HomeMy WebLinkAboutmemoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO:
FROM:
The Honorable Mayor and
Me bers of Th :\y Comm}1ion
r (r"-r
DATE:
SUBJECT:
FEB 13 2004
FILE :
To approve the SHIP Program's
2004-2007 LHAP Plan
Jo Arriola REFERENCES : City Commission Agenda
C ty JvIanager March 11, 2004
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution, with
Attachment, approving the City of Miami ("City") Local Housing Assistance Plan ("LEAP"),
attached and incorporated, for the period of July 1, 2004 through June 30, 2007, for the
continued participation of the City in the Florida State Housing Initiatives Partnership ("SHIP")
Program; confirming the use of the maximum sale price determined by the Florida Housing
Finance Corporation's Bond Program, currently $199,117 for a new home and $173,701 for an
existing home, for the City's SHIP Program maximum sale price; confirming that 5% of the
SHIP allocation plus 5% of SHIP Program Income is insufficient to adequately pay the necessary
costs of adlninistering the LHAP and, therefore, authorizing the use of 10% of the City's annual
SHIP allocation plus 5% of SHIP Program Income to cover administrative expenses associated
with the implementation of the SHIP Program; authorizing the City Manager to submit a plan for
review and approval by the Florida Housing Finance Corporation; and further authorizing the
City Manager to execute all necessary documents, in a form acceptable to the City Attorney, to
implement the terins and conditions of the SHIP Program and the LHAP.
BACKGROUND:
In July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing Act
(Sadowski Act), which provides for the allocation of a portion of new and existing documentary
stamp taxes on deeds on real estate transactions to local governments for the development and
maintenance of affordable housing.
In June 2003, the City Commission approved the revised LHAP for the period of July 1, 2001
through June 30, 2004 changing the Single Family Rehabilitation and Homebuyers Financing
Programs by (1) increasing the maximum level of financing assistance available to $30,000 and
(2) providing for consistent loan terms including repayment conditions, and further adding a
Rental Housing Development Program, awarded through the Request for Proposals (RFP)
process on a competitive basis, for the construction of new multi -family affordable housing
developments of at least five (5) units, targeted for very low, low and moderate income families
and individuals.
The LHAP will be implemented using the following six (6) strategic programs:
• Emergency Repair Program
• Single Family Rehabilitation Program
• Replacement Program
• Homebuyer Assistance Program
• Homeownership Development Program
• Rental Development Program
No significant changes are proposed for the 2004-2007 LHAP. Confirmation of the use of the
maximum sale price determined by the Florida Housing Finance Corporation's Bond Program,
currently $199,117 for a new home and $173,701 for an existing home, for the City's SHIP
Program maximum sale price is recommended, as requested by the State of Florida. The State
further requests that the City of Miami confirm that five percent (5%) of the SHIP allocation plus
rive percent (5%) of SHIP Program Income is insufficient to adequately pay the necessary costs
of administering the LHAP and to specifically authorize the use of ten percent (10%) of the
City's annual SHIP allocation plus five percent (5%) of the SHIP Program Income to cover
administrative expenses associated with the implementation of the SHIP Program.
It is recommended that the City Commission adopt the attached Resolution, with Attachment,
approving the City's LHAP, attached and incorporated, for the period of July 1, 2004 through
June 30, 2007, for the continued participation of the City in the Florida SHIP Program;
confirming the use of the maximum sale price determined by the Florida Housing Finance
Corporation's Bond Program, currently $199,117 for a new home and $173,701 for an existing
home, for the City's SHIP Program maximum sale price; confirming that 5% of the SHIP
allocation plus 5% of SHIP Program Income is insufficient to adequately pay the necessary costs
of administering the LHAP and, therefore, authorizing the use of 10% of the City's annual SHIP
allocation plus 5% of SHIP Program Income to cover administrative expenses associated with
the implementation of the SHIP Program; authorizing the City Manager to submit a plan for
review and approval by the Florida Housing Finance Corporation; and further authorizing the
City Manager to execute all necessary documents, in a form acceptable to the City Attorney, to
implement the terms and conditions of the SHIP Program and the LHAP.
Funds provided for this purpose are available from the SHIP Program and there is no
bud a ary impact on the General Fund.
LMH/BGR