HomeMy WebLinkAboutMemo 4CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO Members of the Housing and DATE : April 20, 2007 FILE
FROM:
Commercial Loan Committee 1
Barbara Gomez, Di'.:. o
Department of Comp ity oevelopment ENCLOSURES:
SUBJECT:
Peninsula Housing Development,
Inc., XVII - La Palma Apartments
REFERENCES:
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BACKGROUND:
On February 26, 2007, the Housing and Commercial Loan Committee (HCLC) approved
the following in connection with the La Palma project:
1. Repayment of $253,787 disbursed Community Block Grant funds (CDBG) plus
accrued interest; and
2. The Covenant running with the land will remain.
Also. the HCLC requested that Department of Community Development meet with the
developer to discuss the available options for assisting the project with the financial gap
caused in part by the City's request for repayment of the funds used for land acquisition.
The discussion was to be based on the possibility of allocating Affordable Housing Trust
Fund (AHTF) dollars for the amount being repaid in CDBG funds.
On March 27, 2007, Peninsula Housing Development, Inc. XVII (Peninsula) and
Department Staff met with the District Commissioner, Honorable Joe Sanchez, to discuss
the Project's financing difficulties. The District Commissioner was in support of
allocating AHTF to Peninsula in connection with the Project.
On April 12, 2007, the City Commission approved the Affordable Housing Trust Fund
Guidelines (Guidelines) presented by the Department of Community Development.
BORROWER:
Peninsula Housing Development, Inc. XVII (Peninsula) is a Florida not -for -profit
corporation whose sole member is Codec, Inc., a Florida not -for -profit corporation.
Codec, Inc. is a certified Community Housing Development Organization (CHDO).
La Palma Apartments project is a ninety-one (91) -unit Section 202 project consisting of
ninety (90) one-bedroom/one-bathroom units and one (1) two-bedroom/one-bathroom
manager's unit. Ninety (90) units will be identified as Home Investment Partnerships
(HOME) assisted units. The project is located at 900 SW 1 S` Street, in the Little Havana
neighborhood.
Noir Nor
Page 2 of 2 La Palma Apartments
DEPARTMENTAL RECOMMENDATION:
The Department of Community Development has reviewed the status of the project.
Based on this information and the City Commission's approval of the Guidelines, the
Department of Community Development recommends the following:
1. Substitute $253,787.00 in CDBG funding already spent with AHTF dollars; and
2. Substitute $2,021.55 in Home Investment Partnerships (HOME) funding already
spent with AHTF dollars.
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Approved as Recommended by Staff Yes
To Include Additional Conditions or Restrictions Yes
Disapproved Yes
To Include Further Action Yes
No N/A
No I I N/A
No U N/A
No N/A
Specify any further action, conditions or restrictions:
110U5ING LOAD! COMMITTEE
Chairperson or Representative
A i 9 0 2007
Stamp Date
APPROVED