HomeMy WebLinkAboutSummary FormDate: 5/02/2007
AGENDA ITEM SUMMARY FORM
FILE ID: 61 4,
Requesting Department: Community Development
Commission Meeting Date: 6/12/2007 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: SHIP FUNDING 2007-2008
Purpose of Item:
AUTHORIZING THE ACCEPTANCE OF STATE HOUSING INITIATIVES PARTNERSHIP ("SHIP")
FUNDS, IN THE AMOUNT OF $2,009,434, FOR HOUSING ACTIVITIES, NOT LIMITED TO SINGLE
FAMILY REHABILITATION, SINGLE FAMILY REPLACEMENT HOMES, THE HOMEBUYERS
FINANCING PROGRAM AND THE HOMEOWNERSHIP DEVELOPMENT PROGRAM, FOR THE
IMPLEMENTATION OF ,THE LOCAL HOUSING ASSISTANCE PLAN AND THE AMOUNT OF
$223,270 FOR THE ADMINISTRATION, FOR THE TOTAL AMOUNT OF $2,232,704, FOR FISCAL
YEAR 2007-2008; AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS, FOR ACCEPTANCE OF SAID FUNDS.
Background Information:
On July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing Act ("Sadowski Act") which
provides for the allocation of a portion of new and existing documentary stamp taxes on deeds on real estate transactions
to local governments for the developments and maintenance of affordable housing.
The Sadowski Act provided a dedicated revenue source for the affordable housing and created the Florida State Housing
Initiative Partnership Program.
Pursuant to Resolution No. 07-0204, adopted April 12, 2007, approving the City of Miami ("City") Local Housing Assistance
Plan ("LHAP") for the period of July 1, 2007 through June 30, 2010 for the continued participation of the City in the Florida
State Housing initiatives Partnership ("SHIP") Program.
Pursuant to Resolution No. 07-0226, adopted April 12, 2007, allocating funds to the Down Payment Assistance Program,
Single Family Rehab Citywide, Homeownership Projects, Multi Family Rental — No Tax Credit and New Construction- Tax
Credit .
It is projected that the State Housing Initiatives Partnership ("SHIP") funding for Fiscal Year 2007-2008 will be in the amount
of $2,232,704.
Budpet 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?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Directo
Chief
Final Approvals
(SIGN AND DATE)
City Manager
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