HomeMy WebLinkAboutSubmittal-Department of Community Development PresentationMission Statement
0° The Department of Community Development assists in
creating a viable urban community for the most -
needy persons in our city while reducing
poverty, embracing diversity, assisting with economic
development, and improving the overall quality of life.
Vision Statement
The Department of Community Development utilizes grant funds
received from federal, state, and local government sources to
carry out various activities that aide in providincQaffordable
decent housing, suitable living environments, improving
pubffc facilities, infrastructure anciservices as well as
expanding economic oportunities for the disadvantaged to
assist . those least likely to benefit from the economic growth
projected for the City.
sUcMIrTED INTO THL
PUBLIC RECORD FOR
1TEM6a.a ON 49(0)
07•01354 I7mrtta!-leFartirntntat- C�mun;ty ;pcveloPmeii1'1'reseotation
Community Development Strategy
HOUSING
Public Services
Economic
Development
3UBMITTED INTO THE
'UBLiC RECORD FOR
TE.^,4Dzz ON 11-9 a,
CDBG Allocation FYO8-09
CDBG funding is utilized to provide a variety
of services to the community.
• Public Services
• Childcare/ Elderly Services
• Economic Development
■ Commercial Facade Program
■ Public Facilities & Improvements
• Housing
• Single Family Rehabilitation Program
• Multi -Family Rehabilitation Program
• New Construction (CBOs)
SUBMITTED INTO THE
PUBLIC RECORD FOR
1TEMz.2ONj� 9�, .
SHIP $223,270 $1,500,000 1
HOME & SHIP FYO8-09
Funding
Source
Admin
Single District
Family Homeowner
Rehab ship zone
HOME $460,262 ! $0 $1,500,000
$0 1
Down
Payment
Brick &
Mortar
$1,000,000 $1,6421367
$5091434
Total Available for Housing
TOTAL
Allocation
$4,602,629
$2,232,704
3UBM1TTED INTO THE
PUBLIC RECORD FOR
ITEMDz.ON (-9-07
Allocation of Housing Funds
• Single Family Rehabilitation
• Replacement Home Program
• Down Payment Assistance
• Rental Housing Program (Tax Credits)
• Home Ownership (New Construction)
Leverage Amount
Total Units
$27,915, m 28.92 $39,932,516.38 822
Multi Family Projects (2000 to 7/2007)
City Funded
Leverage Amount
Total Units
$50,232,256.50 $718,252,673.00
4580
Submitted Into the public
record in c onnection with
item 'DZ-Z on I f - }01
Priscilla A. Thom
City Clerk
Tax Credit Leverage Example
X4ectini Mzee
I9.93 Million
71%
1.5 Million
5%
2 Million
Total number of units = 199
4.75 Milian
17%
• City of Miami
• Miami -Dade
Private Lenders
Equity Investor
Submitted Into the pudic
record in connection with
item _on 111- 1_
Priscilla A Thompson
i!y at Mk r ll • Depnrtmjnl at
Community
Development
From January 2000 to 7/2007
Completed projects:
1. Summary of Completed Units
Funded
2000
2001
2002
Funded Love`
150,000.00 $ 7,166,000.00 y
159,750.00 $ 221,612.00 y
$ 6,308,090.00 $ 7,108,797.00
2003
2004
2005,
$ 2,740,000.00 I $ 95,044,080.00
$ 7,437,.509.00 $ 68,219,531.00
$ 1, 990, 000.00 $ 25, 694, 698.00
100
3
215
1 006
561
179
Totals: $ 18,785,349.00 $ 203,454,718.00 2064
* Average City subsidy per unit: $ 9,101.43
* Average leverage per unit: $ 98,573.02
* For each $1,00 of subsidy, the City leveraged $
La Completed Home Ownership Projects:
!!nits dated
$ - y 0
3
2002 94
2000
2001 $ 159,750.00
10.83
2003
2004
2005
$ 5,928,090.00
3,565,143.00
221,612.00
S 7,108, 797.00
$ 19,068,200.00
$ 5,659,976.1D
174
Totals: $ 10,452,983.00 $ 32,058,585.00 329
* Average City subsidy per unit: $ 31,771.98
* Average leverage- per unit: $ 97,442.51
* For each $1.00 of subsidy, the City leveraged
Lb Completed Rental Projects:
Fund City, Fun
2000 $ 150,000.00 $ 7,16fir0 .00 100
2t101 $
ti
2003
if 2004
2005
2002 $ 380,000.00 $
$ 1,940,000.00 y $ 75,975,880.00
$ 3,872,366.00 $ 62,559,555.00
$ 1,990,000.00 $ 25,694,698.00
0
121
832
503
179
3.07
Totals: $ 8,332,366.00 $ 171,3 6,133. 0 1735
* Aver age City subsidy per unit: $ 4,802.52
* Average leverage per uriii: $ 98,787.40
* For -ach $1.00 of subsidy, the ity leveraged
20.57
C'y nt Mirm. • Depurtme+if a�
Community
Development
In Progress projects:
11. Summary of in Progress
Funded Year City Funded
2002 $ 1,617,500.00- -
$ Y 5,433,517.00 $
4,501,392.0 ' $
$ 7,684,657.50
4,594,587.00 $
7,615,254.00 $
1003
20062004
2006
2007
Leverage Units
$ 5,322,389.00 33--
30,998,580.00 197
50,276, 214.00 225
128,317,264.00 739
38,456,077.00 ' 256
261,427,431,00 1066
Totals: $ 31,446,907.50
514,797,955.00
2516
* Average City subsidy per unit: $ 12,498.77
* Average leverage per unit: $ 204,609,68
* For each $1.00 of subsidy, the City leveraged $
II.a In Progress Home Ownership Projects:
Funded Year City Funded - Leverage _ ! _ Units
2002 $ 1,617,500.00 $ 5,322,389.00 33
16.37
2003 $ 4,417,517.00 $ 24,622,298.00 ' 126
2004 $ 3,380, 392.00 $
38,272,394.00 117
2005 $ 2,346,00 7.00 $
10, 627, 662.00 79
2006 $ 1,309,572.00 $ 5,200,428.00 30
2007 $ Y $
0
Totals: $ 13,070,981.00 11$ 134,045,171.00
385
* Average City subsidy per unit: $ 33,950.60
* Average leverage per unit: $ 218,299.15
* For each $1.00 of subsidy, the City leveraged: $
1i.b In Progress Rental Projects:
Funded Year City Funded Leverage -1
6.43
Units
0
2003 $ 1,016,000.00 A $ 6.376.282.00 J 71
2004 $ 1,121,000.00 $ 12,003,820.00
2005 $ 5,338,657.50 $ 117,689,602.00 ,
2006
2007
2002 $ - $
$ 3,285,015.00 $ 33,255,649.001
$ 7,615,254.00 { $ 261,427,431.00
Totals: $ 10,760,672.50 $ 169,325,353,00
108
660
226
1066
0
* Aver( ge City subsidy per unit: # DIV/01
* Average leverage per unit: # DIV/O1
* For each $1.00 of subsidy, the City leveraged
15.74
City Funded Leveraged
TOTALS: $ 50,232,256.50 $ 718,252,673.00
Units
4580
city of Miami
Housing Projects from January 2000 to Present
City of Micrrni beptrri ne.nt c$
Community
Development
Multi -Family Projects
2001 (3)
2002 C248)
2003 (1203)
159,750,00
221,6
2.00
$ 7,925,590.00 ; $ 12,431,186.00
8,173,517.00 $ 126,042,660.00
2004 (786) $
2005 (918)
2006 (2561
2007 (1066)
11, 938, 901.00 $ 118 , 495,745.00
9,674,657.50
$ 154,011,962.00
381,362.00
$ 20,356,776.00
$ 134,216,177.00
$ 4,594,587.00 $ 38,456,077.00 $
$ 7,615,254.00 $ 261,427,431.00 77-$
130,434,646.00
163,686,619.50
43,050,664.00
269,042,685.00
Total (4,580 units) $ 50,232,256.50 $ 718,252,673.00 $ 768,484,929.50
Single Family Projects
Program
Funded & Completed
Leverage
Total investment
Downpayment Assistanc-e (511)
Single Family Rehabilitation (266)
Miami Recovers Program (34)
Replacement Housing Prgm. (11)
Total (822 units)
17,597,699.62
$ 39,932,516.38
8,029,647.43
$ 1,038,054.32
$ 1,249,727.55
$ 27,915,128.92 $ 39,932 5'1 6.38 $
57,530,216.00
8,029,647.43
1,038,054.32
1,249,727,55
67,847,645.30
Grand Total:
S 78,147,385.42 $ 758,185,189.38 $
836,332,574.80
Millions
Housing Projects Funded from
January 2000 to 7/2007
300
250
200
150
100
50 -
CD Leverage
t City Funded
11 Year
Submitted into the public -
record in cannecn
item 2.2 on l � 7
Priscilla A. man
:•.,,,. City Clerk
Disclaimer: Report data has been updated based on HCLC and City Commission actions as of 06/25/2007. Data compiled by catendar year January
t to Decembei
City O Maf!U • Deportment of
Community
Development
Property Criteria:
Minimum Price: $100,000.O0
Maximum Price: $2251000.00
City of Miami
Department of Community Development
Property Sales Prices Comparison by Zip Code
TOTAL#
ZIP CODE PROPERTIES
FOR SALE
86
12
30
4
33125
33127
33128
33129
33130
33131
33132
33133
33135
33136
33137
33145 2T
33149 1
33126' 154
33138' 120
33142. 26
33144' 6
752
1
25
26
71
40
24
39
OBEDS/1 BATH- 1BEDS/1 BA'i
# UNITS FOR
SALE:
35
7
16
4
36
23
25
61
13
14
31
22
0
35
78
10
4
414
SO. FEET
AVER. SALES
PRICE
496-826 $ 165,034.00
491-842 $ 168,225.00
389-775 $ 172,025.00
573 $ 173,474.00
421-724 $ 187,265.00
360-1082 $ 202 596.00
380-784 $ 200 090.00
337-820 $ 189,495,00 f 10
572-731 $ 107,824,00 I 26
460-810 $ 189,112.00T 8
500-1096 $ 203,200.00 8
408-816 $ 197,209,00
2BEDS/1 BA T H - 2BEDS/2BATH
# OF UNITS FOR
SALE:
418-887 $ 170,794.00
519-1312 $ 172,909.00
491-615 $ 169,390.00
583-726 $ 154,200.00
$ 181 427.88 323
SQ. FEET
AVER. SALES
PRICE
3B EDS/2BATH•4B EDSI2BATH
# OF UNITS FOR
SALE:
640-1100 $ 190,409.00 1
955-1041 $ 198,166.00 2
715.907 $ 18/,107.00 Q
0—
672-800 $ 186,700.00 2
2
1075 $ 117.000,00 0
625-950 $ 207,330.00
418 -939 $ 180, 946.00 t
848-1037 $ 196,312.00
760.900 $ 166,375.007
763-866 $ 198,940.00
912 $ 184,000.00
701-1550 $ 200,357.00
610-1520 $ 193,07r, n0
611-858 $ 178,427 on 2
960-1502 $ 178,500.00 0
1
2
0
0
0
3
183 842.80 , 15
AVER. SALES
PRICE
$ 119,900.00
J $ 199,700.0
SQ. FEET
11E
$ 206,000.00 _ 1294-1587
$ 212,500.000 -1182-1350
$' 224,900.00 1000
r 125,000,00_ 1114-1226
1 °'a,933.00
1024-1187
177,450.00 —1024-1195
181,922.88
'Part of the Zip Code is outside City of Miami limits
Submitted into the public
record in oannn��
item
Priscilla A. Thompacct
Cif Cleric
Oly 61 Morn • D poO ner, lI cF
Community
Development
Property Criteria:
Minimum Price: $10O,000.O0
Maximum Price: $150,000.00
City of Miami
Department of Community Development
Property Sates Prices Comparison by Zip Code
OBEDS/1 BATS!-1 BEDS/1 BATH
TOTAL #
ZIP CODE PROPERTIES
FQ SALE
33125 18
33127 2
33128
33129
33130
33131
33132
# UNITS FOR
SALE:
SQ, FEET
13
2
AVER. SALES
PRICE
449-634 $ 137,123.00
491-528 $ 144,200.00
6 2 450-614 $ 1.38,762 00
2BEDS/1 BATH - 2BEDS/2BATH
# OF UNITS FOR
SALE:
SQ. FEET
AVER. SALES
PRICE
3SEDS/2BATH-4BEDS/2BATH
# OF UNITS FOR;
SALE;
AVER. SALES
PRICE
4 58D-650 $ 135,475.00 , 1 119,900.00
0 0
4 614.740 $ 140,925.00 0
573 $ 135,000.00 0
2 1 718 $ 148,000.00 1
1 1 1,082 '$ 128,600.00 0
0
33133
33135
33136
33137
33145
4
337-500 $ 140,975.00 0
0
460-681 $ 128,785,05 1
4 0 4
3
n/a $ 149,900.00 0
L 33149
33126*
33138+
33142`
0
12
0
33144*
13 12
6
2 r
0
418-714 $ 138,510.00 2
552-748 $ 138,691.00 i
600 $ 139,900.00 4
583.726 $ 147,000.00 I— 0
0
672 $ 149,900,00 0
0
1,075 $ 114,500.00 0
0
SQ. FEET
r
1,116
0
925 $ 139,900,00 2 ,000.00 1114-1226
n/a $ 119,000.00;�- ---__
754-782 $ 149,950.00 j 0
n/a $ 149,000,001 0
611-750 $ 135,875.00 1 $ 140,000.00 1,024
0
1
Total 805
$ 139,503.54
22 _ $. 137,169.441 4 $ 128,300,001
'Fart or the Zip Lode is outside city of Miami limits
Submitted into the pub
reco in eon with
item Lam_ on l l - - J 2
Priscilla A. Thompson
City Clerk