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HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM File ID: #16422 Date: 07/26/2024 Commission Meeting Date: 07/25/2024 Requesting Department: City Commission Sponsored By: Christine King District Impacted: All Type: Resolution Subject: Mortgage Replacement Program MFE Purpose of Item: <Insert Purpose of Item Here> Background of Item: <Insert Background Here> Budget Impact Analysis Total Fiscal Impact: City Commission Legislative Division Office of the City Attorney Office of Management and Budget Office of the City Attorney Office of the City Clerk Reviewed B Maricarmen Lopez Valentin J Alvarez Xavier Alban Leon P Michel George K. Wysong III City Clerk's Office Meeting Legislative Division Review ACA Review Budget Review Attorney Review Rendered Completed Completed Completed Completed Completed Completed 07/25/2024 9:00 AM 07/31/2024 11:23 AM 07/31/2024 12:46 PM 07/31/2024 2:01 PM 09/05/2024 1:08 PM 09/24/2024 3:46 PM City of Miami Legislation Resolution Enactment Number: R-24-0311 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 16422 Final Action Date:7/25/2024 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING THE MIAMI FOR EVERYONE ("MFE") PROGRAM GUIDELINES TO ALLOW FOR DEFERRED PAYMENT LOANS FOR THE REPLACEMENT OF PRIVATE FIRST MORTGAGE LOANS AGAINST A PROPERTY THAT HAS BEEN PRE -APPROVED FOR ASSISTANCE UNDER THE CITY OF MIAMI'S SINGLE FAMILY REPLACEMENT HOME PROGRAM, ESTABLISHING THE MIAMI FOR EVERYONE MORTGAGE REPLACEMENT PROGRAM ("MFE MORTGAGE REPLACEMENT PROGRAM"); FURTHER AMENDING THE GUIDELINES TO INCLUDE SPECIFIC ELIGIBILTY AND REPAYMENT REQUIREMENTS OF THE MFE MORTAGE REPLACEMENT PROGRAM; FURTHER ALLOCATING GRANT FUNDS FROM THE DISTRICT 5 COMMISSIONER'S SHARE OF THE MFE PROGRAM IN A TOTAL AMOUNT NOT TO EXCEED TWO HUNDRED THOUSAND AND 00/100 DOLLARS ($200,000.00) ("MFE FUNDS") TO THE MFE MORTGAGE REPLACEMENT PROGRAM TO BE ADMINISTERED BY THE CITY'S DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT ("DEPARTMENT"); FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL NECESSARY DOCUMENTS, SUBJECT TO APPLICABLE REQUIREMENTS OF ALL FEDERAL, STATE, AND LOCAL LAWS, INCLUDING THE CHARTER OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, AND CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, IN FORMS ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE. WHEREAS, pursuant to Resolution No. 23-0178 adopted on April 13, 2023, the City Commission established the Miami For Everyone Program ("MFE") to assist communities facing the long-term complications resulting from declared emergencies and to address the specific needs of the most vulnerable residents and businesses, through a strategy of focusing the provision of support towards priority areas of need that will further stabilize economic conditions within City of Miami ("City") Districts; and WHEREAS, the Novel Coronavirus ("COVID-19") pandemic, the national housing crisis, and the related economic impacts has brought to light the need to expand the allowable uses of MFE funds to include deferred payment loans for the replacement of private first mortgage loans against property which are eligible and approved for assistance under the City's Single Family Replacement Home Program, consistent with the needs identified in this Resolution; and WHEREAS, the City Commission wishes to amend the MFE guidelines to allow for deferred payment loans for the replacement of private first mortgage loans against a property that has met the requirements and have been approved for assistance under the City's Single Family Replacement Home program, and hereby establishes the "Miami For Everyone Mortgage Replacement Program" ("MFE Mortgage Replacement Program"); and WHEREAS, the City's Administration has revised the standardized MFE Program Guidelines and a Funding Request Form to include additional requirements for the MFE Mortgage Replacement Program, in substantially the forms attached as Composite Exhibit "A"; and WHEREAS, the MFE Mortgage Replacement Program will be administered by the City's Department of Housing and Community Development; and WHEREAS, District 5 Commissioner Christine King ("Commissioner") wishes to provide grant funds from the Commissioner's share of MFE Program funds in an amount not to exceed Two Hundred Thousand and 00/100 Dollars ($200,000.00) to initially fund the MFE Mortgage Replacement Program; and WHEREAS, the City Manager is requesting authority from the City Commission to negotiate and execute any and all documents necessary, subject to all applicable requirements of all Federal, State, and local laws, including 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"), and in forms acceptable to the City Attorney, for the allocation of the funds for the Program; and WHEREAS, in accordance with Section 2-33(f) of the City Code, the City Commission, by a majority vote, hereby deems this Resolution to be of an emergency nature; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble of this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The City Commission hereby amends the MFE Program guidelines to allow for deferred payment loans for the replacement of private first mortgage loans against a property that has met the requirements and have been approved for assistance under and the City's Low -Income Single Family Replacement Home program, hereby establishing the MFE Mortgage Replacement Program. Section 3. The Standardized Miami For Everyone Program Guidelines and Funding Request Form(s) are amended with the forms attached and incorporated as Composite Exhibit "A," are adopted. Section 4. The City Manager is authorized to allocate the funds from the Commissioner's share of MFE Program funds to the Trust for the Program in an amount not to exceed Two Hundred Thousand and 00/100 Dollars ($200,000.00) for the Program. Section 5. The City Manager is authorized to execute any and all necessary documents, all in a form acceptable to the City Attorney, for said purpose. Section 6. 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.