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Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-01389
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AMENDING THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT'S HOUSING PROGRAM POLICIES FOR HOMEOWNERSHIP
ACTIVITIES, AS DESCRIBED IN EXHIBIT "A", ATTACHED AND INCORPORATED.
WHEREAS, pursuant to Resolution No. 05-0099, adopted February 10, 2005, the Miami City
Commission approved the 31 st year policies related to Public Service, Economic Development,
Housing Activities and the Housing Opportunities for Persons with AIDS Program funds; and
WHEREAS, pursuant to Resolution No. 06-0327, adopted May 25, 2006, and Resolution No. 06-
0527, adopted September 12, 2006, the Miami City Commission approved amending said policies for
homeownership activities, as attached and incorporated; and
WHEREAS, due to high development cost of housing coupled with the decline of property values,
the development cost of homeownership units under construction prior to the decline of the housing
market are consistently higher than the appraised value of the units; and
WHEREAS, the City of Miami Department of Community Development has already invested in
such projects and that the failure of such projects will negatively affect the department; and
WHEREAS, the Administration recommends amending the City of Miami Housing Program policy
to include a buy -down option as described in Exhibit "A", attached and incorporated, which will enable
affordable housing developments to absorb the impact of declining market conditions and continue to
provide affordable homeownership units to potential eligible low income buyers;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City of Miami Department of Community Development's Housing Program Policies
for homeownership activities, are amended, as described in Exhibit "A", attached and incorporated.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1 }
City of Miami Page 1 of 2 Printed On: 11/24/2008
File Number: 08-01389
APPROVED AS TO FORM AND CORRECTNESS:
JULIE BRU
CITY ATTORNEY
Footnotes:
{1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten{10} calendar
days from the 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 Commission.
City of Miami Page 2 of 2 Printed On: 11/24/2008