HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 004 0 /
Law Department
Matter ID No.
Date: 03/24/2011 Requesting Department: Community Development
Commission Meeting Date: 04/28/2011 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: DE -OBLIGATION OF STATE HOUSING INITIATIVE PROGRAM ("SHIP") FUNDS
FROM THE FLORIDA HOMEBUYER OPPORTUNITY PROGRAM ("FHOP")
Purpose of Item:
AUTHORIZING THE DE -OBLIGATION OF STATE HOUSING INITIATIVE PROGRAM ("SHIP")
FUNDS, IN THE TOTAL AMOUNT OF $184,761, FROM THE FLORIDA HOMEBUYER
OPPORTUNITY PROGRAM ("FHOP"); ALLOCATING SAID FUNDS TO THE STRATEGIES LISTED
UNDER THE APPROVED LOCAL HOUSING ASSISTANCE PLAN ("LHAP") FOR FY2010-2013, AS
SPECIFIED IN EXHIBIT "A", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY
MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS FOR SAID PURPOSE(S).
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:
CIP
If using' or receiving capital funds
Grants
Purchasing
/Chief
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept, Director
City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On February 17, 2009, the President of the United States signed into law The American Recovery
and Reinvestment Act of 2009 which established an $8,000 Federal First -Time Homebuyer Tax
Credit ("FFTHC") for eligible first-time homebuyers purchasing primary residences before December
31, 2009.
On May 27, 2009, the Governor for the State of Florida signed the law implementing the 2009-2010
Appropriations Act, which established the FHOP.
Pursuant to Resolution No. 09-0366 adopted July 23, 2009, the Miami City Commission approved
the acceptance of FHOP funds not to exceed the amount of $188,561.
The FHOP has expired with a balance of $184,761 remaining in the program account.
On November 5, 2010, Florida Housing Finance Corporation advised the City that any remaining
funds under the FHOP can be used for eligible SHIP strategies approved under the LHAP.
The Administration recommends the de -obligation of SHIP funds, in the total amount of $184,761,
from the FHOP and allocating said funds to the strategies listed under the approved LHAP for
FY2010-2013, as specified in Exhibit "A", attached and incorporated.