HomeMy WebLinkAbout25381AGREEMENT INFORMATION
AGREEMENT NUMBER
25381
NAME/TYPE OF AGREEMENT
MIAMI-DADE COUNTY
DESCRIPTION
RENT REGULATORY AGREEMENT/HIDEAWAYS BY THE
BAY/MATTER ID: 24-3280/#2
EFFECTIVE DATE
January 8, 2025
ATTESTED BY
TODD B. HANNON
ATTESTED DATE
1/8/2025
DATE RECEIVED FROM ISSUING
DEPT.
1/8/2025
NOTE
Prepared by, and after recording return to:
George K. Wysong III, Esq.
City Attorney, City of Miami
444 S.W. 2nd Avenue
Miami, FL 33130-1910
Tel: (305) 416-1800
Property Address: 10821 Caribbean Boulevard Miami, Florida 33189
RENT REGULATORY AGREEMENT FOR
HIDEAWAYS BY THE BAY
THIS RENT REGULATO Y AGREEMENT ("Regulatory Agreement") is entered into
this $4t" day of b"""1 , 20 , between MIAMI-DADE COUNTY, a political subdivision
of the State of Florida (hereinafter referred to as "Borrower") and the CITY OF MIAMI, a
municipal corporation of the State of Florida (hereinafter referred to as the "City").
The execution of this Regulatory Agreement by the Borrower is in connection with the
loan of HOME Investment Partnerships -American Rescue Plan Act of 2021 ("HOME -ARP")
funds, (the "Loan"), secured by certain loan documents to be executed in connection therewith
(the "Loan Documents"), for the construction of a total of one hundred seven (107) residential
affordable apartment units. Fifty-seven (57) of the residential apartment units will be the HOME -
ARP -assisted units ("HOME -ARP Assisted Units"), in that certain project known as Hideaways
by the Bay. The project will be a 4-floor residential building located at 10821 Caribbean Boulevard
Miami, Florida 33189 (hereinafter referred to as the "Property" or the "Project").
In accordance with the requirements set forth in (i) that certain HOME -ARP Loan
Agreement executed by the Borrower and the City for the HOME -ARP funds (the "Agreement"),
and (ii) the other Loan documents of even date therewith between the Borrower and the City, fifty-
seven (57) of the total one hundred seven (107) Project units are considered "HOME -ARP -
Assisted" and all of the HOME -ARP -Assisted Units are subject to the restrictions provided herein.
The fifty-seven (57) HOME -ARP -Assisted Units shall be "floating" units, meaning that they are
not specifically designated units, but that any fifty-seven (57) of the total one hundred seven (107)
Project units shall be, at any one time, in compliance with HOME -ARP and the requirements set
forth herein.
Borrower hereby agrees to the following terms, conditions and covenants until the end of
the Affordability Period:
(1) Occupancy Requirements. The HOME -ARP -Assisted Units shall be made
available to tenants who qualify under the occupancy requirements of 24 CFR Part 92,
the HOME -ARP guidance, the HOME -ARP Documentation Requirements, and the
United States Department of the Treasury's final rule, 31 CFR Part 35, that implements
the Coronavirus State Fiscal and Local Fiscal Recovery Funds established under the
American Rescue Plan Act of 2021 ("Regulation"). The HOME -ARP -Assisted Units
are subject to the restrictions provided therein and herein, including, but not limited to,
the following:
Fifty-seven (57) of the HOME -ARP Assisted Units shall be occupied by Qualifying
Populations and if necessary for Low -Income Households. Low -Income Households
have annual incomes that do not exceed sixty-five percent (65%) of area median
income, as determined by the U.S. Department of Housing and Urban Development
('HUD") and adjusted for family size.
Page 1 of 9
Pursuant to the HOME -ARP guidance and the HOME -ARP Documentation
Requirements, a HOME -ARP -Assisted Unit leased by a Qualifying Population
Individual or Household may not require an initial determination of household income.
Borrower is not required to perform an initial determination of household income to
lease a HOME -ARP -Assisted Unit except as necessary to determine an affordable
rental contribution by the qualifying household or to establish eligibility for another
funding source in the unit that imposes income restrictions. Each subsequent year
during the compliance period, starting 1 year after initial occupancy, the Borrower and
Project Operator must use the definition of annual income as defined in 24 CFR 5.609
to examine the income of qualifying households to determine the household's
contribution to rent.
(2) Maximum Rent Levels. The rents charged on all of the HOME -ARP -Assisted Units
shall be subject to the Regulation and to the requirements set forth in the table below.
Gross monthly rent charged on HOME -ARP -Assisted Units occupied by tenants
identified as Qualifying Populations:
No. of
HOME -ARP-
No. of
Bedrooms
AMI
Category
Rent
Maximum*
Assisted
Units
57
0
50%
$993
Gross monthly rent charged on HOME -ARP -Assisted Units occupied by tenants identified
as Low -Income (if applicable) are subject to the rent maximums as follows:
No. of HOME-
No. of
Bedrooms
AMI
Category
Rent
Maximum*
ARP-
Assisted
Units
17A
0
65%
$1,273
^ If necessary: up to 17 HOME -ARP -assisted units of 57 total units may be occupied
by Low -Income households only upon approval from HCD Director and in
conformance with Loan Agreement terms
* Change yearly per HUD HOME rent limits
The foregoing maximum rents include tenant paid utilities. Maximum rents will be
reduced for the amount of the applicable HUD Utility Allowance for any utilities paid
by the tenant. In no event will the monthly rent on an HOME -ARP -Assisted Unit
exceed thirty percent (30%) of the applicable percentage of area median income set
forth in Paragraph 1 above. Rents shall not be adjusted for changes in income or HUD
published maximums until lease renewal. In the event that the HOME -ARP Assisted
Units are also benefitted from a federal or state rent subsidy program, then the rents
outlined above may be set at the applicable rent standard established by that rent
subsidy program in compliance with 24 CFR 252 (b)(2).
Page 2 of 9
(3) Income Re -certification. Tenant income for HOME -ARP -Assisted Units shall be
certified by the Borrower annually in conformance with the specifications in CPD-21-
10 — Subsection VI. B. 12 on the anniversary of each tenant's lease and maintained in
the tenant file, subject to inspection by the City, in accordance with this Regulatory
Agreement.
(4) Tenant Contribution to Rent and Changes in Income. Borrower must ensure that
Qualifying Households' contribution to rent is affordable to the qualifying household
based on a determination of each household's income. Borrower must comply with
CPD-21-10 — Subsection IV. B. 14. Borrower may not terminate or refuse to renew the
lease of a qualifying household for experiencing an increase in income. Borrower shall
handle any income increases and tenancy terminations in accordance with CPD-21-10
subsection IV. B. 15 and 19 (c), respectively.
(5) Deposits and Pre -payments. Borrower shall not require, as a condition of occupancy
or leasing of any HOME -ARP -Assisted Unit, any other consideration or deposit from
the tenant, except for the prepayment of one month's rent and plus a security deposit
not to exceed one additional month's rent.
(6) Prohibited Lease Provisions. The Borrower's leases for HOME -ARP -Assisted
Units shall not contain any of the following provisions:
a. Agreement to be sued. A tenant lease may not contain a provision whereby
the tenant agrees to be sued, admits guilt or consents to judgment in favor
of the landlord in a lawsuit brought in connection with the lease.
b. Agreement regarding treatment of property. A tenant lease may not contain
a provision whereby the tenant agrees that the landlord may take, hold or
sell personal property of the tenant household without notice and a court
decision. This prohibition does not apply to personal property remaining in
the HOME -ARP -Assisted Unit after the tenant has moved out.
c. Waiver of notice. A tenant lease may not contain a provision whereby the
tenant agrees that the landlord may institute a lawsuit without notice to the
tenant.
d. Waiver of legal proceedings. A tenant lease may not contain a provision
whereby the tenant agrees that the landlord may evict the tenant or a
household member without instituting a civil court proceeding in which the
tenant has the opportunity to present a defense or before a court decision on
the rights of the parties.
e. Waiver of a jury trial. A tenant lease may not contain a provision whereby
the tenant agrees to waive any right to a jury trial.
f. Waiver of right to appeal a court decision. A tenant lease may not contain a
provision whereby the tenant agrees to waive the tenant's right to appeal or
otherwise challenge in court a court decision in connection with the lease.
Agreement to pay legal costs, regardless of outcome. A tenant lease may
not contain a provision whereby the tenant agrees to pay attorney's fees or
g.
Page 3 of 9
other legal costs even if the tenant wins the court proceeding brought by the
landlord against the tenant. The tenant, however, may be obligated to pay
costs if the tenant loses.
h. Excusing owner from responsibility. A tenant lease may not contain a
provision whereby the tenant agrees not to hold the landlord or the
landlord's agents legally responsible for any action or failure to act, whether
intentional or negligent.
i. Mandatory supportive services. Agreement by the tenant (other than a
tenant in transitional housing) to accept supportive services that are offered.
.(7) Annual Reporting. Each year, on the anniversary of the issuance of the certificate
of occupancy/certificate of completion for the Project, and at other times at the request
of the City, the Borrower shall furnish occupancy reports in a form approved by the
City, and shall provide the City with such other information as may be requested by the
City relative to income, expenses, assets, liabilities, contracts, operations, and condition
of the Project and/or the HOME -ARP -Assisted Units.
(8) Inspections. The Borrower agrees to submit the HOME -ARP -Assisted Units to an
annual re -inspection to insure continuing compliance with all applicable housing codes,
federal and local housing quality standards and regulatory requirements. The Borrower
will be furnished a copy of the results of each inspection within thirty (30) days of
completion, and will be given thirty (30) days thereafter to correct any deficiencies or
violations.
At any time other than an annual inspection, the City may, in its discretion,
inspect any HOME -ARP -Assisted Unit. The Borrower and the tenant will be provided
with the results of the inspection and the time and the method of compliance and
corrective action that must be taken.
(9) Record -keeping. The Property, including the HOME -ARP -Assisted Units,
equipment, buildings, plans, offices, apparatus, devices, books, contracts, records,
documents, Tenant Documentation as required under the HOME -ARP Loan
Agreement, and other papers relating thereto shall at all times be maintained in
reasonable condition for proper audit and shall be subject to examination and inspection
at any reasonable time by the City. Borrower shall keep copies of all written contracts
and other instruments which affect the HOME -ARP -Assisted Units, all or any of which
may be subject to inspection and examination by the City. Specifically, the foregoing
includes all records, calculations and information necessary to support tenant
occupancy eligibility and monthly rental charges in addition to all leases and written
notices to tenants with respect to the terms of this Regulatory Agreement, as required
by this Regulatory Agreement.
(10) Default. Upon the occurrence of a violation of any provision of this Regulatory
Agreement, the City shall give written notice thereof to the Borrower, by registered or
certified mail, addressed to the Borrower's address as stated in this Regulatory
Agreement, or to such other address(es) as may subsequently, upon appropriate written
notice thereof to the City, be designated by the Borrower. In the case of a Borrower
which is a corporation or partnership, notices may also be sent by the City to the address
Page 4 of 9
of the corporation's chief executive officer or to all general partners, as applicable, at
the City's discretion. If such violation is not corrected to the City's satisfaction, within
thirty (30) days after the date such notice is mailed, or within such further time as the
City reasonably determines is necessary to correct the violation, without further notice
the City may declare a default under this Regulatory Agreement and under the Loan
Agreement and the Loan Documents executed in connection therewith, and may
proceed to initiate any or all remedies at law or in equity provided for in the event of a
default under such agreements and Loan Documents.
All notices under this Regulatory Agreement shall be in writing and addressed as
follows:
To Borrower:
With Copies to:
Miami -Dade County
111 Northwest 1st Street
Miami, FL 33128
Attention: County Mayor
Victoria Mallette
Miami -Dade Homeless Trust
111 Northwest 1st Street
Miami, FL 33128
Miami -Dade County Attorney's Office
111 Northwest 1st Street
Miami, FL 33128
Attention: Shannon D. Summerset-Williams
Assistant County Attorney
To City: City of Miami
Department of Housing and
Community Development
One Flagler Building
14 Northeast 1st Avenue, Second Floor
Miami, Florida 33132
Attn: Victor Turner, Director
With Copy To: George K. Wysong III
Office of the City Attorney, City of Miami
444 S.W. 2nd Avenue
Miami, FL 33130-1910
(11) Fines. Upon the occurrence of a violation of any provision of this Regulatory
Agreement, and regardless of the nature of the violation, the City will assess a flat
monthly fine in the amount of Fifty Dollars and no/cents ($50.00) per HOME -ARP -
Assisted Unit that is the subject of such violation up to a maximum of Five Thousand
Dollars and no/cents ($5,000.00) per month, for each month the violation is not
corrected, and pay same over to the City. The remedy for violation provided in this
section of this Regulatory Agreement is cumulative with any and all remedies at law or
Page 5 of 9
in equity provided in the event of a default under this Regulatory Agreement and/or the
Loan Documents.
(12) Tenant Lease. Borrower agrees during the term of this Regulatory Agreement, to
furnish each tenant of a HOME -ARP -Assisted Unit, at the execution or renewal of any
lease or upon initial occupancy with a lease. There must be a lease between the
qualifying household or the Low Income Household and the Borrower of the HOME -
ARP -assisted Project in accordance with 24 CFR 92.253(a).
(13) No Conflict with Loan Documents. The provisions of this Regulatory Agreement
are in addition to, and do not amend, alter, modify, or supersede in any respect, the
provisions of the mortgage and/or any of the other Loan Documents executed in
connection with the Loan.
(14) Partial Invalidity. The invalidity of any paragraph or provision of this Regulatory
Agreement shall not affect the validity of the remaining paragraphs and provisions
hereof.
(15) Term. This Regulatory Agreement shall be effective until the Expiration of the
Affordability Period. On the Expiration of such period, this Regulatory Agreement
shall immediately lapse and be of no further force and effect without the necessity of
any other written document or instrument. Notwithstanding the foregoing, upon such
Expiration, the Borrower shall be permitted to prepare and record an instrument
evidencing the expiration of and other termination of this Regulatory Agreement in the
Public Records of Miami -Dade County, Florida.
(16) Definitions. All capitalized terms used herein and not otherwise defined shall have
the meanings provided in the Regulation and/or in the Loan Documents.
(17) Exclusion of Commercial Spaces. Notwithstanding anything to the contrary in this
Regulatory Agreement or in the Loan Agreement, it is expressly understood and agreed
that the Regulation and all other terms, conditions, restrictions, and requirements of
this Regulatory Agreement shall exclude, and shall not apply to, or otherwise restrict
or affect, the operation, maintenance, leasing, improvement, base rent and other
additional rent determination and collection, and all other aspects of the Borrower's
management, leasing, and ownership of all or any portion of the commercial and retail
spaces located in the Project, if applicable.
(18) Severability. Invalidation of one of the provisions of this Regulatory Agreement
by judgment of Court shall not affect any of the other provisions of the Covenant, which
shall remain in full force and effect.
(19) Recordation. This Regulatory Agreement shall be filed of record among the
Public Records of Miami -Dade County, Florida, at the sole cost and expense of the
Borrower.
(20) Governing Law and Venue. This Regulatory Agreement shall be construed and
enforced pursuant to the laws of the State of Florida, excluding all principles of choice
of laws, conflict of laws and comity. Any action pursuant to a dispute under this
Regulatory Agreement must be brought in Miami -Dade County and no other
venue. All meetings to resolve said dispute, including voluntary arbitration,
mediation, or other alternative dispute resolution mechanism, will take place
Page 6 of 9
in this venue. The parties both waive any defense that venue in Miami -Dade
County is not convenient.
(21) Attorney's Fees. In the event litigation, arbitration, or mediation, between
the parties hereto, arises out of the terms of this Regulatory Agreement, each
party shall be responsible for its own attorney's fees, costs, charges, and
expenses through the conclusion of all appellate proceedings, and including
any final settlement or judgment.
(22) Counterparts and Electronic Signatures. This Regulatory Agreement may
be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, and such counterparts shall together constitute but
one and the same Regulatory Agreement. The parties hereto shall be entitled to
sign and transmit an electronic signature of this Regulatory Agreement
(whether by facsimile, PDF or other email transmission), which signature shall
be binding on the party whose name is contained therein. Any party hereto
providing an electronic signature agrees to promptly execute and deliver to the
other parties an original signed Regulatory Agreement upon request.
[Signature Page Follows]
Page 7 of 9
THIS REGULATORY AGREEMENT has been executed and delivered as of the day and
year first above written.
WITNESSES:
Signatures Q:a�
Print Name: I lure% deity,Attu_
Add esss: l'3�}a d,,Sup $841av
NI 1 a uLu FL 331 s to
Signature: V
Print Name: ‘7p�j j9 6 0)9 trait:
Address: 3 b ropo ._,rr.-
For - L cudo 0/4/5 Ft 333)d-
STATE OF FLORIDA
COUNTY OF MIAMI-DADE
PROJECT SPONSOR:
MIAMI-DADE COUNTY, a political
subdivis'on of the Si. to of Florida
By:
Print
Title
ACKNOWLEDGMENT
amp: (� (fl i►- kOrCtleS
CNN O !in
The foregoing instrument was acknowledged before me by means of 71" physical presence or O
online notarization, this2day of , 2024 by as at of
Miami -Dade County, a political subdivision of the State of Florida. She/He is personally known
to me or has produced , as identification.
(NOTARY PUBLIC SEAL)
( Y';•.••.., RONALD LEE BOOK
I
ti Votary ojbdc • State :f %•.ortda
'1pE Covnission 6 FF 241777
'rcvn°'' My Camr.., Ensues Mar 17. 2026
...... 3cn20 tnrcugr 4attcr4I Naar/ 4sn.
Signature of Person Taking
Acknowledgment
(Printed, Typed, or Stamped Name of Notary
Public)
Serial Number, if any
Page 8 of 9
ATTEST:
odd B. H
City Clerk
Date: I/ 8 /ao8 /a0.9,5
APPROVED AS TO FORM
AND CORRECTNESS:
George K. Wysong III i".
City Attorney ctif *1 -3zVD
CITY:
CITY OF MIAMI, a municipal corporation
of the State of Florida
da/
Arthur Noriega
City Manager
Page 9 of 9
Exhibit A
Legal Description Of The Property
FOLIO NO.: 36-6007-027-0010
Tract A, BUDGETEL AT CARIBBEAN, according to the Plat thereof, recorded in Plat
Book 146, Page 20, in the Public Records of Miami -Dade County, Florida.
ALSO KNOWN AS:
Commence at the Southeast corner of the North 1/4 of the North 1/2 of the Northeast 1/4 of the
1/4 Northeast of said Section 7: thence South 89 degrees 56 minutes 28 seconds West along the
South line of the North 1/2 of the 1/2 of the Northeast 1/4 of the Northeast 1/4 of said Section 7
for 549.02 feet; thence South 42 degrees 23 minutes 50 seconds West for 61.59 feet to the Point
of Beginning of the parcel of land hereinafter described; thence South 15 degrees 22 minutes 51
seconds= for 104.47 feet; thence South 9 degrees 16 minutes 50 seconds= for 199.35 feet (said
last mentioned two courses being coincident with the Westerly Right -of Way lien of the
Homestead Extension of Florida's Turnpike State Road No. 821, as shown on Sheet R-6 of the
Right -of -Way Map thereof, prepared for Section 87005, Contract 2502, last revised 4-19-71);
thence South 80 degrees 43 minutes 10 seconds West at right angles to the last described course
for 143.70 feet; thence South 9 degrees 16 minutes 50 seconds = for 195.29 feet (said last
mentioned two courses being coincident with the Northerly and Westerly line of "HOLIDAY
INN AT CARIBBEAN", as recorded Plat Book 107, at Page 98 of the Public Records of Miami -
Dade County, Florida); thence North 47 degrees 37 minutes 17 seconds West for 148.87 feet;
thence South 42 degrees 23 minutes 50 seconds West for 150 feet to a point on the Northerly
Right -of Way line of Caribbean Boulevard; thence North 47 degrees. 37 minutes 17 seconds
West along said Northerly Right -of -Way line of Caribbean Boulevard for 100 feet; thence North
42 degrees 23 minutes 50 seconds East for 167.45 feet more or less to the Southeasterly
prolongation of an existing one-story CBS building wall; thence Northwesterly along the
Northwesterly face of the afore -described one-story CBS building (and the Northeasterly and
Southeasterly prolongation) for 60 feet more or less; thence North 42 degrees 23 minutes 50
seconds= for 395.65 feet to the Point of Beginning, all lying and being in Miami -Dade County,
Florida.
Page 10 of 9