§ 17-132.1. Revolving loan fund.

Notwithstanding any other provision of this article or the Code or resolution to the contrary, all general fund revenues as defined herein, as 50 percent of actual carryover funds in excess of the adopted budget, up to $10,000,000.00 to the Affordable Housing Trust Fund, subject to appropriation each year, shall be placed into the Trust on an annual basis and shall be used for a revolving loan fund ("Revolving Loan Fund") to be operated as set forth in this section and section 17-132 of the Code. The general fund revenues, all repayments of general fund revenues, and all interest paid on loans made from the Revolving Loan Fund shall be deposited into a separate interest-bearing account. All funds deposited into the account shall be used solely for the purposes of making eligible loans to developers and for administration of the Revolving Loan Fund, including payment of the outside administrator. The Revolving Loan Fund shall operate as follows:

(a)

Short Term Loans, as defined in the Revolving Loan Fund guidelines, shall be made available to developers for the construction, rehabilitation, or acquisition of land or housing for sale or rental to homebuyers or renters whose household annual income does not exceed 140 percent of the area median income adjusted for family size.

(b)

Revolving Loan Fund monies may be used for single-family or multi-family housing.

(c)

Loans shall be awarded based on underwriting criteria, set forth in the Revolving Loan Fund guidelines to be created by the board of trustees and approved by the Board of County Commissioners and preference shall be given to developments located in Commission Districts with the highest need, as determined by the Board of County Commissioners after recommendations by the County Mayor or the County Mayor's designee, taking into account any statistics from the United States Department of Housing and Urban Development related to areas within Miami-Dade County that have the greatest need for affordable housing and to developments with long-term affordability. No competitive process shall be required for the award of Revolving Loan Fund monies.

(d)

The Revolving Loan Fund shall be administered by an outside administrator selected through a competitive Request for Proposals process. The Board of Trustees of the Trust shall serve as the selection committee for review of the Requests for Proposals and shall make a recommendation to the Board of County Commissioners for the selection of an outside administrator. The Board of County Commissioners shall make the final choice of outside administrator. The administrator chosen by the Board of County Commissioners must demonstrate the ability and financially commit to provide its funds to leverage the funds in the Revolving Loan Fund, must demonstrate a proven track record of administering similar programs and must demonstrate an ability to combine the Revolving Loan Fund monies with existing affordable housing resources. Nothing herein shall prohibit the selection of a Community Development Financial Institution, lender, bank, or other financial institution from being chosen as the outside administrator for the Revolving Loan Fund. The initial Request for Proposals shall be issued by September 30, 2017.

(e)

The chosen administrator shall enter into a contract with the County for the administration of the Revolving Loan Fund. Among other things, the contract shall provide that the administrator comply with all relevant County contracting provisions and shall provide the County the opportunity to terminate the contract for the administrator's breach of the contract.

(f)

The final award of all loans from the Revolving Loan Fund must be approved by the chosen administrator and shall not require approval of the Board of County Commissioners.

(g)

The chosen administrator shall make bi-annual reports to the Trust Board of Trustees and the Board of County Commissioners on the status of the Revolving Loan Fund and each of the outstanding loans.

(h)

The County Mayor or the County Mayor's designee shall make annual reports to the Board of County Commissioners on the status of the Revolving Loan fund and on the performance of the chosen administrator.

(Ord. No. 16-127, § 2, 11-1-16)