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HomeMy WebLinkAboutAnnual Report FR/SRLITTLE HAVANA HOMEOWNERSHIP ADVISORY BOARD ANNUAL REPORT FISCAL YEAR 2006-2007 Committee Background The Little Havana Homeownership Advisory Board ("LHHAB") was established by the City of Miami Commission through Ordinance Number 12404 and given the responsibility to advise, provide oversight, and facilitate the city's revitalization efforts for the redevelopment of the Little Havana community revitalization district in a manner consistent with the strategy identified in the five year consolidated plan. The advisory board advises the city commission on revitalization activities and; 1. Establishes policy for the revitalization efforts in the Little Havana community revitalization district; and 2. Advocates the purposes of the advisory board; and 3. Assists and advises the city commission, the city manager, other departments and other public officials and entities concerting the revitalization initiative in the Little Havana community revitalization district; and 4. Promotes, oversees, and assists in the redevelopment activities and develop increased public awareness and interest in the Little Havana community revitalization district; and 5. Establishes Little Havana Homeownership pilot projects within the Little Havana community revitalization district; and 6. Solicits grants, contributions and financial and non -financial support from individuals, private business interests, the general public, governmental entities, corporations and organizations, foundations, and other philanthropic entities to further the purpose of the advisory board; and 7. Implements full and active participation and cooperation with public and private entities in furtherance of the advisory board's purpose to oversee and facilitate the revitalization of the Little Havana community revitalization district to improve the quality of life of residents of this neighborhood. Committee membership consists of individuals representing a mixture of public and private representation. The structure of the committee, as approved by the City Commission, is as follows: • One member serving as a public advocate; and • Six members appointed by the district 3 commissioner. Committee Members: • Carmen Fanego — Chair • Carlos Lacasa • Ariadne Marko • Frank Martinez • Vacant seats: 3 Board Purpose The LHHAB, in cooperation with the city manager and city departments, shall be responsible for advice, oversight, and facilitation of the city's efforts for the redevelopment of the Little Havana Community Revitalization District in a manner consistent with the strategies identified in the five year Consolidated Plan, adopted by city commission in August 1999. Current Community Needs Community needs are ascertained through neighborhood public hearings that are held as part of the Citizen Participation Plan, a requirement for the Consolidated Plan. As a result of those hearings, the City of Miami compiled the following high priority needs: • Neighborhood Preservation • Preservation and New Construction of Affordable Housing • Mixed Use/Income Redevelopment In approving staff recommended projects, the LHHAB seeks to implement the Consolidated Pian's housing policies, which are intended to preserve affordable housing opportunities for low and moderate -income residents. Major Accomplishments In FY 2006-2007, the LHHAB approved funding allocations totaling $1,000,000 for down payment assistance initiatives and $4,000,000 for the development of a mixed -use, mixed -income homeownership project on a city -owned site in East Little Havana (Villas Teatro Marti). • Villas Teatro Marti is the fruition of Commissioner Joe Sanchez's dream of bringing a signature building to the heart of East Little Havana. • The development will build affordable, workforce and market -rate housing in the 400 block of SW 8th Avenue. • Villas Teatro Marti will bring a 60-units (50 City assisted and 10 market value) of clean, safe, modern housing to a neighborhood where fewer than 10% of the people own the homes they live in. • The building will be a model of smart urban growth with retail on the ground floor and a diverse mix of incomes for the people who will be living in the condominium units. • Villas Teatro Marti serves low income, workforce, and market -rate housing needs. It also will help to reenergize an area that features the nearby Riverside Park and Ada Merritt Elementary School. • Villas Teatro Marti will use $3 million in HOME Investment Partnership Program (HOME) funds dollars plus $1 million from the City's Affordable Housing Trust Fund (AHTF). The $3 million in HOME funds is broken down into $2,016,437 in down payment assistance and $983,563 in funds for construction, which will be converted to down payment assistance. • The HOME funds will subsidize the construction of 11 affordable housing units for families with a household income of 80% or less of the Area Median Income (AMI). The price for these units cannot exceed $236,000. • The ANTE dollars will subsidize the construction of 39 workforce housing units and will also help subsidize the 11 affordable housing units being assisted with HOME funding. The price for the 39 workforce housing units cannot exceed $300,000 and the units must be sold to families with a household income of 150% or Tess of the AMI. • The condominiums must remain affordable for 30 years. • The development -- close to job centers, transportation, and recreation — will also feature 10 units of market rate housing and on -site parking. Prestige Enterprise Group, a developer with a long track record of completing affordable housing opportunities in the City of Miami, has agreed to begin construction in one year and to have the building completed and occupied by buyers in 30 months. • New homeowners assisted through the down payment assistance program: 11 Comparable Boards There is no other city board, either public or private, which serves the same, function as the Little Havana Homeownership Advisory Board. Membership It is not recommended that the number of members be modified.