Loading...
HomeMy WebLinkAboutPre legislation 3RESOLUTION NO. A RESOLUTION OF THE MIAMI CITY COMMISSION, AMENDING RESOLUTION NO. 00-867, ADOPTED SEPTEMBER 28, 2000, WHICH ESTABLISHED THE HOUSING AND COMMERCIAL LOAN COMMITTEE ("COMMITTEE"); AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO APPROVE/DISAPPROVE SUBORDINATION AGREEMENTS, LOAN RESTRUCTURING AND/OR LOAN REPAYMENT PLANS FOR SPECIFIC HOUSING LOANS/GRANTS PROVIDED THROUGH THE CITY'S SINGLE FAMILY REHABILITATION AND HOMEBUYERS FINANCING PROGRAMS; FURTHER APPROVING AND ESTABLISHING A POLICY THAT THE ATTENDANCE OF FIVE (5) MEMBERS OF THE HOUSING AND COMMERCIAL LOAN COMMITTEE WOULD CONSTITUTE A QUORUM FOR THE PURPOSE OF CONDUCTING A COMMITTEE MEETING. WHEREAS, at its meeting of September 28, 2000, the City Commission with the adoption of Resolution No. 00-867, approved the establishment of an eleven (11) member Housing and Commercial Loan Committee to approve/disapprove certain housing and commercial loans and/or grants to be provided by the City through the CDBG, Home and SHIP Programs; and WHEREAS, with the adoption of Resolution No. 00-867, the City Commission further granted authority to the Committee to approve or disapprove all loan applications for funding of affordable housing projects and commercial (business) projects and related transactions including, but not limited to, subordination agreements, loan restructuring plans and/or loan repayment plans in the City's loan portfolio; and WHEREAS, through the abovementioned legislation, the City Commission authorized and directed the City Manager or his designee to approve or disapprove specific housing loans provided by the City through the City's CDBG funded Single Family Rehabilitation Program (one to four units) in an amount not to exceed $80,000 per transaction, and SH1P/Home Funded Single Family Rehabilitation and Homebuyers Financing Programs in an amount not to exceed $40,000 per transaction; and WHEREAS, at its meeting of September 28, 2001 the Housing and Commercial Loan Committee expressed concerns regarding their role and the time sensitive nature of assisting homeowner(s) seeking to refinance the first mortgage on their respective residences; and WHEREAS, homeown that have 1- n provided financial assistance through the City's Single Family Rehabilitation and Homebuyers Financing Programs are required to seek and secure City approval to subordinate its second mortgage to a new first mortgage in order to consummate the refinancing transaction; and WHEREAS, at its meeting of September 28, 2001, the Housing and Commercial Loan Committee adopted a motion directing the City Administration to seek City Commission approval of an amendment to Resolution No. 00-867, which would delegate the City Manager and/or his designee authorization to approve subordination agreements, which would allow homeowners to refinance their residences, in addition to authorization to approve or disapprove loan restructuring and repayment plans for homeowners that have received financial assistance through the City's Single Family Rehabilitation and Homebuyers Financing Programs; and WHEREAS, at the same meeting, the Committee passed a second motion which directed the City Administration to seek City Commission approval to amend Resolution No. 00-867 by also establishing a policy that the attendance of five (5) members at a meeting would constitute a quorum; and WHEREAS, it is necessary that the City Commission ratify the attached resolution regarding the Housing and Commercial Loan Committee; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIA.MI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Resolution No. 00-867, adopted September 28, 2000, is hereby amended in the following particulars:" " RESOLUTION NO. 00-867 Section 3. The City Manager is hereby authorized and directed to establish an eleven (11) member Housing and Commercial Loan Committee to approve/disapprove certain housing and commercial loans and/or grants to be provided by the City though the CDBG, Home and SHIP Programs which shall be comprised as follows: (a) the chairperson appointed by the Mayor; (b) one (1) member who is an active affordable housing provider; (c) three (3) members with private real estate lending experience; (d) three (3) members with private commercial lending experience; and P (e) three (3) members appointed by the City Manager from the City Administration. Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material. The City Commission hereby approves the policy that the attendance of five (5lmembers of the Housing and Commercial Loan Committee constitutes a quorum for the purpose of conducting a committee meeting. Section 5. The City Manager or his designee is hereby authorized to approve or disapprove specific housing loans provided by the City through the City's CDBG funded Single Family Rehabilitation Program (one to four units) in an amount not to exceed $80,000 per transaction, and SHIP funded Single Family Rehabilitation and Homebuyers Financing Programs in an amount not to exceed $40,000 per transaction. The City Manager or his designee is hereby authorized to approve or disapprove subordination agreements, loan restructuring and/or loan repayment plans for specific housing loans/grant provided by the City through the Single Family Rehabilitation and Homebuyers Financing Programs. The City Manager is hereby authorized2' to execute the necessary documents, in a form acceptable to the City Attorney, for said purpose." * Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor. 3/ The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code Provisions. 3' If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commiccion. 6 PASSED AND ADOPTED this day of , 2001. Ai 1.t..ST: WALTER J.'FOEMAN CITY CLERK APPROVED AS TO FORM AND CORRECTNESS: ALEJANDRO VILARELLO CITY ATTORNEY 7 MANUEL A. DIAZ, MAYOR