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* °°°°° ......° File ID: #6922
Resolution
Sponsored bv: Commissioner Joe Carollo
A RESOLUTION OF THE MIAMI CITY COMMISSION APPROVING THE CREATION
OF THE AFFORDABLE HOMEOWNERSHIP LOAN PROGRAM ("PROGRAM") FOR
THE CITY OF MIAMI ("CITY') TO BORROW, PROCURE, AND OBTAIN VARIOUS
EXTERNAL AND INTERNAL FUNDING SOURCES IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT UP TO TWO HUNDRED FIFTY MILLION DOLLARS
($250,000.000.00) FOR LAND ACQUISITION AND CONSTRUCTION TO ASSIST
ELIGIBLE LOW TO MODERATE INCOME CITY RESIDENTS THROUGH REVOLVING
LOANS TO BECOME HOMEOWNERS IN OWNER -OCCUPIED HOMESTEADED
DWELLINGS OR UNITS WITHIN THE CITY LIMITS TO BE REIMBURSED TO THE
CITY AS HOMEOWNERS OBTAIN MORTGAGE LOANS, ALL SUBJECT TO (1)
CREATION OF THE AFFORDABLE HOMEOWNERSHIP LOAN PROGRAM TASK
FORCE ("TASK FORCE") AND APPOINTMENTS OF THE MEMBERS THEREOF, (2)
ANALYSIS AND DEVELOPMENT OF PROGRAM REQUIREMENTS, POLICIES, AND
GUIDELINES BY THE TASK FORCE TO BE PROVIDED TO THE CITY COMMISSION
BY THE END OF MARCH 2020, AND (3) FUTURE CITY COMMISSION APPROVALS
OF ALL EXTERNAL AND INTERNAL FUNDING SOURCES, PROCUREMENTS,
ALLOCATIONS, LOANS, AND GRANTS TO THE CITY AND REVOLVING LOAN
FUND REQUIREMENTS.
City of Miami
City Hall
Legislation 3500 Pan American Drive
g Miami, FL 33133
Resolution www.miamigov.com
Enactment Number: R-19-0508
File Number: 6922 Final Action Date:12/12/2019
A RESOLUTION OF THE MIAMI CITY COMMISSION APPROVING THE CREATION
OF THE AFFORDABLE HOMEOWNERSHIP LOAN PROGRAM ("PROGRAM") FOR
THE CITY OF MIAMI ("CITY") TO BORROW, PROCURE, AND OBTAIN VARIOUS
EXTERNAL AND INTERNAL FUNDING SOURCES IN A TOTAL AGGREGATE
PRINCIPAL AMOUNT UP TO TWO HUNDRED FIFTY MILLION DOLLARS
($250,000.000.00) FOR LAND ACQUISITION AND CONSTRUCTION TO ASSIST
ELIGIBLE LOW TO MODERATE INCOME CITY RESIDENTS THROUGH REVOLVING
LOANS TO BECOME HOMEOWNERS IN OWNER -OCCUPIED HOMESTEADED
DWELLINGS OR UNITS WITHIN THE CITY LIMITS TO BE REIMBURSED TO THE
CITY AS HOMEOWNERS OBTAIN MORTGAGE LOANS, ALL SUBJECT TO (1)
CREATION OF THE AFFORDABLE HOMEOWNERSHIP LOAN PROGRAM TASK
FORCE ("TASK FORCE") AND APPOINTMENTS OF THE MEMBERS THEREOF, (2)
ANALYSIS AND DEVELOPMENT OF PROGRAM REQUIREMENTS, POLICIES, AND
GUIDELINES BY THE TASK FORCE TO BE PROVIDED TO THE CITY COMMISSION
BY THE END OF MARCH 2020, AND (3) FUTURE CITY COMMISSION APPROVALS
OF ALL EXTERNAL AND INTERNAL FUNDING SOURCES, PROCUREMENTS,
ALLOCATIONS, LOANS, AND GRANTS TO THE CITY AND REVOLVING LOAN
FUND REQUIREMENTS.
WHEREAS, due to a well-known local affordable housing crisis within the City of Miami
("City"), the City Commission desires to create an affordable homeownership loan program and
related revolving loan fund in a total aggregate principal amount up to Two Hundred Fifty Million
Dollars ($250,000,000.00) for land acquisition and construction to assist low to moderate
income eligible residents to become homeowners in owner -occupied homesteaded dwellings
within the City limits to be reimbursed to the City as homeowners obtain mortgage loans; and
WHEREAS, the goals of the Affordable Homeownership Loan Program ("Program") are
(1) to encourage a diverse and vibrant population, (2) to assist low to moderate income
residents to achieve the goals of homeownership and stability in their living spaces within the
City, and (3) to leverage the City's ability to borrow, procure, and receive a wide variety of
external and internal funding sources, procurements, allocations, loans, and grants to develop
the Program; and
WHEREAS, the Program would initially fund up to one thousand nine hundred (1,900)
one -bedroom dwellings or units and up to six hundred (600) two-bedroom dwellings or units;
and
WHEREAS, the City Commission deems it in the best interests of the City to hereby
create, in accordance with Sections 2-881 through 2-893 of the Code of the City of Miami,
Florida, as amended ("City Code"), an eleven (11) member Affordable Homeownership Loan
Program Task Force ("Task Force") to be composed of five (5) members [one (1) to be
appointed by each District Commissioner] with backgrounds and experience in community
reinvestment banking, affordable housing mortgage financing, affordable housing building and
construction, community affordable housing credit and budget educational services for residents
to become qualified homeowners, or other community service experience with alleviating the
affordable housing crisis; the Director of the Department of Procurement ("Procurement"); the
Director of the Department of Housing and Community ("HCD"); the Director of the Department
of Planning ("Planning"); the Director of the Department of Building ("Building"); the Director of
the Department of Off -Street Parking ("MPA"); and the Director of the Department of Real
Estate and Asset Management ("DREAM");
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated as if fully set forth in this Section.
Section 2. The City Commission hereby approves the creation of the Program in order
for the City to borrow, procure, and obtain various external and internal funding sources in a
total aggregate principal amount up to Two Hundred and Fifty Million Dollars ($250,000,000.00)
for land acquisition and construction to assist low to moderate income eligible residents to
become homeowners in owner -occupied homesteaded dwellings within the City limits to be
reimbursed to the City as homeowners obtain mortgage loans, all subject to (1) City
Commission creation of the Task Force and appointments of the members thereof, (2) analysis
and development of Program requirements, policies, and guidelines by the Task Force to be
provided to the City Commission by the end of March 2020, and (3) future City Commission
approvals of all external and internal funding sources, procurements, allocations, loans, and
grants to the City and revolving loan fund requirements for the Program.
Section 3. Composition, Appointment, and Qualifications.
The City Commission hereby establishes the Task Force to consist of eleven (11) individuals to
be composed of five (5) members [one (1) to be appointed by each District Commissioner] with
backgrounds and experience in community reinvestment banking, affordable housing mortgage
financing, affordable housing building and construction, community affordable housing credit
and budget educational services for residents to become qualified homeowners, or other
community service experience with alleviating the affordable housing crisis., and the Director of
Procurement; the Director of Housing and Community Development; the Director of Planning;
the Director of Building; the Director of the Miami Parking Authority (MPA); and the Director of
the Department of Real Estate and Asset Management (DREAM), all to serve without
compensation.
Section 4. Purposes; Attendance; Vacancies.
The purpose, powers, and duties of the Task Force are as follows:
a. Purpose.
The Task Force shall analyze and develop Program requirements, policies and
guidelines to be provided to the City Commission by the end of March 2020.
b. Minimum Attendance Requirements and Removal.
It is expected that the appointed members of the Task Force attend each meeting.
Attendance requirements and removal therefrom shall be pursuant to Section 2-886 of
the Code of the City of Miami, Florida, as amended ("City Code").
c. Vacancies.
Vacancies on the Task Force shall be filled pursuant to Section 2-885(a)(3) of the City
Code.
Section 5. Officers.
At the initial meeting, the members of the Task Force shall select and designate a
Chairperson and Vice -Chairperson from among the members of the Task Force who shall serve
at the pleasure of the Task Force.
Section 6. Meetings and Quorum.
All meetings of the Task Force shall be noticed and open to the public. The public shall
be encouraged to submit oral or written comments to the Task Force. A majority of the Task
Force's appointed and qualified members at such time shall constitute a quorum for the purpose
of convening any meeting. An affirmative vote of a majority of the members present and voting
at any meeting is required for any action to be taken by the Task Force.
Section 7. Rules of Procedure.
The Task Force may adopt its own order of business and rules of procedure governing
its meetings and take actions on matters within its jurisdiction not inconsistent with the
provisions set forth herein, which rules of procedure shall be filed with the City Clerk. If no such
rules of procedure are expressly adopted, the Task Force will use Robert's Rules without the
necessity of other action. Robert's Rules will govern in the event the adopted rules of procedure
are silent on an issue. The Task Force shall comply with all requirements of Chapters 119
(Public Records) and 286 (Sunshine Law), Florida Statutes. The minutes of each meeting shall
be promptly made available and such records shall be open to public inspection. Copies of
minutes of all Task Force meetings shall be furnished to the Mayor, City Commissioners, City
Attorney, and City Manager.
Section 8. Legal Counsel.
The City Attorney shall serve as legal counsel to the Task Force and shall provide legal
advice on all matters considered by the Task Force. The City Attorney or designee shall provide
legal support to the Task Force and attend all Task Force meetings.
Section 9. Assignment of Staff.
It shall be the duty of the City Manager to provide full cooperation and sufficient
personnel for necessary administrative support to the Task Force, including assignment of an
individual to act as liaison and secretary to the Task Force as well as the assignment of
individuals from City Departments and Offices, as may be necessary, to advise the Task Force
about ongoing and pending projects. It shall be the duty of the Task Force liaison to keep
minutes or cause said minutes to be taken at all meetings, maintain committee correspondence,
post meeting notices with the City Clerk, file reports, and perform all other necessary support
functions. The City Manager may participate in deliberations of the Task Force, as requested by
the Task Force, and may give technical and policy advice to the Task Force as requested. The
City Manager shall ensure that the City Manager's designee will be present at all meetings and
available to aid the Task Force upon request.
Section 10. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor.'
If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days
from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
APPROVED AS TO FORM AND CORRECTNESS:
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