HomeMy WebLinkAboutSummary FormDate: 10/09/2008
PH.10
AGENDA ITEM SUMMARY FORM
FILE ID: G —OI 224
Requesting Department: Community Development
Commission Meeting Date: 11/13/2008 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ACCEPTING FUNDING IN THE AMOUNT OF $12,063,702 FOR THE NEIGHBORHOOD
STABILIZATION PROGRAM
Purpose of Item:
ACCEPTING A GRANT FROM THE UNITED STATES DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT, IN THE AMOUNT OF $12,063,702 FOR THE NEIGHBORHOOD
STABILIZATION PROGRAM UNDER THE HOUSING & ECONOMIC RECOVERY ACT OF 2008;
AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS, IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, TO IMPLEMENT ACCEPTANCE OF SAID
GRANT.
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:
Final Approvals
(SIGN AND DATE)
Dept. Direct
Chief City Manager,
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 30, 2008 the President of the United States signed the Housing and Economic Recovery Act
of 2008 which includes the Neighborhood Stabilization Program.
The Neighborhood Stabilization Program provides emergency assistance to the City of Miami to
acquire foreclosed properties that might otherwise become sources of abandonment and blight and
rehabilitate, resell or redevelop these properties to stabilize neighborhoods and stem the decline of
house values on neighboring homes.
The United States Department of Housing And Urban Development ("HUD") has advised the City of
Miami that a grant in the amount of $12,063,702 in Community Development Block Grants, has been
awarded for its Neighborhood Stabilization Program under the Housing & Economic Recovery Act of
2008.
The Administration recommends the acceptance of a grant from HUD under the Housing & Economic
Recovery Act of 2008, in the amount of $12,063,702 for the implementation of the Neighborhood
Stabilization