HomeMy WebLinkAboutExhibit AEXHIBIT "A "
CITY OF MIAMI DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT (THE "DEPARTMENT")
LOW-INCOME SENIOR RESIDENTS RENTAL ASSISTANCE PROGRAM
Program Description:
The Low Income Senior Rental Assistance Program is designed to mitigate and relieve the rental housing
cost burden to City of Miami ("City') residents that are 62 years old or older, whose household income is
40%, or less, of the Miami -Dade County's AMI. The program is crafted to offset or reduce the impact of
rent increases relative to City senior resident's fixed income. The City is cognizant that rent increases are
usually greater than the cost of living increases in the City for the Low -Income Senior Resident's social
security or other fixed income. These unmitigated rental increases oftentimes force senior residents to
choose between housing and other essential costs such as food and medication. The goal of this
program is to lift the heavy housing cost burden of extremely low-income and very low income seniors
renting in the City, who are severely cost burdened , by ensuring that these eligible senior residents
don't spend more than 50% of their monthly income on housing costs. Most of these eligible senior
residents are rent burdened insofar as they spend over 30% of their monthly income on housing costs.
Source of Funding:
As referenced in Chapter 62, "Planning and Zoning Fees", Article VII, "Historic and
Environmental Preservation Board—Schedule of Fees", Subsection 62-32(0) of the City Code of
the City of Miami, as amended from time to time:
An amount equal to fifteen percent (15%) of the value of the capital improvements pursuant to
Section 23-6," Transfer of development rights and density" will be retained [ with the following
funding allocations]:
Ten percent (1016) for the Public Benefits Trust Fund, particularly forAffordable/Workforce Housing as
per Article XIV, with priority of five percent (5%) for the City's Senior Rental Assistance Program;
Eligible Costs:
Monthly rent costs that exceed 50% of the senior resident's monthly household income.
Eligible Properties:
Must be rental property located within the City limits with no current code violations, fines, or
outstanding fees due the City, and funding prioritized as follows:
a. Rental housing funded by the City; and,
b. Subsidized rental housing in the City; and,
c. Rental housing where % or more of the residents are low income senior residents as defined
by this program and by the Housing Guidelines of the Department of Housing and
Community Development (the" Department").
Eligible Tenants:
a. Must be 62 years of age or older;
b. Household income must be 40%, or less, of Miami -Dade County's AMI;
c. Cannot have more than $5,000 in total bank accounts;
d. Cannot receive rent subsidies;
e. Rent must be current; and,
f. Must always be City residents when participating in this Program.
Required Documents:
a. Most recent proof of monthly income;
b. State of Florida issued identification card;
c. Copy of executed lease /rental agreement; and
d. Affidavit attesting that the rental unit is their primary residence.
Amount to be provided:
Basic monthly rent cost that exceed 50% of the low-income senior resident's monthly
household income but not to exceed $100.00 per month per household.
Pavment:
Payments will be made directly to landlord on a monthly basis.
Length:
Payment will be made for an initial period of 12 months. Renewal of payments for
another 12 -month period will be subject to availability of funds and tenant(s)
maintaining program eligibility.