HomeMy WebLinkAboutSummary FormDate: 01/05/2011
AGENDA ITEM SUMMARY FORM
FILE ID: I/- CC>O
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 02/10/2011 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING THE NEIGHBORHOOD STABILIZATION PROGRAM 3
SUBSTANTIAL AMENDMENT AND IMPLEMENTATION POLICIES
Purpose of Item:
APPROVING THE CITY OF MIAMI'S ("CITY") NEIGHBORHOOD STABILIZATION PROGRAM 3
SUBSTANTIAL AMENDMENT TO THE CITY'S ANNUAL ACTION PLAN FOR FISCAL YEAR 2010-
2011 AND THE IMPLEMENTATION POLICIES, AS DESCRIBED IN EXHIBIT "A", ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO SUBMIT THE CITY'S AMENDED
ANNUAL ACTION PLAN FOR FISCAL YEAR 2010-2011 TO THE UNITED STATES DEPARTMENT
OF HOUSING AND URBAN DEVELOPMENT ("HUD") FOR REVIEW AND APPROVAL
AUTHORIZING THE CITY MANAGER TO MAKE ANY SUCH CHANGES TO THE AMENDMENT OR
IMPLEMENTATION POLICIES AS MIGHT BE REQUIRED BY HUD FOR THE IMPLEMENTATION
OF THE PROGRAM.
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
jSIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
Chief /. „Gll/�/7A City Manager
Page 1 of I
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 21, 2010 the President of the United States signed the Dodd -Frank Wall Street Reform and
Consumer Protection Act of 2010, which included the Neighborhood Stabilization Program 3
("NSP3"), administered by the United States Department of Housing and Urban Development
("HUD").
On October 19, 2010, the City was awarded $4,558,939, for the implementation of the NSP3.
Pursuant to Resolution No. 10-0309, adopted July 22, 2010, the City Commission approved the
City's Annual Action Plan for Fiscal Year 2010-2011.
The Annual Action Plan set forth the overall goals and objectives of the City's Consolidated Plan.
The award of additional funds through the NSP3 requires the Annual Action Plan to be substantially
amended to include the strategies to be implemented under the NSP3 program.
The NSP3 provides funds to stabilize neighborhoods whose viability have been, and continues to be,
damaged by the economic effects of properties that have been foreclosed and abandoned.
The Administration recommends the approval of the NSP3 Substantial Amendment to the City's
Annual Action Plan for Fiscal Year 2010-2011 and Implementation Policies, as indicated in Exhibit
"A", attached and incorporated.
This Resolution authorizes the City Manager to submit the City's Amended Annual Action Plan for
Fiscal Year 2010-2011 to HUD for review and approval.