HomeMy WebLinkAboutSummary FormDate: 07/14/2015
AGENDA ITEM SUMMARY FORM
FILE ID: 15-00991
Law Department
Matter ID No.
Requesting Department: Community & Economic Development
Commission Meeting Date: 09/10/2015 District Impacted: 1,2,3,4,5
Type: El Resolution C Ordinance n Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ACCEPTANCE OF SHIP FUNDS FOR FISCAL YEAR 2015-2016.
Purpose of Item:
AUTHORIZING THE ACCEPTANCE OF STATE HOUSING INITIATIVES PARTNERSHIP ("SHIP")
FUNDS, IN THE TOTAL AMOUNT OF $1,299,453, FOR FISCAL YEAR 2015-2016, 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?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
$1,299,453
Final Approvals
(SIGN AND DATE)
CIP Budge
If using or receiving capital funds
Grants Risk Management
Purchasing i. Dept. Director
Chief 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 State
Housing Initiative Partnership ("SHIP") Program.
Pursuant to Resolution No. 14-0121, adopted March 27, 2014, the Miami City Commission approved
the amended 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 June 30, 2015, the City was notified by Florida Housing Finance Corporation of a distribution of
SHIP funds in the total amount of $1,299,453 for State Fiscal Year 2015-2016.
10% of the SHIP funds, in the amount of $129,945 will be used for administration and the rest of
$1,169,508 will be used primarily in the Single Family rehabilitation program, which currently has 21
homeowners on the waitlist. A request for application will be advertised in the second week of
September, as required by SHIP regulations to grow the waitlist again.
The Administration recommends the acceptance of SHIP funds, in the total amount of $1,299,453 for
Fiscal Year 2015-2016, for the strategies under the current SHIP LHAP.