HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov,com
File Number: 07-00557 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER TO INCREASE THE INCOME LIMITS OF HOMEBUYERS
PURCHASING PROPERTY FROM DEVELOPERS BUILDING AFFORDABLE
HOUSING PROVIDED BY THE CITY OF MIAMI, FROM 80% TO 120% OF THE
AREA MEDIAN INCOME, SUBJECT TO APPLICABLE REQUIREMENTS OF THE
FUNDING SOURCE; FURTHER COMMITTING TO PROVIDE SECOND
MORTGAGE FINANCING TO SUCH BUYERS FOR THE PURCHASE OF THE
PROPERTIES.
WHEREAS, the City of Miami ("City") provides scattered site lots to developers to build affordable
housing for sale to low income families; and
WHEREAS, the conveyance of these properties requires the developers to sell to families with
incomes not exceeding 80% of the area median income, without any assurance that the City will
provide second mortgage financing to assist such buyers; and
WHEREAS, the increased cost of housing has made it difficult for the developers to sell such units
to families at or below 80% of area median income without a commitment that the City will provide
second mortgage financing assistance to the homebuyers; and
WHEREAS, it is in the best interest of the City to increase the income limits of prospective
homebuyers from 80% to 120% of the area median income, subject to applicable requirements of the
funding source, and for the City to commit to provide said homebuyers with second mortgage
financing under the same terms as the current first-time homebuyers program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. With regard to scattered site lots the City provides to developers for affordable housing,
the City Manager is authorized{1} to increase the income limits of prospective homebuyers from 80%
to 120% of the area median income, subject to applicable requirements of the funding source.
Section 3. A commitment to provide second mortgage financing assistance to such homebuyers
under the same terms as the current first-time homebuyers program, is approved.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor. (2}
City of Miami Page I of 2 Printed On: 4/30/2007
File Number: 07-00557
APPROVED AS TO FORM AND CORRECTNESS:
fr`
JORGEL. h' NANDEZ `rd'
CITY ATTORNEY
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed
by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions.
{2) If the Mayor does not sign this Resolution, it shall become effective at the end of ten {10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 Printed On: 4/30/2007