRANTS AND PROGRAM.
WHEREAS, the United States Department Of Housing And Urban Development ("HUD") has
advised the City of Miami ("City") that the estimated entitlement grant amounts for Fiscal Years 2003
and 2004 to be received by the City under the American Dream Downpayment Initiative ("ADDI") are:
Fiscal Year 2003 $204,049
Fiscal Year 2004 $240,784
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 City Manager is authorized{1} to accept the ADDI grants from HUD for use as
downpayment assistance in the purchase of single family housing by low-income families who are
first-time home buyers, to be provided in the form of a deferred, non -interest bearing, non -amortizing
twenty-year loan to be repaid by the home buyer, in full, in the event that the home is sold, leased or
rented during the twenty-year period.
Section 3. The City Manager shall determine whether repayment by the home buyer is
required in the event of refinancing of the home during the twenty-year period, to be determined on a
case by case basis.
Section 4. The City Manager is authorized{1} to execute the necessary documents, in a form
City of Miami
Page 1 of 2 File Id: 04-00316 (Version: 11 Printed On: 9/7/2016
File Number: 04-00316 Enactment Number: R-04-0235
acceptable to the City Attorney, to implement acceptance of said grants and program.
Section 5. 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: 04-00316 (Version: 11 Printed On: 9/7/2016