HomeMy WebLinkAboutAgenda Item Summary FormAGENDA ITEM SUMMARY FORM
File ID: #16676
Date: 09/17/2024
Commission Meeting Date: 10/15/2024
Requesting Department: Department of
Housing and Community Development
Sponsored By: City Commission
District Impacted: All
Type: Resolution
Subject: Modify Guidelines Infill FTHB Expanded Program
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S)
MODIFYING THE GUIDELINES OF THE INFILL FIRST TIME HOMEBUYER
PROGRAM, AS DESCRIBED IN RESOLUTION NO. R-24-0260 ("EXPANDED
PROGRAM") BY REQUIRING APPLICANTS TO SECURE A FIRST MORTGAGE IN
AN AMOUNT THAT WOULD RESULT IN A TOTAL PAYMENT, INCLUSIVE OF
PRINCIPAL, INTEREST, TAXES, AND INSURANCE, UP TO THIRTY PERCENT (30%)
OF THE APPLICANT'S TOTAL GROSS FAMILY INCOME AS IDENTIFIED IN EXHIBIT
"A," ATTACHED AND INCORPORATED; EXCEPT FOR THE EXCEPTIONS STATED
HEREIN; PROVIDING FOR AN EFFECTIVE DATE.
Background of Item:
On July 11, 2024, pursuant to Resolution No. 24-0260 the Miami City Commission
established the Infill First Time Homebuyer Expanded program, with funds allocated
from American Rescue Plan Act ("ARPA") and the City of Miami Forever Bonds
("MFB").
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 source of funding is comprised of both American Rescue Plan Act (ARPA) and/or
City of Miami Forever Bonds (MFB). The income limits will be up to one hundred twenty
percent (120%) of Area Median Income (AMI), adjusted for family size; and
The current Expanded Program's Guidelines requires applicants to secure a first
mortgage in an amount that would result in a total payment, inclusive of principal,
interest, taxes and insurance, equal to thirty percent (30%) of the applicant's total gross
family income as identified in Exhibit "A," attached and incorporated.
It is the desire of the City Commission to modify the Expanded Program's guidelines as
described herein.
It is in the best interest of the City to modify the Expanded Program's Guidelines to
require applicants to secure a first mortgage in an amount that would result in a total
payment, inclusive of principal, interest, taxes and insurance, up to thirty percent (30%)
of the applicant's total gross family income as identified in Exhibit "A," attached and
incorporated; and
The City's Administration recommends modifying the guidelines of the Infill First Time
Homebuyer program ("Expanded Program") by requiring applicants to secure a first
mortgage in an amount that would result in a total payment, inclusive of principal,
interest, taxes, and insurance, up to thirty percent (30%) of the applicant's total gross
family income as identified in Exhibit "A."
Budget Impact Analysis
Item is NOT Related to Revenue
Item has NOT an Expenditure
Item is 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
City Manager's Office
Legislative Division
Office of the City Attorney
Office of the City Attorney
City Commission
City Commission
Office of the City Clerk
Reviewed B
Larry M. Spring
Luis Hernandez -Torres
Marie Gouin
Natasha Colebrook -Williams
Arthur Noriega V
Valentin J Alvarez
Raymond Pereira
George K. Wysong III
Nicole Ewan
Maricarmen Lopez
City Clerk's Office
Department Head Review
Budget Analyst Review
Budget Review
Deputy City Manager Review
City Manager Review
Legislative Division Review
ACA Review
Approved Form and Correctness
Meeting
Meeting
Rendered
Completed 09/17/2024 7:52 PM
Completed 09/18/2024 8:57 AM
Completed 09/19/2024 10:25 AM
Completed 09/19/2024 1:09 PM
Completed 09/19/2024 9:00 PM
Completed 09/20/2024 11:04 AM
Completed 09/30/2024 2:03 PM
Completed 10/01/2024 5:47 PM
Completed 10/10/2024 9:00 AM
Completed 10/15/2024 9:00 AM
Completed 10/17/2024 4:26 PM
City of Miami
Legislation
Resolution
Enactment Number: R-24-0398
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 16676 Final Action Date:10/15/2024
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
MODIFYING THE REQUIREMENTS AND GUIDELINES OF THE INFILL FIRST-TIME
HOMEBUYER EXPANDED PROGRAM, AS DESCRIBED IN RESOLUTION NO. R-24-
0260 ("EXPANDED PROGRAM"), BY REQUIRING APPLICANTS TO SECURE A
FIRST MORTGAGE IN AN AMOUNT THAT WOULD RESULT IN A TOTAL PAYMENT,
INCLUSIVE OF PRINCIPAL, INTEREST, TAXES, AND INSURANCE, UP TO THIRTY
PERCENT (30%) OF THE APPLICANT'S TOTAL GROSS FAMILY INCOME AS
IDENTIFIED IN EXHIBIT "A," ATTACHED AND INCORPORATED; EXCEPT FOR THE
EXCEPTIONS STATED HEREIN; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, on July 11, 2024, pursuant to Resolution No. 24-0260, the Miami City
Commission established the Infill First -Time Homebuyer Expanded Program ("Infill Expanded
Program"), allocating funds from the American Rescue Plan Act ("ARPA") and the City of Miami
Forever Bonds ("MFB"); and
WHEREAS, the Infill Expanded Program will provide up to Two Hundred Thousand
Dollars ($200,000.00) to qualified income eligible households to assist with the acquisition,
financing and downpayment assistance as needed for the purchase of a home built by the City
of Miami ("City"); and
WHEREAS, the current Infill Expanded Program guidelines requires applicants to secure
a first mortgage in an amount that would result in a total payment, inclusive of principal, interest,
taxes and insurance, equal to thirty percent (30%) of the applicant's total gross family income;
and
WHEREAS, it is in the best interest of the City to modify the Infill Expanded Program's
guidelines to require applicants to secure a first mortgage in an amount that would result in a
total payment, inclusive of principal, interest, taxes and insurance, up to thirty percent (30%) of
the applicant's total gross family income as identified in Exhibit "A," attached and incorporated;
and
WHEREAS, except as described herein, no other portion of the Infill Expanded Program
shall be impacted by this Resolution;
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 City Commission authorizes' the modification of the Infill Expanded
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
Program requirements and guidelines by requiring applicants to secure a first mortgage in an
amount that would result in a total payment, inclusive of principal, interest, taxes, and insurance,
up to thirty percent (30%) of the applicant's total gross family income as identified in Exhibit "A,"
attached and incorporated.
Section 3. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
ge Wy j ng III, C y ttor -y 10/1/2024
provisions.