HomeMy WebLinkAboutExhibit2Attachment 2
Performance Requirements and Restrictions*
The following Performance Requirements will apply to all the properties to be developed
on the City -owned sites attached as Exhibit A:
Property Conveyance
l . The construction of the Project must commence within (6) six months from the
date of property conveyance.
2. The Project must be completed (all units constructed, issued Certificates of
Occupancy, and sold to qualified buyers) within (30) thirty months of
conveyance.
Any mortgages obtained by developer for the sole purpose of constructing a home
on the parcel will be subject to approval by the City of Miami, Department of
Community Development.
4. The closing of this purchase and sale agreement will take place simultaneously
with closing of the construction financing.
Project Restrictions:
1. A minimum of one homeownership unit to be constructed on the property
2. Property must be sold to buyers whose household income does not exceed 120%
of the Area Median Income as published by Florida Housing Finance
Corporation. However, for properties purchased using federal funds, buyers'
household income cannot exceed 80% of area median income. The price for
these units cannot exceed $236,000.
3. Deed from developer to buyer will be restricted as an owner occupied property
for a period of (20) twenty years.