HomeMy WebLinkAboutCRA-R-24-0036 Exhibit AExhibit "A"
HOUSING SUBSIDY AGREEMENT
THIS HOUSING SUBSIDY AGREEMENT (this "Agreement") is dated as of
, 2024 (the "Effective Date") by and between SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, a public
agency and body corporate created pursuant to Section 163.356, Florida Statutes (the "CRA"),
and Avanti Residential — Arte Grand Central TIC I, LLC; Avanti Residential — Arte Grand Central
TIC II, LLC; Avanti Residential — Arte Grand Central TIC III, LLC; Avanti Residential — Arte
Grand Central TIC IV, LLC; and Avanti Residential — Arte Grand Central TIC V, LLC; each a
Delaware limited liability company (collectively, "Owner").
RECITALS
WHEREAS, Owner is the owner of that certain real property located in the City of Miami,
Miami -Dade County, Florida more particularly described on Exhibit A attached hereto and made
a part hereof (the "Property"), and its predecessor in title developed thereon a residential
community known as "Arte Grand Central" (the "Project"); and
WHEREAS, the CRA has an interest in mitigating the housing disparity in Overtown and
supporting the residents of Overtown and assisting them in obtaining affordable housing within
the Overtown community of the City of Miami;
WHEREAS, in furtherance of the foregoing interests of the CRA, the CRA desires to refer
prospective tenants to Owner for the lease of residential units in the Project and to provide rental
assistance to Owner in support of such tenants as further described in this Agreement; and
WHEREAS, Owner desires to permit CRA to refer prospective tenants and to provide such
rental assistance as further described in this Agreement.
NOW, THEREFORE, in consideration of Ten Dollars ($10.00), the mutual covenants
contained herein and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereby agree as follows:
1. Recitals. The recitals set forth above are true and correct and are incorporated
herein by this reference.
2. Additional Affordable Rental Units.
(a) The Project is subject to the terms of that certain Amended and Restated
Covenant dated July 3, 2018 (the "Original Covenant"), as amended by that certain Amended
and Restated Covenant dated February 1, 2021 (the "2021 Amendment"), which was entered into
between Owner's predecessor in title and the CRA (collectively, the "Covenant"). The Covenant
requires that the Project include eighty (80) Affordable Rental Units (as such term is defined in
the Covenant). Owner and the CRA hereby wish to increase the number of Affordable Rental
Units at the Project by an additional twenty (20) units, thereby increasing the total number of
Affordable Rental Units at the Project from eighty (80) to one hundred (100).
(b) The Owner and CRA agree that of such twenty (20) new Affordable Rental
Units: (i) two (2) of such units (comprised of one (1) studio unit, and one (1) one -bedroom unit)
shall be made available for individuals and/or families earning up to sixty percent (60%) of the
area median income for Miami -Dade County, Florida, following guidelines for Multifamily Rental
Programs issued annually by the Florida Housing Finance Corporation ("AMI"); and (ii) eighteen
(18) of such units (comprised of six (6) studio units, eight (8) one -bedroom units, and four (4) two
bedroom units) shall be made available for individuals and/or families earning between sixty
percent (60%) and eighty percent (80%) of AMI. Such twenty (20) new Affordable Rental Units
are referred to herein as the "New Units".
3. Qualified Referrals. With regards to all Affordable Rental Units at the Project,
Owner and the CRA acknowledge that as of the Effective Date, seventy-six (76) of the Affordable
Rental Units are currently leased to Qualified Referrals (defined below).
(a) Therefore, in an effort to complete the leasing of the Affordable Rental
Units, Owner shall provide a listing of vacant Affordable Rental Units to the CRA on a periodic
basis to be determined by Owner and CRA (the "Availability Report"). Within five (5) business
days following receipt of such report , the CRA shall deliver to Owner and to Avanti Residential,
LLC, Owner's agent responsible for the management of the Project or any successor agent notified
to the CRA in writing ("Management Agent"), completed preliminary applications in the form
attached hereto as Exhibit B, together with copies of the supporting documentation set forth on
Exhibit C attached hereto, from prospective tenants, with such applications being equal to or
greater in number than the number of vacant Affordable Rental Units set forth in the Availability
Report (collectively, the "Proposed Qualified Referrals").
(b) Following the referral of the Proposed Qualified Referrals by the CRA to
Owner, the CRA and Owner will collaborate to identify Proposed Qualified Referrals that meet
the tenant qualification requirements with which Owner is required to comply pursuant to the
Covenant, as amended hereby. Owner and Management Agent shall have the further right to
screen the Proposed Qualified Referrals for suitability for tenancy in accordance with reasonable
screening requirements, including without limitation, background checks.
(c) Following such qualification and screening process, Owner shall select
tenants for the Project (each, a "Qualified Referral"), and the Qualified Referrals will be
processed based on the order determined by the CRA. Each Qualified Referral selected by Owner
shall execute a lease with a minimum term of twelve (12) months and occupy the leased unit upon
execution of the lease. The CRA shall replace any Proposed Qualified Referral that is not a
Qualified Referral with a Proposed Qualified Referral having an income equal to the same or
percentage of AMI as the original Proposed Qualified Referral.
(d) The CRA acknowledges and agrees that Owner is relying on the CRA to
refer Qualified Referrals as tenants for the Project at all times during the Term of this Agreement
(as defined below), and if the CRA fails to timely identify the number of Proposed Qualified
Referrals set forth in Section 3(a) above within such five (5) business day period, Owner shall have
the right to seek prospective new tenants for the Project from any other source, inclusive of the
CRA.
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(e) Within five (5) business days after receipt of written notice from Owner that
a unit previously leased to a Qualified Referral has become available as a result of a termination
of the applicable lease, the CRA shall refer a minimum of three (3) new Proposed Qualified
Referrals, each of which must satisfy the same criteria set forth in Section 3(a) above as the prior
Qualified Referral had satisfied as well as the other qualification and screening requirements set
forth herein, of which Owner shall select one Proposed Qualified Referral as a Qualified Referral
and tenant for the Project. The qualification and screening of each such Qualified Referral will
be made based on the order in which the Proposed Qualified Referrals were received. Such
Qualified Referral shall execute a lease with a minimum term of twelve (12) months and occupy
such available unit upon execution of the lease. If the CRA fails to refer such new Proposed
Qualified Referrals within the aforementioned five (5) business day period, Owner shall have the
right to seek prospective new tenants for the Project from any other source.
(f) If, as a result of the CRA's failure to comply with the terms of this Section
3, Owner is required to seek prospective new tenants for the Project from any source other than
the CRA, each new tenant selected by Owner for the Project shall nonetheless constitute a
"Qualified Referral" including without limitation a "CRA Qualified Referral," as applicable, for
all purposes of this Agreement, including without limitation Section 4 hereof.
4. Rental Assistance.
(a) In consideration of the New Units and the agreed -upon process set forth
above for all Affordable Rental Units, and to resolve a disagreement between the Owner and CRA
regarding Incentive Payments, the CRA agrees to subsidize the rents of the New Units and make
fixed and variable payments to Owner as follows: (i) on an annual basis during the Term of this
Agreement, the CRA shall make a fixed payment to Owner equal to Six Hundred Fifteen Thousand
Dollars ($615,000.00) per year (the "Fixed Annual Payment"); and (ii) on an annual basis during
the Term of this Agreement, the CRA shall make a variable payment to Owner equal to the
difference between the fair market rent for the New Units (as determined by Florida Housing
Finance Corporation pursuant to the Guidelines) and forty percent (40%) of the annual income of
the Qualified Referrals as detailed on Exhibit E, attached hereto (such payment being referred to
as the "Variable Annual Payment"). Attached hereto as Exhibit D are the 2023 guidelines for
Multifamily Rental Programs published by Florida Housing Finance Corporation for rents based
on household income and unit size(as updated annually by the Florida Housing Finance
Corporation, the "Guidelines"), and the rent housing subsidy income test for 2024 for studios, one
bedroom and two bedroom units are set forth on Exhibit E attached hereto. The expected income
limits for the Affordable Rental Units in the Project are set forth on Exhibit F attached hereto.
For each successive one (1) year period during the Term of this Agreement (each, a "Subsidy
Period"), Owner shall deliver to the CRA not less than 30 days prior to the start of such Subsidy
Period, Owner's estimate of the difference between the fair market rent for the New Units (as
determined by Florida Housing Finance Corporation pursuant to the Guidelines, as updated
annually) and forty percent (40%) of the annual income of the Qualified Referrals for such Subsidy
Period.
(b) Each Qualified Referral shall be solely responsible for all costs of utilities
(including without limitation, the costs of utility hookups, fees and other deposits) serving the unit.
If a Proposed Qualified Referral is recommended for tenancy and is determined to be unable to
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pay for utility hookups, fees, and other deposits which would then disqualify the Proposed
Qualified Referral for tenancy, the CRA, in its sole discretion, may provide needed financial
assistance to that Proposed Qualified Referral for utility hookups, fees, and other deposits, separate
from the assistance described in 4(a). Any such assistance shall be provided directly to the
Qualified Referrals by the CRA.
(c) Each Qualified Referral shall be solely responsible for paying (i) a security
deposit equal to one month's rent, which shall be held by Owner as security for the Qualified
Referral's obligations under its lease, (ii) an advance payment of the last month's rent, which shall
be held by Owner and applied towards the last month's rent for each Qualified Referral under its
lease and (iii) any reasonable application fee that Owner may charge. If a Proposed Qualified
Referral is recommended for tenancy and is determined to be unable to pay such security deposit,
advance payment of last month's rent and/or application fee which would then disqualify the
Proposed Qualified Referral for tenancy, the CRA, in its sole discretion, may provide needed
financial assistance to that Proposed Qualified Referral for any such costs. Any such assistance
shall be provided directly to the Qualified Referrals by the CRA. The payment of such amounts
by each Qualified Referral to Owner is a condition to signing a lease. Owner shall hold and, if
applicable, apply, the security deposit received from each Qualified Referral in accordance with
the applicable lease and with all applicable laws, and if Owner so applies any amount of the
security deposit, such Qualified Referral shall promptly pay to Owner any amounts so applied to
restore the security deposit to the original amount. Following the expiration or earlier termination
of a lease with a Qualified Referral, any remaining balance of the security deposit not applied by
Owner during the term of such lease will be returned to the Qualified Referral. In the event any
remaining balance of the security deposit is not sufficient to cover any outstanding rent or damages
existing at termination of the lease with a Qualified Referral, Owner shall notify the CRA of same,
and the CRA shall pay such amounts to Owner within ten (10) business days after delivery of such
notice by Owner, after which time, any unpaid amount by the CRA shall accrue interest at the
lesser of eighteen percent (18%) per annum and the maximum legal rate through the date when
paid.
(d) Owner shall maintain copies of documentation received from the Qualified
Referrals stating their annual income and books and records reflecting the actual amount of rents
received by Owner from the Qualified Referrals for each Subsidy Period during the Term of this
Agreement. The CRA, at the CRA's sole cost and expense, shall have the right to audit such
documentation, books and records once in each Subsidy Period upon reasonable prior notice to
Owner to confirm that the Variable Annual Payments from the CRA to Owner during the prior
Subsidy Period were not more than the amount necessary to fully compensate Owner for the
difference between the fair market rent for the New Units (as determined by Florida Housing
Finance Corporation pursuant to the Guidelines, as updated annually) and forty percent (40%) of
the annual income of the Qualified Referrals for such Subsidy Period. If the CRA's audit
accurately determines that the total Variable Annual Payments from the CRA in a Subsidy Period
exceeded the difference between such fair market rent for such Subsidy Period and forty percent
(40%) of the annual income of the Qualified Referrals for such Subsidy Period, then, at CRA's
election, the CRA may either (i) reduce the Variable Annual Payments to be paid to Owner during
the next Subsidy Period by the amount of such excess on a pro rata basis or (ii) require Owner to
refund the excess amount to the CRA within ninety (90) days Owner's receipt of written notice
from CRA. If the CRA's audit accurately determines that the total Variable Annual Payments
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from the CRA in an Subsidy Period were less than the difference between such fair market rent
for such Subsidy Period and forty percent (40%) of the annual income of the Qualified Referrals
during such Subsidy Period, then, at Owner's election, the CRA shall either (x) increase the
Variable Annual Payments to be paid to Owner during the next Subsidy Period by the amount of
such underpayment on a pro rata basis, or (y) pay Owner the amount underpaid by the CRA within
ninety (90) days after CRA's receipt of written notice from Owner.
5. Owner Obligations. Owner will comply in all material respects with the terms of
each lease with a Qualified Referral. Owner will comply with all fair housing laws, rules,
regulations or orders applicable to the Project and shall not discriminate on the basis of race, creed,
color, sex, age or national origin in the lease, use or occupancy of the Project; provided, however,
to the extent the Project meets the requirements for exemption from the prohibition against familial
status discrimination contained in Title VIII of the Civil Rights Act of 1968 (known as the Fair
Housing Act), as amended, such requirement shall not apply. Owner shall have the right to
terminate a lease with a Qualified Referral following a breach by such Qualified Referral, provided
that such termination is in accordance with the applicable lease and all applicable laws.
6. Marketing/Naming. The Owners shall cause the word "Overtown" to be
prominently used and displayed in all of its marketing and naming of the subject facility located
at 218 NW 8th Street, Miami, Florida 33136. The word "Overtown" shall also be prominently
displayed on the marquee of the said facility located at 218 NW 8th Street, Miami, Florida 33136.
7. Remedies. In the event of any breach by the CRA of its obligations hereunder,
Owner shall be entitled to exercise any and all rights available at law or equity, including
maintaining actions for damages, specific enforcement and/or injunctive relief.
8. Term. This Agreement shall commence on the Effective Date and shall continue
in full force and effect for five (5) years after the Effective Date (the "Initial Term") and shall
thereafter automatically renew for two (2) successive five (5) year periods (each, a "Renewal
Term" and together with the "Initial Term" collectively, the "Term of this Agreement"). Upon
the expiration of the Term of this Agreement, Owner and the CRA may mutually agree to further
renew this Agreement, provided that the terms of any such renewal shall be subject to mutual
written agreement between Owner and the CRA, each acting reasonably and in good faith.
Following the expiration of the Term of this Agreement, the CRA will not be obligated to provide
any rental assistance pursuant to this Agreement for the New Units and the Owner will not be
obligated to renew any leases for the New Units with the Qualified Referrals, including without
limitation, the CRA Qualified Referrals.
9. Authority. Each party hereto represents and warrants to the other party that the
individual executing this Agreement on behalf of such party has been duly authorized to enter into
this Agreement and that this Agreement is enforceable against such party in accordance with its
terms.
10. Notices. Notices required or permitted to be given pursuant to the terms of this
Agreement will be sent by certified mail, return receipt requested, postage prepaid or by recognized
overnight courier, postage prepaid. Notice will be effective upon delivery or refusal of delivery.
Notices will be delivered to the following addresses, subject to the right of either party to change
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the address at which it is to receive notice by written notice to the other party in accordance
herewith:
11.
Agreement.
To the CRA:
Southeast Overtown/Park West
Community Redevelopment Agency
819 NW 2nd Avenue
Third Floor
Miami, Florida 33136
Attention: F ]
To the Owner:
Avanti Residential — Arte Grand Central TIC V, LLC
1700 Broadway
Suite 200
Denver, Colorado 80290
Attention: Christian Garner, President and CEO
Email: cgarner@avantiresidential.com
With a copy to:
Avanti Residential — Arte Grand Central TIC V, LLC
1700 Broadway
Suite 200
Denver, Colorado 80290
Attention: Drew Rippey, SVP and General Counsel
Email: drippey@avantiresidential.com
Time of the Essence. Time is of the essence of each and every provision of this
12. Assignment; Parties Bound; Recording. The CRA shall not assign this Agreement
or any interest therein to any other person without Owner's prior written consent, which may be
granted or withheld in Owner's sole discretion. Owner may assign this Agreement or any interest
therein to a successor owner of the Project without the CRA's prior written consent. This
Agreement inures to the benefit of and be binding upon, and is intended solely for the benefit of,
the parties hereto and their respective permitted successors and assigns, and no other third party
will have any rights, claims, privileges or other beneficial interests herein or hereunder. At
Owner's election, and at Owner's sole cost, this Agreement may be recorded in the real property
records of Miami -Dade County, Florida.
13. Integration and Amendment.
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a. All capitalized terms used, but not defined in this Agreement shall have the
same meanings ascribed to such terms in the Covenant. In the event of any conflict or
inconsistency between the terms of the Covenant, and the terms of this Agreement, the terms of
this Agreement shall control. Except as modified herein, the terms and conditions of the Covenant
shall remain in full force and effect.
b. Without limiting the generality of section 12(a), above, the Owner and the
CRA acknowledge and agree that: (i) the terms of Section 5.1 of the 2021 Amendment are hereby
amended to reflect that there are now a total of one hundred (100) Affordable Rental Units; and
(ii) the obligation of the CRA to deliver Incentive Payments to the Owner, as described in Section
24 of the 2021 Amendment, is unchanged and unaffected by this Agreement, and such obligation
remains in full force and effect.
c. This Agreement and the exhibits hereto may be changed, modified, or
amended only by an instrument in writing executed by the party against whom the enforcement of
any such change, modification or amendment is sought.
14. Governing Law. This Agreement and the rights of the parties hereunder shall be
governed by, and interpreted in accordance with, the laws of the State of Florida, without regard
to principles of conflicts of law.
15. Litigation. In the event of any litigation between the CRA and Owner concerning
the terms of this Agreement, the prevailing party will be entitled to reimbursement of its costs and
expenses, including reasonable attorneys' fees, incurred in trial, appellate and post judgment
proceedings.
16. Invalid Provisions and Severability. In the event any term or provision of this
Agreement is held illegal, unenforceable or inoperative as a matter of law, the remaining terms
and provisions shall not be affected thereby, but shall be valid and remain in force and effect,
provided that the inoperative provisions are not essential to the interpretation or performance of
this Agreement in accordance with the clear intent of the parties.
17. No Waiver of Default. No waiver by a party of any breach of this Agreement by
the other party will be deemed to be a waiver of any other breach by such other party (whether
preceding or succeeding and whether or not of the same or similar nature), and no acceptance of
payment or performance by a party after any breach by the other party will be deemed to be a
waiver of any breach of this Agreement by such other party, whether or not the first party knows
of such breach at the time it accepts such payment or performance. No failure or delay by a party
to exercise any right it may have by reason of the default of the other party will operate as a waiver
of default or modification of this Agreement or prevent the exercise of any right by the first party
while the other party continues to be in default.
18. Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN CONNECTION WITH CLAIM, ACTION
OR PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HAS READ
AND UNDERSTANDS THE EFFECT OF THIS WAIVER OF JURY TRIAL PROVISION.
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19. No Joint Venture. The parties expressly agree that no joint venture, partnership or
agency relationship is created or intended by this Agreement.
20. Counterparts; Electronic Signatures. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may be executed and delivered
electronically, including without limitation, clear images of manually executed signatures
transmitted by electronic format such as "pdf', "tif' or "jpg", as well as other electronic signatures
such as DocuSign and AdobeSign.
[Signatures on following page]
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IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the
CRA as of the date first above written.
CRA:
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY, a
public agency and body corporate created pursuant
to Section 163.356, Florida Statutes
By:
Name:
Title:
[Signature page to Housing Subsidy Agreement]
IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
Owner as of the date first above written.
OWNER:
Avanti Residential
Avanti Residential
Avanti Residential
Avanti Residential
Avanti Residential
— Arte Grand Central
— Arte Grand Central
— Arte Grand Central
— Arte Grand Central
— Arte Grand Central
TIC I, LLC
TIC II, LLC
TIC III, LLC
TIC IV, LLC
TIC V, LLC
By:
Name: Douglas A. Andrews
Title: Manager
[Signature page to Housing Subsidy Agreement]
EXHIBIT A
Legal Description of the Property
PARCEL 1: FEE SIMPLE
Being a Tract or Parcel of land out of Lots 4 thru 12 and Lots 16 and 17, Block 46 N of A.L. Knowlton Subdivision (MIAMI)
according to the plat thereof, recorded in Plat Book B, Page 41 of the Public Records of Miami -Dade County Florida. Also being
a part of Lots 6 and 7 to include a portion of a 20 foot Right of Way according to the Plat of GEORGE C. BOLLES SUBDIVISION
thereof, recorded in Plat Book 1, Page 16 of the Public Records of Miami -Dade County, Florida and being more particularly
described by metes and bounds as follows:
Beginning at a point of intersection of the East Right of Way line of NW 3rd Avenue and the South Right of Way line of NW 8th
Street, said point being 10.00 feet Easterly and 12.50 feet Southerly from the Northwest corner of Lot 10 of said A.L. Knowlton
Subdivision; thence Easterly along said South Right of Way line of NW 8th Street, a distance of 340.17 feet to a corner; thence
Southerly leaving said South Right of Way line of NW 8th Street and parallel with the West Right of Way line of NW 2nd Avenue
a distance of 80.27 feet to a corner; thence Westerly perpendicular to said Right of Way of NW 2nd Avenue, a distance of 19.00
feet to a comer; thence Southerly parallel with said Right of Way of NW 2nd Avenue, a distance of 77.00 feet to a corner; thence
Westerly parallel with the Right of Way of NW 7th Street, a distance of 190.83 feet to a corner; thence Southerly perpendicular to
said Right of Way of NW 7th Street, a distance of 13.00 feet to a corner; thence Westerly parallel with said Right of Way of NW
7th Street, a distance of 130.33 feet to a comer, the same being in the East Right of Way line of NW 3rd Avenue; thence Northerly
along said East Right of Way of NW 3rd Avenue, a distance of 170.28 feet to the Point of Beginning of the tract herein described.
Parcel 1 LESS and EXCEPT that portion conveyed to City of Miami by Deed recorded in Official Records Book 32218, Page
4277; being more particularly described as follows:
All of those portions of Lots 4 through 11, inclusive, of Block 46N, of A.L. Knowlton's "MAP OF MIAMI DADE CO, FLA.",
according to the plat thereof, as recorded in Plat Book B, Page 41, of the Public Records of Miami -Dade County, Florida, and being
more particularly described as follows:
The North 12.50 feet of said Lots 4 through I0 inclusive.
TOGETHER WITH:
The West 10.00 feet of said Lots 10 and 11, LESS the North 12.50 feet of said Lot 10, AND LESS the South 117.17 feet (R) of
said Lot 11.
Parcel 1, LESS AND EXCEPT that portion conveyed to City of Miami by Right -of -Way Deed recorded in Official Records Book
32218, Page 4268; being more particularly described as follows:
All of that portion of Lot 10, of Block 46N, of A.L. Knowlton's "MAP OF MIAMI DADE CO. FLA.", according to the plat thereof,
as recorded in Plat Book B, Page 41, of the Public Records of Miami -Dade County, Florida, lying within the external area of a 25-
foot radius curve, being concave to the Southeast, and tangent to both the East Right of Way Line of N.W. 3rd Avenue and the
South Right of Way Line of N. W. 8th Street. Containing 134 square feet, more or less, by calculations.
Parcel 2: Easement
Perpetual, non-exclusive appurtenant easements for the benefit of Parcel 1, created pursuant to Sections 6 & 7 of that Amenities
and Recreational Facilities Agreement between Sawyers Walk Ltd., a Florida limited partnership and Poinciana Village of Miami,
Ltd, a Florida limited partnership, and Poinciana Village Condominium Association, Inc., a Florida not -for -profit corporation
recorded April 9, 2014 in Official Records Book 29102, Page 4204, as amended by Amended and Restated Amenities and
Recreational Facilities Agreement recorded January 22, 2019 in Official Records Book 31297, Page 3763, both of the Public
Records of Miami -Dade County, Florida, over the lands therein described and for the purposes therein expressed.
EXHIBIT B
Form of Preliminary Application
[see attached]
EXHIBIT C
Supporting Documentation to be provided by Proposed Qualified Referrals
1. All adult household members who are employed must each provide 4-6 current
paystubs.
2. All adult household members who are paid in cash must each provide their
employer's information, including name, address, fax number, phone number and/or email
address.
3. Any household members who have income from sources other than employment,
such as Social Security, Disability, Worker's Compensation, VA Benefits, Unemployment
Compensation, TANF etc., must each provide proof of the gross amount being received over the
next 12 months.
4. All adult household members who are self-employed must each provide U.S.
federal tax returns from the prior two (2) calendar years.
EXHIBIT D
2023 Guidelines
Note: The general hold harmless provisions of IRC Section 142(d)(2)(E) mean that projects with at least one building placed in service on or before the end of the 45-day transition period
for newly -released limits use whichever limits are greater, the current -year limits or the limits in use the preceding year
HUD release: 5/15/2023
Effective: 5/15/2023
Implement on/before: 6/28/2023
2023 Income Limits and Rent Limits
Florida Housing Finance Corporation
Multifamily Rental Programs and CWHIP Homeownership P ogram
NOTE: Does not pertain to CDBG-DR, HHRP, HOME, NHTF or SHIP
Percentage
Income Limit by Number of Persons in Household
Rent Limit by Number of Bedrooms in Unit
County (Metro)
Category
1
2
3
4
5
6
7
8
9
10
0
1
2
3
4
5
Miami -Dade County
20%
14,460
16,520
18,580
20,640
22,300
23,960
25,600
27,260
28,896
30,547
361
387
464
536
599
660
(Miami -Miami Beach-
25%
18,075
20,650
23,225
25,800
27,875
29,950
32,000
34,075
36,120
38,184
451
484
580
670
748
825
Kendall HMFA)
28%
20,244
23,128
26,012
28,896
31,220
33,544
35,840
38,164
40,454
42,766
506
542
650
751
838
925
30%
21,690
24,780
27,870
30,960
33,450
35,940
38,400
40,890
43,344
45,821
542
580
696
805
898
991
33%
23,859
27,258
30,657
34,056
36,795
39,534
42,240
44,979
47,678
50,403
596
638
766
885
988
1,090
35%
25,305
28,910
32,515
36,120
39,025
41,930
44,800
47,705
50,568
53,458
632
677
812
939
1,048
1,156
40%
28,920
33,040
37,160
41,280
44,600
47,920
51,200
54,520
57,792
61,094
723
774
929
1,073
1,198
1,321
45%
32,535
37,170
41,805
46,440
50,175
53,910
57,600
61,335
65,016
68,731
813
871
1,045
1,207
1,347
1,486
50%
36,150
41,300
46,450
51,600
55,750
59,900
64,000
68,150
72,240
76,368
903
968
1,161
1,341
1,497
1,651
60%
43,380
49,560
55,740
61,920
66,900
71,880
76,800
81,780
86,688
91,642
1,084
1,161
1,393
1,610
1,797
1,982
70%
50,610
57,820
65,030
72,240
78,050
83,860
89,600
95,410
101,136
106,915
1,265
1,355
1,625
1,878
2,096
2,312
Median.74,700
80%
57,840
66,080
74,320
82,560
89,200
95,840
102,400
109,040
115,584
122,189
1,446
1,549
1,858
2,147
2,396
2,643
120%
86,760
99,120
111,480
123,840
133,800
143,760
153,600
163,560
173,376
183,263
2,169
2,323
2,787
3,220
3,594
3,964
140%
101,220
115,640
130,060
144,480
156,100
167,720
179,200
190,820
202,272
213,830
2,530
2,710
3,251
3,757
4,193
4,625
Florida Housing Finance Corporation (FHFC) income and rent limits are based upon figures provided by the United States Department of Housing and Urban Development (HUD) and are subject to change.
Updated schedules will be provided when changes occur.
EXHIBIT E
2024 Housing Subsidy Income Test*
Unit Type
Studio
1 BR
2 BR
FMR 2023 (140%)
$2,530
$2,710
$3,251
FMR 2023 (40%)
$723
$774
$929
Difference
$1,807
$1,936
$2,322
12 months
$21,684
$23,232
$27,864
20 units
$151,788
$209,088
$111,456
Estimated Year 1 Variable Annual Payment = $472,332
*For Studio, 1-Bedroom and 2-Bedroom units in the Project
EXHIBIT F
Income Limits
Unit Type AMI Basis # Units
Ox1 60% AMI 1
Ox1 80% AMI 6
Ox1 80% AMI 10
Ox1 100% AMI 10
0x1 120% AMI 10
1x1 60% AMI 1
1x1 80% AMI 8
1x1 80% AMI 11
1x1 100% AMI 11
1x1 120% AMI 14
2x2 60% AMI 6
2x2 80% AMI 4
2x2 80% AMI 2
2x2 100% AMI 2
2x2 120% AMI 4
100