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��' AGENDA ITEM SUMMARY FORM
Matter ID No.
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FILE IDs 16.00810
*bice ie ei"i
Date: 05-31-2016 Requesting Department: Community & Economic Development
Commission Meeting Date: 07-14-2016 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AMENDING THE EMPLOYEES WORKFORCE HOUSING DOWNPAYMENT
ASSISTANCE PROGRAM.
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AMENDING THE
EMPLOYEES WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE PROGRAM, AS
DESCRIBED IN ATTACHMENT "A" ATTACHED AND INCORPORATED AND AUTHORIZING THE
TRANSFER OF $1,000,000 FROM THE CITY OF MIAMI AFFORDABLE HOUSING TRUST FUND
TO CITY OF MIAMI WORKFORCE HOUSING DOWNPAYMENT ASSISTANCE PROGRAM.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below..
General Account No:
Special Revenue Account No: TO BE DETERMINED
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: 1,000,000
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Risk
Purchasing Dept
Chief G -7 City
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No.06-0213, adopted April 6, 2006 the City of Miami Commission approved
an initial amount of $2.5 million was allocated to the Employees Workforce Housing Downpayment
Assistance Program with a goal of providing city employees with an incentive or assistance that will
allow said employee to reside in the community that he/she works for; thereby improving the quality
of life for both the employee and neighboring residents.
On April 12, 2007 by Resolution No.07-0225, an amount of $2 million was transferred from the
Employees Workforce Housing Downpayment Assistance Program to Community Development
Department, Affordable Housing Trust Reserve Account, for the development of future affordable
housing; thus, leaving an amount of $500,000 for the Employees program. Due to the price of
properties at that time and the maximum amount of $25,000 only 20 employees were able to use the
program.
The program is still needed in today's market to incentivize employees to own properties in the City
and provide additional means of contributing in the quality of life in the City.
The City Administration recommends the transfer of $1,000,000 from the City of Miami Affordable
Housing Trust Funds, allocating said funds to City of Miami, Department of Community and
Economic Development for the Employees Workforce Housing Downpayment Assistance program,
as-described -in -attach ment"A".