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Home My WebLink About2005-26066 Reso RESOLUTION NO. 2005-26066 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE ATTACHED HOME INVESTMENT PARTNERSHIPS (HOME) PROGRAM. AGREEMENT WITH THE MIAMI BEACH COMMUNITY DEVELOPMENT CORPORATION (MBCDC) PROVIDING $118,030 OF HOME PROGRAM AMERICAN DREAM DOWN PAYMENT INITIATIVE (ADDI) FUNDS FOR DOWN PAYMENT ASSISTANCE TO INCOME-ELIGIBLE PARTICIPANTS IN THE FIRST-TIME HOMEBUYER PROGRAM. WHEREAS, the City was designated by the United States Department of Housing and Urban Development (HUD) as a participating jurisdiction for the receipt of funds as provided under the HOME Investment Partnerships Program (HOME Program)under 24 CFR Part 92; and WHEREAS, the City has entered into an Agreement with HUD for the purpose of conducting an affordable housing program with federal financial assistance under the HOME Program; and WHEREAS, on July 18, 2005, the City of Miami Beach Neighborhood Services Department, Housing and Community Development Division published a Notice of Funding Availability (NOFA) for HOME American Dream Downpayment Initiative (ADDI) Program funds, in the amount of $51,070 of Fiscal Year (FY) 2003/04 and $66,960 FY 2004/05, for a total of $118,030, to be used for the purpose of providing down payment assistance to low-income participants of a first time home buyer program; and WHEREAS, on September 9, 2005, the Loan Review Committee reviewed the NOFA application sub'mitted by Miami Beach Community Development Corporation (MBCDC) for HOME ADDI Program funds, in the amount of $118,030, to be used for the purpose of providing down payment assistance to low-income participants of their first-time homebuyer program, and has recommended approval by the City Commission to award HOME ADDI Program funds in the full requested amount of $118,030 to MBCDC. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission authorize the Mayor and City Clerk to execute the attached HOME Program Agreement with MBCDC, providing $118,030 of HOME ADDI Program funds for the purpose of providing down payment assistance to low-income participants of a first time homebuyer program. PASSED AND ADOPTED THIS 7th , 2005 ATTEST: OP~ APPROVED NJ TO FORM & LANGUAGE CITY CLERK Robert Parcher Agenda Item Date C7P ,.- 1;1.-7 -O:J LNOFA_Resolution3.doc -1t #J Put~ 12: \r~d> it)' AtIDrne1 ~' Daf8 COMMISSION ITEM SUMMARY Condensed Title: A Resolution authorizing the Mayor and City Clerk to execute the attached HOME Investment Partnerships (HOME) Program Agreement with the Miami Beach Community Development Corporation (MBCDC), providing $118,030.00 of HOME Program American Dream Down Payment Initiative (ADDI) funds for down payment assistance to income-eligible participants in the First-time Homebuyer ProQram. Ke Intended Outcome Su orted: Increase access to workforce for affordable housing. Issue: Shall the City enter. into a HOME Program Agreement which provides $118,030.00 of HOME Program American Dream Down Payment Initiative (ADDI) funds for down payment assistance to income-eligible artici ants in the First-time Homebu er Pro ram? Item Summa IRecommendation: On August 12, 2005, MBCDC responded to a City of Miami Beach NOFA by submitting a request for HOME Program ADDI funds to provide down payment assistance to income-eligible participants in the First-time Homebuyer Program. The request was favorably reviewed by administration and recommended for fundin . Adviso Board Recommendation: On September 9, 2005, the Loan Review Committee (LRC) reviewed and recommended approval by the City Commission for MBCDC to be awarded funds to provide down payment assistance to income-eli ible artici ants in the First-time Homebu er Pro ram. Financial Information: Source of Amount Account Approved Funds: t $118,030.00 151.5903.000349 Home 2 Program 3 4 OSPI Total $118,030.00 Financial Impact Summary: .. City Clerk's Office Legislative Tracking: I Vivian P. Guzman Si n-Offs: Department Director T:\AGENDA \2005\Dec0705\Consent\ 118k_AD ~ ....,. MIAMI BEACH AGENDA nEM DATE C7P 1J.-7-oS:- C9 MIAMIBEACH City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachfl.gov COMMISSION MEMORANDUM TO: Mayor David Dermer and Members of the City Commission FROM: City Manager Jorge M. Gonzalez DATE: December 7,2005 SUBJECT: A RESOLUTION OF THE MAYO AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE ATTACHED HOME INVESTMENT PARTNERSHIPS (HOME) PROGRAM AGREEMENT WITH THE MIAMI BEACH COMMUNITY DEVELOPMENT CORPORATION (MBCDC) PROVIDING $118,030 OF HOME PROGRAM AMERICAN DREAM DOWN PAYMENT INITIATIVE (ADDI) FUNDS FOR DOWN PAYMENT ASSISTANCE TO INCOME-ELIGIBLE PARTICIPANTS IN THE FIRST-TIME HOMEBUYER PROGRAM. ADMINISTRATION RECOMMENDATION Adopt the Resolution. ANAL YSIS On July 18, 2005, the City of Miami Beach, Neighborhood Services Department, Housing and Community Development Division issued a Notice of Funding Availability (NOFA) for HOME Program American Dream Down PaYment Initiative (ADDI) funds in the amount of $118,030, to be used for the purpose of providing down payment assistance to low-income participants of a first time homebuyer program. ADDI funds, which are administered as part of the HOME Program, were awarded to the City of Miami Beach on a one-time only basis and as part of an appropriation by Congress to every entitlement community; no future ADDI funds will be received by the City. The ADDI funds are restricted to provide down payment assistance to low-income first-time homebuyers. The NOFA specified that in order to be eligible to use these funds, the applicant must have a first-time homebuyer program in current operation. NOFA applicants were notified that according to federal regulation, no portion of any of the ADDI funds awarded could be used by the agency for administrative costs; all funds must be used exclusively for downpayment assistance to clients. ADDI funds may be used in conjunction with other funding sources to assist income eligible first-time homebuyers. The NOFA was advertised in The Miami Herald on July 15th and 17th, 2005. In addition, notification of the NOFA was provided to 30 interested housing providers via direct mailing. As of September 9th, 2005, the Miami Beach Community Development Corporation (MBCDC) was the sole respondent to the NOFA. Staff reviewed the application, and found it eligible for funding. On September 9, 2005, the Loan Review Committee reviewed the NOFA application submitted by MBCDC for ADDI funds, and recommended approval by the City Commission. to award HOME Program ADDI funds in the full requested amount of $118,030. Page 20'2 Commission Memorandum December 7, 2005 The Administration recommends that the Mayor and City Commission authorize the Mayor and City Clerk to execute the attached HOME Program Agreement with MBCDC, providing $118,030 of HOME Program ADDI funds to be used for the purpose of providing down p.7 aym t assistance to low-income participants of their first-time Homebuyer Program. ~~~GfTU/EJB T. \AGENDA \2005\Dec0705\Consent\ 118_ADDI_NOF A.doc