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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #16140 Date: 05/29/2024 Commission Meeting Date: 07/11/2024 Requesting Department: Department of Housing and Community Development Sponsored By: District Impacted: All Type: Resolution Subject: Authorize - Establishment Infill FTHB Expanded Program Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S) AUTHORIZING THE ESTABLISHMENT OF THE INFILL FIRST-TIME HOMEBUYER EXPANDED PROGRAM; ATTACHED AND INCORPORATED AS DESCRIBED IN EXHIBIT "A", WITH FUNDS ALLOCATED FROM AMERICAN RESCUE PLAN ACT ("ARPA") AND CITY OF MIAMI FOREVER BONDS ("MFB"); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS FOR SAID PURPOSE. Background of Item: Due to a well-known local affordable housing crisis with the City of Miami ("City"), the Department of Housing and Community Development ("Department") desires to establish the Infill First Time Homebuyer Expanded program ("Program") to assist income -eligible households to become homeowners. The goals of "Program" is to promote and create affordable homeownership opportunities through the City's direct development of new single-family homes on city owned or acquired sites to be sold to eligible households with incomes not to exceed 120% of the Area Median Income ("AMI"). The Program will provide up to Two Hundred Thousand Dollars ($200,00.00) to assists with the acquisition, financing and downpayment assistance to qualified income eligible household toward the purchasing of the properties built by the City of Miami. The City's Administration recommends the establishment of the Infill First -Time Homebuyer Expanded program; attached and incorporated as described in Exhibit "A," with funds allocated from American Rescue Plan Act ("ARPA") and City of Miami Forever Bonds ("MFB"). Budget Impact Analysis Item is NOT Related to Revenue Item has NOT an Expenditure Item is NOT funded by Bonds Total Fiscal Impact: N/A City Manager's Office Office of Management and Budget Office of Management and Budget 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 Larry M. Spring Luis Hernandez -Torres Marie Gouin Arthur Noriega V Valentin J Alvarez Raymond Pereira George K. Wysong III Nicole Ewan City Clerk's Office Department Head Review Budget Analyst Review Budget Review City Manager Review Legislative Division Review ACA Review Approved Form and Correctness Meeting Rendered Completed 05/29/2024 1:50 PM Completed 05/29/2024 5:15 PM Completed 05/30/2024 2:44 PM Completed 05/30/2024 5:33 PM Completed 06/24/2024 2:58 PM Completed 07/01/2024 5:25 PM Completed 07/01/2024 6:42 PM Completed 07/11/2024 9:00 AM Completed 07/17/2024 6:14 PM City of Miami Legislation Resolution Enactment Number: R-24-0260 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 16140 Final Action Date:7/11/2024 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S) AUTHORIZING THE ESTABLISHMENT OF THE INFILL FIRST-TIME HOMEBUYER EXPANDED PROGRAM, AS DESCRIBED IN EXHIBIT "A," ATTACHED AND INCORPORATED, WITH FUNDS TO BE ALLOCATED FROM AMERICAN RESCUE PLAN ACT ("ARPA") FUNDS AND CITY OF MIAMI FOREVER BONDS ("MFB") BY SEPARATE RESOLUTION; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO ALL FEDERAL, STATE, AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS FOR SAID PURPOSE. WHEREAS, due to the local affordable housing crisis within the City of Miami ("City"), the Department of Housing and Community Development ("Department") desires to establish the Infill First Time Homebuyer Expanded program ("Program"), as described herein and in accordance with the guidelines set forth in Exhibit "A," attached and incorporated, as may be amended from time to time, to assist income -eligible households to purchase property in the City; and WHEREAS, the Program will promote and create affordable homeownership opportunities for residents of the City through the City's direct development of new single-family homes on City owned or sites that will be acquired by the City that will be sold to eligible households with incomes not to exceed 120% of the Area Median Income ("AMI"); and WHEREAS, the Program will provide up to Two Hundred Thousand Dollars and 00/100 Dollars ($200,000.00) to assist qualified homebuyers with the acquisition, financing, and downpayment assistance as needed for the purchase of a home built by the City; and WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall be in compliance with all applicable Federal, State of Florida, local, and City laws, rules, regulations, and procedures, including, but not limited to, the seven (7) Affordable Housing Bonds Strategies, the Intent to Reimburse Resolution, and the Miami Forever Bond Validation Order, the Charter of the City of Miami, Florida, as amended ("City Charter"), and the Code of the City of Miami, Florida, as amended ("City Code") (collectively, "Laws"); and; WHEREAS, any actions authorized and undertaken pursuant to this Resolution shall receive and be subject to the receipt of any and all necessary approvals including, but not limited to, City Attorney, Bond Counsel, the City's ARPA Consultant, Atkins, a member of the SNC-Lavalin Group, or its successor ("ARPA Consultant"), the City's Department of Housing and Community Development, the City's Office of Management and Budget, and the City's Department of Finance approval; and WHEREAS, the City's Administration recommends the establishment of the Infill First - Time Homebuyer Expanded program, as described in Exhibit "A," attached and incorporated, with funds allocated from American Rescue Plan Act ("ARPA") and City of Miami Forever Bonds ("M FB"); 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 establishment of the Infill First -Time Homebuyer Expanded program, as described in Exhibit "A," attached and incorporated, is authorized,' with funds to be allocated from American Rescue Plan Act ("ARPA") and City of Miami Forever Bonds ("MFB") by separate resolution. Section 3. The City Manager is authorized' to negotiate and execute any and all necessary documents, including amendments, extensions, and modifications, all in forms acceptable to the City Attorney, subject to all Federal, State, and Local laws that regulate the use of such funds for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: 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.