HomeMy WebLinkAboutEXHIBITCity of Miami Affordable Housing Long Term Lease/Build Manage Strategy
Program Summary
Program Description: Funding under this strategy will be used by the City of Miami to acquire buildable vacant parcels
of land or existing real estate properties suitable for the development or redevelopment of mixed use/mixed income
affordable rental or homeownership developments to be owned and built by the City of Miami or by a third -party
developer on behalf of the City of Miami for the purposes of maintaining, operating and management of affordable
housing units.
Maximum Award: Funding for properties under this strategy shall come from the Miami Forever Bond funds or another
fund legally available to the city
Development Type: Mixed income and mixed-use multifamily rental apartment building(s) of 5 or more units, containing
units of various sizes, with or without common amenities and, single family developments.
Project designs and specifications in compliance with City of Miami planning and zoning requirements. Building
construction in compliance with City of Miami and Florida Building Codes.
Income levels served: Proposed developments shall serve Extremely Low, Very Low, Low level incomes.
Development Ownership: Properties purchased under this strategy may be maintain under city ownership, or leased to
a third party developers secured through a competitive RFP process or pursuant to Section 29-B of the Charter of the City
of Miami Florida, who may construct with taxable and/or tax-exempt bonds in one or more separate future Miami Forever
Bonds tranches, affordable multifamily rental or homeownership project containing units for individuals and families who
earn up to eighty percent (80%) of area median income with developers managing such properties for the City.
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