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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.