HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
w
r� k Matter ID No.
FILE ID 16-01064
Date: 07/21/2016 Requesting Department: Community & Economic Development
Commission Meeting Date: 09/08/2016 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ACCEPTANCE OF SHIP FUNDS FOR FISCAL YEAR 2016-2017.
Purpose of Item:
AUTHORIZING THE ACCEPTANCE OF STATE HOUSING INITIATIVES PARTNERSHIP ("SHIP")
FUNDS, IN THE TOTAL AMOUNT OF $1,758,650 FOR FISCAL YEAR 2016-2017, FOR THE
STRATEGIES UNDER THE CURRENT SHIP LOCAL HOUSING ASSISTANCE PLAN ("LHAP"),
AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, FOR SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No.-
NO
o:NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $1,7582650
Final Approvals
(SIGN AND DATE)
CIP Budget'
if using or receiving capital funds
Grants Risk Management
Purchasing / Dept. Director
Chief f City Manager ,—,
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
On July 1992, the State of Florida enacted the William E. Sadowski Affordable Housing Act
("Sadowski Act"), which provides for the allocation of a portion of new and existing documentary
stamp taxes on deeds on real estate transactions to local governments for the development and
maintenance of affordable housing.
The Sadowski Act provided a dedicated revenue source for affordable housing and created the State
Housing Initiative Partnership ("SHIP") Program.
Pursuant to Resolution No. 16-0160, adopted April 14, 2016, the Miami City Commission approved
the City of Miami amended LHAP for the period of July 1, 2016 through June 30, 2019, allowing the
City's continued participation in the Florida SHIP Program.
On March 28, 2016, the City was notified by Florida Housing Finance Corporation of a distribution of
SHIP funds in the total amount of $1,758,650 which may vary for State Fiscal Year 2016-2017.
The City administration recommends the acceptance of SHIP funds, in the total amount no less than
$1,758,650 for Fiscal Year 2016-2017, for the strategies under the current SHIP LHAP.