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HomeMy WebLinkAboutO-14116City of Miami Ordinance 14116 Legislation City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12282 Final Action Date: 10/27/2022 AN ORDINANCE OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), CODIFYING AND SUPPLEMENTING THE AFFORDABLE HOUSING TRUST FUND, AS IT WAS PREVIOUSLY ESTABLISHED BY RESOLUTION NO. 07- 0203, BY AMENDING CHAPTER 18 OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED ("CITY CODE"), TITLED "FINANCE"; MORE PARTICULARLY BY ESTABLISHING A NEW ARTICLE XIII OF THE CITY CODE, TITLED "AFFORDABLE HOUSING TRUST FUND"; CONTAINING A SEVERABILITY CLAUSE AND PROVIDING FOR AN EFFECTIVE DATE. SPONSOR(S): Mayor Francis X. Suarez, Commissioner Joe Carollo WHEREAS, as part of its effort to combat the affordable housing shortage in the City of Miami, Florida ("City"), the Code of the City of Miami, as amended, is amended as described herein; and WHEREAS, the "Programs" referenced in the body of the Ordinance below are set forth in Exhibit "A," attached and incorporated, and may be administratively amended from time to time in order to address the realities of financing affordable housing; and WHEREAS, a copy of Exhibit "A," as may be amended from time to time, shall be made available on the City's website or upon request; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Ordinance are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. Chapter 18 of the Code of the City of Miami, Florida, as amended, is further amended in the following particulars:1 "CHAPTER 18 FINANCE ARTICLE XIII. AFFORDABLE HOUSING TRUST FUND Sec. 18-628. Affordable Housing Trust Fund. 1 Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicate omitted and unchanged material. City of Miami Page 1 of 3 File ID: 12282 (Revision: A) Printed On: 6/23/2025 File ID: 12282 Enactment Number: 14116 The "Affordable Housing Trust Fund" ("Trust Fund") is a distinct fund that has been established to receive dedicated revenues, which can only be spent on affordable housing, by providing financial resources to facilitate the development or maintenance of housing for low to moderate income households within the City of Miami. Sec. 18-629. Established. (a) The Trust Fund is hereby established into which funds shall be deposited pursuant to this Article. (b) Upon receipt of funds as described herein, the City's Department of Finance shall deposit such funds into the Trust Fund. (c) The Trust Fund, and the programs established in connection therewith, shall be managed, administered, and maintained by the Department of Housing and Community Development ("Department"). (d) The Trust Fund shall be used solely for affordable housing programs and the Trust Fund's administrative support. Housing programs will include providing financial assistance to for -profit and not -for -profit developers, existing homeowners, first-time homebuyers, and to the City for properties owned or to be acquired and developed by the City as affordable housing projects, as more particularly set forth in Ordinance No. 14116, which may be amended from time to time ("Programs"). Said Programs shall be made available to the public by the Department. All multifamily and/or single-family affordable housing developments requesting Trust Fund funding assistance must be approved by the Housing and Commercial Loan Committee ("HCLC") prior to City Commission action. In order to utilize Trust Fund funds to support the first-time homebuyer and existing homeowner programs, City Commission must appropriate funds to be used and must approve such Programs' guidelines. (e) Due to the cost it requires to manage the Trust Fund, the Department will utilize ten percent (10%) of the Trust Fund for administrative costs. Administrative staff is responsible for: developing request for proposals, document preparation, loan underwriting, determining eligibility and affordability, loan monitoring, and servicing, marketing and providing education to developers and beneficiaries of the Trust Funds. The Administrative staff will work closely with local banking institutions, as well as for -profit and not -for -profit developers in the implementation of the Trust Fund requirements. (f) In order to ensure the on -going solvency, the Trust Fund receives revenue from dedicated sources including but not limited to principal and/or interest paid on Trust Fund loans, from appropriations as determined by legislative action of the City Commission, from twenty-five percent (25%) of rental income received by the City from Miami Freedom Park commencing on date that the City receives its first rental payment, from fees and financial contributions pursuant to the City of Miami Zoning Ordinance, and as described in Sections 62-663 and 62-641 - 62- 643 of the City Code. (q) The Department will award Trust Fund funding through one of the following two processes: 1. Through the issuance of a request for proposals; or 2. Through City Commission action. City of Miami Page 2 of 3 File ID: 12282 (Revision: A) Printed on: 6/23/2025 File ID: 12282 Enactment Number: 14116 Regardless of the process, all project funding must obtain approval by the HCLC as to the terms and conditions of the loan. (h) Expenditure of funds and any actions in furtherance of the expenditure shall be consistent with this Article, and all applicable criteria and guidelines set forth in the Programs; shall comply with City procedures and laws for the acquisition of goods and services; and shall be approved within the annual budget by the City Commission. (i) The Trust Fund shall be established for a period of five (5) years and shall be reviewed by the City Commission upon expiration of the five (5) years and every ten (10) years thereafter to determine whether the purposes of the Trust Fund has been satisfied and upon such finding in the negative, the Trust Fund shall sunset and any funds to be collected and allocated pursuant to this Article shall revert to the Public Benefits Trust Fund established in Section 62-641 of the City Code. Sec. 18-630. Financial Report. A financial report on Trust Fund receipts and expenditures shall be prepared annually at the close of the fiscal year by the City Manager for review and approval by the City Commission and filed with the City Clerk." Section 3. If any section, part of a section, paragraph, clause, phrase, or word of this Ordinance is declared invalid, the remaining provisions of this Ordinance should not be affected. Section 4. This Ordinance shall become effective thirty (30) days after final reading and adoption thereof.2 APPROVED AS TO FORM AND CORRECTNESS: ndez, City ttor ey 11 /21 /2022 2 This Ordinance shall become effective as specified herein unless vetoed by the Mayor within ten (10) days from the date it was passed and adopted. If the Mayor vetoes this Ordinance, it shall become effective immediately upon override of the veto by the City Commission or upon the effective date stated herein, whichever is later. City of Miami Page 3 of 3 File ID: 12282 (Revision: A) Printed on: 6/23/2025