HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 14-00563
Date: 06/03/2014 Requesting Department: Community & Economic Development
Commission Meeting Date: 07/24/14 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: SHIP Funding 2014-2015
Purpose of Item:
AUTHORIZING THE ACCEPTANCE OF STATE HOUSING INITIATIVES PARTNERSHIP ("SHIP")
FUNDS, IN THE TOTAL AMOUNT OF $1,213,631, FOR FISCAL YEAR 2014-2015, FOR THE
STRATEGIES UNDER THE CURRENT SHIP LOCAL HOUSING ASSISTANCE PLAN ("LHAP"),
AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS, FOR SAID
PURPOSE(S).
Background Information:
Please see attached.
Budget Impact Analysis
NO Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
led i36 DM"€*-erTemx d
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
$1,213,631
Approvals
(SIGN AND DATE)
CIP Budge
...........................................
If -using or receiving capital funds
Grants Risk Management_,
Purchasing Dept. Director
Chief IC"( City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing Act
("Sadowski Act") which provides for the allocation of a portion of new and existing documentary
stamp taxes on deeds on real estate transactions to local governments for the development and
maintenance of affordable housing.
The Sadowski Act provided a dedicated revenue source for affordable housing and created the
Florida State Housing Initiative Partnership Program.
Pursuant to Resolution No. 13-0288, adopted July, 25 2013, the Miami City Commission approved
the City's LHAP for the period of July 1, 2013 through June 30, 2016, allowing the City's continued
participation in the Florida SHIP Program.
On May 7, 2014, the City was notified by Florida Housing Finance Corporation a distribution of SHIP
funds in the total amount of $1,213,631 for State Fiscal Year 2014-2015.
This represents the largest allocation amount the City has received in the last 4 years.
In 2013-2014, the City received $572,606 and in 2012-2013, the City received only $100,743.
The Administration recommends the acceptance of SHIP funds, in the total amount of $1,213,631 for
Fiscal Year 2014-2015, for the strategies under the current SHIP LHAP.