HomeMy WebLinkAboutSummary FormDate: 7/18/2006
AGENDA ITEM SUMMARY FORM
FILE ID: (*1 0 \
Requesting Department: Community Development
Commission Meeting Date: 9/14/2006 District Impacted:
Type: ® Resolution ❑ Ordinance D Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: SINGLE FAMILY REHABILITATION; WAIVING INSURANCE REQUIREMENT
Purpose of Item:
AMENDING THE COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") PROGRAM FUND
POLICIES FOR SINGLE FAMILY REHABILITATION PROGRAM ("PROGRAM") TO INCLUDE
WAIVING INSURANCE REQUIREMENT FOR ELIGIBLE ELDERLY PERSONS PARTICIPATING
IN THE CITY OF MIAMI'S ("CITY'S") SINGLE FAMILY REHABILITATION PROGRAM.
Background Information:
SEE ATTACHED
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
(SIGN AND DATE).
CIP Budget
if using or receiving capital funds
Grants
Purcbasin
Chief
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Risk Managem
Dept. Directo
City Manager _
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SINGLE FAMILY REHABILITATION: WAIVING INSURANCE REQUIREMENT
AGENDA SUMMARY ATTACHMENT
BACKGROUND INFORMATION:
• The City's current Single Family Rehabilitation Program policy requires the
homeowner to carry the appropriate homeowners insurance
• Due to many of the properties that qualify for the program are older housing
stock that have no mortgage, many of these homeowners do not carry the
required property insurance and those that do, the limits are very low
• Based on numerous applications the City has received, many of the elderly
homeowners, living on limited fixed incomes, are unable to pay for the cost of
insurance, thereby disqualifying them from the program
• The Administration is recommending amending the current policy to include
waiving insurance requirements for eligible elderly persons participating in said
program
• The United States Department of Housing and Urban Development ("HUD")
regulation 24 CFR 891.205 defines an elderly person as an individual who is,62
years of age or older
• For purposes of this program, an eligible elderly person would be defined as an
individual of at least 62 years of age, living on a fixed income and meeting the
income eligibility requirement (120% area median income)