HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To
FROM :
The
City
norable M- or and'
mmissio
Joe Arr ola
City M nager
ers
DATE:
SUBJECT:
REFERENCES:
ENCLOSURES:
December 6, 2004
FILE :
FY 2005-06 HOME Funding
January 13, 2005 Meeting
Department Requesting Agenda Item: Department of Community Development
1. Subject: Home Investment Partnerships (HOME) funding and Housing Development
Policies
2. Purpose of item: Authorizing the projected allocation of FY'2005-2006 (31St year)
HOME funds and adopting the Housing Development Policies
3. History of item: Under the entitlement formula, the U.S. Department of Housing and
Urban Development has advised the City that the projected 31st year HOME entitlement
will be $5,110,000 for the HOME Investment Partnerships (HOME) program. On May
8, 2003, the City Commission adopted Resolution No. 03-454 creating the Little Havana
Homeownership Zone Trust and the Housing Pilot Project. The Administration is
requesting the City Commission to approve the following HOME funds allocation:
Little Havana Homeownership Advisory Board
$1,500,000
District 4 Housing Pilot Project
$500,000
Rental Housing
$649,750
Homeownership
$1,949,250
Administration
$511,000
Total
$5,110,000
The allocation of $1,500,000 to the Little Havana Homeownership Advisory Board
represents the fourth year allocation of a five year commitment with each subsequent
year's funding source to be determined at the time of allocation. The allocation of
$500,000 to the District 4 Housing Pilot Project for the 31" year is the final allocation of
a three year commitment.
4. Does this item correlate with the CIP plan or Strategic Plan? If so, how? This item is in
compliance with City's Consolidated Plan approved by HUD.
5. Does this item have any effect on residents within the City of Miami? If so, how?
6. Will this item impact any specific District? If so, which one? Citywide
7. Does this item have any fiscal impact? (please provide dollar amount)
Approved by: Directo
1 Chic ■i 1 Manager