HomeMy WebLinkAboutExhibit 5III. Funding Resources
Expected Grant Funds and Other Income
Within the City of Miami, the Community Development Department is responsible for operating most of
the City's housing assistance programs and community development programs. The following provides a
list of the funding sources that the Community Development Department has available to support such
activities.
Description of Federal Funding Sources
American Dream Downpayment Initiative (ADDI): ADD I pro ownpayment, closing costs, and
rehabilitation assistance to eligible individuals. The amo o' DDI ass e provided may not exceed
$10,000 or six percent of the purchase price of a home v - is greate rehabilitation must be
completed within one year of the home purchase. R +ilitation may include, + not limited to, the
reduction of lead paint hazards and the remediati other ho e health hazards.
Community Development Block Grant Entitlemen
receives an annual CDBG grant on a formula basis. The
overcrowding and poverty. CDBG fu , must be used for a
persons. Eligible activities include aff+ - ousing, job cre
services to the most vulnerable in the co
HOME: The purpose of the HOME Progr
affordable housing for I +.: s d very-low-inc
nonprofit housing pr=vs 'ugh CHDOs.
variety of housin ivities w- and very I
BG): As an e tlement City, Miami
a takes into account total population,
'es that benefit low- and moderate -income
business expansion opportunities, and
y of safe, decent, sanitary, and
useho ' " E also seeks to expand the capacity of
isdictions use HOME funds to carry out a wide
-income families, including:
• Homebuye _ <<• rams ich may includ + wnpayment and closing costs assistance,
construction 1... - F" acquisition, rehabilitation, or new construction
s, consistm_ +f construction loans, permanent mortgage loans,
tees for acquisition, rehabilitation, new construction, and
■ T
utili
Emergency Shel rant Program (ESG): The ESG program is a formula grant program that allocates
monies to improv the quality and number of emergency homeless shelters and related social services for
the homeless. ESG provides a foundation for homeless people to begin moving to independent living. The
current level of funding is based on the yearly homeless assistance appropriation, as well as the demand of
HUD's other McKinney-Vento Act programs. The City of Miami does not provide homeless shelters, since
this is a function of the County. The City uses ESG funds to provide outreach services to the homeless.
Housing Opportunities for Persons with AIDS (HOPWA): The City of Miami serves as the
administrator of the formula grant -funded Housing Opportunities for Persons with AIDS (HOPWA)
program for the entire geographical area of Miami -Dade County. The goal and intent of the local HOPWA
Program is to ensure that a continuum of housing options and related housing services is available to low
income persons with acquired irnmunodeficiency'syndrome or related diseases to prevent homelessness of
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itatiorograms, including grants, loans, interest subsidies, and loan
r hard costs, related soft costs, and refinancing expenses
assistance (TBRA) to pay for rent, utility costs, security deposits, and
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such individuals and their families. HOPWA funds may be used for a wide range of housing, social
services, program planning, and development costs.
Section 8 Moderate Rehabilitation Program (Rental Assistance): Housing choice vouchers allow very
low-income families to choose and lease or purchase safe, decent, and affordable privately -owned rental
housing. Though the City of Miami does not operate any public housing, it is responsible for a limited
number of Section 8 Tenant Based Assistance. This is a housing choice voucher program developed to
assist eligible low-income families to receive housing assistance through a rental subsidy that enables
tenants to afford standard units.
Section 108 Loan Program: The CDBG Section 108 Loan Guarantee allows CDBG entitlement
communities to use their CDBG funds to guarantee loans/notes for large evelopment projects, Under this
program, the applicant pledges current and future CDBG funds as pri ecurity for a loan guarantee.
Eligible activities include acquiring real property, rehabilitating pu y own d real property, housing
rehabilitation, and certain economic development activities.
Federal Funding Source
ADDI
City of Mianii Programs
• Downpayme• ssistance
Program Funding'.
:,5 .00
* Community Development
Block Grant (CDBG)
• Administr• to
• Public Service
■ Economic Develop
• • - ion 108 ___
• Lb •ng Projects
■ De ,
• Hou
$9, ' 57.00
(includes $1, :10,000 of
future CDBG program
income funds
HOME Program
• Little
Homeo ip Advi .
Board
• Homeown • hip and Rental
Housing
Administrati e
$4,643,888.00
Emergenc helter G :
Pro.
' •gram
$361,489.00
ing Oppo - for
sons with AID ' WA)
■ Administration
' '' ct Based Rental
bsidy/Operating Support
Long Term Tenant Based
Rental Subsidy Program
(LTRA)
• Rental Assistance
• Food Service
$11,189,000.00
Section 8 Moder:
Rehabilitation ' ogram
• Rental Assistance
$4,780,000.00
Total
S30,493,246.00
*Funds Include: $1,000,000.00 of future CDBG Program Income funds
Description of Non -Federal Funding Sources
State Housing Initiatives Partnership program (SHIP): State Housing Initiatives Partnership is the first
permanently funded state housing program in the nation to provide funds directly to local governments to
increase affordable housing opportunities on a noncompetitive basis. The funds are used to produce and
preserve affordable homeownership and multifamily housing for very low, low and moderate income
families. The City of Miami may use SHIP dollars to fund emergency repairs, new construction,
rehabilitation, down payment and closing cost assistance, impact fees, construction and gap financing,
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mortgage buy -downs, acquisition of property for affordable housing, matching dollars for federal housing
grants and programs, and homeownership counseling.
Miami -Dade County Documentary Stamp Surtax Program: The Documentary Stamp Surtax program is
a dedicated source of revenue for affordable housing collected from commercial real estate sales in Miami -
Dade County. The Surtax Program subsidizes both development and consumer financing to make home
ownership more affordable for low-income working families.
Low -Income Housing Tax Credit Program: The Low -Income Housing Tax Credit Program is a tool for
private developers and non-profit entities to construct or rehabilitate affordable rental units. This program
gives developers tax credits in exchange for substantially rehabilitating or constructing rental housing
projects that set aside 20% or more units for individuals or families wit •.w incomes.
Miami -Dade County Food and Beverage Tax Funds: The Foo
dedicated source of funding for homeless assistance centers an
Table 8: City of Miami Programs by Non-feder
Non -Federal Funds:
State SHIP Program
Miami -Dade County Documentary
Stamp Surtax Program
State of Florida Lo
Credits
Miami -Dade '
Beverage Tax Fun
Private Fo dations
x
City of Miami Programs
• Sing
• Single Fam
Homes
• Homebuyer's Fi
eownership De
• H
Rehab
er Ass
Beverage tax is levied to provide a
Lion
Program
ment
• Ne onstructio
• Reha itation, Acquisition
Homele 'stance/Prevention
$2, 57.00
Competitive
Competitive
Competitive
Competitive
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