HomeMy WebLinkAboutSummary FormDate: 09/09/2011
AGENDA ITEM SUMMARY FORM
FILE ID: // vn f3AP7
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 10/13/2011 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Amending the Citv's Housing Program Policies for Homeownership
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S) AMENDING THE
CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT'S HOUSING PROGRAM
POLICIES FOR HOMEOWNERSHIP ACTIVITIES, AS DESCRIBED IN EXHIBIT "A", ATTACHED
AND INCORPORATED.
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
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing //�� Dept. Director
Chief ( � 7//�l/7City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 05-0099, adopted February 10, 2005, the Miami City Commission
approved the 31st year policies related to Public Service, Economic Development, Housing Activities
and the Housing Opportunities for Persons with AIDS Program funds.
Pursuant to Resolution Nos. 06-0327, 06-0527 and 08-0495, adopted May 25, 2006, September 12,
2006 and September 11, 2008, respectively, the Miami City Commission approved, amending said
policies for homeownership activities, as attached and incorporated.
Due to substantial changes in the price of homes in the area, The City of Miami Department of
Community Development ("CD") is making changes to the First Time Homebuyer Program to adjust
the Maximum Purchase Price to conform with Section 203(b) of the National Housing Act (12 U.S.C.
1709(b)) for the area as required under 24 CFR 92.254.
CD is also recommending the removal of the Resale requirement, which was instituted during the
appreciating housing market to a recapture requirement which is normally used in a depreciating
housing market.
The Administration has proposed revising the Department of Community Development's Housing
Program Policies for homeownership activities, as described in Exhibit "A", attached and
incorporated.