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Date: 08-06-2015
AGENDA ITEM SUMMARY FORM
FILE ID: 15-0 1 088
Law Department
Matter ID No.
Requesting Department: Community & Economic Development
Commission Meeting Date: 09-24-2015 District Impacted: 1,2,3,4,5
Type: // Resolution n Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ALLOCATION OF NSP 3 PROGRAM INCOME FUNDS
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE ALLOCATION
OF NEIGHBORHOOD STABILIZATION PROGRAM 3 ("NSP3"), PROGRAM INCOME IN
THE TOTAL AMOUNT OF $2,208,771 ALLOCATING AN AMOUNT OF $220,877 TO
DEPARTMENT OF COMMUNITY & ECONOMIC DEVELOPMENT FOR PROGRAM
ADMINISTRATION AND AN AMOUNT OF $1,987,894 FOR ELIGIBLE HOUSING
ACTIVITIES; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID
PURPOSE.
Background Information:
See attached
Budget Impact Analysis
YES Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No: N/A
Special Revenue Account No:: HOI9, '614)101, Va r:a v4 . 0.0 11 1, 61%7, 0 R4
CIP Project No: N/A `l to/ .0.0 220. 977
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost: N/A
Maintenance Cost: N/A
Total Fiscal Impact: $2,208,771
Final Approvals
(SIGN AND DATE)
CIP Budget L •
Risk Management
Purchasing Dept. Director
rirf d5s1 CA S City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 21, 2010 the President of the United States signed the Dodd -Frank Wall Street
Reform and Consumer Protection Act of 2010 which includes the Neighborhood Stabilization
Program 3 ("NSP3").
The NSP3 is designed to stabilize neighborhoods whose viability has been, and continues to
be, damaged by the economic effects of properties that have been foreclosed and
abandoned.
Pursuant to Resolution No. 11-0044, adopted on February 10, 2011 the Miami City
Commission approved the allocation of NSP3 funds in the amount of $4,558,939.
The City has expended all the funds under the NSP3 program for eligible activities.
The City has received a payment in the amount of $2,208,771 which constitutes program
income and is governed by all the rules and regulations of the NSP3 program.
10% of the funds will be allocated to allow the department to administer the program and the
rest will be set -aside for activities eligible under the NSP3 program. The eligible activities
includes the purchase of foreclosed homes, rehabilitation of foreclosed and/or abandoned
homes, demolition of abandoned properties and new housing construction.
The amount for housing activities will be allocated through a request for proposal (RFP)
method for eligible projects.
The City Administration recommends the allocation of Neighborhood Stabilization Program 3
("NSP3") program income in the amount of $2,208,771 allocating an amount of $220,877 to
Department of Community & Economic Development for program administration and an
amount of $1,987,894 for eligible housing activities.