HomeMy WebLinkAboutMulti Family Housingi illy b} N:mY. ^ Fy'_'fX*17n^n} .1}
diim j!��
DevelopmenttY
Comrtiuni
Multi -Family Housing (Homeownership & Rental)
Program Purpse: To Provide assistance to developers for the construction of new affordable homeownership Cr rental units.
The homeownership units can be condos, town homes, or single family scattered site developments.
Amount Of Assistance: $1,000 per unit ICI HUD Maximum subsidy cap as published based on bedroom count.
Fulildinel Source: HOME/Cb8GISHI '1AHT
Tern/Security: 30 year affordability period. There will be a restrictive covenant and mortgage on the property.
Homeownership: Upon completion Of the project, the total project debt is transferred t0 each hoi'nebuyer as a second mortgage. If
unit is sold/transferred within the affordability period, repayment is required.
Rental: Upon completion of the project, the total project debt does net have
to be repaid as long as the project remains an affordable rental project.
in the event of a developer default (for either homeownership Or rental
projects), the restrictive covenant will remain on the property and applicable
interest rates will be due.
Selection Criterja: In response to a request for proposals (RFP) issued
annually. We consider the developer's Capacity, project'S ability to proceed
(site control, approved plans, ett.), funding leveraged, number and type of
units being provided. The load amounts and tents are approved by the
Housing and Commercial Loan Committee and are in compliance with the
housing policies approved by the city commission for that program year.
Leverage Criteria: Homeownership: 2 : 1 ratio.
Rental: 5 : 1 ratio
Houshp Projects Funded from
Jaihuttry 2002 firoupih July 2006
i LeveraCie
• city Fuifdeed
C alltdishfrientS: Since 2002, the City of Miami has cbtripleted 166 homeownership units and 832 rental units. As 6f August
2006, there are 2,638 units (in progress) in the pipeline.