C7J - Purchase Affordable Housing

A Resolution Of The Mayor And City Commission Of The City Of miami Beach, Florida, Approving, In Substantial Form, An "as is" Residential Contract For Sale And Purchase Between The city, As Buyer, And Gerardo E Ferrer Hernandez, As Seller, for The City's Purchase Of A Multifamily Property, Located at 971 79 Terrace, Miami Beach, Florida, For The Total Sales price Not To Exceed $800,000.00 Plus Closing Costs, Payable from Community Development Block Grant (cdbg) Funds And home Investment Partnership (home) Funds; Said Purchase being Contingent Upon: (1) The City Manager's Acceptance Of inspections In Accordance With The Contract; (2) An independent Appraisal Reflecting An Appraised Market Value for The Property Equal To Or Greater Than The Sales Price of Up To $800,000.00; (3) Satisfaction Of Hud's Area Median purchase And Maximum Per-unit Subsidy Requirements; And (4) receipt Of Funding Authorization From Hud; And, Further, authorizing The City Manager To Take All Actions, And negotiate And Execute All Documents, Which May Be necessary In Connection With The Purchase, Rehabilitation and Completion Of The Property As An Affordable Housing project Pursuant To Hud Guidelines.