HomeMy WebLinkAboutSummary FormDate: 01/30/2008
AGENDA ITEM SUMMARY FORM
FILE ID: - Ot4O
PH.6
Requesting Department: Community Development
Commission Meeting Date: 02/14/2008 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
El Other
Subject: Transferring funds to Miami Dream Homes Investment Group, Inc.
Purpose of Item:
AUTHORIZING THE TRANSFER OF FUNDS, IN THE AMOUNT OF $10,334.00, FROM THE AFFORDABLE
HOUSING TRUST FUND ("AHTF"); ALLOCATING SAID FUNDS, IN THE FORM OF A GRANT, TO MIAMI
DREAM HOMES INVESTMENT GROUP, INC. ("MDH") TO REIMBURSE SAID ENTITY FOR FIFTY (50)
PERCENT OF THE COST OF CONSTRUCTING WATER AND SEWER LATERALS IN CONNECTION WITH
THE CONSTRUCTION OF TWO AFFORDABLE HOMES LOCATED AT 1533 AND 1535 NW 58TH TERRACE,
MIAMI, FLORIDA, AS SPECIFIED IN EXHIBIT "A", ATTACHED AND INCORPORATED; AUTHORIZING THE
CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR SAID PURPOSE.
Background Information:
PLEASE SEE ATTACHED
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:
CI ect No:
Is this item fu ed by Homeland Defense/Neighborhood Improvement Bonds?
Start p Capital Cost:
Maint ance Cost:
Total Fi al Impact:
Dept. Di
Chief
Final Approvals
SIGN AND DATE)
City Manager
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0357, adopted May 26, 2005, the City Commission
authorized the City Manager to convey, with parcel reverter provisions, the parcel
located at 1535 NW 58'h Terrace, Miami, Florida, to Miami Dream Homes Investment
Group, Inc. for the construction of three affordable homes for eligible low and moderate
income persons.
On November 17, 2006, the Housing and Commercial Loan Committee ("HCLC")
approved the allocation of $78,252.00 in Home Investment Partnerships ("HOME")
program funds for each single family home, to be used for hard and soft construction
costs.
Pursuant to Resolution No. 07-0133, adopted March 8, 2007, the City Commission
authorized the modification of condition/restriction No. 5 of the Corrective Quit Claim
Deed dated July 5, 2006, to extend the construction start date to July 1, 2007.
On April 20, 2007, the HCLC approved the de -obligation of $78,252.00 in HOME funds
and approved an allocation, in the amount of $78,252.00 per home, of State Housing
Initiative Partnerships ("SHIP") program funds, to be used for hard and soft construction
costs.
At said meeting, the HCLC limited the income of homebuyers of said parcels to up to
120 percent of area median income as per SHIP regulations.
Separate water and sewer laterals had to be constructed for the two homes located at
1533 and 1535 NW 58'h Terrace.
MDH completed the construction of the two homes, including the lateral connections.
Said homes received their Certificates of Occupancy on October 1, 2007.
The City of Miami agreed to reimburse MDH fifty (50) percent of the total costs of
constructing said laterals.
The Administration recommends the transfer of funds, in the amount of $10,344.00, from
the AHTF; allocating said funds, in the form of a grant, to MDH to reimburse said entity
for fifty (50) percent of the cost of constructing water and sewer laterals in connection
with the construction of two affordable homes located at 1533 and 1535 NW 58th
Terrace, Miami, Florida.