HomeMy WebLinkAboutcover memoTO:
FROM :
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
The Honorable Mayor and
Members of The City Commission
At-b'
Joe Arriola
City Manager
MAY 252004
DATE : Accepting and Allocating HOMI ILE
Program Funds, Adopting Housing
SUBJECT : Development Policy, and
Allocating funds for District 4
Housing Pilot Project
REFERENCES:
ENCLOSURES: City Commission Meeting
June 10, 2004
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution, with
Attachment(s), authorizing the acceptance of Home Investment Partnerships ("HOME") fitnding in
the amount of $5,117,000; allocating such funds to the various housing activities listed below and
funds in the amount of $500,000 to the District 4 Housing Pilot Project for the development of
affordable housing and adopt the Housing Development Policy, attached and incorporated related to
the allocation of Community Development Block Grant ("CDBG"), and HOME funds for affordable
housing in the 30th Program Year, commencing on October 1, 2004.
BACKGROUND:
Under the entitlement formula, the U.S. Department of Housing and Urban Development ("U.S.
HUD") has advised the City that the projected 30th Program Year entitlement will be approximately
$5,117,000 for the HOME program.
HOME funding is proposed for the following Housing activities:
AGENCY/ACTIVITY
PROJECTED
ACTIVITY
HOME FUNDS
Administration (10%)
$511,700
District 4 Housing Pilot Project
$500,000
Little Havana Homeownership Trust
$1,500,000
*Homeownership Programs (75%)
$1,953,975
*Rental Programs (25%)
$651,325
TOTAL HOME FUNDS
$5,117,000
* To be funded through the Housing and Commercial Loan Committee.
The Administration recommends that the City Commission approve the attached policies for the
allocation of FY'2004-2005 Housing Development funds.
It is recommended that the City Commission adopt the attached Resolution, with Attachment(s)
authorizing the acceptance of HOME funding in the amount of $5,117,000; allocating such funds to
the various housing activities listed above for the development of affordable housing and adopting
policies attached and incorporated, related to the allocation of CDBG, and HOME funds for
affordable housing in the 30th Program Year, commencing on October 1, 2004.
The p r used Resolution does not have a budgetary impact on the General Fund.
LM tie