$483K: allocating program income from home investment partnerships (“home”) funds generated from october 1, 2024…

AGENDA ITEM SUMMARY FORM File ID: #17188 Date: 01/29/2025 Requesting Department: Department of Housing and Community Development Commission Meeting Date: 03/13/2025 Sponsored By: City Commission District Impacted: All Type: Resolution Subject: Allocate - HOME Program Income/Recaptured funds Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING PROGRAM INCOME FROM HOME INVESTMENT PARTNERSHIPS (“HOME”) FUNDS GENERATED FROM OCTOBER 1, 2024 TO DECEMBER 31, 2024, IN THE AMOUNT OF $217,684.93 AND AN ADDITIONAL AMOUNT OF $265,182.50 OF RECAPTURED FUNDS FOR A TOTAL AMOUNT OF $482,867.43, AS SPECIFIED IN EXHIBIT “A,” ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL THE NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO ALL FEDERAL, STATE AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS, FOR SAID PURPOSE. Background of Item: The Department of Housing and Community Development (“Department”) receives diverse types of repayments from loans provided to developers and homeowners which are required to be used for eligible program activities. From October 1, 2024, to December 31, 2024, the Department collected an amount of $217,684.93 in Home Investment Partnerships Program (“HOME”) program income and an amount of $265,182.50 in recaptured funds for a total of $482,867.43 (“Funds”). Pursuant to HOME regulations 24 CFR Part 92.503, program income and recapture amount must be used for eligible HOME activities. The Department recommends allocating the Funds to the eligible HOME activities specified in Exhibit “A,” attached and incorporated. Budget Impact Analysis Item has NOT an Expenditure Item is NOT Related to Revenue Item is NOT funded by Bonds Total Fiscal Impact: Total Fiscal Impact: $482,867.43 Reviewed By Department of Housing and Community Development Victor Turner Department Head Review Completed 01/29/2025 3:27 PM Office of Management and Budget Luis Hernandez-Torres Budget Analyst Review Completed 01/30/2025 9:00 AM Office of Management and Budget Marie Gouin Budget Review Completed 01/30/2025 9:06 AM City Manager’s Office Larry M. Spring Assistant City Manager Review Completed 02/04/2025 9:26 AM City Manager’s Office Natasha Colebrook-Williams Deputy City Manager Review Completed 02/04/2025 10:32 AM City Manager’s Office Arthur Noriega V City Manager Review Completed 02/07/2025 7:16 AM Legislative Division Valentin J Alvarez Legislative Division Review Completed 02/21/2025 10:08 AM Office of the City Attorney Raymond Pereira ACA Review Completed 02/28/2025 2:28 PM Office of the City Attorney George K. Wysong III Approved Form and Correctness Completed 02/28/2025 4:32 PM City Commission Todd B. Hannon Meeting Pending 03/13/2025 9:00 AM City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com City of Miami Legislation Resolution File Number: 17188 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), ALLOCATING PROGRAM INCOME FROM HOME INVESTMENT PARTNERSHIPS (“HOME”) FUNDS GENERATED FROM OCTOBER 1, 2024 TO DECEMBER 31, 2024, IN THE AMOUNT OF $217,684.93 AND AN ADDITIONAL AMOUNT OF $265,182.50 OF RECAPTURED FUNDS FOR A TOTAL AMOUNT OF $482,867.43, AS SPECIFIED IN EXHIBIT “A,” ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ALL THE NECESSARY DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, SUBJECT TO ALL FEDERAL, STATE AND LOCAL LAWS THAT REGULATE THE USE OF SUCH FUNDS, FOR SAID PURPOSES. WHEREAS, the Department of Housing and Community Development (“Department”) receives diverse types of repayments from loans provided to developers and homeowners which are required to be used for eligible program activities; and WHEREAS, from October 1, 2024 to December 31, 2024, the Department collected an amount of $217,684.93 in Home Investment Partnerships Program (“HOME”) program income and an amount of $265,182.50 in recaptured funds for a total of $482,867.43 (“Funds”); and WHEREAS, pursuant to HOME regulations 24 CFR Part 92.503, program income and recaptured Funds must be used for eligible HOME activities; and WHEREAS, the Department recommends allocating the Funds to the eligible HOME activities specified in Exhibit “A,” attached and incorporated;

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 allocation of the Funds to the eligible HOME activities specified in Exhibit “A,” attached and incorporated, is authorized.1 Section 3. The City Manager is authorized1 to negotiate and execute any and all necessary documents, all in a form acceptable to the City Attorney, subject to all federal, state and local laws that regulate the use of such funds, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption. 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed, including but not limited to those prescribed by applicable City Charter and City Code provisions. APPROVED AS TO FORM AND CORRECTNESS: