98-22871 RESO
RESOLUTION NO. 98-22871
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA,
AUTHORIZING THE APPROPRIATION OF STATE
HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM
FUNDS FOR FISCAL YEAR 1998/1999, IN THE AMOUNT OF
$353,051; FISCAL YEAR 1999/2000, IN THE AMOUNT OF
353,051; AND FISCAL YEAR 2000/2001, IN THE AMOUNT OF
353,051; OR THE FINAL ALLOCATION AMOUNT, AS
ADJUSTED BY THE FLORIDA HOUSING FINANCE
CORPORATION; FURTHER AUTHORIZING THE
APPROPRIATION OF ANY INTEREST ACCRUED
THEREON, FOR ELIGIBLE ACTIVITIES UNDER THE
RULES OF THE SHIP PROGRAM.
WHEREAS, the State of Florida enacted the William E. Sadowski Affordable Housing Act
on July 7, 1992, allocating a portion of new and existing documentary stamp taxes on deeds to local
governments for development and maintenance of housing; and
WHEREAS, the City will receive from the Florida Housing Finance Corporation an
allocation of funding in the amount of $353,051, for Fiscal Year 1998/1999; $353,051, for Fiscal
Year 1999/2000; and $353,051, for Fiscal Year 2000/2001, through the State Housing Initiatives
Partnership (SHIP) Program; and
WHEREAS, funds received by the City must be appropriated by the Mayor and City
Commission prior to their expenditure.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission hereby authorize the appropriation of State Housing Initiatives Partnership (Ship)
Program funds for Fiscal Year 1998/1999, in the amount of $353,051; Fiscal Year 1999/2000, in the
amount of 353,051; and Fiscal Year 2000/2001, in the amount of 353,051, or the final allocation
amount as adjusted by the Florida Housing Finance Corporation; further authorizing the
appropriation of any interest accrued thereon, for eligible activities under the rules of the SHIP
Program.
~r
CITY CLERK
PASSED AND ADOPTED THIS 9th DAY OF T' 1998.
MJUWnYED AS TO
FORM & lANGUAGE
& FOR EXECUTION
P aA.~
SKC/SHPAPR99.RES
1t~ ~y
City Momev DCIte
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.fl.us
COMMISSION MEMORANDUM NO. 555 -qy
TO:
FROM:
Mayor Neisen O. Kasdin and DATE: September 9, 1998
::::::::;:hu:!tee~itY com~;ss;ou
City Manager
A RESOLU ON OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
APPROPRIATION OF ST ATE HOUSING INITIATIVES PARTNERSHIP
(SHIP) PROGRAM FUNDS FOR FISCAL YEAR 1998/1999, IN THE
AMOUNT OF $353,051; FISCAL YEAR 1999/2000, IN THE AMOUNT OF
353,051; AND FISCAL YEAR 2000/2001, IN THE AMOUNT OF 353,051; OR
THE FINAL ALLOCATION AMOUNT, AS ADJUSTED BY THE FLORIDA
HOUSING FINANCE CORPORATION; FURTHER AUTHORIZING THE
APPROPRIA TION OF ANY INTEREST ACCRUED THEREON, FOR
ELIGIBLE ACTIVITIES UNDER THE RULES OF THE SHIP PROGRAM.
SUBJECT:
ADMINISTRATION RECOMMENDATION:
Adopt the Resolution.
BACKGROUND:
The City is a recipient of grant funds front the Florida Housing Finance Corporation (FHFC) for the
State Housing Initiatives Partnership (SHIP) Program. The SHIP Program, administered through
the Florida Housing Finance Corporation, was established by the 1992 William E. Sadowski
Affordable Housing Act, and was specifically created to stimulate the production of housing
statewide.
SHIP Program funds are derived from documentary stamp levies on real estate transactions. In 1995,
for the first time, Miami-Dade County and cities within the County, including Miami Beach,
received a share of the SHIP Program funds. Since then, the City has been allocated 336,366 of
SHIP Program funds for Fiscal Year 1995/96, $358,006 for Fiscal Year 1996/97, and $335,991 for
Fiscal Year 1997/98. The funds received by the City have been appropriated and successfully
committed for eligible activities under the rules of the SHIP Program.
ANAL YSIS:
On April 1,1998, the City adopted a three year Local Housing Assistance Plan (Plan) for the SHIP
Program. Under this Plan, the City is to receive $353,051 in SHIP Program funds for fiscal Year
AGENDA ITEM
DATE
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COMMISSION MEMORANDUM
Page 2
1998/1999, $353.051 for Fiscal Year 1999/2000, and $353,051 for Fiscal Year 2000/2001. In
accordance with SHIP Program rules, interest earnings on the funds are part of the total allocation
available for eligible activities. Therefore, ten percent (10%) of each year's funding will be set aside
for program administration. plus five percent (5%) of any accrued interest. In accordance with the
City's adopted Plan, the balance of allocated funds (approximately $317,745 annually) will be made
available through a Notice of Funding Availability (NOF A) process for eligible activities under the
SHIP Program rules.
The annual allocations may be adjusted by the Florida Housing Finance Corporation depending on
actual documentary stamp tax revenues collected by the State. Hence, the attached Resolution
appropriates the amount of allocated SHIP Program Funds, or the final allocation amount as adjusted
by the FHFC, for the Fiscal Year 1998/1999, Fiscal Year 1999/2000, and Fiscal Year 2000/2001,
plus accrued interest on the funds, for eligible activities under the rules of the SHIP Program.
CONCLUSION:
The Administration recommends that the Mayor and City Commission adopt a Resolution
authorizing the appropriation of State Housing Initiatives Partnership (Ship) Program funds for
Fiscal Year 1998/1999, in the amount of $353,051; Fiscal Year 1999/2000, in the amount of
353,051; and Fiscal Year 2000/200 I, in the amount of 353,051, or the final allocation amount as
adjusted by the Florida Housing Finance Corporation; further authorizing the appropriation of any
interest accrued thereon, for eligible activities under the rules of the SHIP Program.
S~~KC
SKC/SHPAPR99 MEM