Approve substantial amendment to FY 2024-2025 annual action plan for HOME program

AGENDA ITEM SUMMARY FORM File ID: #17439 Date: 04/02/2025 Requesting Department: Department of Housing and Community Development Commission Meeting Date: 05/08/2025 Sponsored By: District Impacted: All Type: Resolution Subject: Approve - Substantial Amendment - Annual Action Plan FY' 2024-2025 Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING A SUBSTANTIAL AMENDMENT TO THE CITY OF MIAMI'S ("CITY") ANNUAL ACTION PLAN FOR FISCAL YEAR (“FY”) 2024-2025 TO REFLECT CHANGES IN THE RESALE AND RECAPTURE PROVISIONS IN THE HOME INVESTMENT PARTNERSHIPS (“HOME”) PROGRAM, WHEN FUNDS ARE USED FOR HOMEBUYER ACTIVITIES, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT “A,” ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO SUBMIT THE SUBSTANTIAL AMENDMENT TO THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (“HUD”) FOR APPROVAL. Background of Item: On July 11, 2024, pursuant to Resolution No. 24-0255 the Miami City Commission approved the allocation of Home Investment Partnership ("HOME") funds in the amount of $2,988,177.00 for housing programs, for FY 2024-2025. Pursuant to Resolution No. 24-0295, adopted on July 25, 2024, the Miami City Commission approved the City of Miami’s (“City”) Annual Action Plan (“AAP”), for FY 2024-2025. The Department of Housing and Community Development (“HCD”) must make a Substantial Amendment to its Annual Action Plan for FY 2024-2025 to reflect changes in the resale or recapture provisions in the “HOME” program, when funds are used for homebuyer activities. Resale or recapture provisions are crucial for protecting the city investment in affordable housing, ensuring that these properties remain accessible to eligible low- and moderate- income families by either limiting resale prices or requiring the repayment of subsidies upon sale; and The City’s Administration recommends the approval of the Substantial Amendment to the City of Miami's Annual Action Plan for FY 2024-2025, to reflect changes in the resale or recapture provisions in the Home Investment Partnerships (“HOME”) program, when funds are used for homebuyer activities, as more particularly described in Exhibit “A”. 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: $0 Reviewed By Department of Housing and Community Development Victor Turner Department Head Review Completed 04/02/2025 5:53 PM Office of Management and Budget Luis Hernandez-Torres Budget Analyst Review Completed 04/03/2025 3:25 PM Office of Management and Budget Marie Gouin Budget Review Completed 04/04/2025 9:42 AM City Manager’s Office Larry M. Spring Assistant City Manager Review Completed 04/15/2025 9:37 AM City Manager’s Office Natasha Colebrook-Williams Deputy City Manager Review Completed 04/15/2025 10:30 AM City Manager’s Office Arthur Noriega V City Manager Review Completed 04/15/2025 6:17 PM Legislative Division Valentin J Alvarez Legislative Division Review Completed 04/17/2025 10:11 AM Office of the City Attorney Raymond Pereira ACA Review Completed 04/28/2025 6:43 PM Office of the City Attorney George K. Wysong III Approved Form and Correctness Completed 04/29/2025 10:23 AM City Commission Todd B. Hannon Meeting Pending 05/08/2025 9:00 AM City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com City of Miami Legislation Resolution File Number: 17439 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING A SUBSTANTIAL AMENDMENT TO THE CITY OF MIAMI'S ("CITY") ANNUAL ACTION PLAN FOR FISCAL YEAR (“FY”) 2024-2025, TO REFLECT CHANGES IN THE RESALE AND RECAPTURE PROVISIONS IN THE HOME INVESTMENT PARTNERSHIPS (“HOME”) PROGRAM, WHEN FUNDS ARE USED FOR HOME BUYER ACTIVITIES, AS MORE PARTICULARLY DESCRIBED IN EXHIBIT “A,” ATTACHED AND INCORPORATED; FURTHER AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE ANY AND ALL DOCUMENTS, INCLUDING AMENDMENTS, EXTENSIONS, AND MODIFICATIONS, ALL IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, AS MAY BE NECESSARY TO SUBMIT THE SUBSTANTIAL AMENDMENT TO THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (“HUD”) FOR APPROVAL. WHEREAS, on July 11, 2024, pursuant to Resolution No. R-24-0255 the Miami City Commission approved the allocation of Home Investment Partnership ("HOME") funds in the amount of $2,988,177.00 for housing programs, for Fiscal Year (“FY”) 2024-2025; and WHEREAS, pursuant to Resolution No. R-24-0295, adopted on July 25, 2024, the Miami City Commission approved the City of Miami’s (“City”) Annual Action Plan (“AAP”), for FY 2024-2025; and WHEREAS, the Department of Housing and Community Development (“HCD”) must make a Substantial Amendment to its Annual Action Plan for FY 2024-2025 to reflect changes in the resale and recapture provisions in the HOME program, when funds are used for homebuyer activities; and WHEREAS, resale and recapture provisions are crucial for protecting the city investment in affordable housing, ensuring that these properties remain accessible to eligible low- and moderate-income families by either limiting resale prices or requiring the repayment of subsidies upon sale; and WHEREAS, the City’s Administration recommends the approval of the Substantial Amendment to the City of Miami's (“City”) Annual Action Plan for FY 2024-2025, to reflect changes in the resale and recapture provisions in the HOME program, when funds are used for homebuyer activities, as more particularly described 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 City's Substantial Amendment to the Annual Action Plan for FY 2024- 2025 to reflect changes in the resale and recapture provisions in the HOME program, as more particularly described in Exhibit “A,” attached and incorporated, is approved. Section 3. The City Manager is authorized1 to execute the necessary documents, in a form acceptable to the City Attorney, as may be necessary to submit the Substantial Amendment to the United Sates Department of Housing and Urban Development, for approval. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.2 APPROVED AS TO FORM AND CORRECTNESS: 1 The herein authorization is further subject to compliance with all legal requirements that may be imposed by the City Attorney, including but not limited to those prescribed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. 2 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.