HomeMy WebLinkAboutSummary FormDate: 11/14/08
AGENDA ITEM SUMMARY FORM
FILE ID: 1(:)K -0) vFS9
PH.9
Requesting Department: Community Development
Commission Meeting Date: 12/11/08 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance El Emergency Ordinance ❑ Discussion Item
D Other
Subject: Amending the City's Housing Program Policies for Homeownership
Purpose of item:
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.
Background Information:
Please see attached
Budget Impact Analysis
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Dept. Dire. to
Chief /1 City Manager
Final Approvals
(SIGN AND DATE)
P3Pe 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0099, adopted February 10, 2005, the Miami City Commission
approved the 31st year policies related to Public Service, Economic Development, Housing Activities
and the Housing Opportunities for Persons with AIDS Program funds.
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.
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.
The City of Miami Department of Community Development has already invested in such projects and
that failure of such projects will negatively affect the department.
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.