HomeMy WebLinkAboutSummary FormDate: 12/28/2006
AGENDA ITEM SUMMARY FORM
FILE ID: 0 7- on d 0 M1
Requesting Department: Community Development
Commission Meeting Date: 1/25/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ['Emergency Ordinance ❑ Discussion Item
['Other
Subject: RESERVING AFFORDABLE HOUSING TRUST FUNDS (ONE MILLION)
Purpose of Item:
RESERVING FUNDS, IN THE AMOUNT OF $1 MILLION, FROM THE CITY OF MIAMI'S ("CITY'S")
AFFORDABLE HOUSING TRUST FUND, FOR USE ON THE MIXED -USE, MIXED -INCOME
BUILDING TO BE DEVELOPED ON THE VACANT CITY PROPERTY LOCATED AT 400-430
SOUTHWEST 8TH AVENUE, MIAMI, FLORIDA.
Background Information:
The Little Havana Homeownership Advisory Board has been charged with creating homeownership
within specific boundaries of East Little Havana
The Little Havana Homeownership Advisory Board has had difficulty creating a signature multi -family
homeownership development, solely with restrictive Housing and Urban Development ("HUD") Home
Investment Partnerships Program funds ("HOME")
The Little Havana Homeownership Advisory Board has passed a unanimous resolution directing the
District 3 Commissioner to seek "a minimum of $1 million in Affordable Housing Trust Fund dollars," for a
project within its boundaries
It has been a priority of the City of Miami ("City") to dispose itself of the vacant land located at 400-430
Southwest 8th Avenue, Miami, Florida ("Property"), and improving it with affordable housing
That Property is within the Little Havana Homeownership Advisory Board boundaries
A previous Request for Proposals issued for the Property failed to produce a development agreement;
The cost of construction makes it very difficult for developers of affordable housing to work solely with
restrictive HOME fund dollars
It is in the best interest of the City and the neighborhood surrounding the Property to create a building
with a blend of affordable and workforce housing
The City's Public Facilities Department will soon be issuing a Request for Letters of Interest for the
Property to create a development with 97 maximum residential units, ground floor retail and parking
The layering of HUD HOME and City Affordable Housing Trust Fund dollars will create the atmosphere
for a successful development in an area key to Little Havana's continued revitalization
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?
Final Approvals
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Budget
Risk Manage
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