HomeMy WebLinkAboutSummary FormDate: 04-25-2016
AGENDA ITEM SUMMARY FORM
FILE ID: 16-00591
Law Department
Matter ID No.
Requesting Department: Community & Economic Development
Commission Meeting Date: 06-09-2016 District Impacted: 1,2,3,4,5
Type: Resolution ❑ Ordinance [1 Emergency Ordinance n Discussion Item
❑ Other
Subject: SUBSTANTIAL AMENDMENT OF NSP3 PROGRAM
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING
THE CITY OF MIAMI'S ("CITY") NEIGHBORHOOD STABILIZATION PROGRAM 3 ("NSP3")
SUBSTANTIAL AMENDMENT #2016.1, AS INDICATED IN EXHIBIT "A", ATTACHED AND
INCORPORATED, TO REFLECT AN ALLOCATION OF $1,987,894 IN PROGRAM INCOME TO
THE PROGRAM AND THE AMENDMENT OF THE AREA OF GREATEST NEEDS TO INCLUDE
ALL THE AREAS OF THE CITY'S INFILL PROGRAM AND TO REMOVE AREAS WHICH
CURRENTLY DOES NOT QUALIFY; AUTHORIZING THE CITY MANAGER TO SUBMIT THE
SUBSTANTIAL AMENDMENT TO THE UNITED STATES DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT FOR REVIEW AND APPROVAL.
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: N/A
CIP Project No: N/A
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost: N/A
Maintenance Cost: N/A
Total Fiscal Impact: $1,987,894
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing Dept: Director j
Chief/,/'' City Manager
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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"), administered by the United States Department of Housing and
Urban Development ("HUD").
The NSP3 provides funds to stabilize neighborhoods whose viability have been, and continues to be,
damaged by the economic effects of properties that have been foreclosed and abandoned.
Pursuant to Resolution No.15-0404, adopted on September 24, 2015 the Miami City Commission
approved the allocation of NSP3 program income in the amount of $2,208,771 which included an
amount of $1,987,894 for eligible housing activities.
To be able to spend the program income for eligible activities, there is the need to amend the NSP3
areas of greatest needs to include current NSP3 projects and to remove areas that currently does not
qualify for the program.
The City Administration recommends the approval of the City's NSP3 Substantial Amendment
#2016.1, as indicated in Exhibit "A", attached and incorporated, to reflect an allocation of $1,987,894
in program income to the program and the amendment of the area of greatest needs to include the
areas of the City's infill program and to remove areas which currently does not qualify.