HomeMy WebLinkAboutcover memoJUL-13-2004 13:13
CITY MANAGERS OFFICE 305 416 1019 P.04
tIRCI
CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM
The Honorable Mayor and
M • berg of T Comm' n
FROM:
DATE:
6UbJaCT
REFERS/40N :
WNCLOSUREft
FILO:
Transfer of HOME funds from
District 4 Housing Pilot Project to
the MDHA Development
Corporation.
City Commission Meeting
July 22, 2004
gECOMMENDTTION
It is respectfully recommended that the City Commission adopt the attached Resolution
authorizing the transfer of Horne Investment Partnerships Program (ROMB) fiends from the
District 4 Housing Pilot Project in the amount of S500,000 and allocating said Rands to
the MDHA Development Corporation for the Smatters Plaza, an Assisted Living
Facility.
11ACKGRQ1iM'D3
Resolution No. 03-454, allocated HOME funds to the District 4 Housing Pilot Project for
the development of aiibrdable housing in the amount of $500,000. The allocation to the
District 4 Housing Pilot 'Project represents a three (3) year commitment, with each
subsequent year's funding source to be determined at the time of allocation. The need for
long-term care services for older adults is enormous in the City of Miami. Thus, there is
substantial pressure to develop a larger, but low-cost, system of assisted living facilities
and long-term care. This administration recommends a transfer of $500,000 in HOME
Binds to MDHA Development Corporation for the development of Smothers Plaza, an
Assisted Living Facility consisting of general services to benefit 105 senior citizens.
These finds are being well leveraged with the use of tax exempt bond proceeds from the
Housing Finance Authority of Miami -Dade County, they Florida Housing Finance
Corporation, and Miami -Dale County Surtax funding.
It is recommended that the City Commission adopt the attached Resolution authorizing
the transfer of HOME funds from the District 4 Housing Pilot Project in the amount of
$500,000 and allocating said funds to the MDHA Development Corporation for the
Sniathers Plaza, an Assisted Living Facility.
Said funds will be subject to approval by the Housing and Commercial Loan Committeo.
The proposed Resolution dues not have a budgetary impact on the General Fund.
LMH/BGR