HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY[FORM
FILE ID: 6024
Date: 06/12/08 Requesting Department: Community Development
Commission Meeting Date: 07/10/08 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: De -obligation of funds from Allapattah Community Action, Inc.
Purpose of Item:
THE DE -OBLIGATION OF CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT AFFORDABLE HOUSING TRUST FUND ("AHTF") FUNDS, IN THE
AMOUNT OF $325,000, FROM ALLAPATTAH COMMUNITY ACTION, INC. ("ACA") IN
CONNECTION WITH THE ALLAPATTAH COMMUNITY HOUSING PHASE II PROJECT;
ALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT AFFORDABLE HOUSING TRUST FUND, FOR THE DEVELOPMENT OF
AFFORDABLE HOUSING.
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. Director
Chief
Final Approvals
(SIGN AND DATE)
City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On January 25, 2006, Aliapattah Community Action, Inc. ("ACA") was approved by the U.S.
Department of Housing and Urban Development ("U.S. HUD") to construct 79 units of
housing for the elderly and one for a resident manager under the Section 202 Supportive
Housing Program for the Elderly.
Pursuant to Resolution No. 06-0711, adopted December 14, 2006, the Miami City
Commission approved the transfer of funds, in the amount of $325,000, from the City of
Miami Department of Community Development Affordable Housing Trust Fund ("AHTF") and
allocated said funds, in the form of a bridge loan, to ACA to cover pre -development costs for
the Aliapattah Community Housing Phase II Project, located at 1390 NW 24th Avenue,
Miami, Florida.
Pursuant to Resolution No. 07-0455, adopted August 1, 2007, the Miami City Commission
granted ACA an extension of time from August 1, 2007 to March 31, 2008, to make the
required balloon payment to the City for the above referenced $325,000 bridge loan.
On September 27, 2007, the City of Miami ("City") owned property, located at 1390 NW 24
Avenue, Miami, FL., was conveyed through a special warranty deed to ACA.
Due to delays in negotiations between the City, U.S. HUD and ACA as to the nature of the
security instrument to be used to secure the $325,000 loan compared to the AHTF
Guidelines, closing did not take place.
On September 28, 2007, ACA closed the Section 202 grant with U.S. HUD.
Since ACA has successfully closed said grant, there is no need for the previously allocated
funds in the amount of $325,000.
The Administration recommends the de -obligation of City of Miami Department of
Community Development AHTF funds, in the amount of $325,000, from ACA and the
allocation of said funds to the City of Miami Department of Community Development AHTF
for the development of Affordable Housing.