HomeMy WebLinkAboutSummary FormDate: 10/04/2010
AGENDA ITEM SUMMARY FORM
FILE ID: /c 'O(/ j7?
Law Department
Matter ID No.
09-3574
Requesting Department: Community Development
Commission Meeting Date: 11/18/2010 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AUTHORIZING A PAYMENT TO HUD WITH AFFORDABLE HOUSING TRUST
FUNDS
Purpose of Item:
AUTHORIZING A PAYMENT IN THE AMOUNT OF $1.9 MILLION IN AFFORDABLE HOUSING
TRUST FUNDS TO THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT ('HUD) IN ACCORDANCE WITH THE CITY OF MIAMI REPAYMENT AGREEMENT
FOR FUNDS OWED TO HUD, AS INDICATED IN EXHIBIT A', ATTACHED AND INCORPORATED,
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS FOR SAID
PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using oiieeeiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief E City Manager
tr
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 08-0641, adopted on November 13, 2008, the Miami City Commission
approved the acceptance of a grant from HUD under the Housing and Economic Recovery Act of
2008 in the amount of $12,063,702 for the implementation of the Neighborhood Stabilization
Program ("NSP").
On March 13, 2009, the NSP Grant Agreement between the City and HUD was executed by the City
Manager, as indicated in Exhibit "B", attached and incorporated.
Pursuant to Special Condition #1 of the NSP Grant Agreement, before the City can access the NSP
funds, the City is required to submit a repayment plan for the outstanding obligations due to HUD
because of certain compliance issues.
Pursuant to Resolution No. 09-0278, adopted on June 11, 2009, the Miami City Commission
approved a repayment plan, as set forth in Exhibit "A", which requires the City to reimburse HUD in
the amount of $1,385,556.20 for Fiscal Year 2010 and a final payment of $1.9 million in the third
year.
Any payment made to HUD will be returned to the City's HUD line of credit and will be used to further
the goals of the Affordable Housing Trust Fund.
The Administration recommends a payment in the amount of $1.9 million in AHTF to HUD in
accordance with the City's repayment agreement for funds owed to HUD, as indicated in Exhibit "A",
attached and incorporated.