HomeMy WebLinkAboutR-24-0374City of Miami
Resolution R-24-0374
Legislation
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 16634 Final Action Date: 9/26/2024
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
MODIFYING THE REQUIREMENTS AND GUIDELINES OF THE EXPANDED
FIRST TIME HOMEBUYER PROGRAM DESCRIBED IN RESOLUTION NO. R-
22-0211 ("EXPANDED PROGRAM") AND MODIFIED BY RESOLUTION NOS.
R-22-0346 AND R-23-0521 BY REQUIRING APPLICANTS TO SECURE A
FIRST MORTGAGE IN AN AMOUNT THAT WOULD RESULT IN A TOTAL
PAYMENT, INCLUSIVE OF PRINCIPAL, INTEREST, TAXES, AND
INSURANCE, UP TO THIRTY PERCENT (30%) OF THE APPLICANT'S TOTAL
GROSS FAMILY INCOME AS IDENTIFIED IN EXHIBIT "A," ATTACHED AND
INCORPORATED; EXCEPT FOR THE EXCEPTIONS STATED HEREIN;
PROVIDING FOR AN EFFECTIVE DATE.
SPONSOR(S): Commissioner Christine King
WHEREAS, on June 9, 2022, the City Commission adopted Resolution No. R-22-0211,
which authorized and directed the City Manager to supplement the City of Miami's ("City") First
Time Homebuyer Program ("Expanded Program"); and
WHEREAS, on September 13, 2022, pursuant to Resolution No. R-22-0346, the City
Commission authorized a modification to the Expanded Program, which allowed applications to
be processed on a first come, first ready, first serve basis, and established a City residency
requirement, except for current City or Miami -Dade County first responders; and
WHEREAS, on November 16, 2023, pursuant to Resolution No. R-23-0521, the City
Commission modified the Expanded Program's requirements and guidelines by increasing the
eligibility requirements for applicants from one hundred percent (100%) Area Median Income
("AMI") to a maximum of one hundred twenty percent (120%) AMI; and
WHEREAS, it is the desire of the City Commission to modify the Expanded Program's
requirements and guidelines as described herein; and
WHEREAS, the current Expanded Program's Guidelines requires applicants to secure a
first mortgage in an amount that would result in a total payment, inclusive of principal, interest,
taxes and insurance, equal to thirty percent (30%) of the applicant's total gross family income as
identified in Exhibit "A," attached and incorporated; and
WHEREAS, it is in the best interest of the City to modify the Expanded Program's
Guidelines to require applicants to secure a first mortgage in an amount that would result in a
total payment, inclusive of principal, interest, taxes and insurance, up to thirty percent (30%) of
the applicant's total gross family income as identified in Exhibit "A," attached and incorporated;
and
WHEREAS, except as described herein, no other portion of the Expanded Program shall
be impacted by this Resolution; and
City of Miami Page 1 of 2 File ID: 16634 (Revision:) Printed On: 10/15/2024
File ID: 16634 Enactment Number: R-24-0374
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The City Commission authorizes' the modification of the Expanded
Program's requirements and guidelines to require applicants to secure a first mortgage in an
amount that would result in a total payment, inclusive of principal, interest, taxes and insurance,
up to thirty percent (30%) of the applicant's total gross family income as identified in Exhibit "A,"
attached and incorporated.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
rge Wy j ng III, C1ty ttor y 9/17/2024
1 The herein authorization is further subject to compliance with all legal requirements that may be
imposed, including but not limited to, those prescribed by City Charter and City Code provisions.
City of Miami Page 2 of 2 File ID: 16634 (Revision:) Printed on: 10/15/2024