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HomeMy WebLinkAboutlegislationCity of Miami Legislation Resolution: R-06-0213 City Hall 3500 Pan American Drive Miami, FL 33133 www.ci.miami.fl.us File Number: 06-00413 Final Action Date:4/6/2006 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ESTABLISHING THE EMPLOYEES' WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE PROGRAM FOR THE CITY OF MIAMI EMPLOYEES, WITH THE POLICIES AND PROCEDURES AS DESCRIBED IN "ATTACHMENT A," ATTACHED AND INCORPORATED; AUTHORIZING THE TRANSFER OF FUNDS, IN THE AMOUNT OF $2,500,000, FROM THE CITY OF MIAMI AFFORDABLE HOUSING TRUST FUND; ALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT. WHEREAS, the City of Miami ("City") Employees Workforce Housing Downpayment Assistance Program ("Program") will provide employees relocating their primary residence to the City with a loan for downpayment assistance; and WHEREAS, the Program's goal is to provide City employees with an incentive/assistance that will allow said employees to reside in the community that he/she works for, thereby improving the quality of life for both the employee and neighboring residents; and WHEREAS, the policies and procedures for the Program are as described in "Attachment A," attached and incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The Employees' Workforce Housing Downpayment Assistance Program for City employees, is established, and the policies and procedures for the Program are described in "Attachment A," attached and incorporated. Section 3. The transfer of funds, in the amount of $2,500,000, from the City Affordable Housing Trust Fund and the allocation of said funds to the City Department of Community Development, is authorized. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. {1} City of Miami Page 1 of 2 Printed On: 5/5/2006 Fife Number: 06-00413 Enaetnzent Number; R-06-0213 APPROVER AS TO FORM AND CORRECTNESS: ORGE L. ERI ANDEZ CITY A RNgY Footnotes: 11} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 2 of 2 Printed On: 5/5/2006 City of Miami Legislation Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.ci.rniami.fl.us File Numbers ©6-0U413 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE TRANSFER OF FUNDS, IN THE AMOUNT OF $2,500,000, FROM THE CITY OF MIAMI AFFORDABLE HOUSING TRUST FUND; ALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT, FOR THE ADMINISTRATION OF THE EMPLOYEES' WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE PROGRAM, FOR CITY OF MIAMI EMPLOYEES. WHEREAS, the City of Miami ("City") Employees Workforce Housing Downpayment Assistance Program ("Program") will provide employees relocating their primary residence to the City with a 0%, 10-year non -amortizing, deferred forgivable loan; and WHEREAS, the maximum amount of assistance will be $26,000; and eS WHEREAS, this Program will be a pilot progim designated to provide assistance to 100 eligible City employees; and WHEREAS, the amount of $2,5 million from the Affordable Housing Trust Fund will be allocated for said Program; and WHEREAS, the Program's goal is to provide City employees with an incentive/assistance that will allow said employees to reside in the community that he/she` works for, thereby improving the quality of fife for both the employee and neighboring residents; and WHEREAS, City employees currently renting in the City are eligible to apply for the Program; and WHEREAS, eligible properties include single-family uriits"and condos in the City whose maximum sales price is $300,000; and WHEREAS, City employees' household incomes may not exceed 150% of the area median income adjusted for family size; and WHEREAS, eligible City employees must reside in the property until the terms (10 years) of the loan are satisfied; and WHEREAS, 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;=e In the case of sale or transfer of the unit or In the event the applicant ceases to be employed by the City 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: City employee receives 25% of gain/city receives 75% of gain Cloy of Miami Page 1 of 2 Printed On: 128/2006 File Number: 06-00413 7-10 years: gain is shared 50/50 between the City employee and the City; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The transfer of funds, in the amount of $2,500,000, from the City Affordable Housing Trust Fund and the allocation of said funds to the City Department of Community Development, for the administration of the Employees' Workforce Housing Downpayment Assistance Program for City employees, is authorized. Section 3. This Resolution.shall become effective immediately upon its adoption and signature of the Mayor. {1} APPROVED AS TO FORM AND CORRECTNESSt/ ,! +� R c` CITY = TT FERNANDEZ WM ?RNEY Footnotes: {1} if the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayer vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission, City of Miami Page 1 of 2 Printed On: 348/206,