HomeMy WebLinkAboutsummary formAGENDA ITEM SUMMARY FORM
FILE ID:
Date: 1/4/2005
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Requesting Department: Community Development
Commission Meeting Date: 2/10/2005 District Impacted: City wide
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other _
Subject: Revising the LHAP for period 2004-2007
Purpose of Item:
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The purpose of this item is to approve the revised City of Miami LHAP for fiscal period July 1, 2004
through June 30, 2007 authorizing:
• the replacement HOME program maximum amount award changed from $95,000 to $110,000
• the terms of second mortgages for homebuyers and homeowners changed to be consistent with
the current Housing Policy;
• the removal of SHIP funding for Rental Development Program
• the use of the maximum purchase price determined by the Florida Housing Finance
Corporation's Bond program changed to $236,835 for new and existing construction;
• the maximum down payment award for the First Time Homebuyer Program to be changed
based on the number of bedrooms or the amount needed to meet credit underwriting
Background Information:
On March 11, 2004, the City Commission adopted Resolution 04-0153 approving the City of Miami
("City") Local Houisng Assistance Plan ("LHAP") for the period of July 1, 2004 through June 30,
2007 for the continual participation of the City in the Florida State Housing Initiatives Partnership
("SHIP") Program.
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SLGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
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