HomeMy WebLinkAboutExhibit 1City of Miami
Historic Preservation Pilot Program Summary
Name- Historic Preservation Pilot Program
Program Description- This program provides funding to existing and eligible historic resources located
within the City of Miami.
Source of Funding- Community Development Block Grant (CDBG)
Maximum Assistance- $100,000
Eligible Activities for Rehabilitation-
• Any repairs necessary for historic preservation of the resource per tPfeSecretary of Interior
Standards for Rehabilitation.
National Objective-
• Job Creation (at $20,000 per job) Jobs must be created within 6 months after Certificate of
Occupancy is granted and be maintained ) minimum of�`one,year.
• Assistance to low and moderate income families inn a area' or limited basis
Eligible Properties-
• Properties must be located within the Gty of Miami
• Resources must`be individually designated historic, within a historic district, or meet the Section
106 Federal criteria tobe designated as a historic resource and within a neighborhood
cons. eruation;district
• Residential Property's zonmgfuse must be aingle-Family Residence, Two Family residence,
Multi Family Reside(ce, Live/Work, Work/ Live)
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• Lodging Property's zoning use must;be a (Bed and Breakfast, Inn or Hotel)
• Office Property's zoning use must be-ian (Office)
• CommerciaiProperty's zoning use must be a (Food Service Establishments, General Commercial,
Marine Related Commercial,;; Recreational Establishments)
Eligible owners-
• All Commercial and Residential properties must be in good standing with the City of Miami with
no code violations, liens, unpaid taxes, or lawsuits currently on file with the City.
• All Commercial and Residential owners must be current on their mortgage, insurance and taxes
with no liens or lawsuits currently on file with the City.
• Single Family, Live/Work, and Work/Live Residential Properties must be owner occupied with
incomes less than 80% of the Average Median Income (AMI) adjusted for family size. •
• Two Family Residential Properties must be 50% owner occupied with incomes less than 80% of
the Average Median Income (AMI) adjusted for the family size.
• Multi Family Residential Properties must have more than 50% of the units occupied by tenants
with incomes less than 80% of the Average Median Income (AMI) adjusted for the family size.
H/Lk. -44 0-
• Lodging, Office, and Commercial properties must create new jobs (at $20,000 per job). Jobs
must be created within 6 months after Certificate of Occupancy is granted and be maintained a
minimum of one year.
Loan terms
• Maximum Loan:.$100,000
• Terms
o Residential Properties: 3% non -amortizing 10 year forgivable loan. Entire balance of the
loan with accumulated interest will be due and payable when the property ceases to be
owner -occupied prior to the maturity date of the loan ;(Current terms for Single Family
Rehabilitation Program)
o Business Properties: 0% non -amortizing 5 year forgivable loan. Entire principal balance
of the loan with accumulated default interestas allowed,, by law will be due and payable
if a national objective of job creation is`not accomplished as required by the contract.
Security: The loan will be secured by a note and a mortgage on the property 'For commercial
properties, a personal guarantee of principals with 1O% or more interest in the'property will be
required.
Restrictions: The loan will be due on sale or transfer of the property prior to loan maturity. For
commercial properties, transfers will be allowed to wholly -owned, subsidiaries with City approval.
Sources of Reallocation
EXHIBIT "B"
Transferring CDBG funds to Coconut Grove Historic Preservation Pilot Program
Community Development Block
Grant ("CDBG") District 2 Economic
Development Reserve Account
Amount
$185,698.00
Recommended Allocation
Coconut Grove Historic
Preservation Pilot Program
Activity Name/Description
Rehabilitation of historic properties in the
Coconut Grove area
Amount
$185,698.00
Total
$185,698.00
$185,698.00