HomeMy WebLinkAboutExhibitEMPLOYEES WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE
PROGRAM
ATTACHMENT "A"
• The City of Miami Employees Workforce Housing Downpayment Assistance
program will provide employees relocating their primary residence to the City of
Miami with a 0%, 10-year non -amortizing, deferred forgivable loan; and
• The maximum amount of assistance will be $25,000.00; and
• This will be a pilot program designated to provide assistance to 100 eligible city
employees; and
• The amount of $2.5 million from the Affordable Housing Trust Fund will be
allocated for this pilot program; and
• The program's goal is to provide city employees with an incentive/assistance that
will allow said employee to reside in the community that he/she works for;
thereby improving the quality of life for both the employee and neighboring
residents; and
• City of Miami employees currently renting in the city are eligible to apply for the
program; and
• Eligible properties include single family units and condos in the City of Miami
whose maximum sales price is $300,000.00; and
• Employee's household incomes may not exceed 150% of the area median
income adjusted for family size; and
• Eligible employees must reside in the property until the terms (10 years) of the
loan are satisfied; and
• The following repayment terms apply:
➢ Full amount of loan is due if applicant ceases to be employed by the City
of Miami within the full term of the loan
➢ Loan remains in effect if employee retires from City service, as defined in
Chapter 40, Section 40-241, of the City Code (a member who withdraws
from service and is granted benefits from the City's Pension Plan)
➢ In the case of sale or transfer of the unit within the term of the loan, the
City will share in the gain realized by the borrowing employee as follows:
• 0-3 years: city receives 100% of gain (or full loan amount,
whichever is greater)
❖ 4-6 years: employee receives 25% of gain/city receives 75% of
gain
❖ 7-10 years: gain is shared 50/50 between the employee and the
City.
EMPLOYEES WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE
PROGRAM
ATTACHMENT "A'
• The City of Miami Employees Workforce Housing Downpayment Assistance
program will provide employees relocating their primary residence to the City of
Mia ni with a O%, 10-year non -amortizing, deferred forgivable loan; and
• The maximum amount of assistance will be $25,000.00; and
• This will be a,.:pilot program designated to provide assistance to 100 eligible city
employees; and,
• The amount of $2:'5 million from the Affordable Housing Trust Fund will be
allocated for this pilot program; and
• The program's goal is to provide city employees with an incentive/assistance that
will allow said employee tip.. reside in the community that he/she works for;
thereby improving the quality'of life for both the employee and neighboring
residents; and
• City of Miami employees currently renting in the city are eligible to apply for the
program; and
• Eligible properties include single family units and condos in the City of Miami
whose maximum sales price is $300,000.00;`and
• Employee's household incomes may not exceed 150% of the area median
income adjusted for family size; and
• Eligible employees must reside in the property until the terms (10 years) of the
loan are satisfied; and
• The following repayment terms apply:
• Full amount of loan is due if applicant ceases to be employed by the City
of Miami within the full term of the loan; loan remains in effect if employee
retires from City service
➢ In the case of sale or transfer of the unit within the term of the`ban, the
City will share in the gain realized by the borrowing employee aS\follows:
•:• 0-3 years: city receives 100% of gain (or full loan amount,
whichever is greater)
• 4-6 years: employee receives 25% of gain/city receives 75% of
gain
•S 7-10 years: gain its shared 50/50 between the employee and the
City,