HomeMy WebLinkAboutLetter3ftitg 4IFtiantc
.:WWENOOLYN C.1V'ARREN
Director
September 26, 2002
Roberto A. Godoy
Executive Director
Model Housing Cooperative, INC.
782 NW Lejeune Road, Suite #3
Miami, Florida 33126
Re: Housing and Commercial Loan Committee
Results of HOME Request for Proposal 2002-2003
Dear Mr. Godoy:
CARLOS A. GIMENEZ
City Manager
This correspondence serves to confirm that, at its meeting of September 13, 2002, the
City of Miami Housing and Commercial Loan Committee considered your funding
proposal for $500,000 to finance the proposed Villas Dr. Godoy project being planned at
1455/79 West Flagler Street.
Based on our letter dated August 30, 2002, the proposed project was recommended for
homeownership assistance as second mortgage financing for the project's prospective
homebuyers. Based on its previous homeownership assistance commitment in February
2001, the Housing and Commercial Loan Committee approved $1,280,000 in HOME
Program funds for up to $40,000 for each second mortgage. All previous funding terms
will apply including the following:
(1) The maximum sales price of a unit is $153,425 (the current FHA 203(b)
limit of Miami -Dade County); and
(2) Homebuyers must be of low income (80% and below of the average
median income or starting at $38,550 for a four person household with
adjustments based on household size).
If you have any questions or require additional information regarding this matter, please
contact Barbara Gomez -Rodriguez, Assistant Director at (305) 416-1978.
Sincerely,
Dan Fernandes, Acting Director
Department of Community Development
cc: Barbara Gomez -Rodriguez, Assistant Director
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