HomeMy WebLinkAboutSummary FormDate: 3/28/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 6-1— 00 S
Requesting Department: Community Development
Commission Meeting Date: 05/10/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
111 Other
Subject: INCREASING THE INCOME LIMITS OF HOMEBUYERS PURCHASING AFFORDABLE HOUSING
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO INCREASE THE INCOME LIMITS OF HOMEBUYERS
PURCHASING PROPERTY FROM DEVELOPERS BUILDING AFFORDABLE HOUSING
PROVIDED BY THE CITY; INCREASING THE LIMITS FROM 80% TO 120% OF THE AREA
MEDIAN INCOME; FURTHER GUARANTEEING SECOND MORTGAGES TO SUCH BUYERS FOR
THE PURCHASE OF THE PROPERTIES.
Background Information:
The City of Miami provides scattered site Tots to developers to build affordable housing for sale to low
income families.
The City conveys these properties to developers restricting them to sell to families with incomes not
exceeding 80% of the area median income and without any assurance of providing second
mortgages to assist such buyers.
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 any guarantee that the city will provide any second
mortgage assistance to the homebuyer.
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, and guarantee that said homebuyers will receive a second
mortgage from the City under the same terms as the current first-time home buyers program.
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 DefenselNeighborhood Improvement Bonds?
Final Approvals
(SIGN AND DATE)
CIP Budget
Griu.usg or receiving capital funds
Risk Manageme
Purchasing 4 Dept. Directs)
Chief , ' City Manage
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