HomeMy WebLinkAboutR-11-0072City of Miami
Legislation
Resolution: R-11-0072
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00149 Final Action Date: 2/24/2011
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT BETWEEN THE
CITY OF MIAMI AND THE FLORIDA HOUSING FINANCE CORPORATION, IN
SUBSTANTIALLY THE ATTACHED FORM, FOR THE IMPLEMENTATION OF THE
FLORIDA HARDEST HIT PROGRAM, AS STATED HEREIN.
WHEREAS, in January, 2010, the United States Treasury created the "Housing Finance Agency
Innovation Fund for the Hardest -Hit Housing Markets" and allocated funds under the Emergency
Economic Stabilization Act of 2008 to five states: Arizona, California, Florida, Michigan and Nevada;
and
WHEREAS, Florida received an initial allocation of $418 million in the first round of funding, an
additional amount of $236.8 million in the second round, an additional amount of $656.8 million in the
third round, and on September 29, 2010, a final amount of $401 million was awarded, bringing the
total award amount to over $1 billion; and
WHEREAS, Florida Housing Finance Corporation ("Florida Housing") was directed by the United
States Treasury to create and administer foreclosure prevention assistance programs and to use a
portion of the funds specifically for targeted unemployment programs that provide temporary
assistance to eligible homeowners; and
WHEREAS, the two programs under the Housing Finance Agency ("HFA") Hardest -Hit Funds are
the Unemployment Mortgage Assistance Program ("UMAP"), where loans will be provided to
homeowners to pay monthly mortgage and escrowed mortgage related expenses (i.e. property taxes,
homeowner insurance, and mortgage insurance) until the homeowner can resume payments or for up
to 18 months, and the Mortgage Loan Reinstatement Payment Program ("MLRP") will provide loans
to homeowners to bring the past due first mortgage current for up to six months; and
WHEREAS, a maximum loan will be a $35,000, zero percent interest, non -recourse, and
deferred -payment forgivable loan which will subordinate to current mortgages is available to eligible
homeowners under both programs; and
WHEREAS, the loan will be forgiven over a 5 year period starting at month 24, at a rate of 20%
per year provided the homeowner who was given the loan continues to reside in the home; and
WHEREAS, the City of Miami's ("City's") role will be the provision of advisory services and
eligibility determination of the homeowners through Community Development and the Neighborhood
Enhancement Team offices; and
WHEREAS, the Administration recommends that the City Manager be given the authority to
City of Miami
Page 1 of 2 File Id: 11-00149 (Version: 2) Printed On: 9/27/2017
File Number: 11-00149 Enactment Number: R-11-0072
execute a contract between the City and Florida Housing for the implementation of the HFA
Hardest -Hit Program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized {1} to execute a Contract between the City and
Florida Housing, in substantially the attached form, for the implementation of the HFA Hardest -Hit
Program.
Section 3. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor. {2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including, but not limited to, those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 11-00149 (Version: 2) Printed On: 9/27/2017