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AGENDA ITEM SUMMARY FORM
... .:;".. FILE ID: OS- 01221
Date: 10/09/2008 Requesting Department: Community Development
Commission Meeting Date: 11/13/2008 District Impacted: 1.2.3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance El Discussion Item
❑ Other
Subject: TRANSFER OF SHIP FUNDS IN THE AMOUNT OF $500,000 FOR THE FORECLOSURE
PREVENTION PROGRAM.
Purpose of Item:
AUTHORIZING THE TRANSFER OF STATE HOUSING INITIATIVE PROGRAM
("SHIP") FUNDS, NOT TO EXCEED THE AMOUNT OF $500,000; ALLOCATING
SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT FOR THE IMPLEMENTATION OF THE FORECLOSURE
PREVENTION PROGRAM.
Background Information:
During the past year, the number of foreclosures throughout the State of Florida and
the City of Miami in particular has increased dramatically.
Data from RealtyTrac, Inc. shows that a total of 2,527 homeowners in the City of
Miami were going through the foreclosure process as of July 30, 2008.
The Administration recommends the transfer of SHIP funds, not to exceed the amount
of $500,000 to the City of Miami, Department of Community Development for the
implementation of the Foreclosure Prevention Program.
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:
ClP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direct
Chief City Manager
Final Approvals
(SIGN AND DATE)
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