Other Affordable Housing Programs
In addition to Pioneer Gardens, the new affordable townhomes being built in central North Miami, the CRA has $1.3 million allocated in Fiscal Year 2006-07 for other affordable housing strategies. The following is a summary of the programs and implementation process the CRA is pursuing in the FY 2006-07.
|APPROVED IMPLEMENTATION PROCESS|
|Homebuyer Subsidies||$200 K||Through an open application process for a specific time period, solicit eligible North Miami residents to apply for First-Time Homebuyer Purchase Subsidies. Recipients of subsidies up to $50K will be determined through a lottery selection among all of the qualified eligible residents.|
|Developer/Owner Incentives||$500 K||Through an open application process for a specific time period, allocate funding for Condo Purchase Subsidies up to $50K per unit to condo conversion housing developments based on (1) lowest proposed housing unit sale price for maximum affordability to the unit buyer; (2) units to be purchased meeting USHUD Housing Quality Standards as per the CRA Redevelopment Plan; and (3) Lowest amount of average Condo Purchase Subsidy assistance per buyer.|
|Single Family Home Rehabilitation||$603 K||Through the use of the City of North Miami’s Waiting List for assistance through the Single Family Rehabilitation Program as a first priority and by supplementing the number of eligible homeowners identified from the Waiting List through an open application process for a specific time period, solicit eligible North Miami homeowners to apply for Single Family Home Rehabilitation assistance. Recipients of assistance up to $50K will be determined through a first come and first qualified basis.|
|CRA Purchase of Existing Housing Units for Preservation as Rental Units or as Homeownership Units||$0||Through an open application process the CRA will solicit formal letters of interest from the owners of existing housing properties relative to their interest in working with the CRA through the sale, lease/purchase, or joint-development of their properties. The CRA will establish criteria for the solicitation of formal letters of interest and for the selection of properties for acquisition from willing sellers or joint-venture partners. The process delineated above shall not limit the CRA from the pursuit of unique or special opportunities for property acquisitions or partnerships that may be in the best interest of the CRA subject to the approval of the CRA Board with the recommendation of the CRA Executive Director. Such acquisitions may include existing housing properties as well as vacant land for the development of affordable housing.|