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HomeMy WebLinkAboutExhibitEXHIBIT "A" DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT Affordable Rental Housing Preservation Program Policy Affordable Rental Housing Preservation Policy Program Description Provides construction and permanent financing to assist in part with the acquisition and rehabilitation/preservation of existing affordable multifamily rental projects. City assisted units will be required to provide 20 % of the assisted units for Extremely Low Income (30% AMI), and 80% of the assisted units for Low Income (80% AMI) All unassisted units shall not be restricted. Funding HOME, SHIP, CDBG, AHTF, GOB Repayment Requirements 1. Deferred Payment Loan: No debt service payments required. Property must maintain the required affordability structure for a period of 30 years. Failure to comply will result in the full repayment of principal and an agreed upon default interest rate. Full repayment of principal at the 30-year maturity. 2. Interest Only Loan: Interest only payments at up to 3% interest rate, payable monthly until maturity or a pre -determined period. All principal and interest due at maturity. Loan maturity for a period up to 30 years Minimum / Maximum Subsidy The maximum total amount of City of Miami financing shall not exceed the lesser of $1M or 25% Loan to Cost (LTC) of acquisition and rehabilitation,oon projects containing 20 or more total units and the lesser of $1M or 50% LTC on projects containing less than 20 total units. Affordability Period Up to 30 years affordability period Security City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc. Funding Availability City funds shall be made available on a first come first served basis, for eligible multifamily building in the City of Miami. City funding shall be secured and enforced by a Mortgage, Restrictive Covenant, Note, Disbursement Agreement, Regulatory Agreement, Rental Agreement, etc. Development Types Multifamily rental apartment building(s) of 5 or more units, containing, units of various sizes, with or without common amenities. Project designs and specifications in compliance with City of Miami planning and zoning requirements. Building construction in compliance with City of Miami and Florida Building Codes. Underwriting/Approval All projects will be subject to underwriting and approval by the Housing and Commercial Loan Committee.