98-22676 RESO
RESOLUTION NO.
98-22676
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, AUTHORIZING THE
APPROPRIATION OF FISCAL YEAR 1997-98 STATE HOUSING
INITIATIVES PARTNERSHIP (SHIP) PROGRAM FUNDS IN THE
AMOUNT OF $335,991, 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 received notification from the Florida Housing Finance Corporation
that the City has been allocated funding in the amount of $335,991, for fiscal year 1997-98,
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 fiscal year 1997-98 State Housing Initiatives Partnership (SHIP) Program
funds, in the amount of $335,991, or the final allocation amount as adjusted by the Florida
Housing Finance Corporation, and further authorize the appropriation of interest accrued
thereon, for eligible activities under the rules of the SHIP Program.
PASSED AND ADOPTED THIS ~ DAY OF
March 1998
~j;i .
MA YOR
ATTEST:
J0f7W1J ~~
CITY CLERK
SKC/SHPAPR98.RES
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
~~ ~~M
ity Horney 0 .
CiTY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.f1.us
COMMISSION MEMORANDUM NO.
13>6-~g'
FROM:
Mayor Neisen O. Kasdin and DATE: March 4, 1998
Members of the~ity Com iss:on
Sergio Rodriguez - ~ '
City Manager cP---
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, AUTHORIZING THE APPROPRIATION OF FISCAL YEAR 1997-
98 STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM FUNDS IN
THE AMOUNT OF $335,991, 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.
TO:
SUBJECT:
ADMINISTRATION RECOMMENDATION:
Approve the Resolution.
BACKGROUND:
The City is a recipient of grant funds from the Florida Housing Finance Corporation 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 derive 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. The City received $336,366 of SHIP funds for fiscal year
1995-96, and $358,006 for fiscal year 1996-97. In accordance with SHIP rules, interest earnings
on the funds are part of the total allocation available for eligible activities. On January 22, 1997,
the Mayor and City Commission approved Resolution 97-22263 authorizing the appropriation of
fiscal years 1995-96 and 1996-97 SHIP Program Funds plus accrued interest thereon, for eligible
activities under the rules of the SHIP Program.
ANAL YSIS:
The City has been allocated $335,991 in SHIP Program funds for fiscal year 1997-98. Ten
percent (10%) of this amount will be set aside for program administration, leaving $302,392,
plus accrued interest, available for eligible activities under the SHIP Program rules. The annual
AGENDA ITEM
R16
3 -L{ - 9'X
DATE
COMMISSION MEMORANDUM
Page 2
allocations may be adjusted by the FHFC depending on actual documentary stamp tax
revenues collected by the State. In accordance with the City's adopted Housing Assistance Plan,
the balance of allocated funds, will be made available through a Notice of Funding Availability
(NOFA) process for eligible activities under the SHIP Program rules.
The attached Resolution appropriates SHIP Program Funds for the fiscal year 1997-98, plus
accrued interest on the funds, for eligible activities under the rules of the SHIP Program.
CONCLUSION:
The Administration recommends adoption of the attached Resolution of the Mayor and City
Commission authorizing the appropriation of FY 1997-98 State Housing Initiatives Partnership
(SHIP) Program Funds in the amount of $335,991, or the final allocation amount, as adjusted
by the Florida Housing Finance Corporation (FHFC); further authorizing the appropriation of any
interest accrued thereon, for eligible activities under the rules of the SHIP Program.
hL...',D .
SR/HSM/RM/M'O~AH
SKC/SHPAPR98.MEM