HomeMy WebLinkAboutSubmittal 09-28-06City of Miami
City Commission
September 28, 2006
Item # PZ 13 -- 18
Comprehensive Plan Amendments and
Rezoning Application
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEMP2 IsON 94P-a¢ .
Royal Palm Holdings
Affordable Housing Financial Plan
A. Application to the Florida Housing Finance Corporation ("FHFC") for the
following:
1) HOME Investment Partnerships Program
Requirement: 20% percent of the HOME -assisted units are occupied by families whose
annual incomes do not exceed 50 percent of the median family income for the area; and
the balance of HOME -assisted units must be occupied by families whose annual incomes
do not exceed 60 percent of the median family income for the area.
2) Housing Credits ("HC") program for 9% tax credit financing for new
construction multifamily residential project.
Requirement: At least 20 percent of the housing units will be set aside for households
earning 50 percent or less of the area median income ("AMI"), or 40 percent of the units
must be set aside for households earning 60 percent or less of the AMI.
3) Application for the Multifamily Mortgage Revenue Bond program ("MMRB")
uses both taxable and tax-exempt bonds to provide below market -rate loans to non-
profit and for -profit developers who set aside a certain percentage of their
apartment units for low income families
Requirement: The program requires that at least 20 percent of the units be set aside for
households earning at or below 50 percent of the AMI.
4) State Apartment Incentive Loan ("SAIL") Program provides low -interest loans
on a competitive basis to affordable housing developers each year. This money often
serves to bridge the gap between the development's primary financing and the total
cost of the development.
Requirement: A minimum of 20 percent of the development's units must be set aside for
families earning 50 percent or less of the area median income. Developments that use
housing credits in conjunction with this program may use a minimum set -aside of 40
percent of the units for residents earning 60 percent of the area median income.
B. Upon receipt of state funding, the state will secure the award and financing by
recording restrictive instruments on the land to require the low housing
affordability for 15 — 50 years.
City Ck:ork
Royal Palm Holdings
Proposed Site Development
Parcel 1 —
Net Lot Area
Gross Lot Area (x 4.32)
Density (300 units/acre)
Units Proposed
Affordable Housing
Retail on the ground floor
Home Ownership
Rental
10,000 Sq Ft
67,608 Sq Ft
68 units
64 units (approx. 1,000 Sq Ft each)
20% of the units = 12 units
3,000 Sq Ft
10% of the units = 7 units
90% of the units = 57 units
Parcel 2 —
Net Lot Area
Gross Lot Area (x 4.32)
Density (300 units/acre)
Units Proposed
Affordable Housing
Retail on the ground floor
Home Ownership
Rental
60,000 Sq Ft
356,400 Sq Ft
413 units
326 units (approx. 1,000 Sq Ft each)
20% of the units = 65 units
30,000 Sq Ft
10% of the units = 33 units
90% of the units = 293 units
Parcel 3 —
Net Lot Area
Gross Lot Area (x 4.32)
Density (300 units/acre)
Units Proposed
Affordable Housing
Retail on the ground floor
Home Ownership
Rental
19,250 Sq Ft
109,248 Sq Ft
132 units
100 units (approx. 1,000 Sq Ft each)
20% of the units = 20 units
8,000 Sq Ft
10% of the units = 10 units
90% of the units = 90 units
Submitted into the pubic
record in connection �.1..h
item tZ. +5 on R-a•S-bd
Priscilla A. Thompson
City Clerk
Submitted Into the public
record in connection with
item PZ.i3 on p'r
Priscilla A. Thompson
City Clerk