C7M - Allocate Ship Housing Funds $370,645

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING AND AUTHORIZING THE CITY MANAGER TO ALLOCATE FY 2026-2027 STATE HOUSING INITIATIVES PARTNERSHIP (SHIP) PROGRAM FUNDS IN THE AMOUNT OF $370,645 AS FOLLOWS: (1) $250,186 TO THE FIRST TIME HOMEBUYER PROGRAM AND OWNER-OCCUPIED REHABILITATION PROGRAM; (2) $83,395 TO THE RENTAL ASSISTANCE PROGRAM; AND (3) $37,064 TO THE SHIP PROGRAM ADMINISTRATIVE COSTS; FURTHER, APPROVING AMENDMENTS TO THE CITY'S FY 2025-2028 LOCAL HOUSING ASSISTANCE PLAN (LHAP), WHICH IN MATERIAL PART, (1) INCORPORATES A MANUFACTURED HOUSING STRATEGY AS REQUIRED BY SENATE BILL 594, EFFECTIVE JULY 1, 2026; AND (2) EFFECTIVE OCTOBER 1, 2026, MODIFIES THE OWNER-OCCUPIED REHABILITATION LOANS TO ADD A FIXED DEFERRED INTEREST RATE OF THREE PERCENT (3%), PAYABLE ONLY IN THE EVENT OF DEFAULT; AND FURTHER, AUTHORIZING THE CITY MANAGER TO IMPLEMENT THE APPROVED SHIP FUNDING ALLOCATION, EXECUTE ALL REQUIRED DOCUMENTS, SUBMIT THE AMENDED LHAP TO THE FLORIDA HOUSING FINANCE CORPORATION, AND TAKE ALL ACTIONS NECESSARY TO CARRY OUT THE INTENT OF THIS RESOLUTION.