HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO:
FROM:
The Honorable yoi,and
M bers of T e, ity Commi
I I
Joe rriola
Cit anager
BATE : APR - 7 2004 FILE :
SUBJECT : Transfer HOME funds of $3.6
million from Model City Horne
Ownership Trust to the District 5
REFERENCES : Housing Initiatives Project
City Commission Agenda
ENCLOSURES: April 22, 2004
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution de -
obligating HOME Investment Partnership (HOME) funds in the amount of $3,600,000, from the
Model City Homeownership Trust and reallocating said funds to the District 5 Housing
Initiatives Project for the development of affordable housing.
BACKGROUND:
At the City Commission meeting of March 25, 2004, the Commission directed the
Administration to deobligate $3,600,000 in HOME funds from the Model City Homeownership
Trust and reallocating said funds to the District 5 Housing Initiatives Project for the development
of affordable housing..
Deobligate Reallocate
Program/Activity Funds of: Funds to:
Model City Homeownership Trust (IDIS #815) $3,600,000
District 5 Housing Initiatives Project $3,600,000
It is recommended that the City Commission adopt the attached Resolution deobligating HOME
Investment Partnership (HOME) funds in the amount of $3,600,000, from Model City
Homeownership Trust and reallocating said funds to the District 5 Housing Initiatives Project for
the development of affordable housing.
The proposed Resolution reallocates HOME Program funds and does not have a budgetary
impact on the General Fund.
"LMH/BGR