HomeMy WebLinkAboutSummary FormDate: 11 /14/2006
AGENDA ITEM SUMMARY FORM
FILE ID: U - 0 a.: b a
Requesting Department: Community Development
Commission Meeting Date: 12/14/2006 District Impacted:
Type: Z Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: BRIDGE LOAN FOR ALLAPATTAH COMMUNITY ACTION, INC.
Purpose of Item:
AUTHORIZING THE TRANSFER OF FUNDS, IN THE AMOUNT OF $325,000, FROM CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT AFFORDABLE HOUSING TRUST FUND; ALLOCATING
SAID FUNDS, IN THE FORM OF A BRIDGE LOAN, TO ALLAPATTAH COMMUNITY ACTION, INC. TO
COVER PRE -DEVELOPMENT COSTS FOR THE ALLAPATTAH COMMUNITY HOUSING PHASE II
PROJECT ("PROJECT") WHICH WILL PROVIDE SEVENTY NINE HOUSING UNITS FOR THE ELDERLY IN
THE ALLAPATTAH AREA; AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY LOAN
DOCUMENTS WITH ALLAPATTAH COMMUNITY ACTION, INC. FOR SAID PURPOSE
Background Information:
Allapattah Community Action, Inc. was approved by U. S. Department of Housing and Urban Development
("HUD") to construct 79 units of housing for the elderly and one unit for the resident manager under Section
202 Supportive Housing Program for the Elderly
Pursuant to the City Commission meeting held on October 12, 2006, the Commission directed the City
Manager to draft legislation funding said agency, in the form of a bridge loan, to prepare the necessary
paperwork to close on a Section 202 grant from HUD
In order to close on the Project, said agency has requested the amount of $325,000
The project will include one and two bedroom units, in a four story apartment building with site parking
The Administration is recommending the transfer of funds, in the amount of $325,000, from City of Miami
Department of Community Development Affordable Housing Trust fund to Allapattah Community Action, Inc, to
cover pre -development costs for the Allapattah Community Action Housing Phase II project
The terms of the loan will be 0% interest with a balloon payment by August 1, 2007
Payments will be made directly to the vendor
CIP
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?
Grgiiifklig or receiving capital funds
Purchasing
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Final Approvals
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