HomeMy WebLinkAboutSummary FormFILE ID:
AGENDA ITEM SUMMARY FORM
'apts-SS
SP.3
Date: 05/19/08 Requesting Department: Community Development
Commission Meeting Date: 06/05/08 District Impacted:
Type: Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: SHIP Funding 2008-2009
Purpose of Item:
AUTHORIZING THE ACCEPTANCE OF STATE HOUSING INITIATIVES PARTNERSHIP FUNDS,
IN THE TOTAL AMOUNT OF $2,216,228, FOR FISCAL YEAR 2008-2009; ALLOCATING SAID
FUNDS, IN THE AMOUNT OF $1,994,605, FOR HOUSING ACTIVITIES, INCLUDING, BUT NOT
LIMITED TO, THE SINGLE FAMILY REHABILITATION, SINGLE FAMILY REPLACEMENT HOMES,
HOMEBUYERS FINANCING AND HOMEOWNERSHIP DEVELOPMENT PROGRAMS, FOR THE
IMPLEMENTATION OF THE LOCAL HOUSING ASSISTANCE PLAN, AND IN THE AMOUNT OF
$221,623.00 FOR PROGRAM ADMINISTRATION; AUTHORIZING THE CITY MANAGER TO
EXECUTE THE NECESSARY DOCUMENTS 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:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direc
Chief City Manager
Final Approvals
(SIGN AND DATE)
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
In 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 development and
maintenance of affordable housing.
The Sadowski Act provides a dedicated revenue source for affordable housing and created the
Florida State Housing Initiatives Partnership ("SHIP") Program.
Pursuant to Resolution No. 07-0204, adopted April 12, 2007, the City of Miami ("City") Local Housing
Assistance Plan was approved for the period July 1, 2007 through June 30, 2010, allowing the City's
continued participation in the SHIP Program.
It is projected that the SHIP funding to the City for Fiscal Year 2008-2009 will be in the amount of
$2,216,228.
The Administration recommends the acceptance of SHIP funds, in the total amount of $2,216,228,
for Fiscal Year 2008-2009, and the allocation of said funds in the amount of $1,994,605 for housing
activities, including, but not limited to, the Single Family Rehabilitation, Single Family Replacement
Homes, Homebuyers Financing and Homeownership Development Programs, for the implementation
of the Local Housing Assistance Plan, and in the amount of $221,623 for program administration.