HomeMy WebLinkAboutMemo 5CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
12
TO:
FROM:
The Honorable Ma or and
mbers of e City mmiss
14
DATE:
SUBJECT:
SEP —3 2003
FILE :
Changing Membership Structure
& adding HOPWA housing to the
Loan Committee
REFERENCES : City Commission Agenda
September 11, 2003
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution
authorizing the change in the composition of the eleven -member Housing and Commercial Loan
Committee (Loan Committee) to: one (1) Chairperson appointed by the Mayor, three (3)
members with backgrounds related to affordable housing development, two (2) members with
private real estate experience, one (1) member with private real estate lending experience, two
(2) members with private commercial experience, one (1) member with private commercial
lending experience, and one (1) member from the City Administration appointed by the City
Manager; and authorizing the extension of the Loan Committee's function to include the
approval / disapproval of affordable housing construction grants and loans to be provided by the
City through the Housing Opportunities for Persons with AIDS (HOPWA) Program; and further
releasing the City Manager from the obligation to present each loan approved by the Loan
Committee for review and final approval to the State of Florida Financial Emergency Oversight
Board, which was dissolved on December 18, 2001.
BACKGROUND:
Resolution No. 00-867, adopted September 28, 2000, authorized and directed the City Manager
to establish an eleven -member Loan Committee to approve/ disapprove certain affordable
housing and commercial loans and/or grants to be provided by the City of Miami. This
Resolution established the composition of the Loan Committee as:
• One (1) Chairperson, appointed by the Mayor
• One (1) member who is an active affordable housing provider
• Three (3) members with private real estate lending experience
• Three (3) members with private commercial lending experience, and
• Three (3) members from the City Administration, appointed by the City Manager.
It has been recommended by Loan Committee members that its representation be changed to
allow participation of both not -for -profit and for -profit developers. The following structure is
recommended:
• One (1) Chairperson, appointed by the Mayor,
• Three (3) members with backgrounds related to affordable housing development,
• Two (2) members with private real estate experience,
• One (1) member with private real estate lending experience,
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• Two (2) members with private commercial experience,
• One (1) member with private commercial lending experience, and
• One (1) member from the City Administration, appointed by the City Manager.
Resolution No. 00-867 also directed the City Manager to present each approved loan to the State
of Florida Financial Emergency Oversight Board for review and final approval. On December
18, 2001, the Financial Oversight Board was dissolved.
The Loan Committee was established to approve/disapprove certain housing and commercial
loans and/or grants to be provided by the City of Miami through the Community Development
Block Grant (CDBG), Home Investment Partnerships (HOME) and State Housing Initiatives
Partnership (SHIP) programs. The Administration has been presented proposals for affordable
housing construction through the HOPWA program.
It is recommended that the City Commission adopt the attached Resolution authorizing the
change in the composition of the eleven -member Housing and Commercial Loan Committee
(Loan Committee) to: one (1) Chairperson appointed by the Mayor, three (3) members with
backgrounds related to affordable housing development, two (2) members with private real estate
experience, one (1) member with private real estate lending experience, two (2) members with
private commercial experience, one (1) member with private commercial lending experience,
and one (1) member from the City Administration appointed by the City Manager; and
authorizing the extension of the Loan Committee's function to include the approval / disapproval
of affordable housing construction grants and loans to be provided by the City through the
Housing Opportunities for Persons with AIDS (HOPWA) Program; and further releasing the
City Manager from the obligation to present each loan approved by the Loan Committee for
review and final approval to the State of Florida Financial Emergency Oversight Board, which
was dissolved on December 18, 2001.
The proposed Resolution does not have a budgetary impact on the General Fund.
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