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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #12502 Date: 08/31/2022 Commission Meeting Date: 10/13/2022 Requesting Department: Department of Housing and Community Development Sponsored By: District Impacted: All Type: Resolution Subject: Auth. City Manager - Allocate - HOME Program Income Fund Purpose of Item: AUTHORIZING THE ALLOCATION OF PROGRAM INCOME FROM HOME INVESTMENT PARTNERSHIP ("HOME") PROGRAM FUNDS GENERATED FROM APRIL 1, 2022 TO JULY 31, 2022 IN THE AMOUNT OF $2,256,618.55 AND AN ADDITIONAL AMOUNT OF $155,289.52 OF RECAPTURED FUNDS, FOR A TOTAL AMOUNT OF $2,411,908.07, AS SPECIFIED IN EXHIBIT "A," ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. Background of Item: The Department of Housing and Community Development ("Department") receives various types of repayments from loans provided to developers and homeowners thar are required to be used for eligible program activities. From April 1, 2022 to July 31, 2022 the Department collected $2,256,618.55 in Home Investment Partnership ("HOME") program income and an amount of $155,289.52 in recaptured funds. Pursuant to HOME regulations 24 CFR Part 92.503, program income and recaptured funds must be used for eligible HOME activities. The Department recommends the allocation of Funds to the eligible HOME activities, as specified in Exhibit "A" attached and incorporated. Budget Impact Analysis Item is NOT Related to Revenue Item is NOT funded by Bonds Item is an Expenditure Total Fiscal Impact: $2,411,908.07 Special Revenue Account No: 14002.910101.883000 (HOME) Department of Community Review Completed Office of Management and Office of Management and City Manager's Office City Manager's Office Legislative Division Office of the City Attorney Office of the City Attorney City Commission Office of the City Clerk Reviewed B and Economic Development 09/15/2022 12:07 PM Budget Luis Hernandez -Torres Budget Marie Gouin Larry M. Spring Arthur Noriega V Valentin J Alvarez Richard Appleton Victoria Mendez Maricarmen Lopez City Clerk's Office George Mensah Department Head Budget Analyst Review Budget Review Assistant City Manager Review City Manager Review Legislative Division Review ACA Review Approved Form and Correctness Meeting Rendered Completed 09/16/2022 8:15 AM Completed 09/16/2022 12:17 PM Completed 09/20/2022 9:20 AM Completed 09/20/2022 11:15 AM Completed 09/20/2022 3:59 PM Completed 09/29/2022 5:48 PM Completed 09/30/2022 10:14 AM Completed 10/13/2022 9:00 AM Completed 10/19/2022 1:03 PM City of Miami Legislation Resolution Enactment Number: R-22-0390 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12502 Final Action Date:10/13/2022 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE ALLOCATION OF PROGRAM INCOME FROM HOME INVESTMENT PARTNERSHIPS ("HOME") PROGRAM FUNDS GENERATED FROM APRIL 1, 2022 TO JULY 31, 2022 IN THE AMOUNT OF $2,256,618.55 AND AN ADDITIONAL AMOUNT OF $155,289.52 OF RECAPTURED FUNDS, FOR A TOTAL AMOUNT OF $2,411,908.07 AS SPECIFIED IN EXHIBIT "A," ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. WHEREAS, the Department of Housing and Community Development ("Department") receives various types of repayments from loans provided to developers and homeowners that are required to be used for eligible program activities; and WHEREAS, from April 1, 2022 to July 31, 2022 the Department collected $2,256,618.55 in Home Investment Partnerships ("HOME") program income and an amount of $155,289.52 in recaptured funds for a total amount of $2,411,908.07 ("Funds"); and WHEREAS, pursuant to HOME regulations 24 CFR Part 92.503, program income and recaptured funds must be used for eligible HOME activities; and WHEREAS, the Department recommends the allocation of Funds to the eligible HOME activities, as specified in Exhibit "A," attached and incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The allocation of the Funds to the eligible HOME activities, as specified in Exhibit "A," attached and incorporated, is authorized.' Section 3. The City Manager is authorized to negotiate and execute any and all necessary documents, in a form acceptable to the City Attorney, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption. 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. APPROVED AS TO FORM AND CORRECTNESS: