HomeMy WebLinkAboutSummary FormDate: 03/24/2011
AGENDA ITEM SUMMARY FORM
FILE ID: f 1 - 0 00
Law Department
Matter ID No.
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 ("SHIP") FUNDS FROM THE
FORECLOSURE PREVENTION PROGRAM ("FPP")
Purpose of Item:
AUTHORIZING THE DE -OBLIGATION OF STATE HOUSING INITIATIVE PROGRAM ("SHIP")
FUNDS, IN THE TOTAL AMOUNT OF $495,364 FROM THE FORECLOSURE PREVENTION
PROGRAM ("FPP"); ALLOCATING SAID FUNDS TO THE STRATEGIES LISTED UNDER THE
APPROVED LOCAL HOUSING ASSISTANCE PLAN ("LHAP"), 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
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 08-0639 adopted November 13, 2008, the Miami City Commission
approved the transfer of SHIP funds in the amount not to exceed $500,000 to the FPP.
There is currently a balance of $495,364 remaining under the program.
The City of Miami Department of Community Development ("DCD") has until the end of June 2012 to
expend all SHIP funds.
As per the approved LHAP, DCD will be able to assist families with income levels of up to 120% of
the median income in all the strategies outlined in the LHAP (i.e. First Time Homebuyer Program,
Single Family Rehabilitation and Replacement Program as well as Foreclosure Prevention).
The Administration recommends the de -obligation of SHIP funds, in the total amount of $495,364,
from the FPP and allocating said funds to all the strategies listed under the approved LHAP, as
specified in Exhibit "A", attached and incorporated.