Current Situation

Under the NSP1, the City of Miami Gardens has purchased over 60 vacant, foreclosed single family properties, and has rehabilitated and redeveloped 37 of those properties thus far. In addition, the City has demolished over 10 properties previously deemed unsafe and blighted with the intent to redevelop new single family homes on those parcels.


Homes Sold


Most importantly, the City has sold over 20 homes and has more than 10 others under contract to qualified first time homebuyers; each homebuyer receiving financial assistance from the City in an amount of up to $55,000 for their down payment and closing costs. The amount each buyer received was based on their actual need and to ensure affordable homeownership. The homes have been strategically priced to achieve the highest market value possible. This is done as an attempt to reverse some of the negative impact created by the initial foreclosure.

Yet the City has not made any profit from the sales. In fact, the NSP prohibits setting a sales price that exceeds the total amount spent by communities in the acquisition, rehabilitation, and homebuyer assistance of the properties. Proceeds received from the sales are generally amounts much less than the total expended per home and the proceeds are used to acquire more vacant, foreclosed and abandoned residential properties.

Research


Contrary to NSP 1, under the NSP3, the City was required to identify "Specific Areas of Greatest Need," as opposed to considering properties throughout the entire City. After extensive research and data collection, it was obvious that many neighborhoods were in similar situations. However City Staff had to identify those neighborhoods with the greatest need that continue to decline. The two (2) neighborhoods identified were Riverdale, located between NW 207 and 215 Street and 27 through 37 Avenue, and Rainbow Park, located between NW 151 and 155 Street and 17 through 27 Avenue. In both areas, the research revealed that high mortgage delinquency rates, the number of vacant properties, foreclosure filings and bank owned properties surpassed other areas within the City.

The City's NSP3 Funding was significantly less than NSP1. Nonetheless, communities funded under this grant are expected to make a significant impact to reverse the foreclosure crisis. To do so, the City intends to seek partnerships with agencies, organizations and/or developers with access to additional funds that can be used to leverage the City's grant and make a significant impact within these areas.