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DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Affordable Rental Housing Preservation Program Policy
Affordable Rental Housing Preservation Policy
Provides construction and permanent financing to assist in part with the
acquisition and rehabilitation/preservation of existing affordable multifamily
Program Description rental projects. City assisted units will be required to provide 20 % of the
assisted units for Extremely Low Income (30% AMI), and 80% of the assisted
units for Low Income (80% AMI) All unassisted units shall not be restricted.
Funding HOME, SHIP, CDBG, AHTF, GOB
1. Deferred Payment Loan: No debt service payments required. Property
must maintain the required affordability structure for a period of 30
years. Failure to comply will result in the full repayment of principal
and an agreed upon default interest rate. Full repayment of principal at
Repayment Requirements the 30 -year maturity.
2. Interest Only Loan: Interest only payments at up to 3% interest rate,
payable monthly until maturity or a pre -determined period. All
principal and interest due at maturity. Loan maturity for a period up to
30 years
The maximum total amount of City of Miami financing shall not exceed the
Minimum / Maximum Subsidy lesser of $1M or 25% Loan to Cost (LTC) of acquisition and rehabilitation, on
projects containing 20 or more total units and the lesser of $1M or 50% LTC
on projects containing less than 20 total units.
Affordability Period Up to 30 years affordability period
City funding shall be secured and enforced by a Mortgage, Restrictive
Security Covenant, Note, Disbursement Agreement, Regulatory Agreement, Rental
Agreement, etc.
City funds shall be made available on a first come first served basis, for eligible
multifamily building in the City of Miami. City funding shall be secured and
Funding Availability enforced by a Mortgage, Restrictive Covenant, Note, Disbursement
Agreement, Regulatory Agreement, Rental Agreement, etc.
Multifamily rental apartment building(s) of 5 or more units, containing, units of
various sizes, with or without common amenities. Project designs and
Development Types specifications in compliance with City of Miami planning and zoning
requirements. Building construction in compliance with City of Miami and
Florida Building Codes.
Underwriting/Approval All projects will be subject to underwriting and approval by the Housing and
Commercial Loan Committee.