HomeMy WebLinkAboutCRA-R-14-0024 Cover MemoSEOPW Board of Commissioners Meeting
March 31, 2014
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon
and Members of the CRA Board
Date: March 21, 2014 File: 14-00265
Subject: Resolution Authorizing Acceptance of Grant
from Federal Home Loan Bank of New York
for Rehabilitation Town Park Plaza North.
From: Clarence E. Woods, III P.- References:
Executive Director
Enclosures: Supporting Documentation; Legislation
BACKGROUND:
The attached Resolution of the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") accepts funds, in an amount not to exceed $600,000.00, consisting of a grant
award from the Federal Home Loan Bank of New York's Affordable Housing Program for the renovation and
rehabilitation of residential units and commons areas at Town Park Plaza North Condominiums, 475 NW 19th
Street, Miami, Florida (Folio No. 01-3136-083-0870) ("Town Park Plaza North"). This Resolution also authorizes
the Executive Director to execute the direct subsidy agreement and memorandum of understanding required in
connection with said grant award.
Town Park Plaza North, a residential housing complex, was built in 1973, and consists of 20 buildings and 169
condominium units. The condition of Town Park Plaza North poses significant risk of health and safety to its
occupants, and in turn, extensive rehabilitation is needed, as evidenced by structural cracks, unsecured railings,
deteriorating plumbing, rotting wood, and outdated electrical wiring.
On October 24, 2013, the Board of Commissioners, by Resolution No. CRA-R-13-0068, authorized the issuance
of a grant, in an amount not to exceed $3,333,333.00 for the renovation and rehabilitation of Town Park Plaza
North. In an effort to assist the CRA with leveraging its funding support of Town Park Plaza North, the CRA
applied for grant funding from the Federal Home Loan of New York's Affordable Housing Program, and was
awarded grant funding in the amount of $600,000.00 ("grant award") for the Project. If accepted, the grant
award will be utilized to assist in the renovation of units with a household income of 50% of the area median
income for Miami -Dade County.
Acceptance of the grant requires the CRA to execute a direct subsidy agreement and memorandum of
understanding.
JUSTIFICATION:
Section 163.370(2)(g), Florida Statutes, allows a community redevelopment agency to "to borrow money and to
apply for and accept advances, loans, grants, contributions, and any other form of financial assistance from the
Federal Government"
Section 2, Goals 3 and 6, at page 11, of the 2009 Southeast Overtown/Park West Community Redevelopment
Plan ("Plan") lists the "creatiton of] infill housing, diversity in housing types, and retaining affordable housing," as
well as "improving the quality of life for residents" as stated redevelopment goals. Section 2, Principle 2, at page
14 of the Plan also provides that " Ft]he neighborhood... retain access to affordable housing .. , ."
FUNDING:
This Resolution does not commit funding.