HomeMy WebLinkAboutMemo2err OF MiAM , FLORIDA
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Members of the Housing and
Commercial Loan Committee
Barbara Gomez, Dire °rx, v
Department of Communi 1 evelopment
BACKGROUND
April 20, 2007
Miami Dream Homes Investment Group, Inc.
BJ Scattered Sites project
REFERENCES:
ENCLOSURES:
On May 27, 2005, the City of Miami Commission approved Resolution 05-0357 authorizing the
conveyance of six (6) City owned parcels to Miami Dream Homes Investment Group, Inc. for the
development of single family homes and / or condominiums.
On November 19, 2006, the HCLC approved $469,512 in HOME program funds for the
construction of the six (6) single family homes to be developed in the Model City Neighborhood.
Funds will be transferred to each homebuyer in the form of second mortgage financing in an
amount not to exceed $78,252 per unit. This amount falls within the U.S. Housing and Urban
Development (HUD) maximum allowable subsidy per three (3) bedroom units.
The funds will he used for hard and soft cost.
BORROWER
Miami Dream Homes Investment Group, Inc. is in a process of developing six (6) single family
homes in the Model City Neighborhood. Project consists of three bedrooms two bath with a total
square footage up to 1,550.22 square feet.
DEPARTMENTAL RECOMMENDATION
In reviewing the environmental files, the Department's Environmental Specialist has informed us
that the environmental clearances completed for the entire project do not currently reflect the
project and that a new clearance will be required resulting in substantial delay to the project. .
The Department of Community Development has reviewed the status of the project and based on
this information recommends the following:
1. De -obligation in the amount of $469,512 in unspent HOME funds
2. Allocate State Housing Initiative Partnership (SHIP) Program Funds in an amount of
$469,512 towards this project.
3. The income of homebuyers cannot exceed 120% of area median income as per SHIP
regulations.
4. The use of funds and all program restrictions will remain the same.
Miami Dream Homes Invt—.nent Group, Inc- April 20, 2007
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Approved as Recommended by Staff
To Include Additional Conditions or Restrictions
Disapproved
To Include Further Action
Specify any further action, conditions or restrictions:
Yes[] No fl N/A
YesL No ❑ N/A n
Yes❑ No ❑ N/A
Yes❑ No (l N/A
11
II
Chairperson or Representative
HOUSING LOAN COMMITTEE
Stamp Date AFR 9 0 2 U7
APPROVED